The commissions fell more than by 40 times
The commissions on processing bitcoin of payments are at the lowest level for the last 18 months, on average it is less than one US dollar for the transaction. Such cost sharply contrasts with a situation of the last quarter of last year when the commission reached the maximum in 34 dollars.
Lowering of the commission
Different factors can influence the size of the commission: from a load of a network before implementation of separate assurance (Segregated Witness — Segwit) and hash rate.
During 2017 dynamics of course was substantially ascending that as a result led to the fact that in December collections became almost unrealizable. Since then the board for transactions decreased, having reached an 18-month minimum as of February 21, but considering that the daily volume of transactions was cut by half for the same period, there is no wonder.
Now standard transaction with six units can be carried out for only 15 cents. The website Bitinfocharts calculates the cost of an average contribution at the level of 52 cents against a little more than 1 cent for Bitcoin Cash coin.
Such reduction of the commission for the transaction will hardly be felt by all users of Bitcoin. Anywho withdraws money from Bitcoin in fiat money will still receive the standard commission.
For example, the Binance and Kucoin exchanges set the fixed commission in 0,001 BTC or about 10,60 US dollars in the current prices. As the CEO of Binance Changpeng Zhao marked in the recent message on Twitter, the exchanges have an opportunity to raise a board above a base rate of the commission. May they calculate the commission over 10 US dollars, it is a question for discussion.
I laugh hopelessly when people only look at the outgoing transaction to calculate withdrawal fees. pic.twitter.com/waVguztoML
— CZ (@cz_binance) February 14, 2018
Why so low commission?
Operations with cryptocurrency which cost is too high for sending in small volumes superimpose certain restrictions for the mechanism of operations, namely collection of small transactions and their holding till the moment when their cost is estimated. Growing commissions were one of the triggers for a row of the companies which ceased to accept bitcoin, including such organizations as Stripe, and, on a twist of fate, the North American Bitcoin conference (North American Bitcoin Conference). Steam also stopped accepting bitcoins in December, having referred to “the high commissions and volatility”.
At the same time, such situation had also good sides.
Users of the exchange tried to find more effective methods to carry out transactions, were entered by corrections, joint transactions were created and also Segwit was implemented.
Excessive collections also promoted faster tests of the Lightning network through a level of its implementation still too low noticeably to influence the current commissions for transaction bitcoin.
The facts show that the principal reasons for lowering of the commissions were not technical, but sociological. So, on December 17, nearly half a million bitcoin of transactions were made. Today this digit makes less than 200000 in the day.
Considering that now, the commissions are at the lowest level in 18 months, it will be interesting to learn whether retail dealers, such as Valve, support of cryptocurrencies will restart, or they will expect a certain course stability. A row of the companies was already told about alternative cryptocurrencies earlier, and Stripe mentions Litecoin, Stellar and Bitcoin Cash.
The real test for bitcoin will come when people resume use of cryptocurrency as means of calculation and units will start over again being filled.