Bitcoin and Ethereum Fees Rise As Prices Rise in 2021
While several digital currencies have seen price increases, the top two crypto assets, bitcoin, and Ethereum, have seen transaction fees skyrocket. viralonline4u For example, the data shows that the average fee for a bitcoin transaction is $ 8.58, while the average fee is $ 9.35 when ether is spent. Meanwhile,viralonline4u the average transaction fee for both networks have been much higher at between $ 14 and more than $ 20 per transfer.
Over the course of 2021
Crypto assets have increased tremendously in value, but along with this, the fees for conducting transactions on these networks have also increased.viralonline4u Bitcoin (BTC) and Ethereum (ETH) are the two largest blockchains, in terms of market capitalization. The two networks also take the cake when it comes to expensive transactions and this has been a complaint on social media and crypto-focused forums.
As of this writing, based on data from bitinfocharts.com, the average transaction fee for bitcoin (BTC) is 0.00038 BTC or $ 14.25 USD per transfer. Of course, the medium-sized transaction is smaller on the BTC network, but still, $ 8.58 per transaction based on today’s messari.io data.viralonline4u Statistics show that the average transaction fee on the ETH network today is 0.013 ETH or $ 20.68 USD at the time of writing.viralonline4u Messari statistics show that the average fees for ETH are also higher than BTC, but lower than the average ETH transaction, at $ 9.35 per transfer.
Of course
People have been complaining about the fees and the backlog of transactions. Always remember the people, one person tweeted. Ethereum’s sky-high transaction fees [and] bitcoin are there for someone to want to make a profit, not because they are necessary.viralonline4u Financial reporter Kyle Torpey tweeted about the fact that it costs more to send wrapped bitcoins WBTC using Ethereum than it does to chain bitcoin.
Other fans of the digital currency specifically ETH supporters, believe that the problem of high fees will be fixed. On the surface,viralonline4u looks very overloaded, but 2.0 will greatly increase the speed, scalability, and value of ETH, said one person on Twitter. Those outrageous fees will become a thing of the past
Proponents of Bitcoin cash also discussed massive fees on the Ethereum and Bitcoin networks over the course of the past week. viralonline4u The cost of getting a transfer to the next block using the BCH network costs $ 0.0021 according to statistics from bitcoinfees. cash. The current average fee on the Bitcoin Cash (BCH) blockchain on February 4, 2021, is $ 0.0009. Bitcoin.com founder Roger Ver recently appeared with nomadcapitalist.com founder Andrew Henderson and discussed the issue of BTC transaction fees.
Just try a bitcoin transaction and then try a bitcoin cash transaction,viralonline4u Ver explained in the video. The difference is staggering and maybe the only evidence you need to know where you stand in the Bitcoin vs. Bitcoin Cash debate, the businessman added.
