If you wanted to send bitcoin but thought that the transaction fee is too high, now is your time to take action. Bitcoin transaction fees reached the lowest point in nearly 12 months. This fact may reflect negatively on the position of altcoins, as they don’t seem as attractive as before.
According to Bitcoin Core Fee, BTC transaction fees have reached a new record low on March the 25th. Moreover, the transaction times have been decreased, now taking less than 10 minutes. In December 2017, at the peak of bitcoin’s popularity, the average Bitcoin fee was $55 dollars. The reduction in cost was made possible by wider usage transaction batching, especially by prominent players.
Segregated Witness (Segwit) also played its part in reducing bitcoin’s fee. The scaling solution was launched in August 2017 and now it’s supported by Coinbase and Bitstamp, to name a few. Right now about 31% of the transactions are processed using SegWit addresses, and the rate is steadily increasing.
But there is more to come. At the moment the public is expecting another scaling solution known as Lightning Network. In theory, the new technology would allow to process millions of transactions per second. Instant transaction with low fees could really turn bitcoin into means of payment which we use every day.