Depreciation of Bitcoin could not but affect the commission fees from transactions. To date, it has reached its minimum of 11 cents. This is a record figure for the entire existence of Bitcoin cryptocurrency.
What caused the drop in the rate and commission?
The development of the cryptocurrency market, introduction of new cryptocurrencies and exchanges drew off the users and miners’ attention. But this is just one of the reasons that market analysts report regarding Bitcoin depreciation.
For the moment, compared to 2017, the number of intranet transactions has significantly declined. The last surge was registered on December 14, when more than half a million transactions were made through BTC. But in February this figure sharply dropped and amounted to 200 000. However, in April it rose to 254 000, but never returned to its previous positions. Exactly this caused the depreciation of BTC and other cryptocurrencies over the past months.
According to Bitinfocharts.com, as of May 26, the minimum number of shares for bitcoin was registered. It amounted to 158 000. The commission for 1 byte from 10 satoshi increased to 40 in April, and then returned to 10 satoshi again.
What do Bitcoin holders do?
With an atypically low commission, you can quickly consolidate the UTXO outputs. All tiny bitcoin pieces or specs of “dust” are sent to the wallet. In the future it may help reduce transaction costs. After combining the outputs, each transaction will contain less UTXO, which will lighten their size, and hence the cost.
There are no doubts that bitcoin price will grow again. Analysts predict its sharp rise for the fall. Everyone who managed to consolidate the funds would definitely benefit.