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Commission for transfer of funds in the blockchain

04/22/2019
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Over the last month, the cost of transferring funds via the bitcoin blockchain has increased dramatically. If at the beginning of the year the commission did not exceed $ 0.5 per transaction, then now you have to pay from 1 to 2 dollars. At the same time, the network bandwidth remained the same, it is at the level of 330,000 operations per day.

Technology transfer funds in bitcoins

An important feature of the bitcoin blockchain is the fact that the user himself sets the amount of commission deductions. It does not depend on the amount of transfer, the fee is charged for a separate transaction. That is, for the transfer of $ 100 and $ 100 million you can pay almost the same amount. The difference in block size will be insignificant. However, the more the user is ready to give, the sooner the new owner will receive funds for the wallet.

The user can set a zero commission, but then the transfer will simply not be sent. In this case, the money will return to the sender's wallet, and it will take several weeks.

The number of transactions in the bitcoin blockchain per second is finite, and on average it takes 78 minutes to complete one transaction. Increasing the cost of the commission, the user simply transfers himself to the beginning of the “queue”. Judging by the increase in prices for a single operation, now significantly increased the activity of sellers and buyers. Therefore, there was such a stir.

Alternative options for transferring funds

If for someone the commission for transferring funds on the blockchain of $ 2 seems too high, then it is worth recalling - in 2017 its size reached $ 50. However, now the user has a lot of other options. Thus, in the Bitcoin Cash network, a transaction will have to pay only $ 0.0008. In this case, it will take an average of 60 minutes.

The block size of Bitcoin Cash is 8 MB, which allows you to process more number of transactions per unit of time. In ordinary Bitcoin, the block size is 1 MB.

In the Ethereum blockchain, the commission is about $ 0.1, but the money is credited to the recipient’s account on average in 6 minutes. Now it is one of the fastest systems, it is able to handle up to 16 operations per second. However, developers have plans to increase the capacity by 1000 times, and then buyers will be able to significantly save on the transfer of funds. Although these plans will be implemented no earlier than 2020, the prospects for turning Ethereum into a full-fledged payment system are already troubling competitors.

Why the buyer is willing to pay $ 2

If the user uses Bitcoin Cash when transferring, then he gives more than 1000 times less. However, the classic Bitcoin still remains more popular. This is because this cryptocurrency has become a means of accumulation and investment.

According to the Gold IRA Guide, already 2.7% of US retirees hold their savings in bitcoins. Another 3.5% are ready to do this with the appearance of technical and informational support.

That is, all cryptocurrencies have already received various specializations. And classic Bitcoin became exactly the financial tool. This is proved by the fact that in it the average transaction size exceeds $ 20,000. In this case, deductions of $ 2 did not become a weighty argument against the implementation of the transaction, because it is only 0.01%

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