RATE Group | Bitcoin Transaction Fees Drop Amid Rising SegWit Adoption
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Bitcoin Transaction Fees Drop Amid Rising SegWit Adoption

07 Feb Bitcoin Transaction Fees Drop Amid Rising SegWit Adoption

Posted at 15:03h in Bitcoin News by

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Bitcoin Transaction Fees Drop Amid Rising SegWit Adoption 101
Source: iStock/Sasha_Suzi

Bitcoin (BTC) transaction fees are returning to low levels amid an increased adoption of the Segregated Witness (SegWit) protocol on the network.

“The majority of transactions now support SegWit, currently surpassing 55% on average. And while this marks a near 40% increase compared to the start of 2019, there is clearly more potential for SegWit adoption to grow on the Bitcoin network, which has this year been showing growing signs of congestions. Fees, however, have declined,” Luxembourg-based crypto exchange Bitstamp said in its recent report.

In comparison, in the fourth quarter of 2018, SegWit’s adoption rate stood at below 40%, and in the fourth quarter of 2017, it barely surpassed the level of 10%.

Bitcoin Transaction Fees Drop Amid Rising SegWit Adoption 102
Source: Bitstamp

Owing to the rising number of SegWit transactions, median Bitcoin transaction fees stood at between USD 0.0742 and USD 0.67725 in 2019. Such a range has not been observed since 2016 when “the price of Bitcoin was at a fraction…

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