On-chain data shows the Bitcoin daily transaction fees jumped 35x during 2023, leading to BTC flipping Ethereum in the metric.
Bitcoin Daily Transaction Fees Has Shot Up Recently
According to data from the market intelligence platform IntoTheBlock, the BTC transaction fees have hit new highs in 2023. The “transaction fees” here naturally refer to the amount that any sender has to attach with their transfers on the Bitcoin blockchain as payment for the miners.
The average fees that the users would be willing to put on their transactions depend on the network conditions. When a large number of users make transactions at once, some transfers can get stuck waiting in the mempool, as the chain only has a limited capacity to process moves.
If a sender doesn’t want to risk having to wait sometime, they will go for higher-than-average fee so that the chain validators prioritize their transaction. In times of especially high traffic, the average fee can blow up to high levels as investors
We współpracy z: https://bitcoinist.com/bitcoin-no-longer-cheap-fees-jumped-35x-in-2023/
