Bitcoin Network Fee to Fall to 1 Satoshi per 1 Byte

Average commission fee for Bitcoin transactions is $ 1.23; in December 2017 it was $55

26 March 2018 225

On March 26, the cost of the bitcoin transaction reached a record low. Users only need to pay 1 satoshi per 1 byte in order for their transaction to be included in the next block. In other words, now the transaction for a minimum commission will be confirmed in about 10 minutes.

Meanwhile, the average commission fee for bitcoins, according to bitinfocharts. com, is $ 1.23. Note that during the period of peak btc prices in December 2017, the commission for transfer of bitcoins reached a maximum of $ 55.

Among the reasons for the reduction of commissions, experts refer to the use of batch processing of transactions by large organizations and crypto-exchanges. In addition, the positive impact, they said, could be provided by the Segregated Witness scaling technology.

SegWit Transactions

According to segwit. party, the number of SegWit-transactions continues to increase: at the moment they make up 30% -35% of all transactions in the bitcoin network.

Bitcoin

Myth of Total Illegal Bitcoin Use rejected by Scientist

Quebec Chief Scientist (Canada), Rémi Quirion, has issued a rejection for the “myth” that illegal transactions are among those for which BTC is basically used

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Chief Scientist is closely connected with the Fonds de recherche du Québec (FRQ) – a publicly funded establishment founded for “providing support for the production and dissemination of knowledge.” Mr. Quirion states that Bitcoin is often accused of being a good tool for crime or money laundering, adding that “Even Christine Lagarde, president of the International Monetary Fund (IMF) recently called for more regulation of cryptocurrencies to counter illegal activities.”

Quebec’s Chief Scientist insists on bitcoin offers its customers “pseudonymity,” rather than total anonymity, which detracts from its potential illicit usage. Mr. Quirion cited Jonathan Hamel, who has denied that the public nature of bitcoin’s blockchain diverts from its anonymity.

Every transaction is transparent and public. They are indeed recorded in a kind of ledger whose copies are distributed among thousands of computers.
Jonathan Hamel, Cryptocurrency Analyst, Associate Researcher, Montreal Economic Institute

Erwan Joncheres, Cryptocurrency analyst, is also mentioned in the document. He has also denied statements that bitcoin and money laundering go alongside.

I think that tax evasion and money laundering are anecdotal on cryptocurrency networks. Since bitcoin is transparent, it will be very easy to identify all the people trading on an online exchange or portfolio platform.
Erwan Joncheres, Cryptocurrency Analyst

The document underlines the research conducted by the Center for Sanctions and Illicit Finance of the Defense of Democracies Foundation that, after analyzing bitcoin transactions made between 2013 and 2016, revealed that only 0.61% of trading transactions in the period were associated with illegal activities. The Chief Scientist refers center’s findings that illegitimate transactions within the bitcoin economy are extremely centralized, further undermining the offer that illicit activities pervade the bitcoin economy. Said research indicated that less than 10% of anonymous free markets were responsible for 95% of illegal transactions towards bitcoin between 2013 and 2016.