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   855

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
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.

Kraken to Add Bech32 Support for BTC and QTUM

Bech32 format corresponds to addresses that support sending transactions using SegWit scaling technology
08 November 2018   181

The popular American cryptocurrency exchange Kraken announced the long-awaited integration of Bech32 addresses for Bitcoin and QTUM.

To date, Bech32 addresses have been integrated only for withdrawal operations. Bech32 addresses start with “bc1” and “qc1” for bitcoin and QTUM, respectively. Support for Bech32 addresses for depositing operations will be implemented soon, the company promises.

The Bech32 format corresponds to addresses that support sending transactions using SegWit scaling technology, activated in the Bitcoin blockchain about a year ago. According to the transactionfee.info portal, by now the share of SegWit transactions in the Bitcoin blockchain has again dropped to 42%, after being briefly close to 50%.

Earlier, the Kraken exchange stated that it supported the launch of SegWit in the bitcoin blockchain and uses the Bech32 format to make transfers in its internal systems, but refused to provide customers with access to such addresses until the technology is integrated into large wallets such as Bitcoin Core. Release of Bitcoin Core 0.16.0 with support for SegWit was held in February of this year.

Get more info on Bech32 at GitHub.