Bitcoin transactions have been exploding recently, and the network managed to collect over half a million in fees within only 24 hours.<\/p>\n
The last several days have been pretty happening for bitcoin. This time, the benchmark cryptocurrency did not see a massive surge that added thousands of dollars to its price, but it did make a few milestones, of sorts.<\/p>\n
Only a week ago, on October 30th, the bitcoin network surpassed $1 billion in cumulative fee revenue, which is quite an important milestone.<\/p>\n
Now, however, BTC is once again a topic of conversations and speculations as it reportedly collected over $500,000 in transaction fees within only 24 hours.<\/p>\n
As many are likely aware, the bitcoin blockchain is not among the fastest ones out there. In fact, it might be among the slowest ones, with only 5-7 transactions being processed per block, each of which requires around 10 minutes to be solved, on an average. This can lead to some prolonged waiting periods to have a transaction processed.<\/p>\n
However, the network also allows users to choose how large of a fee they are willing to pay. Higher fees get the advantage, and so transactions that pay more end up being processed faster.<\/p>\n
Meanwhile, the number of BTC users continues to appreciate, which leads to even higher fees. As mentioned, bitcoin has collected over $500k in fees within only 24 hours. At the same time, other bitcoin forks are not seeing nearly as high transaction fee count. BSV has collected only $220 within 24 hours, while BCH has even less, only $200.<\/p>\n
As for other well-known coins, Ethereum managed to collect $96,000, while Litecoin only has $840.<\/p>\n
What do you think about the huge amount that the bitcoin network has collected through fees? Leave a comment below, and let us know your thoughts on the matter.<\/p>\n
Images via Shutterstock, Twitter: @yassineARK @CryptoBacon<\/p>\n
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