Bitcoin

Online-Visa transaction costs to back it up, bitcoin fees will remain the same

For the first time in over a decade the transaction cost for online payments made with Visa cards has increased dramatically. For a transaction of $ 100, you will pay now is $ 1.99 instead of 1.90 dollars. This may not seem like much, but this represents an increase of 4.7 per cent. And if you do a lot of online purchases, you will pay a lot of fees. In the meantime, the transaction cost of bitcoin is already a few years earlier.

To pay Online with a credit card, it is more expensive

More and more people are buying their stuff online. And especially on the international websites have to credit cards as a method of payment is very popular. Research (PDF) shows that 76 per cent of the Us online stores credit cards it accepts as payment. Payments made at these stores, it is now more expensive.

Bitcoin transaction fees are already in a period of time is stable

Any transactions with bitcoin are now cheaper. If you want your transaction to be immediately processed? You have to pay about 1 dollar transaction fee, regardless of the number of the bitcoin is what you pass to it. Do you have to be patient, you will pay less. For processing, within a half an hour, you will pay now is 72 cents, and for a treatment within an hour, and 46 cents.
That have different transaction costs, it has to do with the manner in which the transactions are to be processed on the blockchain. Miners put computing power in order to the transactions and to publish them in blocks. They have a block on the blockchain web site? Even then, they are all part of transaction costs is to hold. Often, miners prefer transactions with higher fees. Therefore, transactions with relatively high transaction costs, earlier, to be processed.

Not always, low fees, and

Bitcoin the technology will not always be low, transaction costs are faced. In 2017, in the lap of the bitcoin share price to nearly $ 20,000. This created a lot of enthusiasm, everyone wanted bitcoin to have it. In the blockchain, and the transaction log, and ran up against its limits. The transaction fees of bitcoin were as high. At the height of all the craziness paid almost $ 66 for a direct bitconbetaling.

Lightning Network and comes at a busy time

Is there a fix for this with high fees in bitcoin? Sure, the Lightning Network, is a betaalnetwerk, which serves as a second layer over the blockchain of bitcoin. Through this network, it is possible to make a direct bitcoin to make it, and with a minimum of transaction costs. Is there going to be a situation similar to the one in 2017, when the Lightning Network, so it is a good alternative to the high fees.
There have been many years in the Lightning Network, and since 2018 in the network is live. Since then, the capacity of the network to grow, in which you can track on this website.
Did you ever do anything with a bitcoin buy?

About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.