Bitcoin transactions have been exploding recently, and the network managed to collect over half a million in fees within only 24 hours.
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.
Bitcoin Transaction Fees Hit New Milestones
Only a week ago, on October 30th, the bitcoin network surpassed $1 billion in cumulative fee revenue, which is quite an important milestone.
It’s official. The Bitcoin network has surpassed 1 billion USD in cumulative fee revenue. pic.twitter.com/lKzstEX3eI
— Yassine Elmandjra (@yassineARK) October 30, 2019
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.
The Halving is coming…
— Bacon. (@CryptoBacon) November 5, 2019
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.
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.
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