Read the latest news about Bitcoin and Altcoins to learn more about the most popular cryptocurrency.
Ethereum Network Fees Jump Above Bitcoin Transaction Fees for Two Weeks Straight
This week digital currency enthusiasts have been discussing network fees, specifically transaction fees associated with the Bitcoin and Ethereum blockchains. Last Sunday on June 21, one Ethereum proponent noted that during the last 16 days, Ethereum users have paid more to leverage the network than Bitcoin users.
Digital currencies like bitcoin, ethereum, bitcoin cash, and litecoin all have a network or miner fee associated with sending each and every transaction. This means in order to send a fraction of bitcoin (BTC), there must be enough BTC in the wallet to also cover the sending fee.
At the time of publication, the data site bitinfocharts.com shows the average BTC network fee was $1.14 per transaction on June 22. Ethereum (ETH) network fees show the average fee on that day was around $0.62 per send. Bitcoin cash (BCH) has an average fee of $0.006 per transaction or six-tenths of a U.S. penny. Now not all BTC fee recording websites are exactly the same as there are many different averages depending on the site used.