Transaction fees are the cost that cryptocurrency users have to bear in order to keep the system going. Fees can vary significantly between networks and it is important to be able to check this before you decide which cryptocurrency to use for making your digital payments.
Also Read: Bitcoin Cash Upgrade and 30K Stores Accepting BCH in the Weekly Update From Bitcoin.com
Transaction Fees Differ by Orders of Magnitude
Bitcoinfees.cash is a website which tracks the median transaction fees for both bitcoin core (BTC) and bitcoin cash (BCH). The site displays the current median transaction fees alongside one another as well as a graph of historical median BTC and BCH transaction fees.
The median fees listed on the site are based on the past week of transaction data sourced from a few API providers. The live fee data is updated about every 10 minutes and the historical charts are updated weekly.
Note that each coin has a different reference point as BTC fees are orders of magnitude more expensive than those for BCH. For example, the current median fee for BTC is $1.72, which is over 1,500 times higher than the current median fee BCH of just $0.0011.
The website offers an explanation for anyone out of the loop as to why BTC fees are so expensive compared with BCH and examines why they can skyrocket during times of congestion, as has happened in the past when many new users entered the market and were daunted by BTC’s high network fees.
What do you think about current BTC and BCH transaction fees? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.