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Monday, July 3, 2017

Bitcoin Transaction Fees Significantly Decrease, Charlie Shrem Pays $0.25 Fee

Bitcoin Transaction Fees Significantly Decrease, Charlie Shrem Pays $0.25 Fee

Over the past few weeks, the size of the Bitcoin mempool, the holding area for unconfirmed transactions waiting to be picked up by miners, significantly decreased by around 90 percent.

As a result, Bitcoin fees significantly declined and the recommended Bitcoin transaction fee calculated by Bitcoin fee estimators integrated into widely utilized wallet platforms such as Blockchain substantially dropped. Now, fees below $1 have become sufficient to obtain first confirmation within 10 minutes.

In fact, Blockchain’s newly deployed Bitcoin fee estimator, which has received praise from the community for utilizing a satoshis per byte basis to establish recommended fees for users more accurately, has been recommending a $0.19 fee for regular transactions with an estimated confirmation time of one hour.

On June 29, Bitcoin pioneer and cryptocurrency wallet platform operator Jaxx COO Charlie Shrem revealed that a personal $2,000 Bitcoin transaction was confirmed within the first six minutes with a $0.25 fee.

Full story at

Source: CoinTelegraph

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