Bitcoin Daily Transaction Fees Up 291% Since 2019 Began
In the last three months, we saw Bitcoin transactions and active addresses going up along with the average transaction fees that surged by 300 percent. These increments have been much faster than the price which remained somewhat stagnant during this period.
On January 1st, Bitcoin average transaction fees were at $0.179 that constantly rose in this period as it climbed 291 percent to $0.701 on March 29th, as per the data provided by Bitinfocharts. This height was last hit on 29th November, exact four months back.
Bitcoin Avg. Transaction Fee, Source: Bitinfocharts
This jump in transaction fee, just like the number of transactions has been driven by Veriblock. On March 25th, Veriblock launched its mainnet and since then they have started using BTC transactions.
Back in February, during Veriblock testnet, it has been using more than 30 to 35 percent of transactions of the Bitcoin blockchain. During this testing time, Bitcoin transactions often went up to 350,000 per day.
Once Veriblock stopped its testnet, BTC transactions dropped down to 212,000 transactions. After the launch of Vericlock, on March 27 BTC transactions hit its weekly high at 393,000 transactions where Veriblock accounted for more than 18 percent of these transactions.
However, a number of transactions weren't the only thing that was affected, the Bitcoin fee also jumped considerably. As can be seen in the above chart, throughout February, and especially March, fees registered the highest peak.
Veriblock is a project that aims to help secure blockchain networks against the 51 percent attacks so that they can thrive. It uses a system called proof of proof (PoP) where the proof is tied to the OP_Return transactions that are used within the Bitcoin network.
Veriblock can essentially create a snapshot of any chain state and then secure it with BTC in a permissionless and transparent manner.
“The marketplace has validated this approach, with over 6,000,000 security transactions on Bitcoin to date,” claims Veriblock.
The team had explained that it is committed to help other blockchains and fend off malicious attacks so that crypto projects can concentrate on new features and development instead of worrying about attacks.