High transaction fees across traditional markets have hampered the system’s growth in some quarters as users find the costs unattainable and extremely unprofitable. The rise of blockchains in the past decade, however, gives users the freedom to spend their currencies at the lowest possible fees as the system relies on peer to peer transactions without the need of an intermediary.
However, some of the coins such as Bitcoin (BTC) have serious issues on spiked transaction fee rates at times which has been a concern for most of the digital asset users. Here is how to follow the transaction fees to avoid spiked rates when making payments using BTC and Bitcoin Cash (BCH).
Coindance Offers Comprehensive Transaction Fee Charts
Coindance is a comprehensive Bitcoin, Bitcoin Cash, and Bitcoin Satoshi Vision website. The site offers details on the current hash rates, proof of work, profitability, block sizes, fees, and other block details. The site offers a live feed of the daily average transaction fees. As seen from the chart below, the volatility of both coin’s fees is stable in the past 4 or so months, since November 2018.
Chart showing the daily average transaction fees of BTC and BCH
Bitcoin is currently at its highest point with fees averaging $1.5 USD while the BCH fees are a mere 2 cents. The prices have hiked in the past few days following the recent bullish momentum being experienced in the cryptocurrency field. With the run expected in the coming months, it will be crucial to follow the fees on Coindance to keep yourself updated.
Bitcoin users complained about the lag and high transaction fees charged during the last rally. If the market is to enter in another rally users expect such problems to be dealt with in the coming weeks to avoid costly fees when transacting using BTC or BCH or BSV.