Research Shows Bitcoin (BTC) Transaction Fees Vary Based on TImezones, Night is Cheaper than Day
In the latest issue of their newsletter, Diar reported a study which shows that Bitcoin fees depend on the time zones where the transaction is taking place.
We've published our latest issue for your read:@Coinbase Eyes Emerging Markets in 2019 Push (@dwr)@binance Bets on Initial Coin Offerings Second Coming #Bitcoin (#BTC) Fees Drop to 4-Year Low as Transaction Count Continues Risehttps://t.co/9Jkelc3XVZ
— Diar (@DiarNewsletter) February 11, 2019
Diar provides concise coverage and analysis of significant developments within the global digital currency industry. This information service delivers the expert insight critical for informed decision making within the constantly evolving global finance & regulatory environment.
The company took the data of averages for the month of January and crunched the numbers. They sorted the data by time-zones. The basic consensus from the study shows that an user would have to pay considerably higher fees in the afternoon than at late at night (time zone in UTC).
In the above graph, you can see that those who send BTC at night have to pay 15,000 satoshis less, but getting your transaction confirmed at 1 PM will result in a much higher fee which is almost 30,000 satoshis. For an American, the best time to get a transaction done is early morning. Meantime, Japanese Bitcoin owners will have to pay much more at 10 PM.
In the same issue of the newsletter, Dior found out that Bitcoin has dropped to a 4-year low and the number of transactions continues to rise. The publication writes:
“Bitcoin transactions hit a one-year high last month nearing levels seen in the 2017 ramp up to the price boom. Median Fees are also at levels not seen since 2015 despite the total monthly Bitcoins moved on-chain standing at higher levels than seen throughout most of 2018. But the Median transaction value in Bitcoins has dwindled to new lows, as has the equivalent total USD Volume which last month fell below May 2017 levels.”