Someone Paid $47,000 in Bitcoin Fees But Still Saved 53% on The Transaction
You have seen it happening in Ethereum quite a few times, but this time, it happened on Bitcoin.
In the case of Ethereum, users have accidentally paid millions in fees; this time, a user paid a fee of 2.66 BTC worth about $47,000 in block 657,535.
Still, this transaction was funny enough to save 53% on fees by upgrading to SegWit but could have saved 0.41% more by fully upgrading to native SegWit-Bech32, noted Blockstream.
Currently, the average bitcoin transaction fee is at $4.523, an increase of 66.34% from yesterday’s $2.719 and 574.5% from one year ago.
Even at the top of the market cycle in December 2017, the highest average fee was about $55.
As of writing, the price of Bitcoin has been around $17,970, up 143% YTD but down from yesterday’s high of $18,500, a level not seen since the height of the last bull run.
While in some fiat currencies, BTC has hit a new peak, such as the Norwegian Krone and Turkish Lira, In US Dollar, BTC price is still about 14% away from its all-time high of $20,000.
But in a typical crypto fashion, BTC/TUSD chart on Binance hit $82,000 with a monster green candle of $16,626. The rest of the Bitcoin trading pairs were unaffected.
This isn’t even the first time; some time back, BTC hit $100,000 on Binance because of a technical error.
Still, a new peak won’t be too far away. “It is not out of the question for the crypto to hit its all-time high of $20,000 this side of Christmas,” said Simon Peters, an analyst at investment platform eToro.