Someone Paid $47,000 in Bitcoin Fees But Still Saved 53% on The Transaction

0.41% more could have been saved by fully upgrading to native SegWit-Bech32.

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.

image1

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.

Bitcoin (BTC) Live Price

1 BTC/USD =$16,738.0022 change ~ -12.31%

Coin Market Cap

$310.25 Billion

24 Hour Volume

$17.43 Billion

24 Hour VWAP

$17.65 K

24 Hour Change

$-2,059.8532

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,274FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today