{"id":111088,"date":"2019-07-31T02:51:15","date_gmt":"2019-07-31T02:51:15","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=111088"},"modified":"2019-11-25T06:45:59","modified_gmt":"2019-11-25T06:45:59","slug":"bitcoin-about-to-charge-its-billionth-dollar-in-transaction-fees","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-about-to-charge-its-billionth-dollar-in-transaction-fees\/","title":{"rendered":"Bitcoin network about to charge its billionth-dollar in transaction fees"},"content":{"rendered":"<p>The <a href=\"http:\/\/cryptoslate.com\/coins\/bitcoin\">Bitcoin<\/a> network is approaching its billionth dollar charged in cumulative transaction fees\u2014a threshold due to be broken nearly 10 years after the creation of the original cryptocurrency.<\/p>\n<p>The revelation came in a tweet Tuesday by Nic Carter, who expects the network will surpass $1 billion in total cumulative fees this fall based on data obtained from <a href=\"https:\/\/coinmetrics.io\/cm-network-data-pro\/\">CoinMetrics Network Data Pro<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">So Bitcoin is nearing its billionth dollar charged in transaction fees. It should cross the threshold this fall <a href=\"https:\/\/t.co\/4qeegCinCd\">pic.twitter.com\/4qeegCinCd<\/a><\/p>\n<p>&mdash; nic carter (@nic__carter) <a href=\"https:\/\/twitter.com\/nic__carter\/status\/1156212615095492609?ref_src=twsrc%5Etfw\">July 30, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As of July 28th, the Bitcoin network had amassed <a href=\"https:\/\/coinmetrics.substack.com\/p\/coin-metrics-state-of-the-network-c72\">$955,797,817<\/a> in cumulative fees from more than <a href=\"https:\/\/www.blockchain.com\/en\/charts\/n-transactions-total\">439 million transactions<\/a>, having facilitated the transfer of approximately <a href=\"https:\/\/coinmetrics.io\/charts\/#assets=btc_left=TxTfrValAdjUSD\">$1.9T<\/a> worth of BTC since the original 2009 genesis block.<\/p>\n<h2>Bitcoin\u2019s billion-dollar benchmark<\/h2>\n<p>To many, the milestone will come as a definitive indicator of Bitcoin\u2019s continued adoption as a peer-to-peer electronic payments system and a compelling blow to the age-old criticism that the network is doomed by the cost of its transactions.<\/p>\n<figure id=\"attachment_100768\" aria-describedby=\"caption-attachment-100768\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-100768\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/bitcoin-bull-market-social-300x158.jpg\" alt=\"Bitcoin fees, security, and adoption have improved since the last bull market\" width=\"300\" height=\"158\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/bitcoin-bull-market-social-300x158.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/bitcoin-bull-market-social-768x403.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/bitcoin-bull-market-social-1024x538.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/bitcoin-bull-market-social.jpg 1200w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-100768\" class=\"wp-caption-text\">Related: <a href=\"https:\/\/cryptoslate.com\/bitcoins-fees-security-and-adoption-have-improved-since-the-last-bull-market\/\">Bitcoin fees, security, and adoption have improved since the last bull market<\/a><\/figcaption><\/figure>\n<p>Bitcoin transaction fees have in fact <a href=\"https:\/\/cryptoslate.com\/bitcoins-fees-security-and-adoption-have-improved-since-the-last-bull-market\/\">declined convincingly<\/a> since their peak of $55.16 during 2017\u2019s bull market\u2014a statistic later weaponized by prominent crypto skeptic Nouriel Roubini in his <a href=\"https:\/\/cryptoslate.com\/if-you-listened-to-nouriel-roubini-in-2013-you-lost-out-108x-return-on-bitcoin\/\">characterization<\/a> of Bitcoin as a Ponzi scheme.<\/p>\n<p>This narrative appears have lost clout after <a href=\"https:\/\/cryptoslate.com\/bitcoins-fees-security-and-adoption-have-improved-since-the-last-bull-market\/\">incremental reductions in fees<\/a>\u2014most probably on account of increased adoption in scaling solutions such as Segregated Witness (SegWit)\u2014as well as the significant base layer volumes transmitted via BTC, which last year at $1.3T <a href=\"https:\/\/cryptoslate.com\/bitcoin-transaction-volume-tops-paypal-creeps-up-on-visa\/\">outstripped that of PayPal<\/a>.<\/p>\n<h2>Fees: low or high, depending on the yardstick<\/h2>\n<p>Now, BTC proponents tend to hold up the relatively low costs of large BTC transfers as a victory over the coin\u2019s supposed competitors.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Cost to move $450 million worth of Bitcoin: less than $400 in network fees, no permission needed, no middleman.<\/p>\n<p>Cost to move $450 million in fiat: thousands of dollars in fees, banks needing to sign off on the transaction, multiple check points.<\/p>\n<p>Crypto is the future of finance. <a href=\"https:\/\/t.co\/Dez01mpPb3\">https:\/\/t.co\/Dez01mpPb3<\/a><\/p>\n<p>&mdash; ERIK FINMAN (@erikfinman) <a href=\"https:\/\/twitter.com\/erikfinman\/status\/1156257681197490181?ref_src=twsrc%5Etfw\">July 30, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Wednesday\u2019s <a href=\"https:\/\/cryptoslate.com\/massive-bitcoin-whale-moves-more-than-1-3-billion-worth-of-btc\/\">inordinately large BTC transfer of nearly $1.3B<\/a>, for example, consumed $1321 in transaction fees, where if it had been sent via TransferWise in $1M lots (the maximum volume allowance per transaction) the same $1.3B sum would have cost roughly $4.7M to send.<\/p>\n<p>Yet when it comes to Bitcoin\u2019s utility for micropayments\u2014a subject that has for years divided cryptocurrency advocates over the coin\u2019s intended utility\u2014current average fees have been known to pose a barrier to mass adoption.<\/p>\n<p>At $1.79 per transaction charged at the time of press, Bitcoin\u2019s average fee would be a considerable deterrent to using BTC for small, mundane payments.<\/p>\n<p>Much hope has been placed in the Lightning Network as a means of reducing fees, however, despite steady growth, the second-layer scaling solution currently processes less than 0.1% of BTC transactions in terms of <a href=\"https:\/\/www.blockchain.com\/en\/charts\/estimated-transaction-volume-usd\">estimated daily transaction value in USD<\/a>.<\/p>\n<figure id=\"attachment_111095\" aria-describedby=\"caption-attachment-111095\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-111095\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/07\/btc-lightning-network-capacity-1024x407.jpg\" alt=\"BTC Lightning Network Capacity\" width=\"1024\" height=\"407\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/07\/btc-lightning-network-capacity-1024x407.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/07\/btc-lightning-network-capacity-300x119.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/07\/btc-lightning-network-capacity-768x305.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/07\/btc-lightning-network-capacity.jpg 1991w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-111095\" class=\"wp-caption-text\">Bitcoin Lightning Network Capacity (Source: <a href=\"https:\/\/bitcoinvisuals.com\/ln-capacity\">BitcoinVisuals.com<\/a>)<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin network is approaching its billionth dollar charged in cumulative transaction fees\u2014a threshold due to be broken nearly 10 years after the creation of the original cryptocurrency. The revelation came in a tweet Tuesday by Nic Carter, who expects the network will surpass $1 billion in total cumulative fees this fall based on data [&hellip;]<\/p>\n","protected":false},"author":175,"featured_media":111094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin network about to charge its billionth-dollar in transaction fees<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-about-to-charge-its-billionth-dollar-in-transaction-fees\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin network about to charge its billionth-dollar in transaction fees\" \/>\n<meta property=\"og:description\" content=\"The Bitcoin network is approaching its billionth dollar charged in cumulative transaction fees\u2014a threshold due to be broken nearly 10 years after the creation of the original cryptocurrency. The revelation came in a tweet Tuesday by Nic Carter, who expects the network will surpass $1 billion in total cumulative fees this fall based on data [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-about-to-charge-its-billionth-dollar-in-transaction-fees\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-31T02:51:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-25T06:45:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/07\/bitcoin-billion-tx-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jonnie Emsley\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Bitcoin network about to charge its billionth-dollar in transaction fees\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jonnie Emsley\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-about-to-charge-its-billionth-dollar-in-transaction-fees\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-about-to-charge-its-billionth-dollar-in-transaction-fees\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#person\",\"name\":\"Jonnie Emsley\",\"url\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"caption\":\"Jonnie Emsley\"},\"jobTitle\":\"Contributor\",\"description\":\"Jonnie is a writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. 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