How to Check Current Transaction Fees for BTC and BCH
Knowing what you have to pay to access a service is critical to judging the usefulness of any system. Here’s how you can check the current average transaction fees when make payments using BTC and BCH.
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Track Transaction Fees With Coin Dance
Coin Dance is a cryptocurrency data website offering statistics about the performance of digital assets. The platform features a for following daily average transaction fees. It shows the difference between the often volatile fees on the BTC network and the much more stable and affordable BCH fees.
As the chart clearly shows, BTC fees have recently spiked. High fees were a major point of contention among the cryptocurrency community during the latest great rally and with prices going up again across the board we can expect the issue to return to the forefront. Checking this chart on Coin Dance will allow you to stay informed and take part in the discussion using hard data.
What do you think about the current average transaction fees for BTC and BCH? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our , the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at , another original and free service from OhioBitcoin.com.
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Avi Mizrahi
Avi Mizrahi is an economist and entrepreneur who has been covering bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.
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The price of a single bitcoin at one of the planet’s leading cryptocurrency exchanges, , was for the first time ever above $10,000 today. In the early hours of Monday morning (GMT), the price rose to around $10,068. It has since dropped back down below the enormous five-figure psychological milestone on the largest South Korean exchange. At the time of writing, Bithumb have the price listed as $9,984.40. It is therefore still trading considerably higher than at many of the other exchange prices listed on Coinmarketcap. The price per bitcoin in the rest of the world is sitting closer to $9,600.
Long time fan of bitcoin and greater transparency in governance of finance, Julian Assange Tweeted the historic moment earlier today:
bitcoin now $10,062 on the large Korean exchange Bithumb
— Julian Assange 🔹 (@JulianAssange)
The news also means that some of the biggest bitcoin bulls going have already been proven right with their long term price predictions. Just last month, , the former Fortress Hedge Fund manager, claimed that bitcoin would reach the historic milestone of $10,000 by some point in mid-2018. For now, it’s only Bithumb of the planet’s major exchanges that has listed the price as over five-figures, however, as 2017 comes to a close, a widespread price of $10,000+ is looking a lot more like a case of “when” rather than “if” now.
The inflated price at is likely due to heightened demand for cryptocurrency in South Korea following the announcement made earlier this week by one of the largest banks there. Local news source reported that the Shinhan bank are currently testing out offering wallet facilities to account holders with them. A representative of the bank told the publication:
Shinhan is testing a virtual bitcoin vault platform wherein the private keys of bitcoin addresses and wallets are managed and issued by the bank. The bank intends to provide the vault service for free and charge a fee for withdrawals.
With millions of users of Shinhan’s services in Korea and many of the country’s largest companies also banking there, it seems as if the move to offer bitcoin facilities will mean even greater adoption in one of the markets where cryptocurrency is already thriving. It’s certainly the kind of mainstream recognition that we’ve been waiting for.
The CEO of CommerceBlock a cryptocurrency company believes that Bithumb are just the first of many to cross the threshold into five-figure valuations. He told :
“Few would bet against bitcoin hitting $10,000 before the 25th (December) but many in the crypto industry won’t be punching the air when we get there. Real proponents of cryptocurrency aren’t interested in bitcoin’s price. Widespread adoption is the big prize and too much hype only puts ordinary people off.”
It’s hard not to be a little excited, however. Evidently, the colossal gains over the year is an indication that the world’s first decentralised, permission-less, trustless system of finance is capturing the imagination of many. With the paranoia of a hostile takeover via Segwit2x and bitcoin Cash largely behind the community, and exciting developments from the and now in Korea, 2018 is already shaping up to be another fantastic story for the world’s most popular digital currency.
