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Bitcoin’s [BTC] average transaction fees soar to 10-month high while Bitcoin Cash [BCH] shows little change

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Bitcoin's [BTC] average transaction fees soar to 6-month high while Bitcoin Cash [BCH] shows little change
Source: Pixabay

Bitcoin and altcoins are perceived quite differently from Bitcoin and its hardforks. The debate here is more tribal, with the debate pitting purported BTC maximalists against Bitcoin Cash [BCH] proponents and others who claim to act according to Satoshi’s Vision.

However, statistics charting out average transaction fees for the king coin and its little brother, Bitcoin Cash, paint a telling tale. In fact, the average transaction fee for Bitcoin has soared to its highest point in over 10 months, while the same metric for Bitcoin Cash does not point to a significant change.

According to BitInfoCharts, the average transaction fee for Bitcoin was recently recorded at $2.86. Given that the fees mirror the price of the coin, average transaction fees began to pump in early April when Bitcoin saw its largest daily gain in almost a year. The transaction fee was under $0.50 in March and saw a massive 351 percent hike to reach $2.16.

In the ensuing weeks, as Bitcoin’s price began to stabilize, average fees dropped to under $0.70 once again. On the back of several announcements covering adoption, fundamentals changes, and even FOMO, transaction fees soared from $0.98 on 4 May by 194.48 percent, to reach the press time fee of $2.88.

Despite Bitcoin Cash being the market leader in terms of price gain earlier this week, average transactions fees just saw one short-lived spike. On 18 April, the fee for BCH transactions jumped from $0.0052 by an unforeseen 1282.69 percent to reach $0.0719 in less than 48 hours.

In addition to the above spike, another brief rise was seen on 29 April, when the average fees climbed to $0.0159 from $0.0029. At press time, the average transaction fees for Bitcoin Cash recorded by BitInfoCharts was $0.0058.



The same was confirmed by @Bitcoin, which is accused by many of being pro-Bitcoin Cash,

“BTC average transaction fees have reached a new 6-month high of $2.886
BCH average transaction fees remain stable at $0.005”

Recently, a LongHash report dated May 10, 2019 stated that Bitcoin miners earned eight times more in transactions fees, than all other cryptocurrencies listed on Messari.io’s OnChainFX ranking. The report added that these fees would be more of a “key financial incentive” for miners, especially given the BTC halving scheduled for May 2020.





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Bitcoin SV drops by a massive 24% in an hour after Bitcoin whitepaper patent backlash

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Bitcoin SV drops by a massive 24% in an hour after Bitcoin whitepaper patent backlash
Source: Unsplash

Bitcoin SV’s sudden surge from $65 to $195 was caused mainly due to FOMO after the news about Craig Wright’s patent on Bitcoin Whitepaper broke out. The coin did breach the top-10 list when it pumped; however, it settled down to its original position of 12. At press time, it overtook Tron, and is the 11th largest cryptocurrency according to CoinMarketCap.

The crypto, at press time, was priced at $112 and had a market cap of $1.98 billion, just below Cardano. BSV, in a 24-hour timeframe, was still up by a massive 77%; however, the price dipped by 24% in an hour, from $148 to $112.

Source: TradingView

The Bitcoin Whitepaper patent caused most of the prominent people in the community to lash out against Craig Wright. Monero’s Fluffypony, tweeted:

Peter McCormack, the host of What Bitcoin Did, podcast tweeted:

Although the copyright for the patent doesn’t fully mean that Wright is Satoshi, crypto Twitter started doing what it does best- troll. Alistair Milne tweeted:



BREAKING: world’s biggest dating app Tinder believes Craig Wright is Satoshi Nakamoto, having allowed him to register the username/handle “iamsatoshi” Alternative aliases he has also been successfully granted include: “iamricherthanyourcountry”
and “billionairemode1970”

Jake Chervinsky, a lawyer, tweeted:

Ironically, Bitcoin SV got delisted after its pump followed by a dump. Float SV tweeted:

“Based on a lack of trading volume, Float SV will be delisting BTC/USDT, BTC/USDC, and BTC/TUSD on Friday at 5pm CST. Details to come. Deposits and withdraws for associated assets will remain supported.”





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