Bitcoin transaction fees fall to their lowest in 7 years: The reason is price drop or SegWit adoption

Bitcoin developer and educator Willy Woo has warned Bitcoin prices could soon dip under 2018’s record low of $5,900.

BITCOIN’S ‘SLOW BLEED’ LOWER

In an analysis on social media, Woo, who hit the headlines earlier this month after defending Bitcoin over Blockchain at the Consensus 2018 conference, nonetheless predicted what he describes as a “slowish bleed” below February’s floor.

In his comments, Woo wrote:

I think we are gonna go to $5500-5700 next, I can’t see $7000 holding.

Most likely we’ll balance a bit, then we’ll slide through. Long timeframes here, looking into June for rough timing of this to play out at a best guess.

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BITCOIN TRANSACTIONS CHEAPEST SINCE 2011

Bitcoin has struggled to maintain upward momentum as part of a long-term downtrend which began after the cryptocurrency hit its all-time high of $20,000 in December 2017.

Since then, $12,000 and, more recently, $10,000 have proven insurmountable ceilings for BTC/USD, while key support at $9,000 and $8,000 has failed to materialize.

As of press time, May 28th, Bitcoin was challenging $7,000 support, with a first drop to $7,185 consolidating above $7,200.

What do you think about Bitcoin’s future prices and network fees? Let us know in the comments section below!

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The news of lower fees came at a time when the adoption of Segregated Witness (SegWit) has been recorded to its all-time high. The share is soon going to reach 40 percent which is likely to be because of Xapo, a wallet and cold storage provider implementing the technology.

bitcoin fee

SegWit made its appearance last year, in August that allows for faster transactions and lower fees. Though it’s adoption started at a slow pace but it is gradually gaining speed.

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For the first time, SegWit passed 38 percent of total Bitcoin transactions as reported a few days earlier. Keywords: bitcoin fees 21, calculate bitcoin transaction fee, bitcoin wallet transaction fee, bitcoin transaction fee too high, bitcoin transaction size calculator, bitcoin transaction fee comparison, bitcoin transaction fee coinbase

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