The median daily transaction cost on the bitcoin network fell to $0. seventy nine on Sunday, a six-month low. That represents a dramatic 97-percent decline from the peak of $34 reached on December 23. The median daily bitcoin transaction cost was more than $10 from mid-December until mid-January but has recently been declining steadily since then.
The thousands of dollars of the last few months have been a crisis for the bitcoin network. Bitcoin fans once touted the networks near-zero fees as an offering point. But as fees soared in late 2017, businesses started backing away from the network.
Computer game maker Valve stopped receiving bitcoin payments for it’s Steam platform in Dec, writing that "it has become untenable to support Bitcoin as a repayment option. " That same month Bitpay, a firm that accepts bitcoin payments on behalf of merchants, declared that it was placing a minimum transaction size of $100, though the company quickly cut the {minimum amount to $5 in response to customer outrage.
Although fees have fallen current weeks. Yesterday, the median bitcoin cost fell below $1 for the first time since September. The question is whether these fees will stay low or if it's a non permanent liberation. The bitcoin community is racing to implement new technologies that could allow bitcoin payment volumes to keep expanding without a come back of crippling fees.