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Bitcoin Transactions

The bitcoin average transaction fee rose up to an incredible $55.16 USD during the recent spike. The median only” rose up to $34.10.

Bitcoin chart

As of December 6th, Valve stopped accepting bitcoin payments citing transaction fees as a factor.

For example, transaction fees that are charged to the customer by the bitcoin network have skyrocketed this year, topping out at close to $20 a transaction last week (compared to roughly $0.20 when we initially enabled bitcoin). Unfortunately, Valve has no control over the amount of the fee. These fees result in unreasonably high costs for purchasing games when paying with bitcoin. The high transaction fees cause even greater problems when the value of bitcoin itself drops dramatically.”

- Valve

They did however add that they might revisit this decision in the future.

The most interesting bit to me is that the average bitcoin transaction uses 215KWh. This is as much energy as the average American home uses in a week. There are currently 300 000 bitcoin transactions per day.

Posted on 2018-01-26   #bitcoin  

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