Bitcoin transactions have covered an amount of $500K in fees within the duration of only 24 hours.
Another milestone is achieved by Bitcoin. BTC network has succeeded to collect over $500000 in transaction fees within 24 hours.
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$500K in only 24 Hours: BTC gains attention
Bitcoin has again gained attention among the crypto traders and investors. And in the crypto community, it has become the topic of discussion.
The reason behind this is that the Bitcoin network has earned $500,000 in transaction fees in24 hours.
According to the statement of Bacon, BTC transaction fees collection is more than BSV and BCH transaction fees collection. BSV has collected the amount of $220 within 24 hours and on the other hand, BCH has earned $200.
The Halving is coming…
— Bacon. (@CryptoBacon) November 5, 2019
BTC Network surpassed $1B in Cumulative Fee Revenue
Recently, the bitcoin network achieved a massive milestone. On 30th Oct, the Bitcoin blockchain reached $1 billion in cumulative transaction fees.
It’s official. The Bitcoin network has surpassed 1 billion USD in cumulative fee revenue. pic.twitter.com/lKzstEX3eI
— Yassine Elmandjra (@yassineARK) October 30, 2019
This was an important milestone for bitcoin as bitcoin was going down in the crypto market. And this milestone provided them some sort of satisfaction.
The founder of bitcoin wallet Billfodl, Bryan Aulds said on 30th Oct that this is a cool milestone. He stated:
This milestone is a really cool milestone just because it shows how much people value block space. And that it’s something people don’t mind paying for, which I think is really important moving forward.
Bitcoin processes almost 5 to 7 transactions per block and the average time for each block procession is ten minutes. That is why the Bitcoin blockchain is not considered the fastest network among other blockchain networks.
Though the bitcoin network is very slow in processing transaction blocks, the network also permits its users with the choice to select how much of a fee they want to pay. As a result, the transactions that pay more are processed at a fast speed.