Happy Birthday Bitcoin

Happy Birthday Bitcoin

In keeping with the white paper’s birthday, a significant milestone has recently been reached: the total amount of transaction fees collected since the start of the BTC network reached $ 1 billion.

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

In Bitcoin it is 204808.3479 BTC. If one took the current Bitcoin price as a yardstick, then already already 1.86 billion US dollar would have been collected fees.

The transaction fees will become increasingly important in the future to finance the miners. This is related to another milestone that was also reached this month.

In fact, 18 of the 21 million bitcoins planned have already been mined, so the block reward for future miners will be leaner. However, this is not necessarily a cause for concern as transaction fees should be able to replace the losses incurred, especially if the BTC price continues to rise.

featured image by Shutterstock

Share your thoughts, add a comment!

You must be logged in in order to place a comment.

Article comments

No comments yet, be the first to comment this article