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Ethereum Network Fees moves beyond Bitcoin Transaction Fees

four round silver-colored and gold-colored Bitcoins

In the current week, there was a heated discussion among the digital currency supporters about network fees, particularly transaction fees connected with Ethereum blockchains and the Bitcoin. While in June, one Ethereum promoter noted that from the previous 16 days. So that the Ethereum consumers have paid more to leverage the Ethereum network as compared to the Bitcoin consumers.

All the digital currencies such as bitcoin, ethereum, litecoin, and bitcoin cash are charging a miner network fee related to sending every transaction as well. It means that if you are going to spend some fraction of bitcoin, so you must have enough Bitcoins in your wallet to cover the sending fee also.

On June 22, the data site bitinfocharts.com reveals that the average bitcoin network fee was 1.14 USD for every transaction. At the same time, the Ethereum network fees were round about 0.62USD per send.

Plus, the Bitcoin cash average fess was 0.0065USD per transaction. But currently, all the Bitcoins fee recording websites are not similar, and there is much difference in the average, which depends on the use of the website.

The billfodl.com website has provided fee calculation that the next block fee needed your transition mined on the next block was 0.87dollar. As likely, for June 23, the average fee for the next three blocks was on a similar price as well. Whether a person paid 0.73USD per Bitcoin fee, then within six-block the transition would be confirmed.

Moreover, the six-block fee has brought the Ethereum transaction fees much near to the existing Bitcoin fees, which, according to the bitinfocharts.com, is 0.62USDS. Likewise, the Coin Metrics charts have also present that Ethereum transaction fees are successively higher as compare to Bitcoins fees last month.

Since 2017, we all know that as the prices of Bitcoins and Ethereum goes higher as with more often use, at the same speed the fees also rise. In 2017, December 22, Bitcoins fee was jumped higher up to 0.50USD per transaction. While on a similar date, for per-ethereum transition the fee was round about $1.40.

In mid-December 2017, the average Bitcoin cash fee was also going high to 0.31USD per transaction. Therefore, in the 2018 September, more than 2.4 million transactions daily outshining Bitcoins best day by 5x, the average Bitcoin cash transaction fee was 0.003USD per transaction.

Since 2018, the Bitcoin Cash fees have not been risen from the 0.008USD transition fee naturally and have been normally under a U.S. penny per-transaction from the previous two years. While on June 23, 2020, the data of Coin Dance shows that the current 815.51x is more costly to transact on Bitcoin.

Moreover, to transacting in the Bitcoin Cash chain is also much low-priced as compared to transacting in Ethereum as it is 8,566.66% more costly to transact in Ethereum, then it is to support bitcoin cash. 

All this information is publicly available by the supporting sources such as billfodl.com, bitinfocharts.com, ethgasstation.info, and Coin Metrics data.

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