Bitcoin transaction fee drops & unconfirmed transaction queue shortens
— Bitcoin transaction stress has been on a decline since the first week of June. From 200000+ unconfirmed transactions per day, the transaction queue has diminished to 7000 to 15000 unconfirmed transactions per day.
— With more transactions getting confirmed everyday, Bitcoin transaction fees have also dropped. — In May, average Bitcoin transaction fee was around $5. Now, it has dipped to less than a dollar per transaction.
— Due to this drop in transaction fees, people are having issues with wallets which don’t have a choice of dynamic fee setting.
Even 7000 to 15000 unconfirmed transactions are not less, but we’re slowly getting there. If the transactions less become less expensive, it could mean higher volumes of trade and a further spike in the value of bitcoin.