As a researcher with a background in blockchain technology and digital currencies, I have closely monitored the trends and developments within the crypto market. Based on my analysis of the available data, I can confidently assert that the common belief that Bitcoin is more expensive than Ethereum for transactions is no longer accurate.
There’s a common perception among many that Bitcoin is pricier than Ethereum and unsuitable for routine transactions. Contrarily, since the beginning of 2021, Ethereum has actually been more costly in terms of transaction fees compared to Bitcoin.
In contrast to Ethereum, Bitcoin usually features lower transaction fees. For instance, the average fee for a Ethereum transaction on July 8, 2024 was $0.68, whereas for Bitcoin it was only $0.40. This consistent trend suggests that everyday transactions and peer-to-peer payments could potentially be more affordable with Bitcoin.
I’ve closely monitored Ki Young Ju’s insights into Ethereum‘s on-chain data, and it’s clear that median transaction fees have seen significant jumps since 2021. These spikes have frequently surpassed Bitcoin‘s fees. This trend can primarily be attributed to Ethereum’s rising popularity, particularly in the realms of decentralized finance (DeFi) and non-fungible tokens (NFTs). The surge in usage for these applications has led to network congestion and subsequently higher transaction fees.
Currently, the Bitcoin price stands around $58,274 on the chart, with it having surpassed the 200 Exponential Moving Average (EMA). This development is indicative of a potential recovery phase, as supported by volume trends and the Relative Strength Index (RSI) at 40. In contrast, Ethereum’s network has experienced higher transaction fees due to its extensive applications such as smart contracts and decentralized apps. While these added functionalities are beneficial, they have led to increased costs noticeably during periods of heavy network activity.
Based on current statistics, the notion that transacting with Bitcoin invariably entails greater expenses than with Ethereum is not substantiated. This common belief about Bitcoin’s high costs is debunked by its relatively lower transaction fees, making it a viable option for everyday transactions and peer-to-peer payments.
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2024-07-11 15:35