Bitcoin’s average transaction fee drops below $1, after two years

Transaction fee on the Bitcoin blockchain network dropped below $1 on Monday for the first time in two years, according to crypto analytics firm blockchain.com. As of writing this article, the Bitcoin transaction fee stands at $0.825.

Gas fee or transaction fee is what you pay for using the Blockchain, following which you can transfer cryptos from one address to another. It should be noted that Bitcoin is widely regarded as the ‘most expensive’ blockchain because of its exorbitant transaction fee.

Higher transaction fees make it difficult for users to use the blockchain. It is all a demand and supply game. If the network demand is higher the transaction fee increases, and when the demand is low, the transaction fee reduces.