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Bitcoin’s transaction fees have remained cheap throughout the last month, costing around $1.65 on average. The typical BTC transaction, on the other hand, can rise back up to $60 (as was the case in April 2021) when the market heats up. Opt for using the Lightning Network when looking for the lowest transaction fees and this is the cheapest means of transacting Bitcoin. This fee is usually dynamic, and is a market price based on the competition between the decentralized network of bitcoin miners to include your transaction in a ‘block’ of Bitcoin transactions. Here’s a visualization of fees in US dollars from YCharts. You can think of your and your exchange as buyers of a piece of the finite space within a Bitcoin block, while miners are sellers of that block space. You want to get the best price, and all miners are competing against each other to serve you!
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SVB Financial provides credit and banking services to The Motley Fool. Travis Hoium has positions in Ethereum and Solana. The Motley Fool has positions in and recommends Bitcoin, Ethereum, SVB Financial, and Solana. The Motley Fool has a disclosure policy. “Price and emotions tend to work together so when prices are at all-time highs, everyone is euphoric and probably way over their skis with regard to how fast this industry is going to grow,” Jeff Dorman, chief investment officer at Los Angeles-based investment firm Arca, said by phone. “And when things are in contraction, prices are down, everyone is depressed and acting like the world is ending.” To receive a Bitcoin, a user must have a Bitcoin address – a string of 27-34 letters and numbers – which acts as a kind of virtual postbox.