Bitcoin Transaction Fees Are Now Lower Than Ethereum\'s, Making BTC More Suitable for Regular Transfers

Many people believe that Bitcoin is far more expensive than Ethereum and not suitable for regular transfers. However, that is no longer true

Despite the common perception that Bitcoin transactions are more expensive than Ethereum, recent data suggests otherwise. In fact, ETH transaction fees have surpassed BTC fees since 2021.

A recent analysis by Ki Young Ju reveals that Ethereum's median transaction fees have seen multiple increases since 2021, often outpacing those of Bitcoin. This shift is largely attributed to Ethereum's growing popularity, especially with the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs), which tend to congest the network and drive up fees.

As of July 8, 2024, the median transaction fee for Ethereum stands at $0.68, while that of Bitcoin is $0.40. This pattern has remained consistent, indicating that regular transfers and peer-to-peer payments may actually be less expensive to conduct using Bitcoin.

While Ethereum boasts a wider range of use cases, including smart contracts and other decentralized applications, this functionality comes at a cost. Despite the utility of these advanced features, they contribute to higher transaction fees, especially during periods of heavy network usage.

Hence, the notion that using Bitcoin is inherently more expensive than Ethereum is not supported by recent data. In fact, BTC's lower transaction fees make it a practical choice for everyday transactions and peer-to-peer payments, dispelling the myth about Bitcoin's high costs.

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