(Rejected) Ethereum transaction fee is now higher than Bitcoin

Ethereum is known to have a smaller transaction fee than bitcoin, but things has changed for some days. Eric.eth on Twitter noted that Ethereum had a higher transaction fee for about 16 days. The Surge started on 2020-06-05.

For 16 straight days, Ethereum users have paid more to use the network than Bitcoin users. pic.twitter.com/luVTrIs5cP

— eric.eth (@econoar) June 22, 2020

Cryptocurrency like Bitcoin, Litecoin, Ethereum and more, has a miner fee added to the transaction. Think of blockchain fees as a normal bank transfer fee, but the faster you want a transaction to be confirmed by the blockchain, the higher fee you have to pay for quick transfer confirmation. Cryptocurrency like Nano, IOTA, NEO, Skycoin, and Elastos does not have a transaction fee. It has no miners to be rewarded, blockchain confirmation is made fast.

According to Bitinfocharts.com, there was a sudden increase in the Ethereum average fee: it was an average of $4, while bitcoin transactions fee was about $1 on average. Seeing the sudden increase in the Ethereum fee might be surprising to you. Ethereum's average transaction fee at the beginning of 2020 was about $0.08, while the Bitcoin transaction fee was about $0.6. At the time of writing this article, Bitinfocharts.com reports that the average Ethereum fee is $0.6 and the average Bitcoin fee is about $1.1. Note that the result may differ on some websites. 

Bitinfocharts.com also reports that Ethereum has more number of transactions than Bitcoin. At the time of publication, Bitcoin has 355 thousand transactions and Ethereum has 1.1 million transactions, this shows that Ethereum is getting more versatile in cryptocurrency daily transactions. Ethereum is better than Bitcoin in some ways, the reason Ethereum has more transactions than Bitcoin might be because Ethereum has a faster transaction and low fee.

Ethereum 2.0: what you need to know

Ethereum 2.0 also referred to as 'Serenity,' it is the next update on the Ethereum blockchain. It will be launched in phase 0, 2020. Phrase one will be added in 2021, Its aim is to improve the function of Ethereum in this way: New solidity deposits contract, Altona testnet v0.12 and Finding all the bugs.