Diar, a crypto firm focusing on data resource analyzing digital currency and assets, reported in its February 11, 2019, issue that Bitcoin fees depend heavily on the time zones in which users are living.
Timezone Caveat
According to Diar’s latest issue, the startup took a look into data analyzed in January 2019 to find out how Bitcoin fees have different costs at different parts of the day. The analysis firm found that to perform a Bitcoin transaction around 1 PM UTC a user would have to spend a substantially higher fee than another user who would perform the same transaction at night.
Additionally, users making transactions at 1 PM UTC, may have their transaction complete a lot faster but they will also have to spend a lot more.
Much like the Diar’s graph shows, users performing Bitcoin transactions at night pay 15,000 satoshis less. On the other hand, a user performing and having his transaction confirmed at 1 PM UTC will have to pay a much higher fee, almost 30,000 satoshis more.
(Source: Diar)
But since this happens in different time zones, the inverse is also true for people living in Australia. For those, a transaction will be more expensive at night. In Japan, Bitcoin users will also have higher fee costs after 10 PM.
Transaction Fees Hitting Lows
Diar also reported that Latin America, Africa, and South East Asia are now dominating half of the world’s remittance corridors which represent around $240Bn of annual money inflows.
Fees currently stand at an average of nine percent according to global analysis while in developed countries, the average goes a little bit to hit six percent. This means there are regional differences and that smaller remittance corridors will see high fees. Lower fee transactions will usually take more time to become confirmed but in general, the average cost for a Bitcoin transaction is at its lowest in four years.
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