Bitcoin's Transaction Fee Crisis Has Ended

"The median fee peaked at $34 in mid-December—now it's less than $1."

"The median daily transaction fee on the bitcoin network fell to $0.79 on Sunday, a six-month low. That represents a dramatic 97-percent decline from the peak of $34 reached on December 23. The median daily bitcoin transaction fee was more than $10 from mid-December until mid-January but has been declining steadily since then."

"The high fees of the last few months have been a crisis for the bitcoin network. Bitcoin fans once touted the network's near-zero fees as a selling point. But as fees soared in late 2017, businesses started backing away from the network."

What is the bitcoin community hoping for?

"The bitcoin community's longer-term vision is a new payment network called Lightning that operates as a second layer on top of the existing bitcoin network. It could dramatically expand the bitcoin network's capacity by shifting most routine transactions outside the blockchain. You can check out our recent Lightning explainer for a full explanation of how this will work."

Want to read more?
https://arstechnica.com/tech-policy/2018/02/bitcoins-transaction-fee-crisis-is-over-for-now/

https://news.bitcoin.com/bitcoin-fees-have-become-infeasible/