Bitcoin myths: usury in transaction fees

The network offers the transaction costs upwards

In early 2017, two camps emerged from the Bitcoin community - the representatives of Segregated Witness and those of Bitcoin Unlimited. During this time, Bitcoin caught the attention of the mainstream, the network grew and the blocks filled up. Finally, the blocks reached the limit of 1 MB. The users had to enter into a competition so that miners could integrate their transactions into a block as soon as possible. This competition was reflected in rising transaction fees. The mechanism is the same as an auction where the highest bidder wins. A transaction cost more than 40 euros in between.

What does the world look like half a year later?

The Bitcoin Mempool is emptied. That means all accumulated transactions have been processed. Meanwhile, Bitcoin has become cheap again. With a transaction fee of 5 satoshi / byte, the transaction is unlikely to be written to the next block, but whoever can wait a few blocks has a good chance. 5 Satoshi are significantly less than a eurocent. A Bitcoin transaction today costs less than a dollar in fees, if you can wait a bit. The argument that the transaction costs make Bitcoin unusable is therefore no longer.