Why are Bitcoin Fees now $3, $4 or even $5 a transaction?!
How did it come to be like this?
An average bitcoin fee today is apparently $4.85 according to bitinfocharts.com
That's an incredible rise from just 6 months ago when the average was only 39 cents USD!
Fees started out about half a cent when bitcoin was starting to gain traction in 2011 to 2012.
"Oh those were the good old days" Us veterans should be saying now!
Total transaction fees are also up BIG time, the miners are making a killing! just kidding!
At the same time, I'm overloaded with localbitcoins.com buy offers! All of these within the last week! And I'm in a relatively low traffic area in the countryside right now.
In a good sense, bitcoin is really taking off. But it has some problems to fix. If it doesn't get the blocksize increase slash UASF in august, which big namers like Trace Mayer even admit it's unlikely, we'll be stuck with rising fees and, eventually, I see this translating into new user distate to high fees and a continued shift into #altcoins.
Until next time,
Stay calm, and overpriced transaction fee BITCOIN on!
I still well remember playing that game.... satoshi dice ....was this the name?
Kicking back and forth 1-2 cents... A lottery...
Oh, those were the days...
The new USAF BIP 148 thing they are rolling out I made a post on will resolve this!
Guess we need a bigger block size soon :)
This has been very clear for a long time. The system was designed to be like this. Blocks are very small, so if you want your transaction to be included, you have to pay for it.
This is why we need BitShares and Steem. Bitcoin has been unable to adapt and scale, and creates horrible first experiences for people just getting into crypto now and suffering high fees and long, unpredictable confirmation times. Graphene can handle the transaction load and keep scaling. Bitcoin has repeatedly shown an inability to keep up, and burns money wastefully mining anyway.