My Opinion of High Bitcoin Fees
I've been using the Bitcoin network since the end of 2016. I remember days when there was open blockspace, and it wasn't a scarce resource to be treasured and coddled. These weren't the "better days", nor were they how Bitcoin is "intended" to function. It should be evident by now that when blockspace becomes scarce, people are willing to pay more to be included. This isn't all of the story.
The Bitcoin system is an evolving entity made up of smaller entities that do not exhibit the same properties as Bitcoin. It is an emergent life-form, not bowing to any smaller entity. I would very much like the ability to cheaply transact Bitcoin (BTC is scaling), and so would everyone, but today is not that day. Some would scream FUD over this. Some would bail ship and move to a shorter line, or an altcoin with less population. This is neither a correct or incorrect move. There are only positions that are optimal for YOU.
I choose to HODL. I am Hodling because I know Bitcoin will do things I cannot fathom, and the fact that it is presently prioritizing only the most important transactions means very little to me. On-chain fees could pump endlessly for the next few months while FOMO digs in its nails, and I would still remain confident that Bitcoin will do things to mitigate this. It may not work out how I expect. It may not do what I want. But Bitcoin is much more than what I want. And it's much more than what you want.
It's the equivalency of what everyone participating wants. Bitcoin not good enough for you? Move to an altcoin. I'm sticking with the immutable pyramid of information that provides me with the power to bypass any censorship. And I'll continue down this endless rabbit hole that I've found myself stuck in. I hope you'll join me doing the same.