Is Bitcoin getting clogged up?
So today I wanted to send a Bitcoin transaction and the fees seemed unnaturally high, so I took a closer look into it.
This chart here is taken from https://bitcoinfees.21.co/ and it shows an alarmingly high transaction query.
Are miners switching to Bitcoin cash, or what is behind this phenomenon?
This picture is from Blockchain and it can give you an idea about what fee you are supposed to use for sending, and I think for ordinary people these fees are way too high. Imagine this: you are at the shop and you want to buy a bar of chocolate, and when you pay you realize the fees are so high you could buy another chocolate just from the fees. I mean, at a business level, these fees are still laughably small when the big whales send 10000 USD in one transaction they don't even care about the fees, but if Bitcoin wants to be used everywhere it needs to step up it's fee game.
What do you think about this topic, I'm genuinely curios and waiting your comments down below! Have a nice day! ;)
thanks for the informative post!
You're welcome, I was interested in this topic too, I hope you liked it! :)
Bitcoin will eventually be replaced by a crypto that is more functional eg iota.
I share your opinion, Bitcoin is slowly transforming into a "digital gold", for storing value long-term. It just can't cut it for everyday use as of now.
Congratulations @markxd! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!