Post
Topic
Board Bitcoin Discussion
Re: Why are bitcoin transaction prices so expensive?
by
Zendalet
on 01/04/2018, 22:11:19 UTC
because the price of Bitcoin is now not $ 1 more per BTC
now the price of 1 BTC is $ 7k
while transaction fee is determined based on BTC price
if the BTC price goes up to $ 100k, then the transaction fee will become even more expensive
so in my opinion that cause expensive fee is its price

You're right, it has been blown way out of proportion by the press. In fiat terms, yes it was high, but it should have been put in perspective. Even so there was a point where the BTC price for transactions was higher than desirable too. There has been a lot of research to improve scaling and lower the transaction fees. It's cutting edge, a work-in-progress, but the mainstream press has been merciless, painting Bitcoin as a finalized product.