Post
Topic
Board Economics
Re: bitcoin transactions costs in the future
by
Oilacris
on 22/06/2019, 23:36:36 UTC
I always think about that sometimes. There are times I even feel like I don't want the price of Bitcoin to increase just because of the transaction fees, I know what I had to pay for transaction back in 2017 when there was a bull run and the price was very high. In times like that, Litecoin seems to be a better option than Bitcoin cause the transaction cost is always cheap. There are other coins that has cheap transaction cost also, but I prefer Litecoin and it is one of the top coins in the market. They really need to find a way to fix the high transaction cost issue, if possible.

It's not that transaction fees depend on BTC price like you think. First of, in 2017 the Bitcoin network was spammed intentionally to make Bitcoin look like it's unusable. I mean, even then transaction fees should not be that high. Secondly, today we have almost the same number of transactions per day, and yet the transaction fees are much smaller: around $2.50 for a fast transaction, compared to $30-$50 back then.
Seconded on this one because if we do tend to compare it clearly.We aren't experiencing the same situation

wayback on 2017.Fees are still low and we can already see network tx's are almost the same on numbers
which do really proves out that it had been spammed before.