Re: Bitcoin transaction fees are too high, obstacle for adoption and in general
Hi,
I just wanted to share my thoughts about the high Bitcoin transaction fees.
I see people paying USD 10 for an item, and then paying USD 30 in fee for the BTC transaction, and I realize that this is not sustainable. And its impossible for BTC to become a mainstream payment method if the price is increased with x3 when you buy something.
I understand that the "network is congested" and im sure people are working on it. But in my opinion this should be top priority no 1! It is hard to explain to people all the time that they should use LTC or ETH or something else when we just started to get people to trust Bitcoin.
What is my suggested solution? That the people that can actually do something about this, the people involved in the development, start to act like grownups and sort this issue once and for all!
Im not going to solve it, not with this article and not by complaining. But others can and they should!
This is not sustainable over a longer time. Bitcoin popularity might be increasing but with fees like now it will never really work.
Please some intelligent involved developer read this and get motivated!
<3
I just wanted to share my thoughts about the high Bitcoin transaction fees.
I see people paying USD 10 for an item, and then paying USD 30 in fee for the BTC transaction, and I realize that this is not sustainable. And its impossible for BTC to become a mainstream payment method if the price is increased with x3 when you buy something.
I understand that the "network is congested" and im sure people are working on it. But in my opinion this should be top priority no 1! It is hard to explain to people all the time that they should use LTC or ETH or something else when we just started to get people to trust Bitcoin.
What is my suggested solution? That the people that can actually do something about this, the people involved in the development, start to act like grownups and sort this issue once and for all!
Im not going to solve it, not with this article and not by complaining. But others can and they should!
This is not sustainable over a longer time. Bitcoin popularity might be increasing but with fees like now it will never really work.
Please some intelligent involved developer read this and get motivated!
<3
That's a tough problem. The problem with all the digital money systems (both crypto and fiat) is that its highly dependent on data traffic volume and data processing power. So increasing number of NFT minters loads all the mining facilities, so that it becomes impossible to make transactions in time. The only way to deal with the problem is to raise transaction fees, it reduces the overall number of transactions, since people start refusing to make them (the law of market). That's why such things ($10 purchase, $30 fee) happen.