Bitcoin transaction fees have become a topic of discussion lately. A lot of topics have been created about Bitcoin transaction fees. It seems the transaction fees are throwing Bitcoin away from its original goal.
Today I attempted to make a Bitcoin payment on Namecheap. Instead of making transactions from the Ledger wallet, I tried to make them from Binance for a faster transaction since there was a 15-minute time limit. So the transaction and withdrawal fees asked in Binance are 0.0004BTC, which was almost $17 during the withdrawal.
Ok, let's forget Binance withdrawal fees. If I want to make transactions from the ledger, then the transaction has to arrive in 15 minutes. I am pretty sure if I want to ensure the time frame, then I have to spend similar fees, even from Ledger. So it's become hard to pay $17 transaction fees to make a $50 deposit. And by force, I had to use a virtual card that doesn't cost anything (I didn't notice any significant fees) and was an instant transaction as well. It made me believe that we are drifting away from Bitcoin's original goal in some way.
It's very unfortunate! Couple of days back I had also open the topic where I had to pay $197 as transaction fee. It's very disappointing to see that Bitcoin has indeed drifted away from its main goal. If these continues, Bitcoin will only remain as an investment and people will start using alt coins to do their daily transactions.
Unless and until the ordinals are completely stopped from the Bitcoin network, I see no way out from this situation anytime soon. There was a discussion where Bitcoins dev were talking about banning ordinals from the network. Does anyone know the status?