Re: High transaction fees affects buyers and seller in payment in bitcoin
Usually fees don't jump to the roof when the price falls (though I could be mistaken on that), so I'm puzzled.
Price fluctuations don't directly affect fee fluctuations, you can compare the two in the bullish phase throughout 2021. When the 2nd price peak was reached (July to November), the fee rates was almost stagnant at $2 to $5 for 1 transaction.
And currently, coincidentally, the ordinals NFT hype is causing thousands of transactions faltered and increase each other's fees to get priority confirmation speed. Had that happened in bear season 5 years ago (2018), the fee rates would probably be as severe as they're today.
I don't think there's an answer but let's say there is an answer to all these issues going on, the question is how can we make it to be in place like to favor us, like before?
The answer: Obviously network congestion.The solution: Obviously, overhaul the protocol somehow.
For the record, there is no perfect protocol (even up to date) that can answer some its network problems in the future. Improvements must continue to be made.