We all know the Bitcoin 2017 rally. Which saw its prices touching to $20K for the first time in its history.
- This rally though is a good news for long time bitcoin believers, but it also brings with it some of the pain points of bitcoin from that period.
- The transaction fees have rallied too.
- This is a direct result of more people using bitcoin, so there is a huge backlog of transactions.
- This transaction cost is averaging at around $13.16 USD at the time of this writing.
- Just about 15 days ago, this was averaging at $1.46 USD.
- And just to give an insight, this fee peaked to around $54.90 USD once in Jan 2018!
- This increase in fee is inversely proportional to the number of miners available to verify the transactions.
- This behaviour was replicated by Ethereum as well, where the transaction fees also rose to > $14 levels at one point due to the DeFi Fever!
We just hope, that the fees does not touch the Jan 2018 levels. But if the bitcoin value appreciates much this year end, and the miners availability remain scarce, nothing can stop for the fee to rise to similar levels!
More reason for alternate blockchains like Binance chain,Solana ,Zil to shine!
More reason to HODL Bitcoin! ;)
