A Crypto First: Ethereum (ETH) Surpasses Bitcoin (BTC) Transaction Fee Costs Temporarily
For the first time in its history, Ethereum's average transaction fees exceeded those of Bitcoin (BTC). ETH however quickly regained its usual place as the most economical blockchain and was likely not an unfolding organic matter as there have been many situations and alleged attacks on the ETH blockchain network.
As reported in a tweet by @JZay, Coin Metrics data revealed that the momentary overtaking occurred on July 1, 2018:
“Average transaction fees for Ethereum have surpassed Bitcoin for the first time ever $BTC $ETH”
At one point, sending an average ETH transaction cost $5.40. The equivalent of seven times more than BTC's $0.75. Calculated by total fees divided by total transactions, Ethereum's average fees have dropped to $0.37, at the moment of writing this article.
The increase in fees of more than 2350% in a 24-hour window caused a great outcry of disdain among platform users. With reference to the congestion in early July, for example, one user complained about this:
Here we go again. Ethereum gas price is 90 GWEI right now. 90. Imagine paying 90 times more in transaction fees. if we can't provide a single stable blockchain for dapps at $400B market cap, are we doing anything at all?
— Varun Deshpande (@thebitsian) July 14, 2018
However, if you ask the likes of Craig Wright, a bitcoin cash supporter and potential Satoshi Nakamoto candidate, he thinks Ethereum and their ERC20 token protocol are a dead man:
What do you guys think about Ethereum's recent struggles, not only in price and value, but in attacks and network congestion due to likely what will be determined as bad actors.
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