Bitcoin (BTC) Blockchain Network Registers the Highest Fees in the Last 11 Months
Bitcoin registered the highest fees this month in 11 months after its last milestone reached on June 20, 2018, of just over six dollars per transaction.
According to the website bitinfocharts.com, on May 16, 2019, BTC registered a maximum of USD 5 per fee concept per transaction, and since then its value has remained on average in the order of USD 3.5-4.
The problems of Bitcoin scalability are widespread and the immediate result of this limitation is direct incidence on the cost that must be paid to accelerate the signing of a transaction in the blockchain of the main cryptocurrency.
Remember that the fees are the fees imposed by the miners to sign a block and give how a transaction valid within the blockchain, without which it is impossible to generate the corresponding output, commonly known as an expense. This expense is what the user finally sees reflected as ‘BTC SENT' or ‘BTC RECEIVED'. That is the transfer of BTC balance in your wallet.
Given the limitation of its block size and the intensive PoW algorithm carried out by the BTC blockchain, miners can only sign a maximum of 10 transactions per second in the BTC network.
Bitcoin transaction times vary and can last from 10 minutes to more than 1 day. The two things that determine Bitcoin transaction times are the amount of network activity and transaction fees. The average Bitcoin transaction time is currently around 1 hour.
Historically, the delay in the BTC network has been a headache as it has happened in the past during BTC's last crypto run bull, which led users to spend more than usual for their transactions to be confirmed.
This month, the situation has been similar. Given the high bullish expectations of BTC and its possible end to the prolonged crypto winter, the miners managed to win more than x8 times in fees than by BTC mining.
When it comes to dealing with Bitcoin transaction fees, there will always be very conflicting opinions. Although TXs with low rates will always be processed over time, it seems that the average rate has skyrocketed five times in the last seven days.
It is not a promising sign, although this is something that is expected under the current technical conditions. Bitcoin is not exactly adequate to handle tens of thousands of transactions per hour without problems and this is what has happened precisely this month, given the demand for buying and selling that is generated every time the main reference achieves a price jump.
For now, it is something that users must face and try to get the best out of the situation. Either that or change to altcoins for faster transaction speeds.