Following bitcoin's recent halving of its exchange rate, transaction fees have skyrocketed, surpassing $100 this weekend, causing users to worry.
The surge in value has led to an increase in searches for "bitcoin transaction fees" on Google Trends and social media discussions on Santiment, indicating widespread user concern and financial confusion.
On April 20, interest in "bitcoin fees" peaked on Google Trends, generating the highest monthly search activity. Prior to that, interest had been consistently low, reflecting a surge in public interest in the issue due to rising transaction fees.
The fee increase reached a record high of $127.97 on April 20, when more than half of all #bitcoin addresses became inactive.
The owners of these addresses could no longer afford to trade as their balance fell below half of the average commission of 0.001 #BTC , a situation known in the crypto community as "dusting.
This situation has sparked a discussion about alternatives to bitcoin that offer lower transaction fees.
Vic Sharma, founder of Cake Wallet, spoke in an interview with Polygon about using #cryptocurrencies such as Monero (XMR), Litecoin (LTC), Bitcoin Cash (BCH), Nano (XNO), and Tether (USDT). mentioned. Nano, in particular, offers a zero fee transaction model as a practical solution to the problem of high fees.
Currently, bitcoin transaction fees average $25 USD.
Although the reduction in fees has made life easier for users, the issue of high and fluctuating fees is still a major concern for the #cryptocurrency community.
This situation illustrates the ongoing problems with the governance of cryptocurrency networks, especially with regard to the commission structure affecting usability and acceptability.
The emergence of alternative cryptocurrencies represents a potential path to fairer and more efficient blockchain networks.
Read us at: Compass Investments
