Bitcoin [BTC] is currently maneuvering a market controlled by the bears, and has been consolidating its losses since a sudden collapse on April 25. The largest digital asset even tested the $4,900 level prior to the forced correction, which recovered its value and pushed the coin’s price above $5,000 and $5,300 resistance levels.
While BTC strives to maintain stability in the middle of the crypto-winter, the crypto ecosystem noted a steep increase in transaction fees, further threatening the user’s ROI in the volatile market. Consequentially, prominent players such as Bitcoin Cash [BCH] and Bitcoin SV [BSV] gained loyalty within the community, owing to lower transaction fees and seemingly similar security.
However, BTC claims the reason for higher fees is due to the increased focus on security and slower transactions. The issue was highlighted by Wladimir Weinbender (@Walodja1987), a Twitterati,
“$BTC transaction fees have averaged $432,633 over the past month. They have averaged $314 for $BCH and $125 for $BSV.”
The initial tweet also explained how this would require 3.8 years for Bitcoin Cash and 9.5 years for Bitcoin SV to accrue the same amount of transaction fees to miners, as Bitcoin does in one day.
The tweet quickly gained traction, and was flooded with replies that majorly supported BTC’s decision. One of the more popular replies was @ceterispar1bus’s, who said,
“For a good store of value like #BTC, I am willing to pay more fees. For a medium of exchange like #BCH I am not.”
As a matter of fact, @hlopez_ rightly pointed out that BTC, like today’s BCH and BSV, was also unprofitable to mine at one point when it lacked real world use cases.”
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