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Crypto community is outraged by rising fees for bitcoin and ether

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WHY are ETHEREUM Fees SO HIGH? ETH GAS Explained | DeFi NOW

Crypto community is outraged by rising fees for bitcoin and ether

Crypto community is outraged by rising fees for bitcoin and ether
CONTENT

  • Cryptocurrency fees skyrocket to annual highs.

  • If the problem is not resolved in the near future, commissions will only continue to grow.

  • Some consider the current market position to be acceptable conditions.

International consortium of news organizations developing transparency standards.

Burst of commission costs in the bitcoin and ether blockchain network angered the participants of the cryptocurrency community.

The Bitcoin and Ether blockchain network saw a sharp increase in fees. According to BitInfoCharts, the average commission level in the bitcoin blockchain has already reached the values ​​of May 2019 and is now ~ $ 4.96 per transaction.

Crypto community is outraged by rising fees for bitcoin and ether

Reddit users speculate that the rise in commissions is the result of a crowded mempool (a group of unconfirmed transactions on the blockchain).

If the mempool continues to be crowded, fees will continue to rise as people pay a lot more to push their operation among others.

Deja vu

A similar situation was in January 2018, when Bitcoin was experiencing a historic high in price. Then some users resorted to the services of third-party services that “pushed” transactions.

At the same time, many were outraged by the growth of fees in the Ethereum network, where indicators soared to the values ​​of September 2019..

However, there are those who are not too surprised by such a sharp increase in commissions..

“I’m sure if you look at the fees in traditional investment markets, $ 3 would be the ideal fee that many would only dream of. Even $ 20 will be much lower than traditional investment fees, ”wrote a user with the nickname Punqtured.

Good old times

Earlier, the editorial staff of BeInCrypto wrote that an unknown cryptocurrency trader transferred $ 367 million worth of crypto assets, paying only 63 cents for the operation..

The issue of fees for bitcoin has always stood in a special place. Cryptocurrencies are often charged with absurd fees and low bandwidth. For example, Roger Ver, the former head of Bitcoin.com and a well-known supporter of the Bitcoin Cash (BCH) cryptocurrency, stated that he had to pay $ 1000 for a single transaction with Bitcoin..

Crypto community is outraged by rising fees for bitcoin and ether

He noted that this happened not once, but “countless times”.

At the same time, some consider such complaints absurd, since, in their opinion, cryptocurrency has never been a currency for settlements, but is an investment instrument..

“Objectively, BTC is not a currency. The currency does not inflate 1000 times in 10 years, “wrote a user with the nickname ORANGEFANGLAD.

At the time of this writing, the bitcoin rate is $ 9376.

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