Bitcoin transaction fees have become so high in recent weeks with a typical transaction now costing up to $30 (£25). This is due to an accumulation of increased transaction numbers, and the limited volumes of transactions that the Bitcoin network can process in a second.
If you send Bitcoin from one wallet address to another - when using Bitcoin to make a purchase for instance - a fee will normally be charged.
This forms part of the reward for miners, who dedicate enormous amounts of computing power and electricity to verifying each transaction. Currently, they are also rewarded with new Bitcoin for every blockchain's block that would be processed.
Once all 21 million Bitcoin has been created, the intention is for transaction fees to become their entire reward.
Fees are paid per byte, and the median transaction size is 226 bytes, according to bitcoinfees.earn.com, which provides an estimated snapshot of current fee level
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High fees means they will loose traders/ investors which will hinder the growth of its price/value.
I agree with you... something needs to be done fast or they would loose everything
Does that mean there will be another hard fork to fix this issue?
Yes... The Lighting network fork is ongoing now as we speak. SUPER BTC HAS BEEN RESULTED. Expect more forks
But in my little knowledge I don't think they will loose much because the transaction fee is nothing to them. They make more money from Bitcoin so it's no big deal.
The BTC developer community must continue to improve the coin's transaction speed in order to maintain its leading role in the crypto market.
I agree the segwit 2X seems to be promising but the block size is still a problem
Any idea how high the fee will get?
I foresee it getting to as high as $70 to $100 if the block highest or a better programming model is not implemented. It's currently $25 to $40 now as we speak