High Fees of Bitcoin May Ruin its Future
We call it scaling issues of Bitcoin or BTC.
(1) Time taken to complete each BTC transaction. It can be a few days!
(2) Fees per BTC transaction. It can be a few tens to more dollars!
Not to forget the enormous electrical energy the BTC network burns to complete each transaction!
One negative trait that can jeopardize the future of BTC is its hefty fees.
Each BTC transaction not only consumes vast electrical energy but also asks for a considerable amount of BTC as fees.
Now, the question is, what is that considerable amount of BTC transactions can consume as fees?
I was surprised to read in an article that one BTC transaction costs a cryptocurrency user 19 BTC as fees!
It is not propaganda. It is true.
One single BTC transaction claimed 19.82 BTC (509,563 USD) as fees.
The transaction may be viewed from the link of whale-alert-dot-io.
And, what was the amount of BTC transferred that cost such a hefty fee?
Please check it out for yourself by following the hash link of the transaction.
It cost me a couple of cents as fees.
It took about twenty minutes to complete the transaction and settle the purchase.
If I had chosen BTC to buy that digital product, I would have paid twenty times the total cost as fees! Not to mention the large time BTC would have taken to complete the transaction!
The HUGE fees of BTC transactions are one reason that can ruin the future of BTC.
I can undoubtedly comment that BTC will NOT survive for its hefty fees!
The significant time taken to complete a BTC transaction can't be ignored!
The future of BTC is doomed for its poor performance as a fintech instrument.
Unity (Debesh Choudhury)
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Sep 13, 2023