Bitcoin Transaction Fees: A Continuing Challenge for Bitcoin Core Users.

Bitcoin transaction fees continue to be a challenge for many Bitcoin Core users. Recently, a user paid a high fee of $2.9 to transfer Bitcoin to acquire BCH. While fast transactions are necessary for some users, the cost of these transactions can be prohibitive for others. Lower fees are possible but may come with long wait times, such as $0.5 for today, $0.25 for tomorrow, and potentially $0.05 for indefinite waiting periods.

Some users fear that the current state of US banks could lead to hyperinflation of the US dollar, causing the world to turn to Bitcoin. In such a scenario, the $2.9 fee will seem like a bargain when fees rise above $10. However, even with the advent of Lightning Network, fees will remain high, and users will need to maintain high liquidity to keep their channels open.

For users with smaller amounts of Bitcoin, using custodian solutions like the Wallet of Satoshi or Chivo Wallet may be necessary. However, this presents its own set of challenges. Governments may try to seize users' funds to protect their national currencies, just as they did with gold deposits in the past. Custodians could become the new banks, with the government forcing them to surrender users' Bitcoin.

Even users with Lightning Network channels may not be immune to these challenges. The author of this article has a channel with the liquidity of only 0.0012 Bitcoin and is hoping to observe how this will play out in the future.

In conclusion, Bitcoin transaction fees remain a significant challenge for users, and the future is uncertain. While the benefits of a decentralized currency are numerous, the challenges presented by high transaction fees and potential government interference cannot be ignored.