Bitcoin news

Bitcoin fees continue to be very high

bitcoin consumption - Bitcoin fees continue to be very high

Le commissions intended to reward the validation of every transaction made on the network Bitcoin they continue to travel on very high levels. According to the data held by Bitinfocharts, the average Bitcoin transaction fees they went up to $ 6,64, on the recent 20 May. This would be the highest average cost of a BTC transaction since July 2018.

What is happening to the Bitcoin network

As is easily understood, commissions increase each time the blockchain Bitcoin proves difficult to use. In practice, those interested are forced to pay a surcharge for what is configured as a privilege, or the inclusion of the transaction in the next block.
As is happening precisely at this juncture, with the mempool that shows 94 MB of pending transactions, or waiting to be validated.

Users can set different commissions

It should also be stressed that network users can also try ad set the commission level on smaller orders of magnitude. In this case, however, their proposal could be ignored by the miners, who logically prefer to work for those who offer more. Especially at a time like the one afterhalving, which halved the amount of BTC due for the calculation activity, bringing it to 6,25.

The situation is expected to continue for a long time

According to analysts, such a situation could go on for a long time. It may have been caused by the card shuffling within the miners community, with a significant number of defections, although this is a trend that has already emerged in the past.
However, it should be remembered how commissions have continued to increase by 144% since halving. A situation which, however, could trigger consequences that many had not taken into account in the weeks that preceded the halving of the rewards.

Mass adoption of Bitcoin could be curbed

Until a few weeks ago, many people were expecting one strong acceleration in the mass adoption of Bitcoin. A prophecy that had been encouraged by news from the south America and Africa, where virtual currencies are increasingly used in everyday life.
In Latin America it is too high inflation levels to encourage the decision of many people to change wages and pensions in virtual currency. This avoids the increasingly accelerated loss of purchasing power of many fiat currencies, in particular the Argentine peso and the Venezuelan bolivar.
In Africa, on the other hand, it is the need to remedy the lack of adequate financial instruments and too high commissions to favor Bitcoin, especially in Nigeria and South Africa.
If, however, the network continues to be so clogged, many may decide to opt for other virtual currencies, as indeed many miners are doing who no longer see the convenience of the past in the calculation activity. The consequence of all this could turn into an exaltation of BTC as a purely speculative tool or, at the limit, of reserve of value. No longer Bitcoin as an instrument of daily life, therefore, but pure and simple digital gold.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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