2017 have been a phenomenal year for Bitcoin. It’s value came from approximately $1,000 to nearly $19,000 (as of Dec. 18, 2017). Many people didn’t know Bitcoin in 2013 when one Bitcoin cost $20. However, today’s problem is Bitcoin’s transaction fee. It actually costs $20 to send a Bitcoin today. How did this decentralized, revolutionary product became infeasable?
This transaction fee made many people start to argue about the feasibility of Bitcoin. People started to question the revolution of Satoshi Nakamoto. One Redditor says ““I can’t send a friend five dollars without a $15 transaction fee and this is the currency of the future?” and he/she is right.
If cryptocurrencies were to be likened to energy sources, bitcoin would be coal: expensive to move and impractical to transport in small quantities. It’s impossible to order a handful of coal every time you want to light a fire: it’s a sackful or nothing. Ethereum (gas) and bitcoin cash (hydro) are the opposite: cheap and on tap.
So what do you think about the transaction fees of Bitcoin? Share your opinion with us.