For the umpteenth time in the past year or so, the Bitcoin transaction fees are skyrocketing once again. This is not particularly good news for a cryptocurrency often referred to as a cheaper way to send cross-border payments. While the transaction cost is still low compared to other offerings, some users are looking for better offerings in the altcoin scene.
According to a chart found on Reddit, the Bitcoin transaction fees have been going up in the past two years. Not just by regular small increases either, as the graph shows multiple spikes between 2014 and 2016. Interestingly enough, the transaction fee per block goes up as the Bitcoin value increases as well.
Bitcoin Transaction Fees Inadvertently Benefit Altcoins
Unfortunately, this is not good news for the people who want to promote or use Bitcoin. It is understandable a transaction fee has to be paid to the miners. After all, they complete the arduous task of ensuring new transactions are recorded on the blockchain every ten minutes.
It is not the first time the Bitcoin transaction fees are being pushed upwards. There have been several incidents of network congestion in the past, resulting in users being forced to pay more fees to get transactions confirmed. However,