Network congestion is not uncommon in the Bitcoin ecosystem. Over the past few months, these incidents have occurred multiple times. Cryptocurrency users are then forced to pay higher fees if they want to see transactions completed normally. But now that the mempool has shrunk in size, why do people keep paying higher transaction fees? A rather worrisome and intriguing development.
According to some statistics provided on Reddit, it has become apparent Bitcoin users are paying too high TX fees. Just two days ago, that was only normal, as users wanted to avoid transactions getting stuck during the congestion. But for some reason, the same fees still apply to a significant amount to transactions right now. Rather odd, considering the congestion issues have been resolved in the meantime.
Transaction Fees Are Still Rather High
One could argue this has to do with users getting used to higher transaction fees. If that is the case, it is anything but positive for the future of Bitcoin. Cryptocurrency gains traction due to lower transaction fees. Paying more money to send a transfer would remove one of the currency’s most appealing features.
Another possible explanation is the general concern over transactions not confirming quickly