High Transaction Fees Remain Despite Lack of Network Congestion
All of this goes to show the Bitcoin economy is rather unpredictable. Whether that is a good or bad thing, remains subject to debate for now. 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....
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Due to the continued spam attack on the blockchain network that Bitcoin Magazine has previously reported on, multiple bitcoin wallets have implemented either increased fees or the ability for individuals to increase the fees paid for a given transaction. Based on the nature of the software, miners prioritize which transaction to process first based on the fees associated with it, among other factors. The standard bitcoin fee is 0.0001 BTC per kilobyte. However, with so many spam transactions occurring, the standard transaction fee is not sufficient to ensure quick confirmations. BitGo....
Network congestion on the Ethereum network is a very real and present issue, which has in turn brought about more real and pressing issues. Users of the network, especially small-time investors, have drawn the short end of the stick with these issues as they are the most affected. With fees skyrocketing, carrying out small transactions on the leading smart contracts network is becoming less and less feasible with each passing day. The high fees and congestion have sparked discussions on how it can be eliminated. There are various developments in the pipeline, like the Consensus Layer....
Until the launch of the Binance Smart Chain in September 2020, many decentralised exchanges relied on the Ethereum network for transaction processing among other functionalities. This resulted in an overburdening of the network, leading to congestion, high transaction fees and slow transaction speed. The development of the BSC infrastructure stemmed from the need to provide a faster network that is far less expensive than Ethereum. The Binance team aimed to improve the freedom of money by building a holistic community-driven ecosystem where assets flow freely based on users’ needs. Since....
The upcoming Berlin update contains EIPs aimed at reducing transaction costs, but it may not provide a long-term solution. Though Ether’s (ETH) value has continued to showcase increasing signs of stability around the $1,800 range over the past fortnight or so, users of the premier altcoin’s network have been faced with rising gas fees as well as increasing network congestion issues. To put things into perspective, since summer last year, a time when the DeFi boom was starting to peak, Ethereum’s network fees have more than doubled.While this fee increase quite directly relates to ETH’s....
The Ethereum network has taken more in fees than Bitcoin for a record streak, but a fee reform proposal faces an uphill battle. Ethereum (ETH) transaction fees have exceeded those on the Bitcoin (BTC) network for two months straight.Crypto market data aggregator Messari tweeted about the streak on October 8, noting it is the longest period that Ethereum’s transaction fee revenue has exceeded Bitcoin’s in the crypto asset’s history. Ethereum fees have been higher than Bitcoin fees for 2 months straight. It's longest streak ever pic.twitter.com/2KgnNBcrrT— Messari (@MessariCrypto) October 8,....