So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?
If you want more people to use Bitcoin you do two things
- you increase the capacity of the blockchain, meaning you offer more space for more demand
- you do nothing, so you have more demand for the same offer driving the price of one tx higher proportionally
Pretty simple, if there will be demand for that space you're going to see higher fees, if not, we go back to 1sat/b
What will happen, that's crystal ball territory!
ETH switched to PoS to deal with this
The mining algorithm doesn't matter, Doge is POW and is cheaper than ETH with more daily transactions.
Bitcoin could increase the blocksize to 20vMB and would outclass ETH by a wide margin.
I think this loop will continue for as long as Bitcoin is still active and there are BTC to mine.
The reward is keeping the security up, the fees are up because of demand for transactions, those are two different things.
You could have one guy mining with a CPU and getting 500 satoshi a day once the reward is done and have 1 sat/vb fees since nobody is making tx, but the chain could be attacked by a guy with a better CPU.
You can have one trillion ASIC miners competing for the 70 million in reward, but the maximum capacity will be the same, the difference is that you would need one trillion ASICS to attack the chain.