Bitcoin fees remain low despite price surge but Vitalik says they could soar
Bitcoin transaction fees are less than 10% of their 2017 highs, but Vitalik Buterin believes it’s only a matter of time before they soar back up.
Despite Bitcoin’s surge to re-test its 2017 highs, a combination of low on-chain transactions and diminished retail speculation has seen transaction fees remain low.
The current fees of around $3.50 per transaction starkly contrast with three years ago, when the fees incurred to send any amount of BTC briefly spiked above $50. But average transaction values are currently approaching $200,000 suggesting the current rally has not been accompanied by the same retail trading frenzy that drove prices toward $20,000 in 2017.
Ethereum cofounder Vitalik Buterin doesn’t believe Bitcoin’s current low fees will last. In a Twitter thread the Ethereum co-founder suggested that an inevitable increase in transaction fees will push out the majority of users
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