The Bitcoin network has recently experienced a significant spike in transaction fees, with the average fee surging from $15 to $128 in the last 24 hours.
This unprecedented hike has reignited debates over the future of Bitcoin (BTC) adoption and its viability as a digital currency.
High Fees, Slow Transactions
According to the allegations, an individual wishing to move Bitcoin on the network must pay a fee of $128 to complete the transaction within 10 minutes.
Even though there is a low-priority transaction charge of $1.76, the transaction can take over three hours to be confirmed and complete.
Critics Voice Concerns
Apart from others, including economist Peter Schiff, this has caused a lot of concerns about the high transaction costs associated with the use of Bitcoin.
Schiff argues that these fees mean Bitcoin is not a valuable digital currency. Interestingly, he mentioned that using Bitcoin for day-to-day transactions is unrealistic because of its expensive storage
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