2023-12-17 18:03:38
On Saturday, December 16, 2023, Bitcoin transaction fees will increase to $40 per transaction. Ordinals, which account for approximately 50% of daily transactions and whose transaction fees are much higher than traditional transfers, also contributed to the skyrocketing of fees. The record-high fees are believed by many to be awakening the community to the critical role of layer 2 networks.
“The average Bitcoin transaction fee is now $50 and there are 300,000 transactions waiting to be confirmed. This is beyond ridiculous and useless” said Nikita Zhavoronkov, Blockchair’s lead developer. “Historically, this is the point where people start fleeing en masse to alternative blockchains.”
As Zhavoronkov noted, some of Saturday’s transactions still are 50 dollars also exceeded per transfer. There are currently eight unmined blocks, each full of high-priority transactions. Furthermore, 311 blocks are waiting to be processed that are in the mempool 383,607 unconfirmed manage the backlog of bitcoin (BTC) transactions. These pending blocks, totaling more than 531 megabytes (MB) of block space, with an average block interval of ten minutes, represent an estimated settlement time of just over two days and three hours.
Data from the mempool space reveals that high-priority transactions cost individuals 674 satoshis per virtual byte (sat/vB), while lower-priority ones cost around 602 sat/vB or $35.78, as observed Saturday afternoon .
Bitcoin’s transaction fees have also surpassed Ethereum’s
If we zoom out a bit and look at the development of daily transaction fees as a whole, we can see that Bitcoin fees they also surpassed that of Ethereum (which is constantly criticized for its huge transaction fees). On December 14, Bitcoin’s one-day transaction fee 14.7 million dollar was double the seven-day average of 7.3 million. Meanwhile, Ethereum’s intraday fees $12.6 million they moved around.
Evolution of Bitcoin network transaction fees in the last 7 days Evolution of Ethereum network transaction fees in the last 7 days
The critical role of layer 2 networks has been proven once again
The record-high awards also caused a stir on social media. Several crypto big guns expressed their opinions, which were mostly focused on the importance of layer 2 blockchains, as well as Ordinals feliratok to its unstoppability, which are a they account for more than 50% of daily transactionsand contribute significantly to the awards.
“You can’t stop JPEGs on bitcoin. Complaining only makes them want to do more […] High fees encourage layer2 adoption and force them to innovate…” Adam Back wrote.
you can’t stop JPEGs on bitcoin. complaining will only make them do it more. trying to stop them and they’ll do it in worse ways. the high fees drive adoption of layer2 and force innovation. so relax and build things.
— Adam Back (@adam3us) December 16, 2023
“Bitcoin prices crossed 600 sats/vB today. This is a 600-fold increase in 1 year” said Muneeb Ali, co-founder of Stacks. “And are you still debating whether devs want to build on Bitcoin? Bitcoin L2s are becoming more critical every day.”
“It will be good to see the L2s flourish in a higher premium environment” Held commented on the previous post. “I think bitcoin prices are reaching a tipping point for that to happen” Ali replied.
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#importance #layer #solutions #visible