Critics Claim Bitcoin Transaction Fees Have Reached an Average of $128, Sparking Concerns about BTC Failure

The recent spike in the transaction fee of the Bitcoin network has raised several questions about the future of Bitcoin (BTC) adoption. The current trading price of Bitcoin (BTC) is $65,500, which is only 0.17% higher in the last 24 hours. Bitcoin investors are now calm following the completion of Bitcoin halving a couple of days ago.

In the last 24 hours, the average transaction fee on the Bitcoin network surged rapidly to $128 from $15. This means that anyone looking to transfer BTC on the Bitcoin network will need to pay a $128 fee to execute the transaction within 10 minutes. The low priority transaction fee on the Bitcoin network is currently $1.76, which is affordable for most Bitcoin investors, but transactions at this fee may take 3 hours or more to get confirmed.

Well-known Bitcoin critic and US economist, Peter Schiff, criticized Bitcoin supporters, stating that the $128 transaction fee is evidence that Bitcoin cannot be used effectively as digital currency and that holding Bitcoin is costly. Despite this, many Bitcoin supporters expressed their willingness to pay the $128 fee to move large sums of money anytime using the decentralized network of Bitcoin.

On the other hand, some Bitcoin proponents advised Schiff not to overlook Bitcoin lightning networks, which enable almost zero network fee transactions. Check out: Mt.Gox Bitcoin exchange published an updated table for better clarity for creditors.

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