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Bitcoin Going Up Again; Will Fees Be A Problem?

The last time that Bitcoin went up, traders and holders were happy for the prices, but sad because of the awful transaction fees. Sadly, at times the fees to move the money were greater than the amount of money being transferred. For a crypto asset that seeks to be a direct substitute of fiat money, bitcoin should be at least as cheap to transact as cash.
Fees are important because most little transactions are being conditioned by them. Let’s say, you wanted to buy a book using bitcoin, and you had to pay 15 dollars for that book, but the transactional fee of the operation if of 10 dollars. Would you buy that book using bitcoin? Probably not. But why were fees so high in last December? and ultimately, what are fees collected for?
Last December, everyone had to do with bitcoin and cryptocurrencies, due to the enormous rise in their market price. So the number of transactions also skyrocketed. Many people using bitcoin, in exchanges mostly, caused great traffic in the network. The problem is that natively, according to Wikipedia, bitcoin can only manage between 3.3 and 7 transactions per second. These transactions are managed by miners, machines that use computational power to maintain and do transactions in the bitcoin blockchain. These miners are rewarded with bitcoins for running every transaction. But as the number of transactions increases, the miners will always take most critical transactions because they offer a higher fee. And so, for security, you must also pay a higher fee for the transaction to be taken by a miner, and not ignored.
So what have bitcoin developers done to fix that? Not much. They have implemented some upgrades to include more info per operation (Segwit), but given the enormous number of people that owns bitcoin right now, it is just a drop in the pond. The fees are low now because the movement of bitcoin has been low since the slump experienced in the first quarter. But now that bitcoin’s price is rising, it is quite possible that fees could be a problem again in the near future.

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