Bitcoin transaction fees continue to rise

One of Bitcoin's biggest benefits in the early days was that you could send the currency immediately at a cost of a few dollars. In April 2020, $1.1bn worth of Bitcoin was sent instantly across the globe. Yet, this is now under threat.

As the value of Bitcoin increases so do transactional fees that have reached $25.46 on average, certainly not too bad, but a huge spike from Sunday, when the fees were around $11.45 on average.

While a bit of a red flag, we ought to remind ourselves that when Bitcoin was surging in 2017, the transaction fees reached $55, and back then, Bitcoin was ‘only’ worth $20,000.

Addressing the issue is important, as soaring fees could hurt smaller investors who are hoping to move their Bitcoin around.

A more permanent upward trend could hobble merchants' ability to offer and sell goods in crypto, which are now supported by PayPal and MasterCard. However, not everyone is so skeptical of the fees incurred through Bitcoin transactions.

According to Torkel Rogstad from crypto research company Arcane, higher fees simply reflect the quality of Bitcoin and that users are getting “substantial utility” out of their transactions.

Nobody wants to see the same fees as in Ethereum replicate themselves on the Bitcoin blockchain. However, unlike Eth, Bitcoin has not had trouble with congestion, perhaps because of its limited-stock supply and more optimized chain.

With fees rising quickly, though, it may be a perfect time to put some of your Bitcoin in some of the best casinos, including Bitcasino, 1xBIt, and FortuneJack.

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by Barney


Barney is co-founder of When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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