Bitcoin Fees Hit 20-Month High, Fueling Debate Over Scalability Solutions
• Bitcoin on-chain transaction fees have hit a 20-month high of nearly $40 on average currently. The mempool backlog of unconfirmed transactions is also vast.
• Some Bitcoin proponents argue high fees are inevitable and a sign of future mass adoption. Users need to transition to layer-2 solutions like Lightning Network.
• Miners are enjoying their best USD revenues in nearly 2 years, last seen when Bitcoin price hit its $69K all-time high.
• Commentators say high fees force innovation and adoption of layer-2 scaling solutions instead of relying on-chain transactions.
• Complaints about high fees will only make JPEG NFT sellers do it more. Users have to build layer-2 solutions rather than try to limit on-chain activity.