Bitcoin fees have reached a 20-month high

Opinions are divided on on-chain Bitcoin (BTC) transaction fees as the cost of sending Bitcoin rises.

the Data BitInfoCharts put the average transaction fee at around $40 as of December 17.

Commentators: High Bitcoin fees are inevitable

The recent wave of sign-ups for Bitcoin Ordinals has led to a new wave of high transaction fees for all network users, but some believe they are here to stay.

According to BitInfoCharts, the cost of sending bitcoin on-chain currently costs just over $37, the highest average since April 2021.

Additional numbers for Mempool. space It shows that Bitcoin’s memory pool – the amount of accumulated unconfirmed on-chain transactions – is massive, leading to transactions with attached fees of up to $2 being made without on-chain priority.

As of this writing, there are approximately 350,000 transactions awaiting confirmation.

As off-chain spending becomes unviable for many small investors, heated debate continues among Bitcoin supporters.

While many are angry about Ordinals’ impact on fees, popular Bitcoin figures say double-digit transaction costs are nothing more than a preview of what’s to come. Those who want to protect themselves must adopt so-called “tier two” solutions, such as the accelerator network, specifically designed to meet mass adoption needs.

“Rates are currently artificially and temporarily high due to JPEG antics, but this is nothing more than a glimpse into the future. Scaling does not happen at L1,” books Popular commentator Hodlonaut in one of many posts on the subject on X (formerly Twitter) on December 16.

Hodlonot went on to say that demanding low fees for “tier 1” transactions “is not only ignorant, but fuels an attack on Bitcoin.”

This reflects the very structure of Bitcoin: a competition-based network that gains value over time as proof of work intends. Keeping fees low is counterintuitive, and as the hard forks of the Bitcoin network specifically intended to provide that “benefit” have shown, they don’t attract any value.

“Why is it so important to bring someone into L1 with a fee of less than $1, if they can’t afford to move money in five years anyway? Go to bcash or another centralized entity now,” he added Hodlonaut, referring to one of those branches, Bitcoin Cash (BCH).

Miners enjoy best income in USD in 2 years

On the other hand, well-known commentator Beaution confirmed that despite the commissions, Bitcoin continues to work as expected.

“If Ordinals shocks everyone in the franchise universe sooner than expected, it will be like a scythe cutting through everyone who has not accepted the second-layer solution to the network fee problem.” He said Part of a recent post on X.

“Many users will feel confused, upset, and ready to abandon Bitcoin. Obviously, there will be no recourse for them, because there is no one to blame, and no one to ask for compensation; after all, this is the normal state of the network. “They follow the rules, And these are the rules they accepted, you boring monkeys!”

This perspective is shared by Adam Back, Bitcoin veteran and co-founder of Bitcoin and blockchain technology company Blockstream.

For him, the answer also lies in expanding the capabilities of the second tier rather than relying on anything beyond the incentives offered to miners.

“You can’t stop JPEG files in Bitcoin” I finish.

“Complaining will only make them do it more. If you try to stop them, they will do it in worse ways.” High fees drive second-tier adoption and force innovation. So let’s relax and build things.”

Data from Blockchain.com They show that miners’ income – the total of US dollar subsidies and fees – has reached levels last seen when Bitcoin reached its current all-time high of $69,000 in November 2021.

BTC/USD was trading at around $42,000 at the weekly close on December 17, according to data from Cointelegraph Pro Markets And TradingView.

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