The average Bitcoin transaction fee is now $128, Critics say BTC fails 


The recent spike in the transaction fee of the Bitcoin network raised several questions over the future of Bitcoin (BTC) adoption.

The current trade price of Bitcoin (BTC) is $65,500 & this trade price is only 0.17% higher in the last 24 hours, as Bitcoin investors are now calm after the completion of Bitcoin halving since couple of days.

The average Bitcoin transaction fee is now $128, Critics say BTC fails  1

In the last 24 hours, the average transaction fee on the Bitcoin blockchain network surged rapidly to $128 from $15. 

It means any person who wants to transfer his BTC on the Bitcoin network, will be required to pay a $128 fee to execute the transaction within 10 minutes. 

At the time of writing this article, the low priority transaction fee on the Bitcoin network is $1.76 which is affordable for the majority of the Bitcoin investors but at this transaction fee transaction may take 3 hours or more time to get executed with confirmation.

Popular Bitcoin hater & US global Economist Peter Schiff criticised Bitcoin supporters and said that $128 fee per transaction is proof that Bitcoin can never be used in the form of digital currency and also said that holding Bitcoin is highly costly, so it is a tech failed product.

Despite the hike in the Bitcoin transaction fee, the majority of the Bitcoin supporters said that they’re happy with this high amount of fee and they’re ready to pay $128 to move billions of money anytime anywhere with the help of a decentralised network of Bitcoin.

On the other hand, some Bitcoin proponents suggested Schiff to not forget about Bitcoin lightning networks, which allow Bitcoin transactions at almost zero network fees. 

Read also: Mt.Gox Bitcoin exchange published an updated table for better clarity for creditors