The recent halving of Bitcoin has resulted in a significant increase in transaction costs, over $100, which has raised considerable apprehension among users.
The growth in popularity has resulted in a rise in searches for “Bitcoin fees” on Google Trends and conversations on Santiment, a social networking platform.
On April 20th, the exorbitant fees surged to an unprecedented level of $127.97, causing more than half of the Bitcoin addresses to become inactive.
Consequently, there have been discussions over substitutes for Bitcoin that provide reduced transaction costs. Vik Sharma, the inventor of Cake Wallet, highlighted the use of crypto such as Monero, Litecoin, Bitcoin Cash, Nano, and Tether on Polygon owing to their lower transaction costs.
The average cost of Bitcoin transactions has reduced to about $25, nevertheless, the problem of elevated and unstable fees continues to be a significant worry among crypto enthusiasts. The rise of alternative crypto indicates possible routes to fairer and more effective blockchain networks.
