High Bitcoin transaction fees are due to foolish moves

Roger Ver claims that now the block size of Bitcoin should be increased
  • Bitcoin transaction fees are continuing to surge higher, where Bitcoin Cash is handling more transactions with lower fees
  • Roger Ver claims that those transaction fees are useless, as the blockchain has the potentiality to handle more transactions
  • The core developer behind Bitcoin should increase the block size from 1 MB, as now the technology has the potential to handle it

Bitcoin transaction fees were soaring higher and achieving new-all time highs like its price level. Following the scenario, Roger Ver, world’s first investors to invest in Bitcoin start-ups, tweeted his views regarding the soaring fees. Roger compared the transaction count of BTC with Bitcoin Cash (BCH). Furthermore, he explained that the soaring fees are just foolish moves. According to the data from BitcoinCharts, BCH handles more transactions than BTC. Although the transaction charges on BCH are lower than Bitcoin’s.

High Bitcoin transaction fees make no sense

According to the data from BitcoinCharts, since the establishment of Bitcoins, for the first eight years, it is observed that the Bitcoin transaction fees were almost zero. Since 2017, the transaction fee of BTC is observed increasing continually and achieving new all-time highs. On the other hand, the transaction fees of BCH are observed to continue lower since its establishment.

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According to Roger, since the Bitcoin core developer team refused to raise the BTC block size, the transaction began to surge. Many in the cryptosphere claimed that it is meant to be like that, and many say that it is designed to be like that. However, Roger deemed that the higher transaction fees are just foolish moves.

Bitcoin’s block size should be increased now

Bitcoin has only 1 MB of block size, which has not been increased due to the core development team behind the project. After Satoshi Nakamoto, the creator of Bitcoin, went into the dark after the CIA began to investigate, the dispute regarding block size increment is still unresolved. In 2015, the core development team behind the flagship cryptocurrency planned to increase the Bitcoin block size to 8 MB. However, due to several disputes and controversies, the size remained 1 MB, as the larger-sized block has few flaws. 

Roger stated that for the current situation, it is unacceptable that still the block size has not been increased. According to him, technology can handle such increments in the current scenario. Moreover, BCH is proof that the BTC blockchain has the potentiality to handle more transactions. Many in the cryptosphere deemed that we should force everything to layer-2. But, Roger says that Layer-2 is entirely fine as an option, but Layer-1 doesn’t need to be prevented for such a 10-years old payment system.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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