Bitcoin Fees Drop::: Why It Happened And What It Means
It's bizarre to see so many Bitcoin Core supporters celebrate lower fees as if they've solved some technical problem. The fact is, the reason fees have dropped is because the usage of the Bitcoin Core blockchain has dropped by 50% since December, from about 400,000 transactions per day, down to 200,000. Bitcoin Core usage is now at around a 2-year low.
That's like a bunch of engineers in L.A. taking credit for a reduction in highway traffic because half the population moved to another city.
The technical problem remains the same; the highways have the same amount of lanes as before - and in Bitcoin, the block-size remains capped at 1 mb. If more people start using it, the exact same problem will happen again.
Source ::
https://www.coindesk.com/bitcoin-low-fees-why-happening-why-matters/
They are introducing segwit and the lightning network that will help though. Just will take some time to get everyone to adopt it.
Good point.
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it means we don't need bigger blocks ;-p
Well fees exist as a means to regulate transactions and ease pressure on the blockchain. That's what has happened. Seems like it is working as intended.
Fees has been a use limit to btc price and hopefully will start pushing price higher. Less tx fees = more usability = exponential growth again