Slow adoption has cost Bitcoin users $ 500 million in fees since 2017

The slow adoption of secondary chains on the Bitcoin network is quite expensive for cryptocurrency users. The introduction of SegWit technology, which is intended to reduce fees, seems to be practically standing. Since 2017, users have paid $ 500 million more than if the adoption of the new technology pushed right away. As a result, Bitcoin is losing its narrative of digital money.

Bitcoin as money? If you don’t mind paying extra, feel free to

Bitcoin network fees can increase by tens to hundreds of percent during unusual activity. A large influx of transactions cannot be accommodated by small blocks, and confirmation fees within at least one hour are so dizzyingly rising.

The last time they reached $ 2.5 during this year’s halving. Although this means more motivation for miners and higher returns, it does not pay off for users and thus loses interest in using the blockchain.

Scientist Gustavo Flores wrote on the social network Twitter that the study in which he was involved confirms the disadvantage of the main chain. With fully adopted SegWit technology, users would save 57,817.69 BTC, or $ 500 million.

The problem of high fees is far from bothered by Bitcoin. The Ethereum network, for example, which is also one of the oldest cryptocurrencies, is also fighting it. The developers of this network have decided to move to a POS consensus that would significantly change the speed and price of transactions for the better. The test network is reporting good results so far, but it will only be clear when the entire Ethereum 2.0 network is launched.

You might also like: Bitcoin Mining Software Guide