30 Aug '17, 5am

Article:

Why does Bitcoin have Ridiculously High Fees and Slow Confirmations? If you’ve tried to use Bitcoin recently, you’ve probably noticed its getting expensive. The average fee spiked as high as $9 recently. Yes, $9. Heck, I paid $12 a few days ago and still had to wait hours. It’s getting practically unusable. Yet, Bitcoin price is still going up. What’s going on? Fees are High Because Transaction Capacity Has Become an Artificially Scarce Resource There’s only 1MB of data allowed per Bitcoin block, or in other words, only 1 MB of data allowed every 10 minutes. It’s a piddling amount of data, considering that my home internet connection has a download speed that’s 420,000% greater. It’s important to realize that transaction capacity is currently scarce because of a limit that was placed into the code and that has been kept there intentionally by the Bitcoin Core developers. W...

Full article: https://medium.com/@jonaldfyookball/why-does-bitcoin-have...

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