The fees are running insanely high at the moment. Bitcoin has been giving a hard time to users. And to everyone in the cryptocurrency industry. It has become so unpredictable. No one has no clue whatsoever how things are going to turn.
Since the beginning of this year, the price has been stagnant. Late April it suddenly jumped to $30,000. It blew people’s minds. The new token standard took the best out of it. Now its price has again gone down to $26,000. Transactions have become extremely expensive.
New BRC-20 Is Causing The Surge Of Bitcoin In The Blockchain
Not only the transactions that have become expensive, but nearly 400,000 of them are yet to be confirmed. Bitcoin is under attack by all these external forces. Which deliberately stops them from moving forward. The fees skyrocketed and backlogs in the blockchain. These are the main reasons Bitcoin has lost its power.
The new token is causing much trouble at the moment. Crypto analyst Axel Adler Jr. Says the new BRC-20 memecoin is being freshly juiced in the blockchain. Hence the fees increment. BRC-20 is unlike Ethereum’s ERC-20. ERC-20 works more innovative and less expensive. It’s more casual, perhaps the smartest one. Moreover, it does support Bitcoin in the blockchain. It keeps easier transactions and complications miles away.
Previously a single transaction of BTC was $16. The latest study shows it has increased to $29. Not only is Bitcoin the scapegoat but also Bitinfocharts has the same scenario. On 7th May it was $19 per transaction. The next day it spiked to $31. The first time it has happened since 2017. Now it has become a matter of concern.
