In recent days, bitcoin (BTC) has not only experienced a significant increase in its value but has also seen a substantial increase in network fees, due to the sudden increase in transactions.
According to data from blockchain.com, in recent days the number of bitcoin transactions has repeatedly touched values between 370 and 380 thousand TX daily, with a peak of 452 thousand TX recorded on May 2nd, 2019.
As a result, there has been an accumulation of pending BTC transactions on the mempool, which currently has over 55,000 unconfirmed bitcoin transactions. Not only that, thanks to the saturated network, the transaction fees have risen considerably, reaching four dollars per TX yesterday.
Fees for bitcoin transactions (BTC) reach $4, which has not occurred since February 2018.
A first increase in commission costs for each bitcoin (BTC) transaction took place on Tuesday, May 14th. That day, it took almost $2 to carry out a bitcoin transaction.
The peak, on the other hand, was yesterday, with as much as $3.92 required to make a transaction.
Clearly we are referring to the fees for transaction confirmations in the first mined block following the transfer. These figures have not been reached since February 2018.
An incentive for Lightning Network
The favourable aspect of this situation could see massive growth and adoption of Lightning Network, the second layer solution of bitcoin.
Lightning Network solves two major bitcoin issues: scalability and fees.
During periods of high network congestion, such as the current one, the fees to be paid to the miners for the confirmation of transactions increase significantly.
At present, in fact, in order to pay for a coffee with bitcoin, we would have to spend more than two euros in fees. This results in a payment system that is very useless in everyday use.
For this reason, an additional layer has been developed over the years to complement the bitcoin blockchain so as to increase scalability, usability, speed and reduce commission costs. This layer is precisely Lightning Network, which in these days is undergoing considerable growth, because of the clogged BTC network.