Bitcoin transaction fees continue to rise, allowing competing coins to take advantage of the loophole. Is block capacity expansion urgent?

In the field of cryptocurrency, Bitcoin is not the only one that stands out. Other competing coins are also becoming increasingly popular among investors due to their lower transaction fees.

In the past few years, Bitcoin transaction fees have continued to rise. Perhaps this is not good news for cryptocurrencies, because most people choose cryptocurrencies because of their lower fees in cross-border transfers. Therefore, competing coins have attracted more and more users with their own advantages.

Bitcoin transaction fees have fluctuated greatly over the past two years. As block transaction fees have risen, Bitcoin prices have also risen.

The existence of transaction fees is reasonable. After all, miners need to confirm and record transaction data within 10 minutes, which is a relatively complicated task.

This is not the first time that Bitcoin transaction fees have increased. There have been many cases of block congestion in the past, and some users have had to pay higher fees to ensure that their transactions can be completed as soon as possible. Although the fees will return to normal after the congestion, it seems that block congestion is occurring more and more frequently.

This phenomenon has also been noticed by members of the Bitcoin community, who are concerned that continued increases in transaction fees will lead to user loss.

Some investors have started to choose other investment channels. Diversification is very important. For successful investors, holding Bitcoin alone is not the best choice. Competitive coins have also become their investment targets, not only for diversification, but also for their lower transaction fees.

Among the many competing coins, Ethereum and Dash seem to be more popular. After the Ethereum hard fork, the price of Ethereum rebounded instantly, and even the transaction volume exceeded that of Bitcoin, but its transaction fee remained basically unchanged.