Bitcoin transaction fees are substantially lower and transaction speeds are substantially quicker than they have previously been.[1][2][3]

Part of this is due to a decrease in the price of Bitcoin, which has led to a decrease in the amount of transactions being processed in a day. However, at least part of this is due to software updates (for example SegWit).

SegWit is an optional update that requires users to implement it, a soft fork. When a major platform, for example Coinbase, implements something like this it can substantially increase transaction speeds and lower transaction fees.[4]

The thing to keep in mind here is that Bitcoin is software. It can be updated. Problems that it has today aren’t necessarily going to be the problems of the future.

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Citations

  1. Transaction fees. BitInfoCharts.com.
  2. Transaction times. BlockChain.com.
  3. Confirmed Transactions by Day. BlockChain.info.
  4. Bitcoin SegWit update. Coinbase.com.

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