- Bitcoin’s average transaction fee has plummeted to $34.8 following last day’s record high of $128.45.
- The transaction fee surge is likely due to the community’s rush to create Rune-based meme coins.
- Bitcoin critic Peter Schiff slammed Bitcoin as a failure when its transaction fee reached historical highs.
Bitcoin’s average transaction fee plummeted to $34.8 on April 21, following last day’s record high of $128.45. YCharts data indicated a historical high of Bitcoin transaction fees on the day of the much-hyped Bitcoin Halving from a previous high of $24.51 on April 12.
Source: YCharts
The average transaction fee refers to the average fee for processing a miner’s Bitcoin transaction. Notably, the surge in Bitcoin transaction fees coincides with the launch of Casey Rodarmor’s Runes protocol, a BRC-20-like token. The transaction fee seems to have increased as a result of the community’s rush to create new rune-based meme coins.
Following the hike in Bitcoin transaction fees, Bitcoin critic Peter Schiff chastised the cryptocurrency, discrediting it as a digital asset. His major concerns were centered around the high transaction fees and the longer duration of the process.
Further, Schiff addressed Bitcoin as an utter “failure” as a digital asset. His post read,
“The cost to complete a Bitcoin transaction is now $128 and it takes a half hour to process. This is another reason why Bitcoin can’t function as a digital currency. The cost to actually use Bitcoin as a currency is prohibitively high for almost all transactions. It’s a failure.”
Meanwhile, Bitcoin is moving somewhat stable above the $66k level despite the recent lows. Following the Bitcoin halving, BTC is fluctuating between $63k and $66k levels. As of press time, Bitcoin is trading at $66,283. Despite a slight increase of 1.73% in one day, Bitcoin has been experiencing a bearish trend over the month, with marginal dips of 0.11% and 0.33% in the past week and past month, respectively.
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