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More than $500 Million Could Have Been Saved in Fees by BTC Users

10 August 2020, 12:03
Votes: 1

As Veriphi’s study shows, BTC users have spent millions of dollars on useless fees. The main reason for this is the lack of such optimization tools as blockchain batching and SegWit.

More than $500 Million Could Have Been Saved in Fees by BTC Users

It is needless to say that digital cash owners don’t like high fees. Especially, when it comes to such a cryptocurrency giant as Bitcoin. However, according to the data taken from the recent report and some cryptocurrency news, the leading virtual currency isn’t so money-saving as it may seem in terms of fees.

The lack of technologies leads to overpricing

The problem of high fees is obvious to those users who understand Bitcoin’s processes. The small size of blocks, and the absence of such important protocol update as SegWit, and the procedure of transaction batching become the reason for additional expenses (three dollars on average) for every BTC-based transaction.

The only solution to this problem is the implementation of modern technologies to the existing protocols. It will allow users not to lose money because they have already lost 531 million dollars. Another option is to switch to Bitcoin SV, which has larger block sizes.

Read more: Cryptocurrency in 2020: Bitcoin price

Read more: The latest news about Ethereum price

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