It’s getting more and more outrageously expensive to transfer Bitcoin. According to BitInfoCharts, the mean cost of a Bitcoin transaction just hit more than $40.
Word of Bitcoin’s pricey transaction fees has been spreading for months, and appears to be reaching critical mass.
Recently, the powerhouse gaming platform Steam dropped its support for Bitcoin, blaming both high fees and slow transaction times for its decision.
My colleague @ArellanesIII just tried to send $500 of #Bitcoin on @exodus_io desktop wallet. $144.44 Fee for a $500 Transaction! That's outrageous! 😱😠
It's an embarrassment to #Crypto
Now I know why #BTC is moving in to #BitcoinCash & #Dash https://t.co/0ziZUZNXxM pic.twitter.com/Vb9sMBQ3oC
— Mark Mason (@StayDashy) December 21, 2017
Bitcoin supporters and detractors alike are now calling the grandfather of cryptocurrency “digital gold” instead of a truly functioning peer-to-peer currency. This has helped trigger the rise of Bitcoin Cash, which currently has an average transaction fee of about $1.
For cheaper fees and faster transfers, many in the crypto space are switching to Ethereum, Litecoin, Dash, Bitcoin Cash and Ripple to move their crypto assets.