One of the early promoters and investors of Bitcoin, Roger Ver took to Twitter to express his concerns over high surging fees on Bitcoin transactions.
It’s not just Bitcoin’s price level that’s been increasing, but transaction fees too, despite its ability to handle more transactions there has been a fees surge, Ver also says it’s a foolish move.
He further draws a comparison with Bitcoin Cash, according to data from Bitcoin charts, BCH handles more transactions than BTC, but the transaction fees on BCH are way lower.
Bitcoin transaction fees are going to the moon while the number of Bitcoin Cash transactions is going to the moon. pic.twitter.com/a219LODeZp
— Roger Ver (@rogerkver) March 12, 2021
Ever since Bitcoin has come into existence, the transaction fees for the first eight years were mostly nil. After 2017 the fee on transactions has been on a constant upsurge reaching new highs every interval, but on the other hand, Bitcoin Cash has lowered its transaction fees throughout its establishment.
Time to increase Bitcoin’s block size.
Roger says the main reason for the surge in price is the block size, the bitcoin’s core developer team has refused to increase BTC block size. However, many people in the ecosystem believe the block size is supposed to like that and has been designed accordingly.
Although, Roger thinks that, for the current situation it is unacceptable for the block size to remain the same, and technology can handle this increment now.
He says BCH is proof that BTC can handle more transactions. Many in the cryptocurrency ecosystem have to think about forcing everything to Layer 2. But Roger thinks although Layer 2 is a good choice Layer 1 doesn’t need prevention from a decade-old payment method.
Why is it still 1MB?
Right from the beginning, it has been 1MB and has not been increased due to the core development team. There have been disputes regarding increment in the past. However, after the creator, Satoshi Nakamoto went hiding due to the CIA investigation, the discussion has died.
In 2015, there was an attempt by the core development team to increase it to 8 MB but it didn’t happen due to some disputes and flaws.