For those that don’t understand how the BTC fee structure works, it is based on the mempool and how many transactions are pending. Miners will always process the highest fees and include those transactions in the blocks.
Over the last few weeks people have been complaining of very slow transaction times and extremely high fees. Both complaints are accurate but the reason for them falls on spammers (BCH proponents) that put through many small transactions by spending lots of money hoping to show the BTC network does not work. Companies like Coinbase that did not activate Segwit or Batch transactions add to the massive backlog.
Seeing the picture below is fantastic, fees are significantly dropping and the backlog is minimal. One of the most exciting things is there is a spike in the block size. Does this mean Coinbase is batching transactions and have they finally enabled Segwit? Maybe the spammers ran out of money?
Either way this is great news for the BTC crowd and with Lightning Network approaching fast we have seen nothing yet!
HODL On!
