The cryptocurrency market has been going through a very difficult time over the past few months. Bitcoin [BTC] fell to its lowest level since February 2018, before recovering slightly to trade at $5,300 at press time.
The volatility of cryptocurrencies is mainly due to the high transaction fees charged by miners. These fees are paid by users sending their crypto to another wallet. According to data from CoinDesk, Bitcoin's average transaction fee was $0.67 on Monday and Ethereum's average fee was $0.11. Transaction fees have increased significantly since December 2017, when they were below $0.10 for BTC and ETH.
High transaction fees have made it difficult for businesses to operate an efficient payment system using cryptocurrencies such as Bitcoin or Ether (ETH). Many businesses have decided to abandon plans to accept cryptocurrencies for payments, citing the high costs involved in processing payments across these networks.
However, this could soon change as some companies work to reduce these fees and make them affordable for businesses.
For example, Lightning Network has begun helping merchants reduce transaction costs significantly with a second-layer solution that allows users to send small amounts of cryptocurrency without incurring additional fees.
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