The bitcoin transaction fee has skyrocketed as the halving event approaches us. On April 30th, it showed on bitcoin's network the average fee was $2.94, the kind of numbers which have not been witnessed since July 2019.

It wasn't a slow and steady rise during that particular period as a fee on April 30th spiked by 129%, it was $1.28 just a day before,  and prior to that, it was as low as $0.66. However, in the guild up to the halving event, in April the bitcoin transaction fee jumped up by 673%.<img class="aligncenter wp-image-168831 size-full" src="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2020/05/bt1.png" alt="" width="1919" />.

Blockchain.com has come up with <a href="https://www.blockchain.com/charts/mempool-size" target="_blank" rel="noopener">Mempool data</a> and it shows a plethora of bitcoin transaction waiting for confirmation.  The Mempool is an important source of data as it shows the number of transaction that is yet to be processed by Bitcoin's miners.

<img class="aligncenter wp-image-168832 size-full" src="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2020/05/bt2.png" alt="" width="1359" />

Given the number of Mempool backlogs on display, it is pretty apparent why the transaction fees have gone up. The users are now required to outbid the user next in line to get their transaction processed and move to the next block. A similar event occurred in December 2017, when bitcoin hit its zenith, the bitcoin transactions took days to get confirmed and the cost reached $55.


High fees in short view are considered not really ideal, but in the grand scheme of things, it suggests that the demand for bitcoin is going up. With halving so close, it could be a useful thing for the price of the king cryptocurrency. Not to forget that the Covid-19 fears have crippled economies and it could possibly be time for bitcoin to shine as many in the community believe.
<h2>Bitcoin Transaction Fee Costly, Sluggish, Unsuitable For Micropayments</h2>
However, it gives critics a chance to take a dig at the top crypto coin and they are targeting the fact that given such a sluggish network which is taking ages in processing the payments, it further solidifies their claims that bitcoin can never be used as a micropayment.

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Bitcoin Transaction Fee Spiking as Halving Comes Close

On April 30th, the fee of bitcoin transaction increased by a staggering 129%, the highest it has been since July,2019, leading to several backlogs.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Bitcoin Transaction Fee Spiking as Halving Comes Close

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