The moment I saw that Babylon staking is going to go live on their Mainnet, I know fees would spike up by over a 100%. That's what happens whenever there's more transactions in the mempool that miners can currently mine — fees go up and it becomes a bottleneck situation. It's not a proof of work like you're implying because even Ethereum faces the same problem despite being a proof of stake chain.
It's the same with all these other chains that claim to be "ultra fast", "ultra cheap" and then succumbs to congestions too. If there's one thing I know is that something has to give. You either give up Security for performance or it's the other way round but not both.
Topic: Babylon Staking Sparks Bitcoin Fee Surge: Transfers Hit $105 Before Plummeting - page 2. (Read 279 times)
August 22, 2024, 05:41:47 PM
August 22, 2024, 05:29:05 PM
On Aug. 22, Bitcoin’s onchain transaction fees took off, soaring to more than 1,250 satoshis per virtual byte (sat/vB), which translated to over $105 per transfer at 8:45 a.m. EDT. However, by 9:40 a.m. EDT on Thursday, fees had dropped to 625 sat/vB or $53.26 per transaction.
A day like today is likely a breath of fresh air for the mining community as they can collect more fees than usual.
https://news.bitcoin.com/babylon-staking-sparks-bitcoin-fee-surge-transfers-hit-105-before-plummeting/
you asked for it you got it. don't like high transaction fees then maybe you're not using the right crypto. lets stop trying to "time" our transactions and just pay the fee...you want proof of work, you got it!
A day like today is likely a breath of fresh air for the mining community as they can collect more fees than usual.
https://news.bitcoin.com/babylon-staking-sparks-bitcoin-fee-surge-transfers-hit-105-before-plummeting/
you asked for it you got it. don't like high transaction fees then maybe you're not using the right crypto. lets stop trying to "time" our transactions and just pay the fee...you want proof of work, you got it!
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