I'll also say (again) that a large amount of the fees are paid on the BTC network are not needed since you can send for less but for some reason some people are paying a lot more then needed.
For the last 8 blocks a 1 sat/vB fee would get you in.
None of them were filled.
On the block that is being worked on now there are pending tx with a fee of 201 sat/vB
That is just throwing BTC away.
-Dave
The reason btc average transaction fees are currently over $1:
Odds are due to the times in the past where the bitcoin blockchain was congested and super slow transactions.
Exchange set a minimum inhouse transaction fee to avoid the headache of when btc failed to keep up with transactions.
Also you have some users that got use to setting higher fees to avoid the dreaded hours to days long wait that many btc senders experienced.
And while at this moment, their is plenty of block space in BTC
(due to lack of adoption), the habits from the bloated btc remains.
Since BTC can bloat in a very short time, I don't blame those that are sticking to their old learned habits.
They rather play it safe than sorry, by attempting lowball fee transactions.
BTC is Proof of Waste after all.
IF BTC can get back to 400000 daily onchain transactions, then transaction fees over $50 will be right back.