I really don't understand what's going on with the mempool.
Every block that gets minds only contains like 200-500 transactions while 8 hours ago every block that got mined contained at least 2000-3000, often enough 4000-5000.
How can this be explained?
Large transactions take up move vbytes, and all blocks have a fixed limit of about 1 or 2 vMegabytes.
That's why there are fewer squares in the mempool.space googles, but they are much larger.
Just to add to NotATether answer, large transactions means transactions with more inputs and/or outputs.
Which means, from many UTXOs or to many addresses.
Each input/output is basically a new transaction in terms of costs/space in the block.
This is I think the reason why sometimes Bitcoin is not ideal for payment purposes and something like this scenario would ruin Bitcoins purpose of existence as "an innovative payment network and a new kind of money" just because of this high fees as it does give inconvenience to those who will make important transactions. I think Bitcoin will be the best asset to invest but not as money or payment.
No. This is just temporary. It won't last more than a few days/weeks.
Fees will be back to normal again , as they always do.
If not , second layer solutions will come. This doesn't mean that bitcoin can't be a good payment system.
We all here use it as a payment system. I use it as payment system for about 7 years.
