BTCers defend high fees as a sign of adoption. This same defense can't be used for ETH
BTC fees are a function of $$txn value and thus network value. ETH fees, OTOH, are based on smart contract calls, not necessarily $$ sent
ex/ Fees recently spiked without USD volume increase
BTC fees are a function of $$txn value and thus network value. ETH fees, OTOH, are based on smart contract calls, not necessarily $$ sent
ex/ Fees recently spiked without USD volume increase
The recent avg % fee spike without accompanying USD volume increase, isn't a good sign for the sustainability of demand IMO.
As other platforms launch "dApp contract calls" will be much more commoditized and this demand will move to other platforms if the fees are too high
As other platforms launch "dApp contract calls" will be much more commoditized and this demand will move to other platforms if the fees are too high
With increasing adoption, we'd expect on chain fees in BTC to increase over time (if % stays the same)
With ETH, OTOH, if txn fees are independent of monetary value sent, they can only go so high. At some point, making a dApp contract call is too costly
With ETH, OTOH, if txn fees are independent of monetary value sent, they can only go so high. At some point, making a dApp contract call is too costly
data from @coinmetrics
