Exorbitant BTC fees

Let’s look for a moment at the transactions occurring on the BTC network:

Approximately every 10 minutes, the miners confirm a batch of transactions, clearing out the pending transaction pool. In the image above, the transactions are grouped and sorted by fee, but shockingly, look at the fees being paid! Even when every non-zero-fee transaction is being confirmed every block, users are still paying 100, 200, 400, 600+ satoshis per byte in fees! This adds up to tens of thousands of dollars per day being paid to miners.

Compare this to the recent BCH blocks being confirmed. Because the wallets and infrastructure are correctly detecting the low fee-pressure, the users are able to transact with effectively no fees. This is the behavior I expect to see in the BTC network:

BTC users will soon realize the staggering amount of money they have been wasting in fees and, to save money, will start sending fewer and fewer fees along with their BTC transactions. Without extreme fee support, it will not be nearly as profitable for miners to work on the BTC chain and will instead direct their hash power at other, more profitable chains. I predict hashpower will leave the BTC chain as fees drop to lower levels.