At press time, Bitcoin [BTC] was undergoing a minor bullish move after registering one of its strongest rallies. The largest virtual asset witnessed an increased price valuation over the past two months and improved by almost $2,000 in May. Bitcoin experienced a similar surge in December 2017, when the prices reached the $20,000 mark.
Sergej Kotliar, the CEO at Bitrefill, listed out the differences between the current bull run and the one that happened in 2017. Back in December 2017, the transaction rate fees were exceptionally high in comparison to the rates at press time. On 26th December 2017, the maximum rate was 1034.57 sats/byte, whereas, on 1st June 2019, it was only 188 sats/byte.
Kotliar indicated that such high fees would never surface again due to various developments that had been carried forward in the industry in the past 18 months.
He stated that that current surge mostly happened due to an increase in traffic between exchanges and not due to overhead transactions. The CEO also suggested that people were more aware of fees now and that the introduction of Lightning, Liquid, and altcoins on most exchanges helped crypto scale collectively.
“So there’s no reason to think 2017 will return any time soon. Au contraire, once exchanges turn on Lightning or Liquid these spikes will disappear as well. But in any case it makes sense to scale the things we can scale. There’s a couple companies that still stand out here.”
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