Bitcoin fees explode

JACQUES DEBRIE
November 21, 2023

Hey Explorer

The news is great!

A spectacular increase in transaction costs, now up 200 times.

Pre-Ordinals: Fees fluctuated between 1 and 3 sats/vB in 2022 and early 2023.

After Ordinals: A considerable increase in fees, ranging from 20x to 500x.

When fees reach 500 sats/vB, using Bitcoin L1 becomes a challenge for the average user:

High cost: Nearly $50 to transfer $100 in BTC.

Unprofitable: Transactions under $50 lose their economic meaning.

Why is this increase advantageous?

Enhanced Security: Improved long-term security budget for Bitcoin.

Increased Demand: Revitalization of the Bitcoin builder culture and block space.

Innovation Essential: Need to develop better Bitcoin L2.

And that's where it gets interesting.

In the near future, $BTC will be transferred more often on L2s than on the main chain.

Thanks to MVC, you can send your $BTC for 1 satoshi.

Using $SPACE as gas.

I'm not kidding when I say $SPACE will become digital silver.

Let’s spread the Word!

JACQUES - SPACE EXPLORER