Really makes you realise just how resilient Bitcoin is, constant attacks occurring.
Discussion
Yep, very resilient indeed. But there is no way to spend without being destroyed by fees. Is this success?
Success is survival.
It will all resolve itself. This is not going to last on these fees. Ongoing there will be more layer 2/3 solutions for avoid base layer fees. We’re early
You should store sizeable amounts on base layer and use other layers for spending. Base layer isn’t for daily spending. Just the way it’s going with how the protocol works
100% we are early, agree! I'm worried to see some users priced out of their UTXOs and see wealth burned because of that. Not everyone is a 2012 class bitcoiner with big stacks
No wealth is being burned, it moves to miners if patience is not an option.
Good point about patience. Eventually things will stabilize and fees will be consistently high. What happens then?
L2 solutions will probably get a massive boost as problems/crisis is when innovation explodes.
Still, this eventuality is purely hypothetical - nobody can say for certain if a high fee env will become the norm. We had a pretty long period recently, which also ended with fees as low as 4 s/vb.
It was always the case. Bitcoin base layer was never made for everyday spending. It’s the base layer of sound money. Other layers will answer your issue. I use base layer as longterm SoV, layer 2 i use for spending. Chill, it’s early days. But yes longterm fees will rise, adoption will create higher fee environment.