It just means that the fees associated with moving bitcoin on the base layer is very high right now. 160+ satoshis per v/byte is a lot of money when usually it’s 3-12 satoshis per v/byte.
This is where the lightning network or (zaps) come in handy as they are far cheaper and faster for small transactions. Buying a coffee for $5 and paying a $7 fee doesn’t make sense when you can use lightning and pay 2 Sats.
Oh I see.. and these fees go to the miners, correct?
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Correct. whichever mining pool or miner wins the next block. The fees go way up when a lot of people are attempting to transact at the same time. Checkout Bitfeed.live or Mempool.space sometime
Thanks 🫡✌️
