No matter how good a payment method is, it won’t be attractive to the broader population if it can’t keep low and consistent fees. A recent study by Veriphi shows that BTC, thanks to its small block sizes and constantly changing protocol, has sucked hundreds of millions of dollars from its users as fees.

For those familiar with BTC’s history, you’ll recall that when the currency hit its peak in interest in 2017, a surge of user demand caused fees to skyrocket, making the currency practically unusable. Developers implemented several solution to bring fees down, but due to the blockchain’s small blocksize and a lack of adoption, fees continue to average $3 per transaction.

531 MILLION USD COULD’VE BEEN SAVED IN FEES.

Our Case Study July Update concludes that users could’ve saved 57,817.69 BTC in transaction fees if they had fully adopted Segwit & Batching.