The recent surge in Bitcoin’s on-chain fees has reignited a familiar discussion within our community, bringing to the surface diverse perspectives on the implications and root causes of this trend. A faction within the community views these heightened fees as a strategic solution to Bitcoin’s security budget concerns. In contrast, others see them as a formidable barrier, potentially stymieing Bitcoin’s global adoption. This issue is especially pertinent for newcomers in Western markets and communities in the global south, where the proportionally higher transaction costs can be especially burdensome.

The marked increase in fees, denominated in BTC, is primarily driven by the rising…

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