- So Matt Hamilton commented on the complaints of tourists about the huge fees for converting BTC to fiat
- In his opinion, XRP Ledger is much better suited for microtransactions.
- The jump in commissions in the Bitcoin network was caused by the popularization of tokens based on the BRC-20 standard
The popularization of Ordinals and BRC-20-based tokens has led to a sharp jump in fees in the Bitcoin network. At the beginning of this week, the average value of the indicator exceeded $19. In this regard, microtransactions in BTC are rapidly losing relevance.
And, of course, this did not affect consumers in the best way. For example, in El Salvador, the commission for converting BTC into fiat reaches 20%.
That is, from $100 you need to give at least $20. And this despite the fact that the average salary in the country does not exceed $300-$350. On this noticed journalist Marce Romero, who is currently in El Salvador.
He was supported by the co-founder of the BitcoinFocusNL project Arnold Hubach. He paid almost 1 euro in commission for the price of two cups of coffee at 6.6 euros.
Publication of Romero commented and former Ripple Communications Director Matt Hamilton. He advised using a “more suitable technology” for small mutual settlements, for example, XRP Ledger.
In his opinion, Bitcoin does not scale in any way. These restrictions significantly hinder the acceptance of an asset as a means of payment.
Since the legalization of bitcoin, tourism in El Salvador has grown by 95%. Many vacationers come here precisely because of the opportunity to pay for services and products with cryptocurrency.
But the current problems in the Bitcoin ecosystem are hindering the use of the token for microtransactions. Delays in processing transfers and high fees make bitcoin unprofitable when it comes to paying for a cup of coffee.