Bitcoin transaction fees have skyrocketed to over $100 for the first time ever. This is due to a recent halving event and a new protocol causing a surge in demand for transactions. Bitcoin has a limited block size, so users basically compete to get their transactions processed faster by offering higher fees.

This is a major downside for most Bitcoin users. Transactions involving small amounts are now impractical, and withdrawing funds from exchanges is expensive. Some experts fear this could lead people to sell their Bitcoin and switch to other cryptocurrencies with lower fees.

While this is how Bitcoin was designed to work, other cryptocurrencies have found ways to avoid high fees. It remains to be seen whether these high Bitcoin fees will become permanent or eventually decrease.

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