"When do you think the price of BTC will recover, I'm tired of waiting."
The price of Bitcoin (BTC) was hit as its network suffered from a major transaction bottleneck that caused gas fees to skyrocket to the point that several cryptocurrency exchanges were forced to halt trading of the digital asset.
In general, high gas is good for network security but not suitable for nodes and decentralized, comments leading crypto market analyst Willy Woo while talking about the pros and cons of high gas fees stemming from Ordinals.
He added that the BTC reward that may be zero in the future can cause incentive investors to have to pay gas fees to miners or validators if they want to get security on the protocol.
Explained in more detail, the high gas fees in the BTC network that have caused various difficulties can be considered the growth of Ordinals, where most of them are referred to as shitcoins.
Block rewards are unlikely to be reduced in the near future as it will take several years, but it is said to be able to harm the protocol more than imagined.
Even so, BTC can be saved when the Layer-2 solution appears which is able to help the Lightning Network to reduce transaction congestion.
This is because when Binance experienced transaction congestion, the crypto exchange integrated the Lightning Network to solve the problem they were facing.
As of this writing, BTC price has plunged by 2.22% to $27,659 in the last 24 hours and has slipped around 1.14% over the past week.
