When Bitcoin emerged in 2009, the original vision was to solve the problem of peer-to-peer transactions on a global scale without intermediation. But as simple as the concept sounds, the original Bitcoin code may not have accounted for certain economic and technical overhead. For example, when there are a lot of transactions on the network, they result in a surge in fees and congestion, thereby defeating the objective of speedy transactions when compared to legacy solutions. As a matter of fact, a recent report suggested Bitcoin’s fees surged by as much as 2000% in the first five months of 2020.
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