Low fee transactions are being dropped from their mempool.
It looks as if the site is running with around the default 300 MB mempool. Once the mempool has reached its size limit (-maxmempool option), and a new higher-fee transaction is accepted, the lowest fee transactions are dropped to clear space.
Because of fragmentation this happens when the pool has about 150 MB of data with the default 300 MB pool.
I have approximately $200 in one of my wallets. This particular wallet has a lot of very small transactions that funded it. Because of the high byte-size of the wallet I can’t even access it because the fee.
In other words, the transaction cost is higher than the balance in the wallet.
I believe that the general term for something like this is “Dust”. Now right now it is only $200. What happens when BTC goes “TO THE MOON”? say it hits $100,000 or $200,000. if everything stays the same my $200 is worth a whopping $2000 and is still Dust because the transaction fee will still be higher than the wallet balance. This is in no way acceptable for a currency.
Can you imagine how quickly Visa or M/C would lose customers if they charged this much for a transaction.
Right now all this is good for is super wealthy people. Obviously the miners like the current situation.
I get it though, the miners have a lot of money invested trying to stay at the forefront of the technology. They need to pay their bills.
Ok, the new argument it that it is a “store of value”.
I don’t understand how there is any value in BTC when you can’t really use it for anything. It’s not like gold, because gold is valuable as a physical item and has uses outside of monetary value. It isn’t fiat, so it isn’t backed by a government or gold (OK, we all really know that that is a bit of a farce, but is is important to some people.)
The only value is in the perception. (Perception is reality! Until it isn’t)
To make it really valuable, it has to be useable.
To be usable it needs to have very low fees or no fees.
What site do you use where you only lose $20 from $1000? I use coincorner, tried to buy £120-125 worth of bitcoin the other week and the fees were like £20+, was ridiculous, trying to find somewhere else to buy them now