Bitcoin's attempted solution on this front is off-chain scaling via lightning network. As far as I can ascertain, this has had highly limited adoption.
Eth's attempted solution on this front is sharding. I can't claim to be an expert in this, but from my understanding after proof-of-stake is deployed, ethereum plans to deploy something like 64 separate "shards" which, from my understanding, are like extra blockchains for conducting transactions, and using some kind of complicated proof of stake system to keep it consistent. In this case, while the main-net still has limited global throughput, scaling up to add more side chains will allow scaling additional throughput. You can read more here https://ethereum.org/en/eth2/
As with lightning, we don't know how well this will actually end up going until it's deployed.
https://ethereum-magicians.org/t/a-rollup-centric-ethereum-r...
sharding + L2 rollups*
In general, fees go up as the token price goes up since fees are usually charged as a function of transaction size or complexity, and also fees rise as a protocol hits its tx limits, but not always. Nano is an interesting cryptocurrency that is fee-less (although they just had to roll out an emergency update to improve spam resistance), so it's possible to design a fee-less system, but it's certainly even more experimental atm.
There are, however a number of cryptos that currently (and by intent) have <$0.01 (sometimes significantly less) fees. This includes (just going down by market cap): Ripple, Bitcoin Cash, Stellar, or Dash. For transactions, even though fees are a bit higher (about $0.06), I like Monero since it's one of the most private and widely used cryptocurrencies out there, and it's fees have actually significantly decreased due to technical improvements in transaction efficiency, dynamic blocksize, and an algorithm that can actually reduce fees as volume increases.
1559 addresses fee stability and will help reduce fee spikes. It's purpose is not to reduce fees in general.
So yes, it's currently not practical for microtransactions.
BTC refuses to scale, Lightning is permanently broken.
Ethereum will reduce the fees with sharing, but that will take time.
Compared to other crypto, or on the scale of Visa and MasterCard?
If you check the incoming transaction ID I'm sure you'll see it contained many many endpoint wallets.
That's how mining pools offer free withdrawals periodically. If you split it up amongst 100s of users, per user tx cost is very low.
However, I cannot abide by a money speculation mechanism which uses as much electricity to mine worldwide as the Netherlands use in total. That's absolutely asinine to me.
No. There are developers who actually prioritize on-chain scaling. For instance Bitcoin Cash and Monero have very cheap fees, and they will stay cheap for the foreseeable future.
https://help.coinbase.com/en/coinbase/trading-and-funding/ot...
As of writing, a Bitcoin transaction costs $4.76.
The last time I received a Bitcoin payment, it cost $0.36 in network fees. The network is currently more congested, so the fees are higher at the moment.
It costs very little to transfer something of little value.
Ironically, that's because the value of value of Bitcoin has plummeted compared to Ehtereum. A month ago today, an Ethereum transaction would have cost $21 while a Bitcoin transaction would have cost $45.