High transaction fees affects those who DCA - page 6.

DYING_S0UL

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Quote from: carlfebz2 on December 13, 2023, 01:34:10 PM

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I was actually waiting for it to be going down in <20sats/byte considering that it did really
go below <40sats/byte but here we come again into this situation which it do really sucks big time.

To be honest, I would not pay $12 for just a transaction. It's just too much for me. I would rather let my funds sit on my wallet and let it be until this shit ends. It's just not worth it. If I could save even $2 per transaction, I would happily save it. Imagine how much would it sum up in a year.

Hamphser

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Quote from: goaldigger on December 16, 2023, 01:00:00 PM

Quote from: huu78 on December 02, 2023, 08:39:40 AM

I don't mean to offend but if you use btc, transaction fees of 10$ and below should not be a problem for you, if you have above 0.5 btc I think paying 5-10$ of 19k$ is not too excessive. but if you still want to use it, you have to pay attention to safety.
I wonder why people make a big deal out of small things when you are on to big things.

When you have big money, I’m sure you’ll not talk about the fees anymore but of course we are talking here in general and we cannot blame them to rant because of the fees because its true after all. A higher fees affects the small time DCA investors and that includes me. My strategy is that, i save money first then if its already within my minimum target deposit then that is the time I will buy, though I do DCA with stablecoins during that time and will just trade if its the right time already.

Not all would really be having that deep purse on which it would really be just that normal that they would really be making out those kind of reactions basing up on the current fee that we do have now on Bitcoin.
As of this writing it is almost reaching $40 on which this is the highest fee that i have seen on Bitcoin network on which it is almost that getting in line with ETH transactions fees on which it is really that absurd on making transactions as of this moment as fees would really hurt you so much.

Quote from: Hamza2424 on December 16, 2023, 04:28:31 PM

The network never always remains congested and high cost, it varies from time to time, currently, the network cost jumps are due to the BRC-20 ordinals, and I've encountered many people strongly opposing their existence on the network may be shortly a BIP will fix this network over-loading shit.

Yes, ive been able to hear out this shit on which that shitty brc20 do really make out this spam in the network specially on bitcoin on which it do really sucks that it is really that
becoming too often on having this kind of spam.For those who are just having that small amounts then it would really be that a pain on making transactions.

Hamza2424

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I'm not sure commented on this topic before or not because the topic is quite old, I've scanned it and haven't found any of my comments but it is worth discussing, maybe it can impact the newbies and users can prevent it, as mostly we buy through the centralized exchanges and if the buyer is newbie investor with small portfolio he should prefer holding the funds on the centralized exchanges till the significant amount and then moving all those funds together to the hardware or any self-custodial wallet.

The network never always remains congested and high cost, it varies from time to time, currently, the network cost jumps are due to the BRC-20 ordinals, and I've encountered many people strongly opposing their existence on the network may be shortly a BIP will fix this network over-loading shit.

goaldigger

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Quote from: huu78 on December 02, 2023, 08:39:40 AM

I don't mean to offend but if you use btc, transaction fees of 10$ and below should not be a problem for you, if you have above 0.5 btc I think paying 5-10$ of 19k$ is not too excessive. but if you still want to use it, you have to pay attention to safety.
I wonder why people make a big deal out of small things when you are on to big things.

When you have big money, I’m sure you’ll not talk about the fees anymore but of course we are talking here in general and we cannot blame them to rant because of the fees because its true after all. A higher fees affects the small time DCA investors and that includes me. My strategy is that, i save money first then if its already within my minimum target deposit then that is the time I will buy, though I do DCA with stablecoins during that time and will just trade if its the right time already.

jeraldskie11

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Quote from: stompix on December 14, 2023, 07:07:51 PM

Quote from: bhadz on December 12, 2023, 06:02:24 PM

There are some possible solutions that they can make so that they can keep on receiving BTC payments. There will be some exchange that they prefer to have for off chain transactions to happen and that's an instant and fee less method but not all customers have these funds on their exchanges but in fairness to these merchants, if they have these options they are still continuing to accept this payment option and won't disable it due to the fees.

Merchants still need to use those coins, so imagine you sold 100 memberships of 10$ and now you have to use those $1000 to pay you bills and you have a 100 inputs tx that is going to cost you $600 at the next current block fees!
So from the start you've earned $$ instead of $10 for each of those 100 sold memberships!
Would you still do it?

I think he refer to the P2P in the exchange where you can sold your Bitcoin or USDT for a fiat. Example Binance, if you want an instant withdrawal without paying for a fee then use the P2P feature in Binance. The merchant is the one who posted an ads to sell/buy their crypto for a specific price, if you can afford the price just follow the simple instructions provided by them. This way we can't be affected by the high fees that cause by network congestions.

stompix

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Quote from: bhadz on December 12, 2023, 06:02:24 PM

There are some possible solutions that they can make so that they can keep on receiving BTC payments. There will be some exchange that they prefer to have for off chain transactions to happen and that's an instant and fee less method but not all customers have these funds on their exchanges but in fairness to these merchants, if they have these options they are still continuing to accept this payment option and won't disable it due to the fees.

Merchants still need to use those coins, so imagine you sold 100 memberships of 10$ and now you have to use those $1000 to pay you bills and you have a 100 inputs tx that is going to cost you $600 at the next current block fees!
So from the start you've earned $$ instead of $10 for each of those 100 sold memberships!
Would you still do it?

salad daging

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Quote from: carlfebz2 on December 13, 2023, 01:34:10 PM

You would really be definitely be hesitating on making up some active transactions from transferring coins from your wallet into exchange platforms
unless if you do have some funds into your exchange then it wont really be that an issue or problem but if there's none then you would really
be needing to deal up with the fees. I was actually waiting for it to be going down in <20sats/byte considering that it did really
go below <40sats/byte but here we come again into this situation which it do really sucks big time.

OP is not sending coins from wallet to platform but rather from exchange to non-custodial wallet.

I just checked the BTC withdrawal fee from Binance exchange because this is a widely used exchange that charges a high withdrawal fee of 0.0004 or the equivalent of $16 that is really heavy for those who do small DCA then it will be very unfortunate with that large fee.

It is very difficult to see 20sats/byte of course this sucks but the fee in the mempool continues to be high never dropping to low.

carlfebz2

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Now, here we go again with this kind of situation which we do have that clogged up network
which do really sucks.

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Medium Priority
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High Priority
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https://mempool.space

You would really be definitely be hesitating on making up some active transactions from transferring coins from your wallet into exchange platforms
unless if you do have some funds into your exchange then it wont really be that an issue or problem but if there's none then you would really
be needing to deal up with the fees. I was actually waiting for it to be going down in <20sats/byte considering that it did really
go below <40sats/byte but here we come again into this situation which it do really sucks big time.

bhadz

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Quote from: lionheart78 on December 12, 2023, 05:54:42 PM

High-fee transactions not only affect people who are DCA-ing their way into accumulating BTC. This also affects merchants that have Bitcoin as a mode of payment. Anyone who uses Bitcoin as a medium of exchange is greatly affected by this surging transaction fees.

Some merchants due to these high fees even disable their BTC payment option and use other forms of cryptocurrency that have a smaller fee. If this continues, the Bitcoin market may find itself plummeting because of pulling out of demand and funds moving elsewhere.

There are some possible solutions that they can make so that they can keep on receiving BTC payments. There will be some exchange that they prefer to have for off chain transactions to happen and that's an instant and fee less method but not all customers have these funds on their exchanges but in fairness to these merchants, if they have these options they are still continuing to accept this payment option and won't disable it due to the fees. We're all just trying to survive and with any situation in the market even if the fees are that much, we're looking for the best options to make.

Fatunad

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Quote from: Natalim on December 12, 2023, 09:37:23 AM

Quote from: mirakal on November 30, 2023, 06:54:38 PM

Quote from: Agbamoni on November 25, 2023, 09:28:16 PM

The current Bitcoin fees wouldn't have mattered to me because I am not selling, but the fees do matter because I DCA, and I don't want to leave my coins in the centralized exchange. This month, I have spent roughly $5 to $10 in transaction fees when I DCA every week. It may seem small, but in my country, it's enough to cover my feeding expenses for a month cumulatively.

I discussed this issue with my friend, and he suggested I use an exchange that utilizes the Lightning Network. According to him, this would help me get off with no fees any day. While I'm considering this alternative, another option is to wait for a month or two, then use the amount we kept for weekly DCA, hold it for a month or two, and lump sum. This way, i would incur just a one time fee. What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.

The high transaction fees certainly becomes annoying. Everyone gets affected and is really sucking into my nerves. But what else can we do than to wait for days or weeks until its back to normal. That's why instead of withdrawing or doing DCA weekly, do it monthly just to save up with the fees. For me, this could be the best option, unless if you decide to stop doing DCAing until the fees drops and return to normal.

At least the transaction fees are quite low compared to the past days but yes, still was not good looking and disappointing since it was not the normal trx fee we see. We are not sure how long this situation went okay but we have no option other than just wait or have to pay it. Yes, it was a good decision to just buy BTC in bulk like doing this once a month than paying $3 - $10 every week.
I've noticed that there is a time when the transaction fee is low, we can take advantage of it. We just have to monitor the market changes and timing.

It do really give out that kind of feeling on which you would really be not liking on missing out everything! On the time that the network would really be spammed out with those tons of transactions on which it would be causing up that kind of high fees then you would really be that definitely having that kind of regret on not to be able to DCA specially on the time that you are seeing some buying opportunity then you wont really be having no choice whether you would be paying up those high fees or would really be waiting for things to settle down. but if you are willing to spend $20 on maximum fees just for you to DCA then it wont really be that an issue specially to those who are in for long term but for those who do make out some scalping or day trades then with the current high fees then it would really be that a pain in the ass on making transactions.

Just like been said that not everytime we do have this high fee kind of condition on which there are really times or moments that the network condition is congested and it doesnt really
take long.So for those who do really have only sufficient money for them to invest then they would really be just simply waiting up for the network condition to subside before
taking any actions.

lionheart78

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High-fee transactions not only affect people who are DCA-ing their way into accumulating BTC. This also affects merchants that have Bitcoin as a mode of payment. Anyone who uses Bitcoin as a medium of exchange is greatly affected by this surging transaction fees.

Some merchants due to these high fees even disable their BTC payment option and use other forms of cryptocurrency that have a smaller fee. If this continues, the Bitcoin market may find itself plummeting because of pulling out of demand and funds moving elsewhere.

ajiz138

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Quote from: mirakal on November 30, 2023, 06:54:38 PM

The high transaction fees certainly becomes annoying. Everyone gets affected and is really sucking into my nerves. But what else can we do than to wait for days or weeks until its back to normal. That's why instead of withdrawing or doing DCA weekly, do it monthly just to save up with the fees. For me, this could be the best option, unless if you decide to stop doing DCAing until the fees drops and return to normal.

Patience is the key. We all know that it won't take long and the issue will be fixed again. But my advice is never resort spending to other matters using your DCA budget.

I think waiting to return to normal in transaction fees is still not certain this has been happening for months the fees are more expensive than what was thought so waiting is not a good solution it will hinder your DCA when you want to continue to accumulate it, so I think to be more efficient then do it once a month, so I think it is still very reasonable if you have to spend about $3-$5 for withdrawal fees.

I don't think the fee will be normalized in the near future while the ordinal is in high demand and maybe now more because it will enter a new hype trend then it is clear that it will be high for bitcoin network fees.

Don't stop DCA keep doing it if you can.

mv1986

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Quote from: Natalim on December 12, 2023, 09:37:23 AM

At least the transaction fees are quite low compared to the past days but yes, still was not good looking and disappointing since it was not the normal trx fee we see. We are not sure how long this situation went okay but we have no option other than just wait or have to pay it. Yes, it was a good decision to just buy BTC in bulk like doing this once a month than paying $3 - $10 every week.
I've noticed that there is a time when the transaction fee is low, we can take advantage of it. We just have to monitor the market changes and timing.

For those who strictly adhere to a DCA strategy, the fees are a pain in the ass without a doubt. It depends on the amounts invested every single time and also the frequency, but I think for those who decide to stick to DCA, any excessive recurring fee isn't nice...

I know this has been shared somewhere else a couple of times, but if it helps someone to understand how to time transactions and how to best choose any fees they are fine with, this website is a helpful source.

What are the fees currently from the most popular exchanges you guys are using? Are most of them flexible or are there exchanges with fixed high/low fees?

Natalim

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Quote from: mirakal on November 30, 2023, 06:54:38 PM

Quote from: Agbamoni on November 25, 2023, 09:28:16 PM

The current Bitcoin fees wouldn't have mattered to me because I am not selling, but the fees do matter because I DCA, and I don't want to leave my coins in the centralized exchange. This month, I have spent roughly $5 to $10 in transaction fees when I DCA every week. It may seem small, but in my country, it's enough to cover my feeding expenses for a month cumulatively.

I discussed this issue with my friend, and he suggested I use an exchange that utilizes the Lightning Network. According to him, this would help me get off with no fees any day. While I'm considering this alternative, another option is to wait for a month or two, then use the amount we kept for weekly DCA, hold it for a month or two, and lump sum. This way, i would incur just a one time fee. What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.

The high transaction fees certainly becomes annoying. Everyone gets affected and is really sucking into my nerves. But what else can we do than to wait for days or weeks until its back to normal. That's why instead of withdrawing or doing DCA weekly, do it monthly just to save up with the fees. For me, this could be the best option, unless if you decide to stop doing DCAing until the fees drops and return to normal.

At least the transaction fees are quite low compared to the past days but yes, still was not good looking and disappointing since it was not the normal trx fee we see. We are not sure how long this situation went okay but we have no option other than just wait or have to pay it. Yes, it was a good decision to just buy BTC in bulk like doing this once a month than paying $3 - $10 every week.
I've noticed that there is a time when the transaction fee is low, we can take advantage of it. We just have to monitor the market changes and timing.

carlfebz2

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Quote from: lixer on December 02, 2023, 04:21:46 PM

Quote from: Agbamoni on November 25, 2023, 09:28:16 PM

The current Bitcoin fees wouldn't have mattered to me because I am not selling, but the fees do matter because I DCA, and I don't want to leave my coins in the centralized exchange. This month, I have spent roughly $5 to $10 in transaction fees when I DCA every week. It may seem small, but in my country, it's enough to cover my feeding expenses for a month cumulatively.

I discussed this issue with my friend, and he suggested I use an exchange that utilizes the Lightning Network. According to him, this would help me get off with no fees any day. While I'm considering this alternative, another option is to wait for a month or two, then use the amount we kept for weekly DCA, hold it for a month or two, and lump sum. This way, i would incur just a one time fee. What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.

Well, the high fees are a concern for those who make frequent transactions, that's true. However, in your case, though I'm also not a fan of keeping a lot of funds at exchanges, I believe that's the only option you have for now. As suggested by others as well, maybe make withdrawals only after a month or so instead of doing it on a weekly basis to reduce the amount you will have to pay as fees, and who knows? The fees might become normal after some time.

One more option that you have is to use a P2P trading platform and keep your assets in a decentralized wallet, but to be honest, I don't consider decentralized wallets to be completely safe because they are vulnerable to exploits, hacks, malware, etc., since the wallet is connected to the internet all the time.

There's no such thing about 100% safe but if we do try out to compared on making use of a non-custodial wallet into a custodial one then we cant really be able to deny that nothing beats out if you do have that full control of your coins or assets into your non custodial wallet on which you do really possess the keys and having that control unlike when you are really that storing those coins into an exchange.
Somewhat its true that dealing up with exchange does have also that kind of convenience on which it would really be just that most people do prefer because it is really that fast and convenient but
in exchange then it would really be compromising that kind of security.

Going back into the situation of high fees, then it would really be just that normal that people would really be finding alternatives just to avoid on paying up those huge fees.
They would be neither on halting up on making some transactions or they would really be that willing on spending up some fees just to make those transactions pushed through.
We do have share on the same struggle specially into those people who do have less money but for those rich out there then these moments wont really
be that much of an issue.

GeorgeJohn

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Quote from: Agbamoni on November 25, 2023, 09:28:16 PM

The current Bitcoin fees wouldn't have mattered to me because I am not selling, but the fees do matter because I DCA, and I don't want to leave my coins in the centralized exchange. This month, I have spent roughly $5 to $10 in transaction fees when I DCA every week. It may seem small, but in my country, it's enough to cover my feeding expenses for a month cumulatively.

I discussed this issue with my friend, and he suggested I use an exchange that utilizes the Lightning Network. According to him, this would help me get off with no fees any day. While I'm considering this alternative, another option is to wait for a month or two, then use the amount we kept for weekly DCA, hold it for a month or two, and lump sum. This way, i would incur just a one time fee. What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.

What causes the high fee of bitcoin transaction is the mempol and when the transaction is congested its when we are charged to pay a higher fee, it will be nice or encouraging to use all this exchange wallet to accept your bitcoin for easy exchange, because their is no way you can escape the high fee if you are making of none custodial wallet, like now when you are accumulating your bitcoin you may likely use none custodial wallet until the mempol of bitcoin transaction will calm down, so I think its advisable to use all this centralized wallet currently to accept your bitcoin for easier exchange.

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Quote from: Agbamoni on November 25, 2023, 09:28:16 PM

The current Bitcoin fees wouldn't have mattered to me because I am not selling, but the fees do matter because I DCA, and I don't want to leave my coins in the centralized exchange. This month, I have spent roughly $5 to $10 in transaction fees when I DCA every week. It may seem small, but in my country, it's enough to cover my feeding expenses for a month cumulatively.

I discussed this issue with my friend, and he suggested I use an exchange that utilizes the Lightning Network. According to him, this would help me get off with no fees any day. While I'm considering this alternative, another option is to wait for a month or two, then use the amount we kept for weekly DCA, hold it for a month or two, and lump sum. This way, i would incur just a one time fee. What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.

Well, the high fees are a concern for those who make frequent transactions, that's true. However, in your case, though I'm also not a fan of keeping a lot of funds at exchanges, I believe that's the only option you have for now. As suggested by others as well, maybe make withdrawals only after a month or so instead of doing it on a weekly basis to reduce the amount you will have to pay as fees, and who knows? The fees might become normal after some time.

One more option that you have is to use a P2P trading platform and keep your assets in a decentralized wallet, but to be honest, I don't consider decentralized wallets to be completely safe because they are vulnerable to exploits, hacks, malware, etc., since the wallet is connected to the internet all the time.

huu78

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I don't mean to offend but if you use btc, transaction fees of 10$ and below should not be a problem for you, if you have above 0.5 btc I think paying 5-10$ of 19k$ is not too excessive. but if you still want to use it, you have to pay attention to safety.
I wonder why people make a big deal out of small things when you are on to big things.

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Quote from: OgNasty on November 26, 2023, 12:44:50 PM

As long as you trust your exchange I don’t see any immediate need to withdraw.

OP, just like Boss OgNasty has said, another reputable member has also said this before: inasmuch as it is not safe to store your coin on the CEX, keeping your coin there for just a little period of time doesn't mean that your coin will be stolen or the exchange will be hacked at that very moment. Since the fee is high, if you DCA weekly, you can possibly accumulate the coins on the CEX for up to a month (4 weeks) or even eight weeks before you use just one fee to withdraw all the coins you have accumulated for the eight weeks.

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Quote from: Agbamoni on November 25, 2023, 09:28:16 PM

The current Bitcoin fees wouldn't have mattered to me because I am not selling, but the fees do matter because I DCA, and I don't want to leave my coins in the centralized exchange. This month, I have spent roughly $5 to $10 in transaction fees when I DCA every week. It may seem small, but in my country, it's enough to cover my feeding expenses for a month cumulatively.

I discussed this issue with my friend, and he suggested I use an exchange that utilizes the Lightning Network. According to him, this would help me get off with no fees any day. While I'm considering this alternative, another option is to wait for a month or two, then use the amount we kept for weekly DCA, hold it for a month or two, and lump sum. This way, i would incur just a one time fee. What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.

The high transaction fees certainly becomes annoying. Everyone gets affected and is really sucking into my nerves. But what else can we do than to wait for days or weeks until its back to normal. That's why instead of withdrawing or doing DCA weekly, do it monthly just to save up with the fees. For me, this could be the best option, unless if you decide to stop doing DCAing until the fees drops and return to normal.

Patience is the key. We all know that it won't take long and the issue will be fixed again. But my advice is never resort spending to other matters using your DCA budget.

Topic: High transaction fees affects those who DCA - page 6. (Read 1774 times)