from this it can be concluded that changing bitcoin fees should not be an obstacle to bitcoin adoption. For those who transact Bitcoin with small amounts, it's a good idea to pay attention to the time because you will definitely find the best time to process your Bitcoin transactions.
But in business and finance a delay in transaction due to whatever reason may cause millions of losses. The fluctuating transaction fee is one of the hindrances of Bitcoin adoption. Imagine having our transaction pending for days due to a fee surge, it can incur us penalties and possible deal failure due to the delay caused by the unconfirmed transaction. It isn't a good idea that we have to time sending transactions with Bitcoin just to have a cheaper fee. Users of Bitcoin deserve to be able to send their BTC anytime without worrying about the possible fee surge. 
Topic: bitcoin fees and how we accept its volatility (Read 398 times)
Yes, I think it start somewhere around the second week of December. The highest transaction fee you saw was just $20? I saw $80 if I’m not mistaken. I’m fond of using trust wallet so I checked there constantly and I noticed seeing $80, and sometimes it was lower. It was later that it dropped to $30, and then lower and lower to where we have it today. I know you set make the fee settings manually, but the fact that $80 transaction fee was shown by default, that’s unbelievable.
Well there were plenty of Ordinals mints and inscription going on in December and couple with the fact that it was a festive period contributed. The Ethereum network experience high fees several times during the holidays so it wasn't surprising to see on bitcoin. I'm kinda gutted because I paid more than twice the current fee 32 sats / vB for a 1-week old transaction that wasn't getting any confirmations because fees were at 100+ sats/vb.
The lowest I have seen Bitcoin transaction fees get to in recent times is around October 2023.
The lowest I have seen Bitcoin transaction fees get to in recent times is around October 2023.
from this it can be concluded that changing bitcoin fees should not be an obstacle to bitcoin adoption. For those who transact Bitcoin with small amounts, it's a good idea to pay attention to the time because you will definitely find the best time to process your Bitcoin transactions.
Yeah, Sending transactions in advance with low fee works well on me. I usually use my Bitcoin on gambling purposes by the time the transaction fee is high. I usually set my transaction fee to lower rate and just wait it to confirm after 2 to 3 days when Bitcoin fee slow down.
The fee is now stable to 50sat/vB in average which is good but I doubt this will continue on weekdays since Bitcoin ordinals hype is still active until now due to the Bitcoin highly speculated ETF approval that makes Bitcoin chain still popular for traders that wants to have a hype profit.
I don't know when and why this ordinals hype gets another push again. It seems to be coming in waves most of the time, but what triggers these waves is what I don't understand. If anyone has a clue, I would like to get a glimpse of what is going on and why so many ordinals are being pushed onto the blockchain or broadcasted.
Setting a limit for the transaction is good if you have the time to wait for the transaction to be confirmed, but it is painful if you have to send something now and it is stuck in your wallet. I think it can make sense these days to have some liquid crypto in a coin different from Bitcoin. Once the fees are high, swapping is also expensive.
Transaction fees on the Bitcoin network are affected by factors such as network congestion and block size. Navigating Bitcoin fees requires a similar understanding of cryptocurrency market dynamics. Many times users balance their fees by approx. But accepting bitcoin inherent volatility is critical to its ecosystem. However, due to the volatility of these Bitcoin fees, many small businesses are unable to transact through Bitcoin.
from this it can be concluded that changing bitcoin fees should not be an obstacle to bitcoin adoption. For those who transact Bitcoin with small amounts, it's a good idea to pay attention to the time because you will definitely find the best time to process your Bitcoin transactions.
Yeah, Sending transactions in advance with low fee works well on me. I usually use my Bitcoin on gambling purposes by the time the transaction fee is high. I usually set my transaction fee to lower rate and just wait it to confirm after 2 to 3 days when Bitcoin fee slow down.
The fee is now stable to 50sat/vB in average which is good but I doubt this will continue on weekdays since Bitcoin ordinals hype is still active until now due to the Bitcoin highly speculated ETF approval that makes Bitcoin chain still popular for traders that wants to have a hype profit.
from this it can be concluded that changing bitcoin fees should not be an obstacle to bitcoin adoption.
It really doesn't make sense to adopt bitcoin when its transaction fees are higher than other alternatives - at least to me. Of course I'm not talking about other users - bitcoin is an option for anyone regardless of transaction fees.Easy transactions and low transaction costs are some of the advantages of bitcoin compared to other currencies - so when transaction costs are very expensive [beyond reasonable limits] then adoption barriers can certainly occur. I'm not sure how many users are willing to pay hundreds of dollars in fees to send bitcoin as a means of payment when they want to pay for something - this is a hard thing to accept without considering it a problem.
This is still way too expensive. When I tried to move my sig camp earnings (8 inputs), at 30 sats/b it asks 0.0001563 btc fee from me and according to preev that's $6.85. Almost 7 bucks to move ~$360. That's 2%. If is probably fine if you can't use legacy banking or altcoins and btc is your only option... but for those who have other options, btc is the worst and most expensive choice now. I think I will wait a bit more to consolidate my inputs into one. I just don't want to pay more than 10 sats/b for any transaction. I don't care how long it'll take for a confirmation. 10 sats/b is my limit for a btc transaction and it is still expensive when you think about it. There are other reliable alts that do the same job for a lot less. Maybe it is time to increase the bottle neck a little bit. Or just get rid of the "feature" which is causing the spam.
Bitcoin transaction fees are not always this high and it's just an occasional occurrence that should never be an obstacle to long-term Bitcoin adoption. The majority of people who adopt Bitcoin use it for investment purposes and they buy and hold Bitcoins directly from exchanges. All they need to do is pay a one-time fee to send their assets from the exchange to their non-custodial wallets if they are using centralized exchanges and some would simply keep their assets within the exchanges.
So, these transaction fees are never a problem for the volatility of Bitcoin or are a hurdle in the way of global adoption. Nothing can stop Bitcoin from getting spread over time, no matter what happens, more people will get into Bitcoin and adopt it when they learn about it whether it's price is high or the transaction fees are high.
But I also don’t remember fees on the Bitcoin network increasing for such a long time before, so the current situation is a little different from previous cases. This will not significantly affect those who hold Bitcoin, but it will have a significant impact on those who use Bitcoin much more often for their needs.So, these transaction fees are never a problem for the volatility of Bitcoin or are a hurdle in the way of global adoption. Nothing can stop Bitcoin from getting spread over time, no matter what happens, more people will get into Bitcoin and adopt it when they learn about it whether it's price is high or the transaction fees are high.
Volatility is what attracts people to cryptocurrency, for them it is an opportunity to earn quick money. Nobody wants to buy some conservative asset and wait 10 years to make a profit, because it's boring, everyone wants quick money, and volatility can help achieve their goals.
ordinals on which it do continually spamming out the network which it did really affect into those people who do really make out active transactions in between their Bitcoin transactions on which it do really sucks
because fees are really that too high on which its never been worth for you to make some micro transactions due to that high fees on which not everyone would really be that willing on paying that.
This is why it would really be that best that you should really know on to seek for alternatives on which you could really be able to save up via with those cheap altcoins
that we do have on the market today.
If not then you can simply just sit and wait up for the things to go down but not all would really be having that patience because the waiting game is really just that too long
where pending transactions way too slow to confirm because of those spams.
Bitcoin transaction fees are not always this high and it's just an occasional occurrence that should never be an obstacle to long-term Bitcoin adoption. The majority of people who adopt Bitcoin use it for investment purposes and they buy and hold Bitcoins directly from exchanges. All they need to do is pay a one-time fee to send their assets from the exchange to their non-custodial wallets if they are using centralized exchanges and some would simply keep their assets within the exchanges.
So, these transaction fees are never a problem for the volatility of Bitcoin or are a hurdle in the way of global adoption. Nothing can stop Bitcoin from getting spread over time, no matter what happens, more people will get into Bitcoin and adopt it when they learn about it whether it's price is high or the transaction fees are high.
But I also don’t remember fees on the Bitcoin network increasing for such a long time before, so the current situation is a little different from previous cases. This will not significantly affect those who hold Bitcoin, but it will have a significant impact on those who use Bitcoin much more often for their needs.So, these transaction fees are never a problem for the volatility of Bitcoin or are a hurdle in the way of global adoption. Nothing can stop Bitcoin from getting spread over time, no matter what happens, more people will get into Bitcoin and adopt it when they learn about it whether it's price is high or the transaction fees are high.
Volatility is what attracts people to cryptocurrency, for them it is an opportunity to earn quick money. Nobody wants to buy some conservative asset and wait 10 years to make a profit, because it's boring, everyone wants quick money, and volatility can help achieve their goals.
I think it is not the right time to have small transactions as well as trade with Bitcoin with its current average transaction fee. I was planning to sell some Bitcoin and cash out last December for the upcoming holidays and new year, but seems like everyone has the same idea that causes the fee to skyrocket, I have read that the ordinals hype caused this fee. I really expect that the fee will decrease by the next month maybe give if a few weeks it will reach $10 below. Just hold your holdings and be patient they will decrease soon.
For those who regularly trade Bitcoin, the sudden increase in transaction fees is irritating. I have seen many people refrain from doing bitcoin transactions when mempool congestion was rampant. Compared to last December, it has started to decrease again, but not much. But hopefully it will become normal again. Since the market has ordinal effects, we must understand that congestion is common. But with time or patience everything can be fixed. There may be little problem here only for small transactions. But if it is accepted as normal for some time then I think the transaction fee can come down to bearable level.
Bitcoin transaction fees are not always this high and it's just an occasional occurrence that should never be an obstacle to long-term Bitcoin adoption. The majority of people who adopt Bitcoin use it for investment purposes and they buy and hold Bitcoins directly from exchanges. All they need to do is pay a one-time fee to send their assets from the exchange to their non-custodial wallets if they are using centralized exchanges and some would simply keep their assets within the exchanges.
So, these transaction fees are never a problem for the volatility of Bitcoin or are a hurdle in the way of global adoption. Nothing can stop Bitcoin from getting spread over time, no matter what happens, more people will get into Bitcoin and adopt it when they learn about it whether it's price is high or the transaction fees are high.
So, these transaction fees are never a problem for the volatility of Bitcoin or are a hurdle in the way of global adoption. Nothing can stop Bitcoin from getting spread over time, no matter what happens, more people will get into Bitcoin and adopt it when they learn about it whether it's price is high or the transaction fees are high.
greetings to all friends, last December was a pretty bad month for all bitcoin users and also those who actively transact with bitcoin because bitcoin fees were really suffocating, even the highest fee i saw reached $20, this caused a lot of topics to be discussed. discussing this phenomenon, a few minutes ago i accessed the mempool and found that the bitcoin fees listed there were very cheap when compared to last December 2023,
To be honest, not only last December but until now the fees for Bitcoin transfers are also very high. In fact, it seems like it has jumped more than 5 times from before the fees increased so drastically. Basically, now when planning to transfer Bitcoin to another website, I've thought about it several times because the amount I have to pay is many times over... I thought it would just happen during the long holiday yesterday and it will be back to normal now. However, it turned out to be wrong, because up to this time it was still classified as very high for the fee. legendary
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from this it can be concluded that changing bitcoin fees should not be an obstacle to bitcoin adoption. For those who transact Bitcoin with small amounts, it's a good idea to pay attention to the time because you will definitely find the best time to process your Bitcoin transactions.
The fees isn't an obstacle for Bitcoin adoption, irrespective of what the fees are Bitcoin will still have adopters. Remember it was the volatility that was the concern that doubters were pointing to that it'll discouraged the adoption of Bitcoin and when they saw that the adoption of Bitcoin wasn't slowing down, they have turned to the fees as the challenge that Bitcoin will have but that won't be an issue.
The fees weren't this bad untill the ordinals hype came around, but they won't last forever as the hype will die soon and the fees will return to normal. It's quite a good thing the ordinals hype came during this time as it shows how the network will be congested when bitcoin starts getting used more, if something isn't been done about the block size as the high fees will return.
We can't be living in denial that something shouldn't be done. A solution that won't make us go against the decentralization of Bitcoin and the network has to be proposed and accepted to keep things going. Segwit is trying but that's not the permanent solutions, the the poor adoption of the solution should send the signal that more is needed to be accepted by the community.
OP, you cannot cover the "sun with a finger", says a phrase when faced with a real problem, and the fees are paid according to what corresponds when you have to make a transaction, and in fact, as I commented in another post, compared to a regular fees from any bank (swift-SEPA) remain viable, however, adoption is not 100% related to the payment of a fee. Consequently, you have to pay the corresponding fee as long as Ordinals or whatever is external to the network "sabotages" the fee.
Currently, the issue of Bitcoin fees is hindering the adoption of Bitcoin for everyone. Bitcoin fees are always volatile, just like the crypto market. Because of which many small traders are unable to transact with Bitcoin. Moreover, the transaction time of Bitcoin is also not fixed.
from this it can be concluded that changing bitcoin fees should not be an obstacle to bitcoin adoption. For those who transact Bitcoin with small amounts, it's a good idea to pay attention to the time because you will definitely find the best time to process your Bitcoin transactions.
Last December I wanted to carry out a Bitcoin transaction but the fee was too high I have to temporarily suspend the bit coin transactions with the mindset they I will do it sometimes this year when the price has reduced and is down, going my this your post I'm going to recheck again and see if I can now deliver my transaction with a fair fee. Most persons I'm sure did stopped Bitcoin transactions due to the surge in the fee price but it's good to know it's now down .
sometimes we need to pause a little bit inorder to prevent such things happen. Also this is what I did once the transaction fee are too high then I will take pause and wait for the fee going to reduce cause if I am going to transfer my btc with the higher fee then the it's too bad for me. So it's better to take a pause and wait for the down fee. Anyways nowadays the transaction fee was friendly after being high it will reduce for a couple of hour's.
from this it can be concluded that changing bitcoin fees should not be an obstacle to bitcoin adoption. For those who transact Bitcoin with small amounts, it's a good idea to pay attention to the time because you will definitely find the best time to process your Bitcoin transactions.
The high bitcoin fee can't be an obstacle to bitcoin, their are several time in the past that we had challenge like this but it didn't cause anything bad for bitcoin. I don't think this very one will cause anything to the adoption of bitcoin. If you compare the recent transaction fee to that of some weeks ago you will see the fee is reducing, we should be expecting in a few time. The fee will definitely come back to normal, at this point let's just concentrate to hodl for the bull market. Jump to: