Topic: Bitcoin fees are so high right now. What's next? (Read 398 times)

For me bitcoin fees is fair enough than ethereum fees. I almost spend $2k+ as a fees in this 6 months. And in this case bitcoin is quite good. Well i also think it is okay because lots of new peoples comes in bitcoin sector they are doing transaction of bitcoin thats why bitcoin needs more powers to doing transaction and miners get their fees from transaction. They gives more power so they deserve more reward. And that could be a reason for bitcoin fees increasing if yes then its quite normal. But comparing to etherem bitcoin is well and good.

I hope so that the fees would stay but it's better if it will drop just as the normal transactions that we're doing before. But if it won't, we're going to expect higher prices for bitcoin.
That's the counterpart of it, high price means that there will also be high fees.

I think that buying BitCoin right now is a bad idea. I price is the highest now, so in the near future, it should be lower. This is happening very often.  can recommend you to buy it when it will become cheaper because if it will become more expensive you will sell it and you will make the difference. I make this with almost every popular cryptocurrency. I think it is an easy way to invest money that you don't need now, so why won't stay only in the bank, but they will make you even more money if you know how the cryptocurrency market works.
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Of course. But the network congestion will only make matters worse in the long run. If fees continue to rise over time, Bitcoin may end up being used solely by whales and the wealthy, while the "little guy" is left out of the system. SegWit may have helped a bit with fee costs, but it's not a definite solution for long-term scalability. As long as Bitcoin remains popular, we're going to have to deal with high fees for each transaction we perform on the Blockchain. Transactions with low fees are getting confirmed in a week, making it quite troublesome for people looking to settle payments in the least time possible. After all, not everyone is willing to wait a long time for the transaction to get at least 1 confirmation on the network.

Nonetheless, I believe the "Taproot" upgrade will benefit Bitcoin in the long run if it gets approved this summer. It aims to improve scalability and privacy, making Bitcoin a better cryptocurrency for all. While fees could decline as a result of the upgrade, it's still not enough for scaling Bitcoin to millions of users worldwide. The Lightning Network helps but not everyone accepts it as payment method (due to its steep learning curve, and experimental nature). In the meantime, we can use alternative cryptocurrencies like Bitcoin Cash and Litecoin which are faster and cheaper than Bitcoin. As long as fees remain high, Bitcoin will only work as a store of value instead of digital cash for truly "peer-to-peer" payments worldwide. Just my thoughts

I don't really expect the price to decrease more (actually about 12 - 16 $). It has been already increased from 6 - 9 $ before the boom. First it was caused by the last halving, then by the large demand for bitcoin with the price rised to 200%. So i expect the fee to stay at this level when the bear market gets in .

That's one thing for sure when the bear market gets in. We will see if bitcoin will play the same pattern as 2018 if the bear market comes.
It is inevitable but as long as the market isn't entering on that season, we're sure that we're going to see more from this market as it's still on bullish season.

For Micropayment it seems high to you but if you want to send a large amount to multiple outputs then the fees are still economical than other payment methods. For micropayment, you can use the weekend facilities, as usual, there is less congested at meempool on the weekend. You can keep an eye on meempool.space when the block size is low. If you don't have time then currently it is better to use LN/SegWit for micropayment.

It will take days to reflect on your wallet if you set a low amount fees on your transaction and to avoid this better use the recommended on your wallet since it will make your withdrawal/deposit more faster. But if you can't afford the fees taken better use segwit to segwit address for transfering and it could give us more convenient comprare to default addresses.

im pretty sure as well that this fees will gonna back to normal soon or later.. btw i actually make a transact using bitcoin but it makes me worried why it takes days before it reflect ... I use eth also but if you use small amount of fees they will cancel it.. For me i think the best thing to do is to keep this assets while these fee's still high...because it's very unacceptable amount to spend especially only for fees, just imagine 10$-15$. wherein seems like easy to earn that kind of amount.

According to estimates, less than 5% of the Bitcoiners are using Lightning Network on a regular basis. The vast majority of the users find it too complicated to use. The fact that the number of transactions are increasing doesn't surprise me. The user base is expanding with each year, and therefore it is only natural to assume that the number of transactions will also increase proportionately. And the block size hasn't increased ever since Bitcoin was first mined in 2009.

It is a positive sign, in the meantime the number of transactions is several times more than usual. It means that the demand for Bitcoin has increased a lot and if you want to complete your transaction in a faster time than others, you have to pay a little higher fee. Alternatively you can use Lightning Network to relieve congestion. At present SegWit system for 1 input and 1 output transactions are up to 30% more economical than old legacy transaction system.

The best solution at the time was a lightning network. Nowadays the cost of bitcoin in exchange is quite very expensive for me, I always use very cheap alternative coins, such as ltc, or bnb. Yes, it's true it looks like bitcoin is used for the rich only in their transactions. I am not sure bitcoin can lower transaction fees in the future because of its decentralized nature, this is where I decided to always look for cheap and fast coin alternatives.

First of all, back in 2011 we had only a few tens of thousands of active users. The blocks were almost never full, and therefore it was possible to get confirmations by paying zero fee. Now we have tens of millions of active users and therefore the number of transactions are much higher. And secondly, the exchange rate has risen by 10,000x from 2011. So even if the transaction fee had remained the same (in terms of Sat), you would be paying a higher fee.

Yeah I heard that during 2009 and 2011 when Bitcoin started the fees was not like this, but now the transaction fees of Bitcoin is getting high and higher and traders is fining it very difficult trade because of the charges thats involves, assuming Bitcoin price is low the charges would have become low, so I understand that what is making Bitcoin charge to be increasing is because of it's increments in price.

I want to know what leads to such high Bitcoin charges? Which solution is best to pay high fees? When I join campaigns and receive rewards to withdraw money I have to pay a fee. Joining the casino to pay Bitcoin as you say is it illegal?

Same behavior here where i dont like for my transactions to get stuck and on that recent fee rise where it did last a week where fees hitting $20 more which is really a pain in the ass

but now its already normalizing where it do play around 20-30 sats/byte which i can say that its already cheap and best time to make out transactions but if you are really still

after on less dollar cost fee then you would need to wait up even more unless if there's another incident would happen.

Fees now are very cheap, I'll always look at https://mempool.space/ to monitor the fee before I make transactions. Maybe there are days that the fees are really high, but nothing to panic as its normal when the market is congested, and here we are now, back to lower fees and we can enjoy making transactions again, especially in gambling or whatever purpose you'll do.

@famososMuertos,, probably that's the cheapest this month so far.

The price drop is only a placebo effect rates should be kept in a ratio of 10-20 satoshi regardless of the price of bitcoin.

For those who have ever made international transfers paying 10-20 dollars is still low and cCoupled with immediacy.

It all depends on the niche where you operate, obviously certain users by their trivial habits of use are affected but that doesn't mean that only bitcoin is available to whales.

The rates will always be associated with your urgency (individually in your sensation of expensive or cheap) and the amount you send, send $ 1000 and pay $ 10 is low fee, it may be expensive for you but if you compare it with the traditional banking network it is very, very low.

On the other hand, a common person who send remittances who sends $ 200 is happy to pay a $ 10 fee if you compare it with traditional banking.

So bitcoin will never be only for whales, even today you can send to 1sat, you just have to know the network.
Today* the rate is:
Low priority
17 sat / vB ($ 1.14)

Medium priority
17 sat / vB ($ 1.14)

High priority
17 sat / vB ($ 1.14)
source:mempool:17h:56(*)
^{You could Tranquilize. "Hold" be calm.}

Well, perhaps just because we are on the weekend and most likely at this moment, bitcoin fees were slightly down including the queue number of unconfirmed transactions also been followed. That is right, I think it is back now to normal, at this moment I saw it is $1-$3 range fees in the mempool.space. A little bit frustrating last week because I can't able to move my coins because of the high fee, I think that was $20+ above which is really big for the microtransactions purpose. By the way, is the number of miners will affect the transaction fees either will up or down?

Transactions fees are getting back to normal and the mempool is less congested. According to mempool.space,  a 20 sat/vB transaction (~$2 for a standard transaction with 1 input and 2 outputs) is likely to confirm within the next block.

If the hashrate remains as it is and doesn't drop again (it's currently at 141EH/s) and with the upcoming difficulty adjustment, fees are likely to go down further.