Bitcoin High Fee show that small investor will no more be able to send bitcoin. Although it almost 50% less than the past but still need some correction.
I strongly believed that in near future fee will be reduced and we will be able to transfer btc wih low cost. We have to just wait for upcoming update.
Topic: Bitcoin fees are so high right now. What's next? - page 2. (Read 398 times)
It's time for people to understand that with the rise in the price and popularity of bitcoin, such an effect is inevitable. And you should think about how to divide your funds in cryptocurrency into different assets in order to more flexible their use and, as a result, reduce the load. If things go on like this, then not only the time of the transaction and the commission will bother people, but the fact that due to unrest in the markets while the process of processing payments is in progress, something may change. These are new risks and challenges with which you need to do something, at least have alternative payment methods and so unload the network.
Well the fees have stayed constant but the thing is that the price of bitcoins itself increased drastically therefore it might be wrong by the traditional means but we have to realize that it was indeed the other way around. The payments are getting delayed at most of the wallets, at once it was instant but now it's taking at least 1 day which is honestly something that I hate, but you can always use p2p transactions. This way you would have :-
1. Lower fee , you both can split the network fee
2. Avoid the extra charges
3. Have a chance to get the encashed amount in cash and at the same time it would be better for the long run.
I do think in the future the lightning network needs to be improved so that it can crater to a bigger audience.
1. Lower fee , you both can split the network fee
2. Avoid the extra charges
3. Have a chance to get the encashed amount in cash and at the same time it would be better for the long run.
I do think in the future the lightning network needs to be improved so that it can crater to a bigger audience.
The fees are really intriguing at this bull run. This also could be the reason why the price of bitcoin has dropped a lot because many transactions have been stuck even with high fees.
But just as the same after the bull run of 2017, the fees have dropped a lot. I think we're going to see cheap fees again if we enter the bear market.
But just as the same after the bull run of 2017, the fees have dropped a lot. I think we're going to see cheap fees again if we enter the bear market.
Your long term scalability problem doesn't lie with on-chain transactions; you can really only do so much if you don't want to raise the block size. Instead, using 2nd Layer like LN would solve the scalability issue much better without all the politics that goes into making changes to the protocol.
LN is fortunately not a short term solution but the adoption is still fairly low.
LN is fortunately not a short term solution but the adoption is still fairly low.
It's better to save it till the price set New ATH record again by that time the fees can be higher but it somehow can replace the fact that we we're at much gain by that time. If there's really a need to create transactions or transfer fund I prefer to use XRP in doing some cashout or find other altcoins that can lessen the fees.
This is a huge issue now especially if we attempt to withdraw from any exchange. Once we use a noncustodial wallet where we can adjust sending fees at least we can reduce the fees although transactions take time. But not I attempt to withdraw from Bittrex and transaction fees show above 15 USD in the current Bitcoin price. So by force, we have to choose altcoin to withdraw from the exchange. Also, there is an issue when we buy something using Bitcoin, there would issue once a transaction takes longer.
However, I don't see any instant solution since most of the exchange doesn't allow to withdraw in SegWit address nor allow to withdraw in Lightning channel. If all the miners and developers try to upgrade the chain and do something to reduce fees then there is a chance to reduce fees. But I believe miners will not agree to reduce the fees anyway.
However, I don't see any instant solution since most of the exchange doesn't allow to withdraw in SegWit address nor allow to withdraw in Lightning channel. If all the miners and developers try to upgrade the chain and do something to reduce fees then there is a chance to reduce fees. But I believe miners will not agree to reduce the fees anyway.
The fee scalability isn't controlled by someone, so we gonna expect this any time. We've suffered this in the past days, imagine paying $10, isn't really acceptable and thanks god it just runs in a short period of time, and finally, we're back.
So what next? I think everyone is fine now, and those days gonna be some sort of learning experience. And we can't be sure that it never happens again, or we should have to prepare for it?
So what next? I think everyone is fine now, and those days gonna be some sort of learning experience. And we can't be sure that it never happens again, or we should have to prepare for it?
I believe that the developer is well aware of the high fee problem of Bitcoin. They had done several proceedings to fix this problem but due to the fast increase in the price of Bitcoin, it feels like the implemented steps to solve the problem of high fees can't be felt at all. But honestly, if we just look at the Bitcoin spent for transaction fee, it is way lesser than before. And I am sure the Bitcoin developer will work on improving/decreasing the transaction fee.
how high is it right now? 
You can just use mempool observing sites to know the fee that can get your transaction into next block, although know that feerate can be lower during weekends. Lists of recommended mempool observers are:https://jochen-hoenicke.de/queue/#BTC,24h,weight
https://mempool.space/
https://mempool.observer/
Know that the feerate is not constant at all, they do fluctuates every time in seconds, and is in accordance to the numbers of transactions in queue on mempool. If the mempool is less congested, the feerate will be reducing, but if getting congested it will be increasing.
how high is it right now?
Why do you resent the fees when you got an increase from $ 10,000 to $ 50,000 within a few months, and therefore paying 1% of the transaction value as fees is not considered a loss.
Bitcoin fees depend mainly on how you calculate correctly and not how many currencies you have.
Finally, the current problem is short-term, but Bitcoin suffers from a scalability problem which is considered to be long-term.
Bitcoin fees depend mainly on how you calculate correctly and not how many currencies you have.
Finally, the current problem is short-term, but Bitcoin suffers from a scalability problem which is considered to be long-term.
Which short term solutions are developers working on to tackle high fees (besides the Lightning Network)?
Not worked by developer, but increasing block size is valid option.
4. Even the upcoming taproot will significantly reduce multisig fee.
Actually it depends on what kind of transaction and script (e.g. multisig or HTLC). Regular transaction (1 input with 2 output and vice versa) won't benefit much from Taproot.
You can still use different coins to evade the high transaction fees. But it is not a good long-term solution but there is hope that we will be able to lower that transaction fees in the future.
Yes this is my solution whenever I am taking money from exchange or trading site I would withdraw with alt-coin that have a low withdrawal fee and fast confirmation.But I also hope that they could fix the BTC fee in the future so we wouldn't need to convert it to other crypto to lessen the fee's on sending or withdrawing.
^ I do not really think that we can take BTC transaction fees negatively. The only reason it is increasing is that the demand and the value also increase. That’s actually a sign of growth. Days are over where we can use BTC for microtransactions. I still remember those days where it feels like you have power over everything. What I would suggest is that you may consider alternative coins for now as Bitcoin’s transactions are currently being developed. Let us just stick with it and stay. Sooner or later we will be the beneficiaries. Good luck to all of us!
Bitcoin prices grew strongly compared to a few years ago, leading to Bitcoin's transaction fees are very high. I was really difficult to trading Bitcoin during this time when I wanted to transfer a small amount of Bitcoin which I had to fee doubled. I hope it will soon be resolved.
You can still use different coins to evade the high transaction fees. But it is not a good long-term solution but there is hope that we will be able to lower that transaction fees in the future.
Bitcoin prices grew strongly compared to a few years ago, leading to Bitcoin's transaction fees are very high. I was really difficult to trading Bitcoin during this time when I wanted to transfer a small amount of Bitcoin which I had to fee doubled. I hope it will soon be resolved.
Exactly, I tried to transfer my Bitcoin from my Segwit wallet and I need to pay more than 10% of the amount, this is very higher than usual. Commonly I only spend under 50sat and now it is more than 125sat. Just better to keep it in the wallet while waiting for the reduced fee (if any) 
Actually, in Segwit, I always use the minimum or lowest fee rate and it may take a longer time, but no worry for me, as long as it arrives at the addressed wallet, it doesn't matter. But, commonly it will only take few hours or sometimes no more than one hour.
Also, how long will a transaction with a mid-to-low fee will take to confirm on the Blockchain? Your input will be greatly appreciated. Thanks 
Commonly there will be a notification of the confirmation for every fee rate that we are using. Actually, in Segwit, I always use the minimum or lowest fee rate and it may take a longer time, but no worry for me, as long as it arrives at the addressed wallet, it doesn't matter. But, commonly it will only take few hours or sometimes no more than one hour.
I have to reluctantly agree that it has gotten to the point wherein sending bitcoin in small amounts is no longer feasible and sensible anymore. It's been a fact for a few months now, and I think most here would agree. If I ever want to make transfers on small amounts using cryptocurrency, I just convert them into XRP or other crypto that charges relatively low fees and still gets confirmed in a swift manner. I know it's a temporary event that happens every so often, especially during bull runs like this but it's really annoying.
There's not much we can do about it sadly. Either pay the fees to get your transaction confirmed or just use any other crypto that can do the same job but with less fees involved.
There's not much we can do about it sadly. Either pay the fees to get your transaction confirmed or just use any other crypto that can do the same job but with less fees involved.
Which short term solutions are developers working on to tackle high fees (besides the Lightning Network)? Also, how long will a transaction with a mid-to-low fee will take to confirm on the Blockchain? Your input will be greatly appreciated. Thanks
Short term solutions are, make transfer from your exchanges wallet which may have less fee compared to the actual fee you are paying from your wallet. For example if I am sending from my LBC wallet I need to pay around 0.0001BTC which costs you about $5 and the transaction will be confirmed in the next 30 minutes or so but I am make the same amount from single input to single output then I need to pay around 200sats/byte so its like paying half.
Or using bitcoin transaction accelerators!
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