If fees become higher is because the people are paying more for their transactions, anyone wants to skip the 170,000 unconfirmed transactions, and the right way is by paying high fees.
The problem right now is we have more transactions than the ones that the network can handle. And that's a real problem because some people like me had to wait 4 days for a confirmation, that isn't cool at all. Even if we pay small fees is a big amount of money for a single transaction.
Topic: Bitcoin fees are so high right now. What's next? - page 3. (Read 398 times)
I'm starting to wonder, what's next in stake for Bitcoin? Will fees continue to soar all the way to the moon? Or will they settle at some point?
I am very confident that the fees will drop once again in the near future. In fact early this month, just before the recent spike in the fee rate. The optimal fee for confirmation in the next block went to as low as 5 sats per byte. The fees I paid for the transactions were even much lower than Ether's
I personally don't transfer native Bitcoin anymore, it's too expensive. Ethereum isn't much better, so you can't get around the issue using wrapped assets. I've had a lot of success with the lightning network lately, more and more casinos are starting to accept it, and Bitrefill takes it too; which is the most common way I spend BTC.
As for scaling solutions in the works, there are a number of blockchains that offer synthetic Bitcoin, like Metaverse and Terra. But there is still the initial transaction that comes with depositing your BTC in an escrow contract before you are issued the synthetic alternative. So if you're simply trying to avoid the fees for a single transaction, this won't help.
As for scaling solutions in the works, there are a number of blockchains that offer synthetic Bitcoin, like Metaverse and Terra. But there is still the initial transaction that comes with depositing your BTC in an escrow contract before you are issued the synthetic alternative. So if you're simply trying to avoid the fees for a single transaction, this won't help.
First of all, I will like you to know that the feerate paid this time around is usually high. But, either miners that are not mining now will later start to continue to mine, or the mining difficulty will be adjusted which is not even up to 2 weeks from now.
1. The first reduction was when uncompressed legacy address was changed to uncompressed through data reduction. But some people can still even be using uncompressed paper wallet, and high fee is required during sweeping or transaction.
2. Fee was reduced when nested segwit was implemented.
3. More fee was reduced when segwit was implemented.
4. Even the upcoming taproot will significantly reduce multisig fee.
If those can happened in the past, there will be more solutions coming to reduce the on-chain fee. But some developers are making it worse, that is why you will see many wallet not supporting segwit.
Which short term solutions are developers working on to tackle high fees (besides the Lightning Network)?
Did you actually know that bitcoin feerate has been reduced to almost or slightly more than 50% if compared to the past. 1. The first reduction was when uncompressed legacy address was changed to uncompressed through data reduction. But some people can still even be using uncompressed paper wallet, and high fee is required during sweeping or transaction.
2. Fee was reduced when nested segwit was implemented.
3. More fee was reduced when segwit was implemented.
4. Even the upcoming taproot will significantly reduce multisig fee.
If those can happened in the past, there will be more solutions coming to reduce the on-chain fee. But some developers are making it worse, that is why you will see many wallet not supporting segwit.
The popularity surrounding Bitcoin these days has led towards an astronomical rise in transaction fees. Whereas a 70 sats/byte fee settled in a couple of hours, now it takes days to confirm on the blockchain. I've made a transaction on April 17th, 2021 only to find that it's still unconfirmed to this point. Based on Mempool Observer, fees have risen well above 150 sats/byte. Prices have declined a bit on the market, so that's a temporary relief for hardcore Bitcoin users like myself. But what if prices in terms of USD continue to rise alongside network fees? Only whales will be able to use Bitcoin, while the rest will be forced to use the Lightning Network or another cryptocurrency for day-to-day transactions. The former option is still not stable enough for mainstream use (despite having a stable release), so most of us are stuck with option number two (altcoins).
I'm starting to wonder, what's next in stake for Bitcoin? Will fees continue to soar all the way to the moon? Or will they settle at some point? 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
I'm starting to wonder, what's next in stake for Bitcoin? Will fees continue to soar all the way to the moon? Or will they settle at some point? 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
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