Topic: Bitcoin network fees are not high is you who can't afford it. - page 3. (Read 482 times)

Right from the title till last line of the post I couldn't find any sense at all. Why would someone pay multiples of what they used to pay as transaction fee and if you are trying to transfer a small amount then the transaction fee is higher than the actual transfer amount and Bitcoin was supposed to be an easy and cheapest way of P2P transfer but we don't expect transaction fees to go higher during bull run like gas and electricity bills which goes higher during winter season.

This has to be fixed we are supporter of Bitcoin that doesn't mean we will support the flaws as well. Sorry there might be different point of view but I feel this doesn't make sense.

Just because one can afford it does not make this fees alright. It's different feeling when you pay $2 for a transaction and when $15, you know you are paying more, and it's not normal.

OP, you sound as if you are so rich and you use bitcoin everyday, but you should also know that the high fee was the congestion of the mempool by those garbage which led to the cause of alarm. Bitcoin has always been attacked in different forms and bitcoin will still survive. If this was how the fee was initially then I doubt that all us of here will be spreading the good news of bitcoin because so many people will be discouraged to adopt bitcoin. You are only making it look as if using bitcoin is expensive which it is not.

Yea I agree with you but let's wait till then because by then bitcoin price might have exceeded 6 digits to maybe 7 digits and paying such fee then wouldn't be a problem, and not now that bitcoin price is still 37k+. It shows it is abnormal.

Although, this is not the first time for such a hike on transaction fees  but come to think of it, isn't it overuse that this is the height of all the previous transactions fees?
During this short period of the transaction hikes, there have been a lot of mistakes just like on the link provided https://bitcointalksearch.org/topic/someone-just-paid-83btc-for-transaction-fee-5475177
And anyone who make such a mistakes will definitely feel bad, so I am trying to say that this even if an investor have the money for the fees, he or she will still feel bad, it is not about having the coins for the fees.
Even if I have the money for the fees I will feel bad when processing the transactions because there have been days when the fees were not high as it is now.

Your interpretation of Bitcoin fee in your way is good but don't force the interpretation on other. Those who want to pay high fees woul pay and it is not about the high fee. It is the uncertainty and the volatile situation in the memepool.

If the memepool suggest 37 sat/vB and you process a transaction using it then also there is no guarantee that it will get processed in time. As I said earlier the problem is not high fee the problem is the volatility in transaction fees. You never know when it will straight away jump to 70 sat/vB or 100 sat/vB. I have not seen such amount of volatility in transaction fee until BRC20 came into existence.

The argument is not if this is the first time or not, it is if the network fee is high or not. If you agree with me that majority of the times the network fees was lower than fiat, and that the high network fees that happens sometimes is usually caused by something, then you will also agree with me that the post is wrong.

This is exactly the message the post is conveying even though that may not be the intention. Even some OGs still comfirm that the fee is high as it is impacting negatively on people and those who adopted Bitcoin as means of payment in their businesses.

Not really,  but then Bitcoin transactions have chains and at any time, the sender can adjust the fees just to get his transaction through faster, so that doesn't mean even low Bitcoin holders can't use such a feature but the same rules apply to all of them.
Just like flying a first class and economy class, the same Aeroplan but different treatment, Bitcoin have given us a classless network, so for that how can I assume that Bitcoin is meant only for the rich, Bitcoin is a development that anyone who takes the time to study it can adapt to the network on a long term base.
I hope this clears things up a little buddy!

Yes the network congestion itself is just showing a glimpse of probably how the network will be when mining stops and when we have high adoption rate, but the problem remains that people are furious about this high even the longer term holders because this fee is not incurred because of bitcoin alone but because of the shitcoins on the network. It would have been understandable that we are paying this high fees if at all the congestion in the pool is mainly because of high demands of bitcoin but it is not. So I don’t think anyone is happy to pay that amount at this senerio.


The fees haven’t been that too high I will say, the high fees as regularly been hovering around 500sats/vbyte which would amount to around $26 which quite low compare to your estimation. Although I doubt that you can pay $0.1 to transfer an amount worth $1k but it might be your country, even though it is like that it would be internal transaction and not cross boarder transactions because I am sure it will be more than that. As you know bitcoin doesn’t censor between inter or intra transactions that is where the decentralization comes from. It is better to know that using bitcoin transactions now should be when it is at your advantage, if the fiat has better advantage at that certain period of payment then make use of it, that’s why bitcoin is like an alternative to traditional currency

The message your title is trying to pass to the community is that “Bitcoin is meant for the rich, and those that can afford to pay a high fee, and if you don’t have the resources don’t use bitcoin”.


They didn’t complain openly does not mean that they are happy with it. I don’t think there’s anyone here in the forum that is willing to just go and spend 50x of what they usually spend and still be happy with it, even if they can afford it.

Says who?
Have you taken the time to research back on how the Bitcoin network has evolved over time, take a step back and check what the fees were like in 2017-2018 and other subsequent years and even more recently this is not the first time man.
I bet it will be of great favour to our mental state to take network crisis as a global crisis in the financial sector, the reason being that we have experienced similar network crises in our individual traditional banking networks sometimes you pay high fees for cross-border transactions.

I can afford it but it’s really considering that there’s tons of blockchain alternatives that cost only less a than a dollar to send a transaction. The current fee is not the typical average so I’m not sure if being affordable is the real issue here.

With this thinking, you are limiting shrimp holder to use Bitcoin because it will be impossible for them to accumulate slowly through DCA by paying this high fee multiple times.

I don't agree with you on this. Before now, this was not the case with the network fees so it is a kind of crisis in my opinion. We in the Bitcoin community do pride in the fact that Bitcoin offers the most convenient and cheapest means of sending money across borders,  but the recent increase in fees have changed that. Should we pretend about it?

How can someone spend $33 to transfer less than $1k and you think that's not high? In my local currency, you will spend around $0.1 to send that, where then is the advantage of Bitcoin in terms of cost of transaction?

Hey newbies and OGs, just i quick reminder of the current condition of the Bitcoin network and what it is like with the hike in transaction fees and network congestion.
First, as the title states clearly that Bitcoin network fees are not high but it is you as a holder who can't afford it, the reason being that many newbies and some few old members have mistaken this current network condition to mean a crisis, the reality of things is that, most Bitcoin old term holder are not complaining because they already have experience of how the Bitcoin networks work per time, and if they want to make a transaction they rather just pay high fees and move on rather than paying low fees with long time of waiting because a lot of transaction volumes that have higher fees than yours are already broadcast into the network so it takes long time before getting your transaction confirm.
I hope that a long time from now, most newbies will stop making news from this kind of temporary network congestion, and start focusing more on how to contribute to making the Bitcoin network cleaner and globally adaptable to all, for me I don't see any negativity in bitcoin but rather a lot of opportunity to develop along with Bitcoin as an alternative among another alternatives.