Bitcoin network fee´s insanly high at the moment! - page 2.

Fatunad

sr. member

Activity: 2226

Merit: 347

Quote from: CYBER_COWBOY on May 04, 2023, 11:20:21 AM

The Bitcoin network transaction fees are currently at the highest in nearly three years since July 2021. This indicates that there's a strong demand for the Bitcoin blockchain network.

Last weeks have been a bit crazy, with insane fees one day and very low fees another day. I use Exodus and Blockchain I also got a wallet at Noones (old Paxful)
If i want to send $100 from Exodus its $30 in fees. almost the same at Blockchain a bit lower i think around $20.
But if i want to send from Noones it only cost $0.50. Why is this?

I know Noones just open their business and what to attract customers. But if they are available to have that low fees why is not Exodus or Blockchain?
With fees like this its not worth to use bitcoin as payment method at all.

Do you guys/girls think this will stabilize soon or will we see more like this, with normal fee´s one day and extremely high the next day?

And this is where LN kicks in on which it would be having that less fees, but i dont know if its already been that integrated on some business as this thing is still on test phase?
I cant really be that so sure but recently i had just seen out that there are some platforms who do really accept LN payments which means that it is really that possible
that you could make use of it in terms of your business option payment.

When making up some transactions then i do usually peek on https://mempool.space/ and trying out to see on whats the current sat/byte is on priority
and which is really that on the middle but of course it would be suddenly changing and depending or basing on how congested the network is.
It would be just that understandable that miners would really be prioritizing into those people or users who do willing to pay more fees.

Z-tight

hero member

Activity: 854

Merit: 1031

Only BTC

Quote from: SamReomo on May 04, 2023, 11:47:22 AM

The main cause of such increase is due to increased demand of transactions and sometimes it can also be caused by decreased number of miners.

I don't think mempool congestion resulting in high transaction fees and slow confirmation time can be caused by a reduction in the networks hashrate, there are so many miners and even if the network loses miners from time to time, it cannot be so significant. BTC's mining difficulty is also adjusted after every 2,016 blocks, so if there is a reduction in the hashrate within that time the network would reduce the mining difficulty to ensure that blocks are mined at least 10 minutes on average. A massive decrease in the network's hashrate is going to affect the security, because then it becomes possible for a 51% attack to happen.

SamReomo

hero member

Activity: 784

Merit: 672

Top Crypto Casino

Quote from: CYBER_COWBOY on May 04, 2023, 11:20:21 AM

The Bitcoin network transaction fees are currently at the highest in nearly three years since July 2021. This indicates that there's a strong demand for the Bitcoin blockchain network.

That's definitely a sign of increase in transactions as the more demand goes towards transactions the higher will be the fees. The main cause of such increase is due to increased demand of transactions and sometimes it can also be caused by decreased number of miners. In today's case it's due to high demand for transactions and in such cases the only way to get faster transaction is by adding a higher fee. If you check the price of Bitcoin you will see that it's increasing everyday even after market corrections and that also contribute to higher fees.

Quote

Last weeks have been a bit crazy, with insane fees one day and very low fees another day. I use Exodus and Blockchain I also got a wallet at Noones (old Paxful)
If i want to send $100 from Exodus its $30 in fees. almost the same at Blockchain a bit lower i think around $20.
But if i want to send from Noones it only cost $0.50. Why is this?

If the fee at Noones is low then that doesn't mean they are doing that purposefully to attract more customers. That can be due to many factors and one of those factor is the structure of the fees they have set. I believe that the transactions made via Noones might be slower sometimes. If you can set custom fee on Exodus or Blockchain info then that might be helpful as their automated selected fees are very high for such amount.

hosseinimr93

legendary

Activity: 2380

Merit: 5213

Quote from: coinerer on May 04, 2023, 11:37:33 AM

At the same time, the higher the volume of transactions, the busier the network and the higher its transaction fees. It doesn't depend on the amount you are sending. It depends on the network congestion.

Right. And in addition to network state, the required fee depends on number of inputs and outputs, addresses type and how fast you want your tranaction to be confirmed.

Quote from: coinerer on May 04, 2023, 11:37:33 AM

Because the block will give higher priority to the transaction in which the higher fee will be paid.

Miners prioritize transactions based on their fee rate, not the absolute fee.

Quote from: Ultegra134 on May 04, 2023, 11:40:18 AM

and in the worst-case scenario, you can speed up the process by bumping up the fees.

It's worth mentioning that the fee can be bumped only if the transaction has been flagged as RBF.

Ultegra134

hero member

Activity: 1540

Merit: 744

I haven't moved Bitcoin for quite a long time, so I'm not aware of the current situation,but I suffered from expensive fees a few years ago. I understand that it's frustrating, but it may happen if the network is congested. If you're not in a hurry, I'd suggest you try again later and lower the priority by decreasing the satoshi per byte. You'll wait a few more hours, but you'll pay a significantly lower fee, and in the worst-case scenario, you can speed up the process by bumping up the fees. I always used a lower priority and paid 1/4th of what I'd have to pay initially.

coinerer

hero member

Activity: 1316

Merit: 593

Quote from: CYBER_COWBOY on May 04, 2023, 11:20:21 AM

Snip

At the same time, the higher the volume of transactions, the busier the network and the higher its transaction fees. It doesn't depend on the amount you are sending. It depends on the network congestion. and because of this, the transaction fee changes constantly. You can never expect its fixed transaction fees. and it would be foolish to compare it with transactions of lower amount or higher amount. And the faster you want to complete a transaction, the more fees you have to accept. Because the block will give higher priority to the transaction in which the higher fee will be paid.

Aanuoluwatofunmi

sr. member

Activity: 532

Merit: 390

It's because of bitcoin ordinals, several threads already created on this matter and members have been discussing on this same issue several times, we cannot predict what may comes up before or by tomorrow concerning ordinals but you need to make the best opportunity out from this experience, the first thing to do is for you to study the mempool, check in the time it's less congested and perform your transactions with lower fee rate, also target making transactions on weekends, its likely not being congested during this period as well.

OmegaStarScream

staff

Activity: 3402

Merit: 6065

That's pretty low but I guess it's still sustainable because I would imagine they're batching transactions like every CEX out there. So instead of processing your withdrawal individually, they process multiple withdrawal requests at once (in one transaction).

Quote from: https://support.noones.com/hc/en-us/articles/6125367872527-Noones-Fees

$0 - $49.99 = $0.5 fee
$50 - $99.99 = 1% fee
$100+ = $2 fee

And that's not the case with the non-custodial wallets you mentioned.

This should still not be a reason for you to use Noones to store your money though. Paxful suspended withdrawals and blocked some users from accessing their funds when they shut down. The same could happen with Noones or any other CEX. So you shouldn't be using them as a personal wallet.

hosseinimr93

legendary

Activity: 2380

Merit: 5213

Whether you use Exodus, blockchain.com or any other non-custodial wallet, they don't charge you any extra fee. All the fee you pay for your transaction goes to miners. Also note that the fee you pay doesn't depend on the amount you send.
The more fee rate you use for your tranaction, the faster your transaction can be confirmed.

Nwada001

hero member

Activity: 574

Merit: 627

Transaction fees I believe are being charged base on how busy the network is, it's always who is willing to pay higher that will get their transaction proceed first. It's not a must for you to proceed your transaction with those default set fee on those wallets, I have not used exodus before but. I think you should try some wallets like Electrum they will allow you to customize your transaction fee before you can proceed your transaction.

This morning when I want to send out funds from my wallet to another wallet I notice the fee was showing me about $4 which I saw as something extremely high, since I was not in a hurry to process my transaction I use the manual process and reduced it to 0.8$ which went successful for me.

CYBER_COWBOY

member

Activity: 196

Merit: 42

Don't talk the talk, if you can't walk the walk.

The Bitcoin network transaction fees are currently at the highest in nearly three years since July 2021. This indicates that there's a strong demand for the Bitcoin blockchain network.

Last weeks have been a bit crazy, with insane fees one day and very low fees another day. I use Exodus and Blockchain I also got a wallet at Noones (old Paxful)
If i want to send $100 from Exodus its $30 in fees. almost the same at Blockchain a bit lower i think around $20.
But if i want to send from Noones it only cost $0.50. Why is this?

I know Noones just open their business and what to attract customers. But if they are available to have that low fees why is not Exodus or Blockchain?
With fees like this its not worth to use bitcoin as payment method at all.

Do you guys/girls think this will stabilize soon or will we see more like this, with normal fee´s one day and extremely high the next day?

EDIT

Seems to go back to some kind of normal, slow but on the right way.

Unconfirmed 303,547 TXs

Low Priority
46 sat/vB
$1.77

High Priority
51 sat/vB
$1.97

But it goes up and down very fast, but the unconfirmed tx´s go down more and more for time pass by.
I would say it would be more or less back to normal in 48 hours or less.

Topic: Bitcoin network fee´s insanly high at the moment! - page 2. (Read 303 times)