Bitcoin network fee´s insanly high at the moment!

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Quote from: CYBER_COWBOY on May 10, 2023, 06:11:50 PM

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

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.

End of BRC-20 hype? the hype didn't even last for a month Cheesy

I check BRC-20 site today and I found most of the tokens are in dump, unlike the three days before. Hope many people continue to lost their money on those shitcoins, it will them downturn and leaving BRC-20 tokens.

Quote from: AHOYBRAUSE on May 10, 2023, 11:30:11 PM

The problem now is, what can be done so this will not happen again anytime soon. Slow confirmations and high fee is a big factor for people to not use bitcoin and switch to altcoins I think.

I think it's a natural thing, the developer haven't do anything to stop BRC-20, but the volume trade drastically drop. People still use Bitcoin to buy and sell in CEX, but they will not send to their non custodial wallet due to high fee before.

AHOYBRAUSE

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Seems like things are slowly but surely getting back to normal.

Got a bunch of transaction through today with fees of around 45sat/b.

Thought still will take until at least next week but thankfully I was wrong about that.

The problem now is, what can be done so this will not happen again anytime soon. Slow confirmations and high fee is a big factor for people to not use bitcoin and switch to altcoins I think.

tabas

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I'll not get into Noones, we know what happened with Paxful and even if they announce that they're integrated or having a comeback, it's just best not to use them just to avoid the heat. As for the typical wallets that you've mentioned, they're also adjusting the network fees. They somehow have a little commission on it per transfer and that's why they have to adjust it or else, they'll be losing income from each transaction and they'll be the one to charge with these high fees. And yes, I do believe that this will stabilize in the nearest future, things will have to be good again so don't be bothersome with the current situation.

CYBER_COWBOY

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

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.

CYBER_COWBOY

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Quote from: AHOYBRAUSE on May 07, 2023, 11:23:38 PM

Quote from: CYBER_COWBOY on May 07, 2023, 06:40:45 PM

Quote from: logfiles on May 07, 2023, 06:06:02 PM

Quote from: CYBER_COWBOY on May 07, 2023, 10:51:21 AM

& still rising and rising.

https://mempool.space/

No Priority - 42 sat/vB - $1.71
Low Priority - 207 sat/vB - $8.41
Medium Priority - 214 sat/vB - $8.70
High Priority - 220 sat/vB - $8.94

That's nothing... Here we are right now Grin

Mempool is are 1 GB lol

Someone convince me that this is not a spam attack on the Bitcoin Blockchain

I wonder what folks who said that Ordinals were a good thing for Bitcoin adoption think about right now.

Just woke up and saw it... what the heel is going on? Huh

Yeah, every time I look at the mempool I want to throw up as well. Have several incoming transactions that will take ages to confirm. I don't understand how this kind of congestion can build up in such a short time.

I guess your small btc loan service has no value at the moment since the fees are almost as high as the loans, haha.

Hopefully this will normalize anytime soon. Until then I will stay away from any kind of btc transaction and rock with altcoins.

Yeah

I got some transactions i waiting for to. I really hope it normalize soon to.

The transaction fee seems to being better and better now.
Unconfirmed: 409,793 TXs

AHOYBRAUSE

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Quote from: CYBER_COWBOY on May 07, 2023, 06:40:45 PM

Quote from: logfiles on May 07, 2023, 06:06:02 PM

Quote from: CYBER_COWBOY on May 07, 2023, 10:51:21 AM

& still rising and rising.

https://mempool.space/

No Priority - 42 sat/vB - $1.71
Low Priority - 207 sat/vB - $8.41
Medium Priority - 214 sat/vB - $8.70
High Priority - 220 sat/vB - $8.94

That's nothing... Here we are right now Grin

Mempool is are 1 GB lol

Someone convince me that this is not a spam attack on the Bitcoin Blockchain

I wonder what folks who said that Ordinals were a good thing for Bitcoin adoption think about right now.

Just woke up and saw it... what the heel is going on? Huh

Yeah, every time I look at the mempool I want to throw up as well. Have several incoming transactions that will take ages to confirm. I don't understand how this kind of congestion can build up in such a short time.

I guess your small btc loan service has no value at the moment since the fees are almost as high as the loans, haha.

Hopefully this will normalize anytime soon. Until then I will stay away from any kind of btc transaction and rock with altcoins.

CYBER_COWBOY

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

Quote from: logfiles on May 07, 2023, 06:06:02 PM

Quote from: CYBER_COWBOY on May 07, 2023, 10:51:21 AM

& still rising and rising.

https://mempool.space/

No Priority - 42 sat/vB - $1.71
Low Priority - 207 sat/vB - $8.41
Medium Priority - 214 sat/vB - $8.70
High Priority - 220 sat/vB - $8.94

That's nothing... Here we are right now Grin

Mempool is are 1 GB lol

Someone convince me that this is not a spam attack on the Bitcoin Blockchain

I wonder what folks who said that Ordinals were a good thing for Bitcoin adoption think about right now.

Just woke up and saw it... what the heel is going on? Huh

logfiles

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Quote from: CYBER_COWBOY on May 07, 2023, 10:51:21 AM

& still rising and rising.

https://mempool.space/

No Priority - 42 sat/vB - $1.71
Low Priority - 207 sat/vB - $8.41
Medium Priority - 214 sat/vB - $8.70
High Priority - 220 sat/vB - $8.94

That's nothing... Here we are right now Grin

Mempool is are 1 GB lol

Someone convince me that this is not a spam attack on the Bitcoin Blockchain

I wonder what folks who said that Ordinals were a good thing for Bitcoin adoption think about right now.

CYBER_COWBOY

member

Activity: 196

Merit: 42

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

& still rising and rising.

https://mempool.space/

No Priority - 42 sat/vB - $1.71
Low Priority - 207 sat/vB - $8.41
Medium Priority - 214 sat/vB - $8.70
High Priority - 220 sat/vB - $8.94

jostorres

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

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.

The last time I moved Bitcoins was this weekend, I think it was Sunday, I sent from my Electrum wallet to Binance and it didn't cost me more than a few cents, I used SegWit, so maybe it charges fewer fees, and Electrum probably the best wallet if you do usual transactions. You can choose the minimum fee and it will still go through within a few hours if you can wait.

If you want it to go through within the next few blocks, you might need to pay a couple of dollars but it isn't so expensive in my opinion. I also used to use non-custodial wallets before, but wallets like Electrum are much better, safer, and cheaper.

PX-Z

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I believe the increase of transactions from BRC-20 tokenization is root cause of this. The same scenario of ETH and other coins with tokens on their mainchain. Too many pending transactions, higher recommended fees and longer confirmation of previously sent txs smh.

joniboini

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Quote from: AHOYBRAUSE on May 05, 2023, 09:14:51 AM

But ever since I found it I always customised and not the automatic fee, that was always waaay to high calculated. I don't know why they actually do that, it doesn't make any sense.

From my experience, some wallets do the same thing as this. Not sure whether they use the same fee calculation method or not, but as far as I can tell from my not-so-accurate observation is that they take the median fee of the next block and add another 1-10 sats on top of it to make sure it doesn't get buried by other transaction. One of the reasons is probably because they want to prevent the average joe from complaining that their tx fee is set too low hence why they always overpaid it. It is definitely not the best choice if you know what you're doing. CMIIW.

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Quote from: CYBER_COWBOY on May 04, 2023, 12:51:48 PM

If i example use 20 sat/vB instead of 100 sat/vB
What would you think the difference in time would be? I understand its impossible to know 100% but if someone have any prediction.

The answer to this question will not be useful, because even if it is valid for now, it will change in the future.
The simple rule is that miners will try to choose transactions that have higher fees to increase their profits.

If you want to significantly reduce your fees and are not in a hurry to send payments, use a wallet that supports RBF/Coincontrol/manually edit fees with the lowest estimate on https://mempool.space .

Coin control to reduce number of inputs to 1.

AHOYBRAUSE

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You should use the "customise fee" option and not use the suggested one.

I occasionally use Exodus as well and it took my a while to find this, for some reason.

But ever since I found it I always customised and not the automatic fee, that was always waaay to high calculated. I don't know why they actually do that, it doesn't make any sense.

noorman0

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[Nope]No hype delivers more than hope

Quote from: CYBER_COWBOY on May 04, 2023, 12:51:48 PM

-snip-
I will use Noones wallet meanwhile for transactions & and wait to use the other wallets for transactions purpose right now.

It's a custodial wallet, right? I say it's a bad choice if you intend to migrate the wallet completely.
Don't be lured by the low tx fee, it's an old rate that probably hasn't been updated yet. While they can adjust the rate as low as possible as long as it is profitable and brings a lot of attention. The final cost increase is drastic enough that it's impossible for them to apply it as long as possible without loss. Imagine if they suddenly changed their rates to be expensive or even suspended transactions during this increase in fees.

yhiaali3

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Yes, unfortunately, this will remain the case until a final solution to this problem is found. The problem of high fees and delays during network congestion is the biggest problem for Bitcoin, and I think it will not be resolved soon.

For Exodus this is too high, someone can't pay 30$ in order to send 100$ that's insane!!!

For me I use an Electrum wallet and pay fees around less than $1 usually at a speed which is good in high traffic, plus of course you can use the RBF feature to increase the fees to speed up the transaction a bit in high traffic.

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Quote from: Yamane_Keto on May 04, 2023, 12:47:36 PM

you can pay as low as 8 sat/vB $0.32 than 138 sat/vB $5.58 if you can wait.

Are you saying the transaction fee would be $0.32, if you set the fee rate to 8 sat/vbtye and that's $5.58, if you set the fee rate to 138 sat/vbyte?
Take note that just with knowing the fee rate and without knowing number of inputs and outputs and addresses type, you can't know how much the transaction will cost you.

CYBER_COWBOY

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

Thank you all for all replies, some are very helpful and good advices!

I will use Noones wallet meanwhile for transactions & and wait to use the other wallets for transactions purpose right now.
I hope BTC increases alot during this time Grin

If i example use 20 sat/vB instead of 100 sat/vB
What would you think the difference in time would be? I understand its impossible to know 100% but if someone have any prediction.

Wish you the best.
Best regards CC.

Yamane_Keto

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

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)

The problem is not the network fees, but that you are using software that gives predictions that are higher than average or wrong predictions (not because they want miners to make higher profits, but because of laziness and poor programming)

Use mempool.space and a wallet that enables you to manually adjust the fees and you will notice a big difference in the fees.

you can pay as low as 8 sat/vB $0.32 than 138 sat/vB $5.58 if you can wait.

Rruchi man

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

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?

There have been times before when network and transaction fees have been high. This is a regular and normal occurrence in bitcoins. There are times when the mempool is congested due to many transactions that need confirmation. The more the number the transactions to confirm, the more higher the network and transaction fee will be. This is normal and something expected when the mempool is crowded as mentioned already.

It raises concerns, but if you are not in a hurry you can wait patiently till the number of transactions reduce, as it will surely happen. This high transaction and network fees can be a challenge to usage of bitcoin in business as a means of payment.

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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.

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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

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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.

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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

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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

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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

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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

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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

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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

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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

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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! (Read 303 times)