Fees should be reduced over time to attract more traders
The additional fee depends not only on the number of traders and investors but also on the different categories. The number of Ethereum and Bitcoin users is increasing day by day but the network fee is also increasing. 
Topic: Bitcoin Transaction Fee - page 3. (Read 785 times)
Currently Ethereum and Bitcoin are both transaction free extra so we are not able to exchange some of our tokens despite our best wishes. It is difficult to say when the excess gas will be reduced.
During April, I saw a tremendous increase in bitcoin transaction fee. I think there are enough people who want to make fast transaction that they are willing to pay miner more than usual. Quite a few people seem in a hurry to get their turn for confirmation in the next block, so anyone who wants to send a small transaction has to be patient for a longer turn. I hope the mempool can be cleaned up as soon as possible, but if the panic of trader and investor continues then maybe these expensive fee will last longer.
Here are some of the data I collect from https://privacypros.io/tools/bitcoin-fee-estimator/ about bitcoin transaction fee.
Any update now? since Bitcoin down fall to 40,000 level?Here are some of the data I collect from https://privacypros.io/tools/bitcoin-fee-estimator/ about bitcoin transaction fee.
Does anyone transact these days?
I am reading some posts with one-liners in them, and some of those posters might be pretending to be in a signature campaign. I’m not accusing anyone of being a troll, or a bot, but always check through their post history.
If you want to observe those? best to Check Off topic section and there are tons of them spamming time after time.
I am reading some posts with one-liners in them, and some of those posters might be pretending to be in a signature campaign. I’m not accusing anyone of being a troll, or a bot, but always check through their post history.
Will just wait it out, no rush at all. Nice experiment.
What if is an experiment of the Chinese government trying to assess what they need to cripple the network? 
Too bad there is so little information on what's for real happening there.
Then we shall see just how long they can do it, and how effective it can be once difficulty adjusts and miners relocate etc. Haha. Whatever the real picture really is...
So far so good, I have to say, my transaction is still unconfirmed and in fact has even moved DOWN the queue (mempool's gone up about 15k since but my transaction got pushed down 18k spots)... so it does seem like more and more people are paying premium.
3 days. Very fun, let's see how long this goes. I won't even broadcast, just keep an eye on block explorer =D
I used to put a commission of 20-30 sat/byte and I had to wait several hours to a week... Last week I used a commission of 41 sat/byte and my transaction has not been confirmed for 6 days...
t's scary to imagine how much longer I have to wait for confirmations after the hashrate spike!
Apart from the decrease in hashrate, I think some other thing like the price correction in the last few days have also caused many trader to rush to get a quick confirmation so they pay the miners more. As usual, miners will prioritize transaction with higher fees and this also results in longer network congestion as competition for higher transaction fee is unavoidable.t's scary to imagine how much longer I have to wait for confirmations after the hashrate spike!
Look at this, quite a number of transaction are being broadcast with high fee and it seems that some of them are still in a hurry.
I read BTC transaction fee's could be rise up to 10% if Turkey bans mining
Fees should be reduced over time to attract more traders
Depends on a trader. If you trade with BTC that worth tens thousands bucks, fees don't bother you much. Plus some pay them only twice, when they deposit and withdraw from exchange. That is why I think number of traders does not affect on the amount of fees. Or look on Ethereum, increase of traders, trades only stimulated fees growth. Completely opposite of what you say.
Fees should be reduced over time to attract more traders
I read BTC transaction fee's could be cut up to 45% once Bitfarms gets their Argentina setup running..
I was quite intrigued by the story so checking it up..
Bitfarms has acquired (not yet delivered) 49k miners with a total hash rate of 5Exa.
Ok, let's ignore the difficulty adjustment, and just for the sake of comparison let's say it will stat tomorrow to mine to bring back the hashrate in correlation to the current difficulty, their entire farm would be able to fill in just 1/10 of the hashrate that is missing.
As for longterm no hashing power would be able to reduce the fee that much unless by some alignment of the plants exactly on the day of the difficulty adjustment farms that would double the hashrate would come online and this would keep on happening every two weeks, which would pe physically impossible after just a few months.
LE:
Actually, I realized where that 45% comes from,
Will just wait it out, no rush at all. Nice experiment.
What if is an experiment of the Chinese government trying to assess what they need to cripple the network?
Too bad there is so little information on what's for real happening there.
What's happening is that CHINA controls +66% of mining, and the CCP just took baba/ant/bitmain private, and given that +90% of all asic miners on earth are made in China, it means China owns btc, way more than +67%, because they own the worlds HW, they OWN all the Crypto on earth, and can redeploy it as they wish. If somebody in China decided not to cooperate they can be taken out and shot the same day, seen it with my owns eyes. Asian culture does things for the 'good' of the culture, its 100% homogenous, its not a selfish klusterfuck like the USA.
Now ppl talk about 51%, but China has been over 51% forever, but BTC ppl ignore, well they ignored until it was too late.
Argentina will do nothing to the +67% of mining in China, its just rumor, in the meantime China will continue to ramp-up across the board, as they now control all ALT gpu miners as well as BTC ASIC clones
Now that CCP has taken control of all Mining, ASIC/GPU hw, they can do as they wish, they can mandate software, remember that all bitmain asic boxes call home, all on earth. Jack Ma is out, the CCP now controls.
Ant, Alibaba, Bitmain, its all the same thing, Jack Ma's holding companys own Alipay as well, as China went cash-less years ago; IMHO China will use the bitmain infrastructure to implement their CBDC, two birds with one stone, take out BTC which leaks YUAN out of China, and use the Free Infrastructure to support the 100% China's new 'temporary' digital cash, with limited life.
China does NOT control ANYTHING. I believe you research and learn about the Game Theory behind Bitcoin, and what makes it work. The Chinese Mining Cartel “can try” to attack Bitcoin, BUT it would be stupid for them to do it because they would kill themselves and lose their investment. If they were honest, they would be rewarded in the most valuable asset in the world. Bitcoin.
What exactly is this? Would love to read the article about this if you have reference link then please do share it. 
Yes, it is the reason for the abrupt price surge of the bitcoin transaction fee. The link given below:Chinese mining pools’ hash power plummets amid regional blackouts
I believe those miners in that region of China are currently back mining again, or quickly taken over by other miners from a different region. The network has also not seen any long delays between blocks, https://www.smartbit.com.au/
Very possible. 
What concerns me is the fact that the Mempool continues to get larger with every passing day. Yesterday, it was at 248 MB, and after 24 hours now it is 265 MB. The backlog may take several weeks to clear, even if the mining hash rate recovers to the previous levels. The trends are not looking good. In the last 12 hours, a total of 51 blocks were mined, instead of the normal rate of 72 blocks. That is a decrease of close to 30%.
Bitcoin transaction fee is now a big issue for low investor. Its increses day by day. Hope it will soon fixed and we will be able to send and recieve bitcoin with low fee. I will turn back to Btc when it cost low fee.
Yeah, I find it hard to cash out my bitcoin whenever I want to because of the fees that comes with it, good thing that we can convert bitcoins to other coins that have a lower fee. I think that the developers are fixing the issue right now and I am hopeful that they will arrive to a solution soon. 
OK, maybe I won't wait any longer if the transaction fee go down because I will enable the RBF feature when broadcasting transaction.
The network has many waiting transactions in the mempool and total size of mempool (vMB) is higher than 250 vMB. If you want to use RBF, you will still have use very expensive fee. It can be 120 to 140 sat/vbyte if you want to have a few more hours of waiting. If you can wait longer, you can use 70 to 100 sat/vbyte.Mempool
The amount of gas fees required to transfer Bitcoin and Etherium coins ~~~
GAS is a feature on the ethereum network to measure transaction fee and please note that there is no GAS in bitcoin transaction as we only have transaction fee that are measured in sat / byte.~~~
I don't see any way for 1sat/b fees to get confirmed in less than another month.
OK, maybe I won't wait any longer if the transaction fee go down because I will enable the RBF feature when broadcasting transaction. I don't see any way for 1sat/b fees to get confirmed in less than another month.
The amount of gas fees required to transfer Bitcoin and Etherium coins in the current market is extremely difficult for an ordinary trader and investor to afford. I myself am not able to transfer Ethereum based coins due to excess gas.
They should solve the problem that the fee increases very highly when the price goes to the moon. This is absolutely important for a cryptocurrency to increase its usefulness. Nobody is happy about paying high fees for even low-valued transactions.
Hi @stompix, thanks for the simple answer. Now I will just wait for the fee to drop lower and hope that there is no more panic over the news from China.Actually I want to test how long it will take to get confirmation if the transaction fee is 1 sat / byte. In your opinion, can a transaction that has been broadcast at a low fee (1 sat/ byte) can still be automatically canceled if there is no confirmation for several days?
Depends, there are a few still in the mempool for two months, at 1 or 2sat/b
https://mempool.space/tx/69557d75fac0b2f65fbb4f5a5d952b07e87bdc724700fa5ee6099a901a6901b9
so if you keep broadcasting it might survive in all the nodes, blokchaincom for example dropped it and got it back in the pool at 2021-04-11, blockchair has kept it from 2021-03-03 and blockstream has dropped it.
As for getting confirmed, I assumed this one already gave your the answer to your test, I don't see any way for 1sat/b fees to get confirmed in less than another month.
~~~
Hi @stompix, thanks for the simple answer. Now I will just wait for the fee to drop lower and hope that there is no more panic over the news from China.Actually I want to test how long it will take to get confirmation if the transaction fee is 1 sat / byte. In your opinion, can a transaction that has been broadcast at a low fee (1 sat/ byte) can still be automatically canceled if there is no confirmation for several days?
During the last 10 days I am heavily testing the Lightning Network (mostly via bitrefill gift cards that give me access to real world amenities). Apart from a difficult channel opening (tx fee was too low), everything is working just fine.
My long-term bitcoin are not affected by this fee mayhem while the LN is allowing me to float on the huge fees.
People should get prepared before fee spikes, not after!
My long-term bitcoin are not affected by this fee mayhem while the LN is allowing me to float on the huge fees.
People should get prepared before fee spikes, not after!
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