Topic: Bitcoin Transaction Fee - page 4. (Read 785 times)

Because there is none?
If there would be one everybody would be using it and there would be no high fees in the first place.
No, it's simple, not enough free space, overwhelming demand, huge prices for each tiny byte.


That's viabtc, it has limited submission per hour , and again if every pool would offer this feature it will still lead to nowhere as people would still send 300k transactions and only 200k would get confirmed. Plus if all would that, it will be a rat race to submit your tx at 00:00 and bitcoin would turn into a joke, a worse one than doge .

An accelerator is an individual temporary solution which involves a lot of luck, not a global definitive one.

Thank you for all, but I don't get much of a solution here other than not making transaction when the fee are too high so I have to hold bitcoin longer than usual. I decided to wait for the transaction fee to come down. I still have enough time to wait for the fee to down.

In your opinion, can the bitcoin transaction accelerator help us here if we want to make transaction with a minimum fee of 30-50 sat / byte at now?
I saw a transaction with a fee of 30 sat / byte received confirmation after using the bitcoin transaction accelerator.

https://blockchair.com/bitcoin/transaction/57913617a3f62f45c7526f99bb3e73396b4d305b1c59997efab70806e86f36c9

Are you using static method to broadcast transaction?

Oh yeah, I made the transaction fully prepared to wait, as I do all my txs. I generally even spending from my own wallet do 1 sat/byte fees no matter what, if I don't need the spend immediately. It's been a really long time since I had to wait for days, so am pretty curious to see how long this one takes.

Besides, with RBF it's not a pain to up the fee if needed. Only I can't do anything about this since it's from a service.

Small time players are really affected of this high fees, what can you do if you only have $50-$100 investment and you'll see that before you can make the transaction you need to pay more or less $20.
You already lose portions of your asset just by sending your coin, for now keeping your Bitcoin to your wallet is the very best thing to do, otherwise you gamble and use other alternative coin for investment,.

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.

Given the high transaction fee, the only option I have to take is to temporarily hold bitcoin in my wallet. Supposedly next week we'll see fee down so that smaller transaction can be made. It doesn't make sense to pay miners too much if the estimated bitcoin is only worth $20-$50. Can only be patient waiting for the fee to come down.

Too bad your entire theory has one flaw, do you know why there is no mining gear coming out as planned despite the enormous profits?
Because both manufacturers lack chips, you know who makes the chips for the miners? TSMC and Samsung and none of them are Chinese!
And don't get me that crap of Taiwan being Chinese as we saw in the Huawei scandal on which side TSMC positioning themselves.

Slowly all the advantages China has against bitcoin are fading away, from owning 90% of the hash rate they went down to somewhere around 60% and there is only one way, down!

it may match the currently offset price it may be greater or the price is automatically adjusted. but none of that excludes me from also engaging in fee transactions only if they are more expensive.
his anticipation was to try us to do the transaction on time so as not to incur greater costs
because instantly it's even louder

99% of the time the suckers never know, until they buy their first BTC say at $100, and get 0.025, then go to send 0.001 to a friend, and find out that the fee is $20, I know I just did it the other day, and I cancelled the 'send', and I host my own electrs-server, and wallet, and bitcoin-core-server; but I never do anything with BTC, but I really think that this is all insane, even at $1,000 it wouldn't be worth a transfer.

Transferwise will transfer to/from a bank-account  $1,000 anywhere on earth for $3, so that $6,000 worth of BTC just for break-even compare.

I see it as all just the continual 'lies of bitcoin' it was never for transactions, that is a given. The blockchain given it can only do 7 transaction/sec, will never be anything other than holding and/or transfer for RICH, or large criminal org. Even then why would a criminal use BTC, its not private.

The worse is this fungibility problem, where BTC is not accepted by IRS-COINBASE if its ever been mixed ( now called coin-joined ), most coin floating around is/has been mixed, pristine coin is valuable and is kept in CHINA and traded for cash, way over the posted price of BTC. Virgin-Mined BTC is the GOLD of BTC. All else is silver, or lead.

Even though we complained for the very high transaction fee, we still couldn’t do anything about it. If you are eager to make a bitcoin transaction you should accept high transaction fees but if you do not want the fee to be high, you should wait patiently until it returns to normal transaction fees. Bitcoin and Ethereum are both with regard to a higher transaction fee but despite this many people still make the transaction and pay a higher fee.

Currently, the biggest obstacle in the crypto world seems to be these fees. High fees from coins such as Ethereum bitcoin are blocking these coins. It is necessary for me to find a solution as soon as possible.

So if I send $1, I have to pay $20, ok got it, why don't you tell that to the world?

BTC is not for transactions, right? Even at $100, that's 20% cut, visa only charges the merchant 1.5% and the customer nothing.

So BTC ain't for trade,

What about preservation of wealth, you know HODL; The problem here is that their are three classes of BTC, virgin-mined ( worth a lot ), pristine, and tainted, the majority of BTC is now tainted, that is its 0.05, and its been mixed/coin-joined and polluted, IRS-Coinbase will not accept it.

So you HODL your BTC, how do you know in the future the IRS-COINBASE hasn't black-listed your coin?? You don't ergo, BTC is not a safe long term store of value.

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.

Yes that's exactly right that if we wanna make a smooth transaction we have to choose the higher fee. I think both blockchain of eth and btc got higher fees cause the transaction are increasing daily. So the dev need to work woth that to reduce such a high fees.

I hope there will be a way to make BTC gas fees low. So that the gas fee is not as big as it is now, this has resulted in people who are willing to try to buy BTC will think twice about getting started

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,

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.

LOL... I guess $3 would be far down the queue.. Because even the low priority transaction is at $12.51 (according to the website that you have quoted). And from what I can see, the Mempool size for transactions >120 Sat/Byte is 8.1 MB. For >100 Sat/Byte, it is close to 20 MB. If your fee is lower than this, then the chances of getting a confirmation by today or tomorrow is close to zero. If it is that much urgent, then you can try accelerating your transaction. But be ready to dish out another $50 or so for this service.

I also notice this thing especially on the wallet coinspace, I have a small amount of bitcoin on that wallet and I wasn't able to withdraw it because of the transaction fee, as of now it has 0.001 transaction fee, like what the hell, this is too much and I really don't know why they have that amount of transaction fee before when I sent my bitcoin on that wallet, the transaction fee is only 0.00008 and that is really far away from 0.001, I am just waiting if the transaction fee could still go down so that I can withdraw my bitcoin.

It is already 3 days past that I withdraw some Bitcoin from Electrum wallet, I pay $3 for it but until now still at 0 confirmation.
And if we check on https://mempool.space/ you'll get surprised that the fees are so high and $3 are very far to be prioritized by the miners. That seems so hopeless to think.

That exactly how it gives a huge impact on the blockchain and many were waiting to receive their withdrawal. We never know how long it gets back to normal fees or has a need to wait for that mining company in China will get back to its operation.

The transaction fees keeps on increasing and all you can do is to wait for things to be back to normal before making small transactions. Since there are more than 197558 transactions in the mempool it will take a long time to get back to normal unless the mining difficulty is adjusted according to the current hash rate. What surprises me is that if mining farms from one country is shut down due to even due to any reasons it could make a big cluster of pending transactions.