Topic: Bitcoin Transaction Fee - page 5. (Read 785 times)
There has been a great deal of load on the network for a long time. It's seen not only for Bitcoin but also for Uniswap, Ethereum etc. also. The huge increase in the price and so many people's making transactions caused this to happen. It's really an annoying thing surely and I hope we won't have this kind of problems in the future.
Is there any protocol where if; one mining farm goes down lets say for maintenance then wouldn't it drive the hash rate to another pool or miners and let them work behalf of them? This is just for the purpose of keeping the system alive.
It is a mining farm, not a mining pool. There is nothing you can do if the ASICs are offline due to a power cut or any unexpected events. It is simply not possible to transport so many miners within a short period of time.This is just curiosity question: Isn't there any contingency plan or protocol for such conditions? What happens if one day half of the miners just go rogue due to some problem and only half of them running throughout world? What happens in that case.
Do we have safeguards for these conditions?
No safeguards, other than the fact that miners are essentially burning cash this way. The time between blocks would be larger until at least the next difficulty adjustment. Do we have safeguards for these conditions?
I read BTC transaction fee's could be cut up to 45% once Bitfarms gets their Argentina setup running..
Completely wrong. Any sudden increase in hashpower and consequently a shorter block interval would be offset by the next difficulty adjustment. Any effects would most likely be shortlived. Took a small withdrawal yesterday evening from a service, using the lowest possible fee, just out of curiosity. Ended up being a 21 sat/byte effective fee, and saw it was approximately 100k in queue of close to 200k. Blockchair estimation. Haven't been that far behind the queue since some time last year!
Will just wait it out, no rush at all. Nice experiment. Didn't think it'd happen again but next adjustment in about a week should start clearing things up.
Well, if you really wanted to save up some BTC you might want to get used to it and make sure you don't really need the money yet because it's a long waiting game. I've tried this before and it's stressing when you really needed the money but now, I'm making plans how to deal with this waiting game while making a low fees trades. It took me a week though to finally received the coins and converted it to fiat.Will just wait it out, no rush at all. Nice experiment. Didn't think it'd happen again but next adjustment in about a week should start clearing things up.
You see, this is the problem when Bitcoin is in the bull run more people are trading during the ATH that's why the transaction fees is quite high.
Now bitcoin transaction fee is very high. I think, if you want to get fast transaction, you will need to high gass fee.
That is inaccurate.Again, BTC does not utilize "gas fee" for transactions. It is only used for Ethereum based blockchain network and not on BTC. Be informed that it uses "sats/vbyte" wherein vbyte or virtual size refers to a measurement of how much your transaction will cost you in terms of paying transaction fees.
Fact is fee for btc transactions is reall high. No real way to avoid high fee instead to sell btc for other crypto and thansfer it. And than buy btc again. Better and cheaper than actual fee. till better situation. Cheers.
Took a small withdrawal yesterday evening from a service, using the lowest possible fee, just out of curiosity. Ended up being a 21 sat/byte effective fee, and saw it was approximately 100k in queue of close to 200k. Blockchair estimation. Haven't been that far behind the queue since some time last year!
Will just wait it out, no rush at all. Nice experiment. Didn't think it'd happen again but next adjustment in about a week should start clearing things up.
Will just wait it out, no rush at all. Nice experiment. Didn't think it'd happen again but next adjustment in about a week should start clearing things up.
I read BTC transaction fee's could be cut up to 45% once Bitfarms gets their Argentina setup running..
LOL.. do you really think that one single mining farm can have such a huge impact on Bitcoin hash rate? And right now Argentina has only <1% contribution to mining hash rate. IMO, it will take many years and billions of USD worth investment to get that to double digits. BTW, the recent power outage affecting the mining farms in China is a temporary phenomenon. I hope that it will be resolved in the coming days.
Now bitcoin transaction fee is very high. I think, if you want to get fast transaction, you will need to high gass fee. I think bitcoin transaction fee will be lower after few weeks.
I just browsed to a website where we can see the daily Bitcoin transaction fee and it really is too high as of this moment.
I've seen Bitcoin's tx fee somewhere around 10 and 20 dollars in the past months and that is the highest I've seen. I also saw Bitcoin's tx fee going down to below a dollar but to see it at at around 40 to 50 dollars per transaction? I think we should keep our Bitcoins right now and wait for the fee to go down.
With China's power outage, the hashrate went down causing the price of Bitcoin to go down and I believe that in the next few weeks it will go back to normal again. Lets just patient and wait for everything to go normal.
I've seen Bitcoin's tx fee somewhere around 10 and 20 dollars in the past months and that is the highest I've seen. I also saw Bitcoin's tx fee going down to below a dollar but to see it at at around 40 to 50 dollars per transaction? I think we should keep our Bitcoins right now and wait for the fee to go down.
With China's power outage, the hashrate went down causing the price of Bitcoin to go down and I believe that in the next few weeks it will go back to normal again. Lets just patient and wait for everything to go normal.
I read BTC transaction fee's could be cut up to 45% once Bitfarms gets their Argentina setup running..
This is ridiculous but there's nothing we can do since this is the matter of the blockchain network of bitcoin not on the exchanges. The fees are quite high and to be honest, it is better for us to hold our BTC on the exchanges if we only have little amount because that would not be better for us to sold now if we only have a little amount of BTC in our main wallet if the transaction fees are like this. Some people have a huge amount of BTC in their wallet and that wouldn't be a problem for them to pay this high amount of fees since they already earning a lot of too.
Bitcoin transaction fees is very high. Due to a massive pump in the Bitcoin price, the fees are very now a days. And increases day by day. I am using other coins that have low transaction fees such as USDT TRC-20 block chain. Their transaction speed is very good and it deduct 1$ on transaction.
I think a lot of reasen, as newbies start a transaction for first time may choose a higher fees accidently, more people meet the bitcoin then network scales up and more fee required to pay to a miner. there has always been a solution to the problem with the new update. but the question is how to increase capability of processing more transactions per second by the network?!
Know that the recent high fee is because of mining pool in China that are not in operation for now, in less than two weeks time now the mining difficulty will be adjusted, transaction will be back to normal. Less than $100 should be able to get confirmed after the adjustment is done.
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/
I don't think fees a re gonna be reduced. And because of this fees i'm starting to look more into altcoins. It's unprofitable now to invest small amounts of money in BTC.
Altcoins are going to face a bear market as well.They are tied to Bitcoin and they will always be.
It's unprofitable to invest small amount of money in anything,especially if you have very high and unrealistic expectations.Buying altcoins and expecting their prices to go up 10x is unrealistic.
BTC transaction fees will go down,but there will always be people,who keep complaining about everything.
It doesn't matter how low the future tx fees will be,they will always be too high for some people.
I don't think fees a re gonna be reduced. And because of this fees i'm starting to look more into altcoins. It's unprofitable now to invest small amounts of money in BTC.
Bitcoin transaction fee increased past two weeks because of:
- Total hashrates on the network drop too much from the top. This fall causes a less capability to handle transactions from miners. They have less hashrates to solve math with the same difficulty
- Difficulty on the network has yet to be adjusted.
- Bitcoin rise to $64k and falls to $50k in the past 2 weeks result in more demands to move bitcoin on the network.
Transaction fee will be lower in the next two weeks after the next difficulty adjustment.
- Total hashrates on the network drop too much from the top. This fall causes a less capability to handle transactions from miners. They have less hashrates to solve math with the same difficulty
- Difficulty on the network has yet to be adjusted.
- Bitcoin rise to $64k and falls to $50k in the past 2 weeks result in more demands to move bitcoin on the network.
Transaction fee will be lower in the next two weeks after the next difficulty adjustment.
Know that the recent high fee is because of mining pool in China that are not in operation for now, in less than two weeks time now the mining difficulty will be adjusted, transaction will be back to normal. Less than $100 should be able to get confirmed after the adjustment is done.
What exactly is this? Would love to read the article about this if you have reference link then please do share it.
Is there any protocol where if; one mining farm goes down lets say for maintenance then wouldn't it drive the hash rate to another pool or miners and let them work behalf of them? This is just for the purpose of keeping the system alive.
This is just curiosity question: Isn't there any contingency plan or protocol for such conditions? What happens if one day half of the miners just go rogue due to some problem and only half of them running throughout world? What happens in that case.
Do we have safeguards for these conditions?
that is a consequence for all current crypto holders and it can be used as a benchmark if the coin price has a high increase, the fee is also high.
Wrong.The high fees is a combination of bitcoin being actually used up to its max capacity and more, plus the price suddenly making a big move in any direction that causes a lot of people moving their coins to and from exchanges (something altcoin bag holders never do since they mostly keep it on exchanges) and the recent drop in hashrate.
In altcoins due to lack of utility they remain unused unless they spam their own chain with useless transactions like what ethereum does with all the garbage ICO spam. So their blocks remain empty for the most part and their fees rarely go up. Additionally most of them have fundamental flaws that if there is an increased on-chain traffic their network could simply go down as all nodes crash.
Ransaction fees on the Bitcoin network has often given no challenges except for cases of large cluster and then the need arises for prioritizing gas fees which in turn drives the fees up by a significant percentage.
There is no gas involved when sending bitcoins, that's another of the countless and useless "features" of eth.
If you don't mind and are not in an urgent situation, you can still use the lower fee and wait longer for confirmation.
Right now in these conditions, I don't see any reason to send a transaction with a very small fee and simply wait for it to get confirmed, you can simply wait a few more days and send it then when it at least it has a chance of getting confirmed, right now nodes are purging low fee transactions as the mempool keeps growing so you might end with a transaction that has been dropped by everybody so you will still have to broadcast it again.
The good news is that blocks have started to get mined at close to the normal interval, the time between the last 100 is under 11 minutes, down from nearly 14 so things might go back to normal sooner than expected.
that is a consequence for all current crypto holders and it can be used as a benchmark if the coin price has a high increase, the fee is also high.
No, it has nothing to do with the price, bitcoin was happy hovering at +60k with fees of 10sat/b getting confirmed, now the price it actually lowers and the next block fees are up ten times.
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