Bitcoin transaction fees have disappointed me today

BenCodie

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Quote from: macson on December 30, 2023, 05:53:28 PM

bitcoin fees are not stable so you have to check again, a few hours ago i checked the mempool and the "low priority" bitcoin fee reached $20 and now the fee has dropped quite a bit so try to always update it and send your bitcoin at the right time.

It has been consistently above 100 sats/vbyte for a while. Unfortunately, no signs or news as to when this will be resolved. Quite annoying!

Quote from: macson on December 30, 2023, 05:53:28 PM

Quote from: BenCodie on December 27, 2023, 04:59:10 PM

There will have to be a solution in the future if Bitcoin wants to continue to prove itself as a viable means of daily trade, payments and transactions. Though at the sane time, this could be a highlight of what the Bitcoin network will look like as a store of value rather than a payment system, and this premium may become the norm for transferring value....Bitcoin might become a network for those of higher net work while those with smaller values will be forced to use other solutions that are more scalable.

This is the problem, i'm sure the lighting network was created to be an alternative in the future when bitcoin transactions are booming, to be honest, this fee issue will hinder bitcoin adoption, i can't wait to see the best breakthroughs from the great developers out there for immediately resolve the fee fee problem that is currently attacking bitcoin.

It is, though the problem is that you are stuck in the lightning network until you pay the transaction fee to close the channel. So really, this is not the greatest solution to the problem. It just helps for those who are making frequent payments between the same party.

Quote from: macson on December 30, 2023, 05:53:28 PM

Quote from: BenCodie on December 27, 2023, 04:59:10 PM

It is exciting as it means new opportunity opens in the market, but if is also disappointing as an efficient network is what we hoped for Bitcoin.

There is only one thing to blame right now for the problem; ordinals.

ordinal is a leech, when the ordinal project will close, it will be good news lol.

It is, and I also look forward to where there is a new development that regulates this part of Bitcoin, or when miners decide to opt out of it. Though for the moment, miners would be making a killing out of it...so I am sure there is no effort or motivation on their part to fix the problem at this point in time.

I still wonder who/where the origin of the blockchain traffic is....if this is intentional and not retail (highly doubt it's retail) then I still think miners have an involvement in the creation of all of these ordinal transactions.

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Quote from: The Cryptovator on December 27, 2023, 04:32:49 PM

Bitcoin transaction fees have become a topic of discussion lately. A lot of topics have been created about Bitcoin transaction fees. It seems the transaction fees are throwing Bitcoin away from its original goal.

Today I attempted to make a Bitcoin payment on Namecheap. Instead of making transactions from the Ledger wallet, I tried to make them from Binance for a faster transaction since there was a 15-minute time limit. So the transaction and withdrawal fees asked in Binance are 0.0004BTC, which was almost $17 during the withdrawal.

Ok, let's forget Binance withdrawal fees. If I want to make transactions from the ledger, then the transaction has to arrive in 15 minutes. I am pretty sure if I want to ensure the time frame, then I have to spend similar fees, even from Ledger. So it's become hard to pay $17 transaction fees to make a $50 deposit. And by force, I had to use a virtual card that doesn't cost anything (I didn't notice any significant fees) and was an instant transaction as well. It made me believe that we are drifting away from Bitcoin's original goal in some way.

you are making sense i agree !

this is why i use LTC for small top ups to namecheap

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Sincerely, if bitcoin has to compete with other payment methods, bitcoin will fit very well, but with this condition of the mempool, bitcoin payment is obviously the most annoying presently. We have known that this is temporal as it is one of the activities of bitcoin. But this time around, it has persisted more than expected. As I saw this topic, I remembered what a friend wrote to me that bitcoin has mared his Christmas as he has alot of bitcoin in the mempool while he is not enjoying his Christmas as he wished.

I am optimistic that from next year things have to change because if this continues till the upcoming bull run, obviously bitcoin network will be a complete mess. I beg the miners to shuttle their sword and stop spamming the network for a temporal gain.

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bitcoin fees are not stable so you have to check again, a few hours ago i checked the mempool and the "low priority" bitcoin fee reached $20 and now the fee has dropped quite a bit so try to always update it and send your bitcoin at the right time.

Quote from: BenCodie on December 27, 2023, 04:59:10 PM

There will have to be a solution in the future if Bitcoin wants to continue to prove itself as a viable means of daily trade, payments and transactions. Though at the sane time, this could be a highlight of what the Bitcoin network will look like as a store of value rather than a payment system, and this premium may become the norm for transferring value....Bitcoin might become a network for those of higher net work while those with smaller values will be forced to use other solutions that are more scalable.

This is the problem, i'm sure the lighting network was created to be an alternative in the future when bitcoin transactions are booming, to be honest, this fee issue will hinder bitcoin adoption, i can't wait to see the best breakthroughs from the great developers out there for immediately resolve the fee fee problem that is currently attacking bitcoin.

Quote from: BenCodie on December 27, 2023, 04:59:10 PM

It is exciting as it means new opportunity opens in the market, but if is also disappointing as an efficient network is what we hoped for Bitcoin.

There is only one thing to blame right now for the problem; ordinals.

ordinal is a leech, when the ordinal project will close, it will be good news lol.

FinneysTrueVision

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Quote from: The Cryptovator on December 27, 2023, 04:32:49 PM

Ok, let's forget Binance withdrawal fees. If I want to make transactions from the ledger, then the transaction has to arrive in 15 minutes. I am pretty sure if I want to ensure the time frame, then I have to spend similar fees, even from Ledger. So it's become hard to pay $17 transaction fees to make a $50 deposit.

The transaction just has to be broadcasted and detected by their system within 15 minutes. It is not necessary to be confirmed in that time because sometimes there is more than 15 minutes in between blocks.

Quote from: OcTradism on December 27, 2023, 07:55:04 PM

Do they still accept Bitcoin via Lightning Network as payment?
Probably they removed this method because I did not see Lightning Network on their website.

I was curious about this as well so I did a test by topping up $1 to my account and BTCPay only had onchain BTC as an option but BitPay does create a lightning invoice if you select a lightning wallet, like Blixt, from their options. I was afraid BitPay would ask for KYC but all they asked for was an email — you can use a burner email if you want — and my transaction was completed within seconds.

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Quote from: wtsimis on December 30, 2023, 10:36:19 AM

Because of Bitcoin's high transaction fees, many small transactions are not possible. Due to which small traders are not able to transact through Bitcoin. On the one hand the fees are high and sometimes it takes a long time to complete the transaction. This is taking Bitcoin away from the original purpose of Bitcoin. Until Bitcoin transactions are faster and fees are lower, Bitcoin may not be viable for small businesses.

The high transaction fee had made little transactions with little fee not to be confirmed. If the high transaction fee keep increasing like this, it is going to affect many people that are always trading Bitcoin. There are many obstructions the high Bitcoin fee had caused to Bitcoin traders and it had made many to be dishearted and confused. I am not really happy about the nature of the Bitcoin market hoping things is going to be resolved very soon.

wtsimis

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Because of Bitcoin's high transaction fees, many small transactions are not possible. Due to which small traders are not able to transact through Bitcoin. On the one hand the fees are high and sometimes it takes a long time to complete the transaction. This is taking Bitcoin away from the original purpose of Bitcoin. Until Bitcoin transactions are faster and fees are lower, Bitcoin may not be viable for small businesses.

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Quote from: EarnOnVictor on December 29, 2023, 08:36:58 PM

You are able to make the withdrawal eventually as explained because you understand the system very well and you also have the resources that helped you to make the right judgments when you needed it. But it is not the same with everybody, especially those who have their Bitcoin in a wallet and must pass it through the right channels which will never be instant no matter the wallet used.

Well, it is not new, the system has been defeated by a lot of flaws that need fixing. It is ever money for miners now and they will never want a change. Even if this mess stops now, it will resurface later again due to how the system is. Bitcoin is not that good cryptocurrency for payments anymore, those altcoins have taken that from it and there is an urgent need for the narrative to change, or else, you will hardly see people using Bitcoin for payments any longer but only for investments and trading. This situation is so discouraging.

I agree that in this day and age, it is not a good idea to make Bitcoin a payment mode in any business today because of the bitcoin fee it is currently showing in its bitcoin network, which is already too expensive, and it is not practical anymore, to be honest.

That's why it's a crisis right now for everyone who has holdings of Bitcoin. If this is what's happening, it's not a good thing because if this expensive fee continues, maybe eventually the community in the field will look for another alternative investment. This is the crypto industry.

blapaz

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I believe that stating that Bitcoin will be used as a currency, and that the current high fee problem is temporary (if nothing changes), is merely wishful thinking. What I observe (though I may be mistaken) is that the fees have decreased because usage has temporarily decreased.

Bitcoin's value may persist and even increase because it is perceived as an artifact.

In the dev mailing list, I did read that some were suggesting the removal of the feature that enables ordinals or even banning them entirely (!!).

We have no control over these matters; things may change, but I don't see any changes that would enable Bitcoin to be used as it was originally intended.

EarnOnVictor

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You are able to make the withdrawal eventually as explained because you understand the system very well and you also have the resources that helped you to make the right judgments when you needed it. But it is not the same with everybody, especially those who have their Bitcoin in a wallet and must pass it through the right channels which will never be instant no matter the wallet used.

Well, it is not new, the system has been defeated by a lot of flaws that need fixing. It is ever money for miners now and they will never want a change. Even if this mess stops now, it will resurface later again due to how the system is. Bitcoin is not that good cryptocurrency for payments anymore, those altcoins have taken that from it and there is an urgent need for the narrative to change, or else, you will hardly see people using Bitcoin for payments any longer but only for investments and trading. This situation is so discouraging.

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Quote from: OcTradism on December 28, 2023, 08:40:50 PM

Quote from: stompix on December 28, 2023, 08:27:27 AM

Stop using bitcoinfees, that website is garbage
Right now it shows

Quote

356.14 sat/vB $21.79 ≤ 20 min.

But there are only 0.16vMB of tractions, that's 1/6 of a block above 125 sat/vb!
A 356sat/vb would put you above that in the top 0.04vMB of the mempool, so top 5%!

It always shows over paid fee.

Stop using https://coinb.in/#fees too.

Use better fee estimates
https://mempool.space/
https://mempool.jhoenicke.de/#BTC,24h,weight
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

So those sites that provide information about bitcoin gas fees like that are just junk sites.
My mistake is indeed not to compare it first.
I also use Mempool.space, and yes thanks for the warning.

Quote from: ultrloa on December 29, 2023, 08:07:50 AM

Nope we have three option rather and that is to exchange it with coins which have lesser fee which I think the main option done by majority want to escape such huge fee what currently have by bitcoin.
-snip-

Day traders actually don't really care about using Bitcoin or not, because they trade in a wide variety of coins.
To make withdrawals can indeed exchange with coins that have cheap fees such as TRX, or use Fiat with different networks such as BSC, Arbitrum, TRON, Polygon etc., it will greatly save for the problem of withdrawal fees.

bhadz

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Quote from: BitcoinPanther on December 28, 2023, 04:54:35 PM

Quote from: bhadz on December 28, 2023, 03:44:22 PM

I don't think so, it's just going to happen that Bitcoin won't be ideal for payments but still the best store of value.

Just a question, how can be a highly volatile entity be the best store of value?

What do you describe Bitcoin? Do you hold it as an investment? If so, then you're considering it as a store of value. Or, this is my take about Bitcoin for being the best store of value because this is what I've got. The other store of value, I don't have them and that's why it is the best for them. Thus, we're in a Bitcoin forum that makes every person here anticipate that they're also in Bitcoin but we've got different thoughts of how it is for being the best or not.

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Quote from: Nrcewker on December 29, 2023, 07:53:24 AM

This transaction fees have really annoyed many daily traders to be honest. We have two options while sending the Bitcoins. Either we have to wait for longer time in order to get Bitcoins or else we have to use pretty expensive fees to get the Bitcoins quickly in the wallet. Both things really don’t favour at all towards a normal trader. Nevertheless we can’t really do anything about it. We need to wait till the blockchain or mempool is less congested in order to do the Bitcoin transactions or else we need to convert it into another coins and send/receive it.

Nope we have three option rather and that is to exchange it with coins which have lesser fee which I think the main option done by majority want to escape such huge fee what currently have by bitcoin.

I really feel how OP got annoyed about it since instead of transferring directly using bitcoin we are been bothered by this huge fee that we need to take and its painful in our wallets to always pays such amount. That's why some people just forget to use BTC for a while since they prefer to hold it or just go with their favorite altcoins since this could give them a temporary convenience.

Base on mempool fee still high https://mempool.space/ but I think this is reasonable for people who want to transfer a huge volume and they should use the recommended fees base on what figures given.

Nrcewker

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This transaction fees have really annoyed many daily traders to be honest. We have two options while sending the Bitcoins. Either we have to wait for longer time in order to get Bitcoins or else we have to use pretty expensive fees to get the Bitcoins quickly in the wallet. Both things really don’t favour at all towards a normal trader. Nevertheless we can’t really do anything about it. We need to wait till the blockchain or mempool is less congested in order to do the Bitcoin transactions or else we need to convert it into another coins and send/receive it.

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Quote from: Nwada001 on December 27, 2023, 04:47:25 PM

The current bitcoin fee rate is forcefully chasing people to abandon using the network as a payment option for those who have made it one of their favourite means of payment for their online purchases.

Bitcoin can be used for many use cases and payment is only one of its use cases. I honestly feel nothing is bad if I can not use bitcoin for my payment. Because I have bitcoin but my financial life and daily expense, payments are not depended on Bitcoin. I can use other methods to pay my expense, cash, bank transfer, stable coins and altcoins.

Bitcoin in my plan, is my storage of savings and investment. I only use it for payment if transaction fee is cheap for me because I don't want to lose too many satoshi for transaction fee. Satoshi will have its value increasing with time and I want to save as many satoshi as possible.

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Quote from: Nwada001 on December 27, 2023, 04:47:25 PM

The current bitcoin fee rate is forcefully chasing people to abandon using the network as a payment option for those who have made it one of their favourite means of payment for their online purchases.

I'm guessing there weren't that many in that subset of bitcoin holders to begin with, much less now when network fees are prohibitively high. It's so much easier to use litecoin, doge, or pretty much any other altcoin that's accepted where bitcoin is, and that's been the case for quite a while now.

And yet it'd still be nice to send bitcoin to another person or another wallet without having to pay such crazy fees. This stuff has popped up several times in the past few years, but for whatever reason I don't remember the problem lasting this long. Hopefully network congestion or whatever's launched network fees into the stratosphere will work itself out to the point where the average person who doesn't want to pay 20% (or however much) of a transaction to the miners can send bitcoin again. It sucks when it's like this!

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Quote from: Lucius on December 29, 2023, 04:53:56 AM

Quote from: avikz on December 29, 2023, 04:42:34 AM

~snip~
Unless and until the ordinals are completely stopped from the Bitcoin network, I see no way out from this situation anytime soon. There was a discussion where Bitcoins dev were talking about banning ordinals from the network. Does anyone know the status?

I think the current status of that operation could be called "complicated", because as far as I understand it, it is not at all simple to remove ordinals without consequences for the blockchain.

The issue of a congested mempool is actively debated within the developer community.It can be confirmed by reviewing ongoing discussions here.

Among the various proposed solutions two approaches stand out. Firstly, the implementation of filters for non-standard Taproot transactions. In this case they say that it could be done even without a soft fork. The second approach involves enlarging the block size. in my opinion it would be a worst option which widens the avenue for spam and is thus less preferable.

Essential10

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I have been noticing for some time now that network conditions and high fees are causing a lot of frustration and anxiety among users. Many are calling for immediate action before these problems escalate. Some are even considering switching to alternative networks or platforms if the situation doesn't improve soon. Basically, the rising fees make it difficult for small investors to buy and hold Bitcoin, as they may not have enough funds to justify paying the high fees for each transaction. This may limit their ability to participate in the cryptocurrency market. Self-sustaining bitcoins require regular transactions to move in and out of cryptocurrency wallets. High fees may deter smaller investors from doing so, potentially leading them to keep their bitcoins on exchanges or other platforms, which may be less secure.

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Quote from: avikz on December 29, 2023, 04:42:34 AM

~snip~
Unless and until the ordinals are completely stopped from the Bitcoin network, I see no way out from this situation anytime soon. There was a discussion where Bitcoins dev were talking about banning ordinals from the network. Does anyone know the status?

I think the current status of that operation could be called "complicated", because as far as I understand it, it is not at all simple to remove ordinals without consequences for the blockchain. Except for those who have a great interest in making the whole thing last as long as possible (miners), the majority would very much like the developers to disable ordinals.

There is more about it in this topic -> (Ordinals) BRC-20 needs to be removed

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Quote from: The Cryptovator on December 27, 2023, 04:32:49 PM

Bitcoin transaction fees have become a topic of discussion lately. A lot of topics have been created about Bitcoin transaction fees. It seems the transaction fees are throwing Bitcoin away from its original goal.

Today I attempted to make a Bitcoin payment on Namecheap. Instead of making transactions from the Ledger wallet, I tried to make them from Binance for a faster transaction since there was a 15-minute time limit. So the transaction and withdrawal fees asked in Binance are 0.0004BTC, which was almost $17 during the withdrawal.

Ok, let's forget Binance withdrawal fees. If I want to make transactions from the ledger, then the transaction has to arrive in 15 minutes. I am pretty sure if I want to ensure the time frame, then I have to spend similar fees, even from Ledger. So it's become hard to pay $17 transaction fees to make a $50 deposit. And by force, I had to use a virtual card that doesn't cost anything (I didn't notice any significant fees) and was an instant transaction as well. It made me believe that we are drifting away from Bitcoin's original goal in some way.

It's very unfortunate! Couple of days back I had also open the topic where I had to pay $197 as transaction fee. It's very disappointing to see that Bitcoin has indeed drifted away from its main goal. If these continues, Bitcoin will only remain as an investment and people will start using alt coins to do their daily transactions.

Unless and until the ordinals are completely stopped from the Bitcoin network, I see no way out from this situation anytime soon. There was a discussion where Bitcoins dev were talking about banning ordinals from the network. Does anyone know the status?

Topic: Bitcoin transaction fees have disappointed me today (Read 569 times)