Bitcoin transaction fee has been disappointing me for months now, I always feel somehow when I am about to make some transaction in bitcoin, the first thing that come to mind is checking mempool out to get update on the present transaction fee and if it's not good enough I cancel the idea for another day.
I read where someone said that high transaction fee has nothing to do with bear or bull market, that it depends on how many people are transacting on the network at the time, well I refuse to accept this claim, to make someone who think this day to see reasons, a new bull market must emerge.
My Bitcoin wallet wants $18 per transaction out of the box and I have to always adjust to the numbers I am getting on mempool, the bull market will be more uglier than it is today, fingers crossed.
Topic: Bitcoin transaction fees have disappointed me today - page 2. (Read 569 times)
Bitcoin transaction fees have not seen a significant decline recently. Because I often check the mempool and the transaction fees are always around 4 to 5 dollars. I don't know what was the main trigger, but this is not a good thing for bitcoin investors. Because usually the increase in bitcoin transaction fees does not last as long as it does now. In the last few months bitcoin transaction fees have also increased, but only a few weeks and finally the fees fell again. However, the increase in bitcoin transaction fees that occurred this time took quite a long time.
That's why it's the best for us to either wait a bit more so we can see if there's a possibility that it will go down even more, 17 USD is a significant down in the transaction fees for Binance, last I've checked weren't the transaction fees is around 50 USD? I hope that we get to see more significant drop in price soon given that the popularity of ordinals are taking a hit and the flak that it's getting from the community is just too much, maybe they'll eventually cave in to pressure and the people that's benefiting from all of this are going to put an end to all of this, this is one those stuff that lost it's charm because it got overused but I digress, from the looks of the transaction fee right now, it's a waiting game so buy more bitcoin right now to accumulate more and hope for the best.
Bitcoin transaction fees have not seen a significant decline recently. Because I often check the mempool and the transaction fees are always around 4 to 5 dollars. I don't know what was the main trigger, but this is not a good thing for bitcoin investors. Because usually the increase in bitcoin transaction fees does not last as long as it does now. In the last few months bitcoin transaction fees have also increased, but only a few weeks and finally the fees fell again. However, the increase in bitcoin transaction fees that occurred this time took quite a long time.
Stop using bitcoinfees, that website is garbage
Right now it shows
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.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%!
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
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.
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.
What you are saying is correct; well, in fact, from what I can see from what is happening now, if the crisis continues in such a scenario, maybe the other holders of Bitcoin will think of another alternative that is better, and they will exchange it for Bitcoin so that the transaction fee demanded is low.
Because what is really happening now is not good in reality, and only rich people can hold Bitcoin because they can afford the very expensive fee that is too heavy for most others.
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.
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.
To think about the situation, we need to know what is the core goal of creating Bitcoin. I believe it is to remove the trust system wherein a person have to trust the third party financial institution for the transaction. Does Bitcoin high fees remove that? I think no... but it is getting harder for people to transact in Bitcoin because of the high fees while other form of fiat payment can deliver the job with less frustration.
if this will not change , I'm afraid that we will be seeing less users of bitcoin and a diversion to other option that offers the same speed , fees and uses.
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?
I believe that this is a temporary problem that we have to deal hardly for now. Before, when we've got some surge in transactions fees we already don't like it. Like for it costs $1-$5 and I think $20 was the peak of it, we're already disappointed with that. And to mind that these were like a few weeks. But now, we're dealing on it for several months and still, we've got still problem that we have face every single day and made us thinking whether we'll do the transaction or not or if it's worth it to pay $5-$20 worth of fee now whether we transact. It's not a problem if we'll be transferring a couple of grand or even hundreds but if you'll have to pay $20 or what not, it's not worth it.
this is truly a temporary problem but what OP wanted to impose is why we need to had experiencing such when we can use other sources with minimal if not a total free transactions with almost the same speed?and besides this has been coming for how many chances each time bitcoin price rose high ,
this also made more people now understand the uses of altcoin and this brings also small damage to what bitcoin use to be from the creation.
On times like this, there is no way that we'll not find any alternative to save fees and that's why as long as there are other options that we can use to save fees, we'll use them.if this will not change , I'm afraid that we will be seeing less users of bitcoin and a diversion to other option that offers the same speed , fees and uses.
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. This high transaction fee and congestion will make you prioritize your transactions. The goal of Bitcoin is not being defeated rather the developers will a solution to the issue. If the transaction is not important the wait. If it is totally unavoidable use fiat or an alternative payment plan. If you must use Bitcoin and can bear the fee but not the congestion use, an accelerator.
It would be completely wrong and very surprising should someone who is a pro-Bitcoin with the exception of those holders that don’t care to sell even a sat from there holdings not to understand the issues associated with the cost of putting up a transaction on the Bitcoin network at the time. These give value to altcoin chains, fiat currencies and in a way, it promotes hodling.It’s almost evident that in course of this resent but reoccurring development on the fees, Bitcoin holders seems to hold more with the need to process a high volume of transaction rather than sending transactions on the network in bits and having to pay a heav charge on it.
With this being the case, one might as well benefit from the rises that might occur within the time frame of accumulation and should the market fall, you bare the drop in valuation too.
This high transaction fee and congestion will make you prioritize your transactions. The goal of Bitcoin is not being defeated rather the developers will a solution to the issue. If the transaction is not important the wait. If it is totally unavoidable use fiat or an alternative payment plan. If you must use Bitcoin and can bear the fee but not the congestion use, an accelerator.
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.
A simple question for you - why didn't you publish your story in one of those topics - do we need another topic where no one will write anything we didn't already know?
~snip~
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.
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 just now realized that Bitcoin is no longer what Satoshi imagined? I would dare to say that it stopped being a long time ago when some realized that they could make Bitcoin a money machine, whether it was miners, owners of crypto exchanges or ordinary people who saw it as a way to profit. Just look at what these ordinary idiots do without any remorse and everything will be clear to you.
The next phase of "killing Bitcoin" is of course the introduction of big players into the game who will play with BTC through ETFs.
If you want to make a payment in less than 15 minutes, you will have to pay a fee
396.2 sat/vB is about $24.61, but must make payments via personal Wallet, not from CEX.
https://bitcoinfees.net/
396.2 sat/vB is about $24.61, but must make payments via personal Wallet, not from CEX.
https://bitcoinfees.net/
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%!
Usually every time I do DCA from Cex I will immediately withdraw it to my Wallet. But this time I also feel a little uncomfortable because currently even the BTC withdrawal fee on Binance is also more than $26USD (0.00062 BTC). So this month I prefer to make withdrawals once a month to save on fees.
I hope fees can return to normal but the excitement and growth of BRC-20 seems to continue. Which makes transactions continue to pile up and provokes people to continue to increase transaction fees because everyone wants to get the fastest confirmation on the bitcoin network. I started to wonder. Will later, when Bitcoin adoption becomes greater, the fees will be much greater than now? I think we need a solution. or Lightning Network may be a solution for now.
Its never been that comfortable on making transactions as of this moment specially if you are really having that small amount DCA on which this current fees would really hurt you much specially if you are making I hope fees can return to normal but the excitement and growth of BRC-20 seems to continue. Which makes transactions continue to pile up and provokes people to continue to increase transaction fees because everyone wants to get the fastest confirmation on the bitcoin network. I started to wonder. Will later, when Bitcoin adoption becomes greater, the fees will be much greater than now? I think we need a solution. or Lightning Network may be a solution for now.
several transactions but if not then it wont really be that much of an issue. It is really just this thig year on which it is really that too often about network congestion whereas these things cant really be that experienced often
before Ordinals existence which im not surprised that people would really be mainly blaming Ordinals for this situation. I have seen about a thread about Ddos- Dont know if its true or not
but its not shocking whose at fault if ever this is true.
https://bitcointalksearch.org/topic/ordinals-website-is-under-a-ddos-attack-5479520
This is why it would be better not to make transactions as of this moment, but if you do have thousands of dollars in worth of Bitcoin then pretty sure that
you wont really be minding with this current high fees. You can definitely afford, i do understand into those feelings on where those small investors or traders who do make
out some small transactions on which this current condition which do really sucks.
Usually every time I do DCA from Cex I will immediately withdraw it to my Wallet. But this time I also feel a little uncomfortable because currently even the BTC withdrawal fee on Binance is also more than $26USD (0.00062 BTC). So this month I prefer to make withdrawals once a month to save on fees.
I hope fees can return to normal but the excitement and growth of BRC-20 seems to continue. Which makes transactions continue to pile up and provokes people to continue to increase transaction fees because everyone wants to get the fastest confirmation on the bitcoin network. I started to wonder. Will later, when Bitcoin adoption becomes greater, the fees will be much greater than now? I think we need a solution. or Lightning Network may be a solution for now.
I hope fees can return to normal but the excitement and growth of BRC-20 seems to continue. Which makes transactions continue to pile up and provokes people to continue to increase transaction fees because everyone wants to get the fastest confirmation on the bitcoin network. I started to wonder. Will later, when Bitcoin adoption becomes greater, the fees will be much greater than now? I think we need a solution. or Lightning Network may be a solution for now.
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.
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.
Didn't we all like Ordinals and BRC20 tokens? The community can do it, deep down they know these shits are as good as spamming the network and agitation of the mempool with sudden increases in fees but miners will turn a blind eye and say it's good for adoption because where they are making money is degrading twice in every four years and they will use this to compensate their revenue, this is bad even if we make a 100% profits doesn't mean we have to spend everything later on the fees.
Binance will not think twice about spending anything on the fees because their ways of processing payments favours them. In the space of 15 minutes of waiting, they can have more than 10 request withdrawals or even more and when they process these 10 outputs and it happens to be a segwit wallet address, they will spend less than what they collect from all the users. Let's say they collect $17 each from 10 people, that's $170, they can decide to spend $80 on the fees for the combined transactions to get into the next block and they hold the rest of the money. Most of the time, Binance don't spend money on a single transaction, they combine them to lower fees but isn't that better than sending from a personal wallet that will ask for $30 for the next block.
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.
If you have other payment options available, I suggest using them instead of Bitcoin. The transaction fee for Bitcoin is quite high, and if you dont want to pay a high fee, it's best to avoid using it for payments. Honestly, even though the transaction fee for Bitcoin is high, it doesn't bother me because I dont use it for my daily transactions. I have several other options for daily transactions, such as credit cards, cash, and e-wallets. As an investor, my point of view on Bitcoin remains unchanged despite the problem in transaction fee.
I usually use DCA btc every month and from the proceeds of the signature campaign payments then move them to my ledger. However, the costs are starting to get expensive and we are not fully ready. The best strategy right now is to let it stay on the exchange you're on, and wait for fees to start to normalize. Then move it to your cold storage in increments every month or so. This is the only thing we can do now when Bitcoin transaction fees are very high.
I would like to ask Are ordinals a threat to the current blockchain bloat? Or am I misunderstanding this? Because previously bitcoin was doing fine for years without Ordinal, shipcoin BRC, or whatever they were called.
I would like to ask Are ordinals a threat to the current blockchain bloat? Or am I misunderstanding this? Because previously bitcoin was doing fine for years without Ordinal, shipcoin BRC, or whatever they were called.
I believe that this is a temporary problem that we have to deal hardly for now. Before, when we've got some surge in transactions fees we already don't like it. Like for it costs $1-$5 and I think $20 was the peak of it, we're already disappointed with that. And to mind that these were like a few weeks. But now, we're dealing on it for several months and still, we've got still problem that we have face every single day and made us thinking whether we'll do the transaction or not or if it's worth it to pay $5-$20 worth of fee now whether we transact. It's not a problem if we'll be transferring a couple of grand or even hundreds but if you'll have to pay $20 or what not, it's not worth it.
this is truly a temporary problem but what OP wanted to impose is why we need to had experiencing such when we can use other sources with minimal if not a total free transactions with almost the same speed?and besides this has been coming for how many chances each time bitcoin price rose high , this also made more people now understand the uses of altcoin and this brings also small damage to what bitcoin use to be from the creation.
if this will not change , I'm afraid that we will be seeing less users of bitcoin and a diversion to other option that offers the same speed , fees and uses.
I have been reading that the high transaction fees issue will fade away in some time. The only problem is that it does go away and again we go back to the normal days for some months. Then again we come across the same path that we had faced a few months back. This is an ongoing problem without any proper solution which is not helping Bitcoin. Now, after reading this post where the traditional payment was used, I also feel that the fees are not justified to Bitcoin's original identity.
I agree, with high fees making Bitcoin deviate from its original goals, I wonder if this situation continues then the original goal of increasing adoption as legal payment will become increasingly difficult to realize. Of course, this is a concern for many people and they start to think twice, for example paying $20 for a service in Bitcoin but you are charged a higher fee. Doesn't this have a negative impact on our optimism for pushing Bitcoin as a legal payment?
Personally, for the time being I will stop sending Bitcoin until the situation really improves.
In fact, I became suspicious, regarding Ordinal maybe they were part of an agenda to thwart Bitcoin initial goals. Just imagine being a parasite on the Bitcoin network by exploiting the existence of Bitcoin. Isn't being a parasite a disease?
Personally, for the time being I will stop sending Bitcoin until the situation really improves.
In fact, I became suspicious, regarding Ordinal maybe they were part of an agenda to thwart Bitcoin initial goals. Just imagine being a parasite on the Bitcoin network by exploiting the existence of Bitcoin. Isn't being a parasite a disease?
In recent times, I have been quite limited to using and trading with Bitcoin. Perhaps the purpose of use is not more suitable for small volume transactions, so priority will be given to altcoins, but to be honest, the current problem is not a barrier for me to continue accumulating bitcoin in the long term.
It may not be making many people happy about the cost and speed, but it seems that the stimulation from the surrounding things is bringing excitement to the entire crypto market. Maybe when this period calms down, everything will return to stability.
It may not be making many people happy about the cost and speed, but it seems that the stimulation from the surrounding things is bringing excitement to the entire crypto market. Maybe when this period calms down, everything will return to stability.
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