Bitcoin transaction fees have disappointed me today - page 3.

traderethereum

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I don't know if this has anything to do with what @OP is looking for. But I think @OP can use other coins to pay his bills on Namecheap.
I found this article on the Namecheap site. @OP can read it later and I hope it helps @OP.

Code:

https://www.namecheap.com/support/knowledgebase/article.aspx/10089/7/how-do-i-add-funds-to-my-namecheap-account-using-bitpay/?_ga=2.91621018.1204020570.1703745754 -633873468.1703745754

I saw from that article that other coins could be used for payments. Apart from BTC, @OP can choose coins that have low transaction fees.
And indeed, those bitcoin transaction fees are now disappointing. Who knows how long it will take for us to see transaction fees return to normal?

CryptoHeadlineNews

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

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.

For me, this high cost of transaction fee of Bitcoin is actually driving so many people away from it's use for the past 4 weeks now, because though we have have series of time when the Bitcoin Network was congested, but I don't think never has any lasted this long, of which its getting almost close a month now since the high fee in Bitcoin transaction started heavily, which is actually discourage mostly to newbies getting to use Bitcoin for their first time this period.
I also had similar issue, but instead of my transactions to be executed, it keeps telling me "transaction error, mempool conflict" even when I was willing to pay a high few of $25 just to transfer $85 to my Binance wallet

Strongkored

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Today tried to send my Bitcoin from electrum to cex and had to pay a fee of around $21 just to send an amount of $50, it was quite disappointing, and I'm sure there will be more and more people who are reluctant to make transactions with Bitcoin unless it's just for trading on the exchange, the fee is indeed will decrease over a certain period but those who need it immediately will still be constrained by what is happening on the network for now.

crwth

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That's why a lot of people have decided to do take on a different approach and different cryptocurrency just to use it on everyday stuff because it's getting harder and harder for it to be used on transactions that normally wouldn't use a fee just to do it. It's really hard to have that in mind because you don't want to spend so much on a normal transaction.

It has affected me as well and it made me not want to touch it at all (unless needed to). In a way, it's a good thing to not touch or use my BTC but it's still not going with the goal.

It is quite disappointing.

Apocollapse

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

It made me believe that we are drifting away from Bitcoin's original goal in some way.

Nope, even Satoshi himself know if Bitcoin could be a collectible or commodity, not necessary to be a currency. Why need to force ourselves to spend for $17 just to use Bitcoin as payment when you have another way to pay it for free or less than $17?

Quote from: satoshi on August 27, 2010, 11:39:26 AM

Bitcoins have no dividend or potential future dividend, therefore not like a stock.

More like a collectible or commodity.

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

Namecheap accepted Bitcoin and Bitcoin via Lightning Network in 2021.

To open a channel you need to make on chain transaction, so either you use on chain or lightning network, the result is same.

yhiaali3

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This is the hottest issue that is constantly being discussed both on and off the forum because the network situation is getting worse and the fees are becoming unbearably high and may even rise further if quick solutions are not found.

Bitcoin has deviated greatly from the goal for which it was created. I see through the forum and social media that many people have begun to look for other alternative solutions, such as transferring through cheaper networks such as TRON and Binance, and most of them have started holding Bitcoin as a store of value Or hopefully the problem will be resolved in the near future.

Churchillvv

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I have been seeing complains every where about the transaction fees and looking from that perspective it seems Bitcoin has failed one of it potentials and goals of its creator.
Does this mean Bitcoin is not long going to be a payment method ? Or is it just for investment purpose, make profit and look for alternatives and get your profits.

Anyways, I'm not yet in the position of making much transaction so i will probably just keep watching till I see a positive result of the transaction fees, if non then I will just keep up with using alts for faster transactions.

Don Pedro Dinero

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Quote from: Darker45 on December 27, 2023, 07:25:43 PM

Probably, in some way. If one Bitcoin user is now avoiding the use of Bitcoin as payment because it is very expensive, then that's telling of Bitcoin's failure in its role as a currency. Well, Bitcoin has different roles now. And it's probably doing great in others. Apparently, the rise of Bitcoin's price is a proof that it remains in high demand despite the exorbitant fees. Anyway, we'll just probably maximize all available means to somehow lessen the fee.

I believe that the use of bitcoin as a means of payment had already been declining in recent years. Nowadays it is used more as an investment and the current fee environment, and even more so if it is prolonged by the more than likely upcoming bull market, will only further strengthen that position. It will be impractical for small payments but will still be very attractive for holding and transferring amounts of several hundred or thousands.

Richbased

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OP Sorry about the sad experience as this has been a topic of discussion ever since the mempool became congested and transactions experiencing high transactions fees. Just as you said, it is very unfortunate that the high transactions fees seems to be driving Bitcoin away from it's initial objective and as a result also making a lot of Bitcoiners feel disappointed and frustrated with the current development therefore it's developers needs to act fast before it gets to a more complex situation.

OcTradism

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

Today I attempted to make a Bitcoin payment on Namecheap.

Namecheap accepted Bitcoin and Bitcoin via Lightning Network in 2021.

Namecheap is now accepting Bitcoin payments
Domain giant Namecheap to accept payments via Bitcoin Lightning Network.

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.

Darker45

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Probably, in some way. If one Bitcoin user is now avoiding the use of Bitcoin as payment because it is very expensive, then that's telling of Bitcoin's failure in its role as a currency. Well, Bitcoin has different roles now. And it's probably doing great in others. Apparently, the rise of Bitcoin's price is a proof that it remains in high demand despite the exorbitant fees. Anyway, we'll just probably maximize all available means to somehow lessen the fee.

taufik123

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The $17 withdrawal fee is pretty decent with Binance is quite expensive for now, especially since Bitcoin deposits on Namecheap are quite long and there are some procedures to do.

https://www.binance.me/en/fee/cryptoFee

A few years ago I also tried using Bitcoin Payments, at that time the fees were still quite cheap, only around $ 1-$ 2 and transaction confirmations were also quite fast.

But if you compare it to now, Bitcoin payments on Namecheap are not worth the $17 fee that must be paid, unless the Domain payment is quite expensive, it will not be a problem.

The problem as you experience is the limit of transaction confirmation that must be done for 15 minutes.
I read some guidelines, that if the transaction is not confirmed for 15 minutes and you have made a payment, you can send a complaint to Namecheap or bitpay support team with payment details made in the form of Transaction ID / Transaction Hash.
Very boring, but when the transaction has already been done, there must be other follow-ups so that Bitcoin can enter the name cheap account.
https://support.bitpay.com/hc/en-us/articles/115003001363

Currently, Bitcoin payments are managed by Bitpay and BTCpay

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/

AmoreJaz

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Quote from: HelliumZ on December 27, 2023, 06:54:32 PM

Bitcoin transaction fees are temporarily high but this problem will not last long. Basically Bitcoin causes such problems due to Network Congestion. There have been many instances in the past where such Bitcoin transaction fees were high but were temporary and the fee rates later dropped. I am not able to do my bitcoin transaction due to this problem, especially I transferred bitcoin at 30Sat/vbyte rate but till now my bitcoin wallet is not confirmed. But in this case I have no choice but to wait till my next transaction fee is reduced.

i also have the feeling that this is just one of the challenging times in the bitcoin network. as we have seen, we have witnessed these many times, and yet, we go back to normal. normal meaning considerable fees in your transactions.

for now, look for alternative routes on how to avoid such fees. maybe, time to explore your opportunities with other top alts which has cheap fees like LTC, XRP. definitely, you will find something better in today's btc situation.

HelliumZ

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Bitcoin transaction fees are temporarily high but this problem will not last long. Basically Bitcoin causes such problems due to Network Congestion. There have been many instances in the past where such Bitcoin transaction fees were high but were temporary and the fee rates later dropped. I am not able to do my bitcoin transaction due to this problem, especially I transferred bitcoin at 30Sat/vbyte rate but till now my bitcoin wallet is not confirmed. But in this case I have no choice but to wait till my next transaction fee is reduced.

Z-tight

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Quote from: Dailyscript on December 27, 2023, 05:17:08 PM

I will not forget when i read the Bitcoin whitepaper and understood that it was made to serve as a means of payment. It was promised to be faster and cheaper. Currently, the opposite is the case. Fees are extremely high, and transactions take longer to be confirmed.

I don't think that was promised. Yes, it is a payment method and it is secure, but BTC tx's have never been instant, and even if we were able to make 1 sat/vByte tx's before, this isn't the first time the network is congested and fee rate has risen, meaning it is something that we know can happen. Take note that BTC tx's are not taking longer to confirm, blocks are still confirmed ~ 10 minutes on average, if you use a low or medium fee rate, then you have to wait because others are outbidding you for a space in the block, and that's how it has always been.

ingiltere

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I hope it's a temporary situation and things will go back to normal. Mempool shows at least $10 fees for low priority transactions. This may be OK for high amount of transactions but it's really a big money for a lot of people. Using the network with this fee is not sustainable. No one pays $10-20 in fees to make a $10 payment.
Is this just because of Ordinals? Or are there other issues affecting the network? I don't really know because I don't follow the Ordinals thing.

coupable

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Quote from: panganib999 on December 27, 2023, 05:14:54 PM

Quote from: coupable on December 27, 2023, 04:43:12 PM

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. 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 some extent what you say is true. If the classical system is able to compete with Bitcoin in terms of transfer speed and fees, then Bitcoin will lose its position.
Bitcoin community is confident that this is periodic and it will pass, meaning that the situation is not permanent as has happened throughout the history of Bitcoin, and this is actually what is supposed to happen. Most of us still believe this, if my estimates are not wrong, given that this is not a new event.

Our assessment of things will not remain the same if the network continues as it is today.

The thing is that it is periodic, so it will pass but this will resurface again some time in the future, where we got a new generation of bitcoin enthusiasts complaining about bitcoin's slow transaction fees yet again. It has become annoying and depressing at this point honestly. It's like we don't have a say in bitcoin's future, and all that we can really do at this point is deal with all of bitcoin's shortcomings instead of complain about it to the devs until they find a solution.

I know the solution we're looking for that could solve this conundrum's a little major, as it would require an upgrade in the scalability features of bitcoin to help support a larger client base but at the same time, if we're looking at bitcoin and crypto in general as a long term industry and financial venture this is as great a time as any to actually integrate such solutions. We wait a little bit longer and we'll lose credibility and trust from those who waited for so long.

It is too early to talk about future generations resembling some sort of stability in Bitcoin's functionality. As you can see, this is subject to many variables at the present time, and in some crises, Fiat becomes closer to it in competition.
This does not detract from the value of Bitcoin, given that everything that happens is circumstantial and determined by multiple factors. There will never be any guarantee for future generations of what will happen to Bitcoin or anything else.
There is a state of anticipation in the community awaiting the next halving. Perhaps this is what people are most patient with now. Even all current development work will be more in-depth to solve more potential problems, which will ensure that Bitcoin achieves its purposes for which it was created efficiently.

Orpichukwu

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This was one of the things that I was trying to point out in my thread . Some of bitcoin's aim and purpose have been trampled upon .

You can no longer use the network when you want it and make your payment unless you are ready to use the second layer or forced to pay a high fee, which could be higher than what you are even paying for. When one experiences such a high transaction fee, where is the joy of using that payment option again?

We are gradually losing it unless something is done real quick and the ordinal madness is put to an end. Currently, altcoins like Doge, LTC, and some others with low network fees and fast transaction fees have seen an increase in transaction volume recently as a result of people diverting their crypto means of payment from bitcoin to something much more affordable.

nelson4lov

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I made a transaction a few days ago for an urgent need and electrum suggested 53 sat/vbyte because fees were low at the time. However, ORDI and SATS shot up 40%+ for the day and fees have since spiked abd the transaction remains unconfirmed. I have been doing bitcoin transaction for a long time and it's just disappointing that the cost of transacting on the chain is on the high side and lightening fast transactions is now a dream rather than a reality.

We often say we want mass adopted for Bitcoin but majority of the masses won't spend $10-$20 for micro transactions of $3-$10. At this point, there's no need blaming Ordinals because a mature network like bitcoin should be able to scale as need be.

Zaguru12

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Quote from: Dr.Bitcoin_Strange on December 27, 2023, 05:09:37 PM

Two weeks ago, I made a $55 dollar payment to someone, and the fee I spent to carry out the transaction was $15, it was not funny, but I had no choice because it was an urgent payment, which was only required to be made in Bitcoin. I kind of felt disappointed that day, but there's nothing I can do.

Sadly it is what is, I have been advising since the start of this congestion and high transaction fee saga that bitcoin currently is only suitable for large amount of transaction or rather cross boarder transactions, other than those I will say Find another way. I feel it is the price one has to pay for a decentralized network at the moment. Hopefully the devs will come up with a solution that in my opinion shouldn’t be anything related to censorship of transactions though.

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