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.

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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.

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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.

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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.

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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.

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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.

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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?

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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.

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Quote from: Tamaperdana on December 28, 2023, 09:39:36 PM

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.

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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.

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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

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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.

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.

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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.

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.

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

Quote from: kotajikikox on December 28, 2023, 03:49:29 AM

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?

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Quote from: kotajikikox on December 28, 2023, 03:49:29 AM

Quote from: bhadz on December 27, 2023, 05:02:45 PM

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 ,

Last bull run on 2021, we didn't experienced this much. We can only lay it all to the devs as we just have to bear whatever is the situation now.

Quote from: kotajikikox on December 28, 2023, 03:49:29 AM

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.

Quote from: kotajikikox on December 28, 2023, 03:49:29 AM

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.

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Quote from: alastantiger on December 28, 2023, 10:18:46 AM

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.

alastantiger

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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.

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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.

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?

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

~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.

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.

stompix

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Quote from: taufik123 on December 27, 2023, 06:59:16 PM

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/

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%!

milewilda

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Quote from: BRINIRHA on December 28, 2023, 04:25:41 AM

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
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. Cheesy

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.

BRINIRHA

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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.

Cookdata

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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.

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.

NeilLostBitCoin

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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. 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.

Mame89

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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.

kotajikikox

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Quote from: bhadz on December 27, 2023, 05:02:45 PM

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.

Bureau

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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.

naira

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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?

bluebit25

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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.

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.

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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.

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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/

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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.

Dailyscript

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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.

What will be the faith of those who adopted Bitcoin recently if they have to witness what is going on now? Only old users of the Bitcoin network would understand that it is all about the congestion and transaction blocks that are the problem. Definitely, the newbies who are not comfortable spending such an amount on transactions will switch to other networks that can solve their needs. We are gradually looking for other options right now.

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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.

Dr.Bitcoin_Strange

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Fee has been so crazy for some weeks now; maybe because you have not done any Bitcoin-related transactions recently, that's why you have not noticed it. In my business, customers are complaining of the high transaction fee of Bitcoin, and some of them have even chosen to pay in another cryptocurrency with a lower fee.

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.

Adbitco

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I don't know but it's actually frustrating to see that bitcoin doesn't scale through quickly as it was originally planned, currently anyone using bitcoin for payment is like putting himself in a tight corner till the payment got delivered and just imagine in a place when you purchase lots of goods and you were hoping to pay with bitcoin how long would one wait for the payment to get confirmation before leaving the place. Does it mean bitcoin is no longer maintaining it's peer to peer nature?

bhadz

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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.

BenCodie

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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.

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.

Furious 7

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It seems that we are still going to be very bothered by transaction fees at least in the last few weeks transaction fees are really very inconvenient for me personally.
Fortunately im still very rare to make transactions in bitcoin because my focus is only investment but it is felt or not with the current transaction fees even though I don't use bitcoin too often for transactions but this provides a concern for myself personally.

I cant imagine those who do make transactions that cannot be postponed, especially when used as a means of payment, so this will clearly be very influential.
Regardless of whether this has deviated from what bitcoin should do i dont really want to discuss this but I still feel that this transaction problem will continue to persist for some time to come.

Nwada001

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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. No matter the love you have for the network, you can't ignore the fact that the fee is high and still continue making use of it when there are better and cheaper options out here.

For the time being, Bitcoin is not the best option to use and make small purchases; it could only be used as a store of value; you could buy and save it for future use. I mean, for profit-making in the future when the price moves above what you purchased it, but if it's for payment, altcoins are gradually taking over, and the use of the fait system has also been rapidly growing as a payment option as the fee is way cheaper.

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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. 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 Cryptovator

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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.

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