Topic: Bitcoin Transactions Fee Are More Expensive Than Ever (Read 799 times)

It is certainly problem that hopefully can be solved in the not so distant future. I am not up to date with the progress of the scaling solutions, but right now using Bitcoin is a pain in the ...

Okay im going to send some btc soon.  I want to test a tiny btc deposit to my coinbase address since i never sent one to it just in case.  Then i would send a bigger amount.  If im going to test say a l0 dollar btc transfer from nano ledger to coinbase, you would recommend send with a cheap fee right?  Risky to do this with say 5 sat/kb?  Or should i do more?


Did anyone yesterday sent btc and did cheap fee like 5 sat/kb and it was pretty fast?  Last night i checked mempool and lot of people seem to send with those cheap fees?



I just took a look right now and on mempool it shows


Low priority
35 sat/vB
$2.89


Medium priority
56 sat/vB
$4.63


High priority
91 sat/vB
$7.53



About 12 hours ago or a bit more ago, i remembered the low priority was much lower and so were the other ones.  So basically if you are not in a rush, check this site to see what is the low priority, medium priority and high priority correct?


Im looking at the latest transactions and it seems almost everyone is putting at least 20 sat/vb with the majority of the fees being like 80 sat/vb.  That is normal right when thats how the low/medium/high priority fees look like now?  So that is why i almost see no transaction like last night when many fees were around 5 sat/vb?


Also is there a way to see the transactions without it going so fast like on mempool?  I want to look for people who pay a low transaction fee like say 20 sat/vb or less... and are sending say up to 5000 dollars for example.  Like i just copied and paste this transaction


https://mempool.space/tx/6bc68b7e4b8fda1cf03aac76ec5b9fb1d22eb44a67efd524dc5c6a62c04ded2e


So this person paying

Fee   3,859 sat$2.26
Fee rate   17.2 sat/vB


‎0.08661796 BTC or around 5000 usd.


I see it immediately shows ETA is l0 minutes or l block.  Then a minute later... 20 minutes or 2 blocks.   Im going to see how long it takes for this transaction to confirm.  So after it shows l confirmation on the transaction, its pretty much confirmed right?

Yeah it was. But now, fees are much higher than ever before as Bitcoin price has reached incredible levels. And there are many people who make transactions on the network also. Transactions are not only expensive but also slow for now.

maybe it is a factor when the price of Bitcoin increases, some altcoins can follow behind it.  due to the problem of high transaction fees in Bitcoin, many people convert to Altcoins in advance to reduce transaction fees

I didn't intend to be arrogant. But when corporations already store value of billions in Bitcoin, you complaining and coming with an example of 16$ is weak, sorry.
Especially as anybody knows (or I thought they know) that too many small inputs make a transaction big, hence more expensive. That means that withdrawing/putting away values like 16$ are not feasible for HODL/store and it makes more sense to wait until the value gets much bigger (let's say over 100$, imho, to keep it in $, and that by gathering more bitcoin, not by waiting a new ATH), no matter what the transaction costs "now".
Hence, in this context, of storing, 16$ is too small to make sense.

All in all, if you want to use Bitcoin as store of value you don't care almost at all about tx fees because you HOLD, not transfer funds on the daily basis, and when you transfer you do that with bigger amounts at a time and with low priority fee.

Wrong , It is not intented for Cheapest fee but for the privacy we wanted that banks cannot provide, you are expecting too much about Bitcoin transacting and you don't consider what is other good purpose of Bitcoin for humans.

And besides this only happens when there is a raging transactions and congestion is happening but in totality ? it always comes back to lowering the fees.

I can tell you for sure, i don't misunderstand what value means. It would seem less arrogant to tell me i misunderstand if you actually tried to explain afterwards why you think i misunderstand what value means.
You don't really come with any explanation as to why "it's a tad more" in this context.

It is increasing because of the number of subscribers, there are more transactions now that are done with bitcoin so they need to add charges especially for instance transfer

It is very unfortunate that the situation goes like this, increasing fees of Bitcoin transaction is really bad. But I was expecting this huge increase as this was also happening in the previous Bullrun. May some people are use to convert BTC to altcoins as it was their choice, that is a smartest idea to save some cost. Have we think that this gonna be happen all the time. I think not coz in the previous days the fees it lowering down.

I don't know if we should be complaining about the huge fees but rather to accept that it soon will come at any moment.
I don't know where to find the solution aside from waiting it to change.

Yes i agree . Bitcoin fee is so much,now that the bitcoin price is high the fees are also high. So instead of using bitcoin as a transaction they coverted it to altcoin so that it may cost low fee and probably transact better. If you are btc holder it is okay for you because you tend only to hold and wait for price rise up

You misunderstood what value means. In this context it's a tad more than 16$.
Also the analogy with VISA is not very fortunate, for many reasons explained so many times on this forum.
However, you're right: it is a problem for Bitcoin.


That's the fee you pay the casino. How much they pay for the network/tx fee and how they keep for themselves, it depends from one such service to another. Centralized exchanges behave the same and some even write that it's the transaction fee, when it's not. It's a withdrawal fee.

I logged in to the forum today to try and find a topic about this. I knew i could not be the only person wondering why transaction fee's where so high.
I think this problem with absurdly high transaction fee's is a big problem for Bitcoin. If we want it to be a store of value and we want it to be taken seriously as a currency it's a big problem that fee's are this high. Imagine paying 10 $ credit card fee for buying 16 $ worth of food because the VISA network is congested.
 
I have a pretty big amount of bitcoin sitting in my wallet in an online casino. I can't choose how big/or small a fee i want to pay to withdraw it. It HAS to be 20.000 sats. I could write to support to see if they could make a custom withdrawal but i doubt i can get them to do that.

bitcoin is not good for an exchange currency because the costs to be issued are very expensive, this happens because the price of bitcoin continues to increase and there are also traders and even investors who are willing to pay expensive transaction fees so that it is quickly processed.
it's better to use bitcoin as a place to save assets for a long time to get bigger profits so if we want to sell the bitcoins we have, we won't feel disadvantaged by quite expensive transaction fees.

It's hard to tell and it depends on many factors. If, for example, something happens and makes traders send transactions around like crazy, 3 sat/vByte may not get confirmed at all and dropped in some 2 weeks.
But with current mempool conditions, since a few 4 sat/vByte transaction were already processed in the last 24h, with some luck, also 3 sat/vByte may get through in 24h.
I could say, with a safe margin, that there's a relatively good chance that it'll get confirmed at least in the next week-end.


That's correct. Shouldn't you make your own separate thread with this kind of questions?


In the week days it's pretty difficult to estimate, since the number of transactions and the fees can rise suddenly.
Also most use the fee the wallet is suggesting, which usually over-estimates it, no matter which wallet.


With the problems from about 3 weeks ago, last week the fees were exceptionally high.
Before that, there were also periods with pretty high fees.
The current 2 weeks period is unnatural, the blocks are mined faster than normal and the fees are dropping. But normally, since the bull run has started, the fees are not small.
I don't know if it's 18$ though, since I took my time with my transactions (week-ends), I have the inputs consolidated and I didn't have to pay more than 1$ for my transactions. But those who don't know, can easily pay more than 10$ for the same job. And those in hurry, even more.

If i do that minimum 3 sat/byte... that transaction will take at least a day to go through right?


But is there a way to know the transaction did go through but its still waiting to confirm?  You go on that blockchain site to check the tx history right?


But are people even doing that now or are they sending at least so and so sat/byte?  Like what would you suggest if i want to send btc from nano ledger s to say coinbase.  Like minimum how much sat/byte?  I mean i definitely want it to get to coinbase in few hours.  I don't need it to get there in say minutes or an hour etc.  But why do i keep hearing people say the avg bitcoin fee now to send is like 18 dollars now?  Is it if you pay that much, then your transaction will complete in like 10 minutes or so?

You can easily calculate it on your own. We can't tell you that because it depends on the size of your transaction.
A normal transaction containing a single P2WPKH input and 2 P2PKH outputs is about 180 bytes and with the current lowest fee rate of 3 sat/byte you have to pay 540 satoshi in total fee which is about $0.3

What is the lowest fee that i can set my nano ledger s to send btc now?  I know its in bytes etc... but for example... if you convert that 0.00xx kb to usd... what is the lowest amount to do this?


I don't mind it taking a few hours to go through for example.  It would still cost a few dollars at least right?  No more okay l dollar fee to send btc but it takes a day?

The miners are busy making huge profits from the current high fees being paid on the Bitcoin network. This has continued to be the major challenge in the bitcoin network, making it hard for small Bitcoin holders to move their bitcoin around.

If you are on an exchange like coinbase that lets you send offchain to another exchange user,
that is the cheapest way to send bitcoin. Usually zero fees.

To view bitcoin average onchain transaction fees:
https://www.blockchain.com/charts/fees-usd-per-transaction

~$18 at the moment

What is the site that i could check avg fees for sending btc?  I recall someone said its cheaper to send it at the beginning or end of the week and they showed a graph of it... but what site is it from?

Price increased means more fees. That is what i though in past. I think people don't have any choice rather than face it. If in wallet, maybe we should make it less with fee setting which actually can affect in our transaction, if in exchanges, change to coin with low fees although we pay for trading and withdrawal fees, i think it wouldn't more than if we want to withdraw our bitcoin.

It's just a matter of time, my boss, don't be afraid and never back down, because I'm sure bitcoin transactions will recover as before, it will return to normal, temporarily stop transacting, it's just a matter of time, because there are many transactions, so the value of bitcoin transactions go up, be patient and continue to be patient, in the future the transaction will return to normal

Maybe there is a block that is being hashed, so bitcoin transaction fees are more expensive than before, I think it's just a matter of time and I'm sure that in the future it will return to normal as before, it's better if you save your bitcoins first, and wait for the time right to make transactions, those of us who have been in bitcoin for a long time don't give up easily, this is only temporary in the future it will definitely be fine ..

No the fee for the average transaction right now is not cheaper. It is much more expensive using Bitcoin compared to normal banking transactions. However, for large amounts nothing can beat Bitcoin. I believe you could move $10 billion easily for 50 bucks or so. Don't know the exact transaction fee now but that is definitely cheap.

I've never experienced having transactions using bitcoin, but I heard before that the fee of it is much cheaper compared to real hard money or bank transactions. And now surprisingly some rant about bitcoin because of it's expensive fee. I think this problem will be solve if bitcoin posted the daily rate of fees like how country announce every day the rate of dollars nationwide. Hoping too that fee will be back to the level where it should be.

Aren't there differences in fees when you use addresses with bech32? Seriously, I haven't done a transaction in BTC in a while because of the fees. Tried to get around it by first converting into another coin and guess what I used, Bitcoin Cash! Hate to say it but right now it's the better alternative for transactions.

fees will return back to normal if you are not in a hurry to make transfers. is not as if fees are always high, but we only get broadcast of it being high but its moderate or kind of cheap we wont hear of it. this is sad but i believe very soon fees will be back to the level where it should be.

This problem has arisen before, but now, when the price is constantly growing, the commission inevitably rises. This is a market mechanism that has already been established and there is no getting away from it. The way out is the distribution of your cryptocurrency into several segments where a faster and cheaper transaction will be used for small payments, and large acquisitions or other operations will be used with bitcoin. If everyone did that, it would make life easier for the market.

This is a really annoying problem. I had a similar thing a few days ago. I wanted to transfer about  65$ bitcoins from an electrium wallet to my exchange account and I set fee around  5$ but the transaction was delayed about a week and it didn't arrive after that. I used the Replace-by - Fee (RBF) feature to increase the fee and I paid  20$ to transfer  65$ Bitcoin!!! This is a lot indeed, which means that I paid about 30% of the bitcoin value to be able to transfer in addition to the delay for a whole week, this is very bad.

At the time of the posting occurred, Bitcoin's price dropped the most so the demand for Bitcoin from exchanges to personal wallets was huge. That leads to the phenomenon of Bitcoin transaction fees soaring.
Currently, Bitcoin transaction fees are no longer too high. Each Bitcoin costs $ 56k and $ 5 per transaction is really good.

https://privacypros.io/tools/bitcoin-fee-estimator/

But please explain to the average user like me, why should that be taken as a feature?
Are banks charging you 5% extra on Mondays? Is your internet provider offering 18-22 speed packages at 10x times the price?
The only company thing that matches this is Uber with its surcharge and that's because of traffic which everyone in this world defines as a fucking Problem! not a feature to keep people safe limiting the speed to 3 km an hour! Funny how people say use other coins, oh so the solution is to use something that doesn't have this feature built-in!Time for a lot of people to turn honest and face the truth, the small block that will keep decentralization true was a flop!

No matter how much I hate shitcoins I have to admit, the path was not taking either side big blocks or segwit but a combination of two, if you see unfathomable small users paying an extra 50$ every for years on a bigger SSD to host a node I can't see how you think you can achieve LN coverage when the network adoption itself is limited by the same block limit.

But hooray, the fees are going down, we have solved the problem! By killing usage! Insert triumphal march!

High transaction fee has been a major issue in the cryptocurrency sector and experienced users know how to deal with it. The problem is that noobs always whine about it without reading the posts here. Durations of high fees seldom lasts more than two weeks. And due to the algorithm used in adjusting the mining difficulty, a two week low-fee period immediately follows this high-fee duration. If you want to pay less fee, then you should take use of this opportunity to merge your smaller outputs. It definitely takes less time than what is required to make a post here in this forum.

Personally I believe that the fee of Bitcoin transactions should only be considered in either Bitcoin or satoshi units. The fee rate at 1 satoshi/vbyte today can be 100x more expensive in 10 or 20 years later when price of Bitcoin increases 100x.

It is not a fault of Bitcoin for cheap or expensive transaction fees in USD or fiat. If its network still allows patient and wise or knowledgeable people to make transactions at 1 to 10 sat/vbyte. It is acceptable in my opinion.

It is not fair to require cheap transaction fee while you earn a lot of money from Bitcoin, in fiat. The storage cost of gold, diamond in bank vaults are much more expensive than the fee for toilet paper storage (if there is such services or vault).

Mostly from exchanges, services that broadcast withdrawal transactions for customers. The rest (much smaller) are from people who use bad fee estimators.

• Old story. Exchanges get profits from users' withdrawal fees.

Some people simply live in the belief that transactions should always be cheap, no matter what the price of BTC is, and about what is going on behind the whole crypto mining process. Therefore, it is difficult to explain to the average user why sometimes you have to pay more, or even how to use the data in mempool so that we do not pay more than we should.

I'm just looking at mempool data and what about those who still pay a few hundred satoshi/byte?

I've just sent a Bitcoin tx at 7.7 sat/vByte. And the fees will keep decreasing, so if you guys have many inputs (faucet money) and relatively small Bitcoin transactions to send, this and (especially) next week-end are to be used. It may worth reading: Transaction fees: send or wait
Make use of the "special offers" instead of crying about the bad days.

Yeah we should only store bitcoin just like we store Gold 
By the way, the tx fee of bitcoin is still the same in satoshi terms but if you convert it in dollar value then you will find it a bit expensive. As the price of bitcoin increase more, the fee in dollar terms will keep on increasing.

As far as I know, the expensive-fee situation doesn't mean that it will always stay like this. And it must be related to mining. Because when the mining hashrates decrease, it can cause the fees to "go to the moon". 

Bitcoin fees can not be compare with ethereum fees saying bitcoin is expensive yes it's a reality but in comparison some of alternative coins is higher than it,and it comes to my knowledge that bitcoin while is getting fucking expensive through transaction charges is because of the increments in price, I think in due process the fees will return to normal, and from my perspective for the charge to become low its the functions of miner's.

If you ain't rich, you won't be transferring bitcoin.

You should just use Doge for transferring value like the rest of us poor people. 

Thats only true for next block fee. Even next hour fee is much more acceptable

Bitcoin transaction fees respond to the users' need to send transactions in the network so costs can vary depending on demand. We need to be patient for our transactions to be confirmed. The fee mechanism of Bitcoin and Ethereum transactions is quite similar.
I placed a transaction in the Ethereum network at GAS = 52 and took over two months to complete my transaction.
The transaction costs on both networks are now significantly reduced, making transactions if you think it is necessary.

The problem is that the article is looking at a misleading chart and is coming up with a wrong comparison. A single Satoshi back in 2017 was worth between $0.000006 and $0.0002 and that same single satoshi is now worth nearly $0.0006
That means a transaction paying 200 satoshi fee (lets say that is 1 sat/byte) paid $0.04 in 2017 and is paying $0.12 today. That doesn't mean bitcoin transaction fees are at their highest, that means price has growing more than 3 times!
Also if you look at the average block fee (coinbase total output minus reward) you can see that the blocks in 2017 had a massive 10 to 14BTC total while today at the peak they had between 1.8 to 2.2BTC total.

Well, nobody likes high fees there is no question about it. But it shows how strong the interest in Bitcoin is. Rather have one Bitcoin at $50k with $50 fees per transaction than have one Bitcoin at $500 with $0.50 fees per transaction right? Still, for those who are new to it and want to use it they will hate it right from the start. That's not what we want of course.

I'm a little bit surprise right now when clicking the link and see the gwei. It is really low right now. Several days ago, I checked that needed around 600 gwei to send ERC20 tokens. what a funny and right now it is dropped so drastically. Glad to see this.

And about Bitcoin itself, yeah it is decreasing right now. but I am not sure that this will last longer again like this. When suddenly there are many more people who transfer their BTC, the fee will be increasing soon again.

The fee is same but the price of bitcoin increased in dollar that’s why we all are facing this. If you want transactions with less fee convert your bitcoins in USDT and then make transaction the fee in usdt is very low as compared to transactions in bitcoin or Ethereum.

Im not even noticed about it. Thanks for the information

But I guess with the large usage of bitcoin recently will force the fee to go higher without the effect of low mining hashrate. I've been using binance for months and the fee keeps increase monthly

I confirm. I just made a transaction with only 20 sat/vB and it got confirmed within few minutes. mempool.space even suggests 10 sat/vB for a high priority transaction.

This is not totally accurate. The fee rate for a faster confirmation depends on the network status and not on bitcoin price.

I guess it is common for to bitcoin that has a high transaction fee when it comes to bull season. I don't even spend my bitcoin for no reason, you can't move it seeing that almost 10% of your holding went to the transaction fee and I guess this is normal and all you have to do is to find a bitcoin wallet that supports reducing the fee that should be enough for the miners and the mempool have an ability to know the current fees.

Expensive? that is not a problem if you can wait for a perfect time upon transferring bitcoin, it takes days before it will be confirmed.

it is really helpful to check those sites first before making a transaction. at least you have idea how much you will be paying once you execute your transaction. and so glad eth network has better fees. is that the effect of their berlin hard fork? i believe, gas efficiencies and security are the main focus of this hard fork.



if you want cheaper fees, you can really use other networks like tron, ltc, or eos or other cheaper alts. most of these top alts can be found in exchanges, so you can easily transfer your coins using other alts other than btc or eth, if you want to avoid relatively high fees of exchanges.

I stopped spending bitcoin when this bull run started due to high fees. It was the best thing I did to be able to hodl my bitcoin. High fees for bitcoin transactions will help its price not fall.
I have seen that people have turned to other coins with lower fees. This problem will open a gap for future solutions.

While writing the post I did not know that the fees in both bitcoin and ethereum have returned to normal.
Thanks, Oilacris. This is good news as well as being timely for all of us who need information for trading.

Well, these are not consistent results and anytime by then it will change, a few hours ago when I was looking at the fee, it was below $1 and I think there is a time that the bitcoin fee will become low. So upon having a transaction or if you wanted to transfer your bitcoin into the exchange, you should always head up on this site, the nempool.space for bitcoin transaction and the etherescan.io for the ethereum. We understand that their price is very volatile and it also affects the fee depend on how many upcoming transactions in the network that cause congestion.

The network is now on normal state.

ETH - https://etherscan.io/gastracker

Low
30 gwei
$1.86 | ~ 16 mins:0 secs

Average
36 gwei
$2.23 | ~ 8 mins:15 secs

High
46 gwei
$2.85 | ~ 30 secs

---

BTC - https://mempool.space/

Low priority
31 sat/vB ($2.49)

Medium priority
52 sat/vB ($4.17)

High priority
93 sat/vB ($7.46)

A bit high on BTC but it is better compared into previous weeks.

every transaction with a fee that might be a reason for doing bitcoin transactions if we make transactions with a small amount and this can happen because the price of bitcoin is getting higher but this actually doesn't have a problem because we know this is the effect of the price (value) not the number of bitcoins which is needed to complete our transactions because the amount of bitcoin fees is still as where it was before in each transaction

We ought to understand that everybody is having a difficulty doing transactions as of the moment due to the high transaction fees that are being considered as the process is needed to fully have a success rate on doing the transaction. But this problem will be resolve in no time. It is just that there is a high volume on the transaction demand in the past few days. Small or even big transactions are being affected but barely small ones are having the hardship that they need to fulfill paying high amount of transaction fees to be able to make their transactions successful.

I also experienced this kind of problem. However, the solution I did was to exchange my BTC for an altcoin that has a cheap sending fee such as BCH or TRX.

I usually use BCH for sending because it's not only cheap, it's also fast.

The fee problem is always been discussed when bitcoin price meet a huge increase. And yeah, there is no solution for it although we have known about lightning network but the bitcoin user is nog familiar with that.

So as I just thinking that bitcoin is not suitable to be used as mean of payment. Even it is not bitcoin only, this situation can be happen to altcoin, take a look to ETH fee per one transaction, it is getting high as well.

Bitcoin is an asset like gold, you are suggested to make bitcoin as your store of value instead of using it as a payment system.

One reason that I have saw recently was because of the blocks that was being hashed. Bitcoin is one of the oldest Cryptocurrency and mining now is harder than before. This transactions are also because of the fact that Bitcoin's value is so high that the transaction fee for moving it or transferring it into another wallet is relatively high. The fees are also high when you are trying to cash out your Cryptocurrencies into your own local currency since this local wallets believe that people owning Cryptocurrencies deserve to have taxes.

I'm really worried about this, and wages are rising terribly. But still, we have to pay much less for installing eth network.
I converted all my tokens to bitcoin because the cost of gas for eth-based tokens is really high.
See the transfer fee for one of these tokens:

Just wait it out, the people that are doing the works behind is doing everything that they can to solve this problem, just hodl on to that bitcoin and wait for the transaction fees to go down. Or maybe you can use other coins to transfer that have a considerably lower transaction fees.

This is not an issue that popped up all of a sudden, right? During the last 4-5 years, brief periods with very high fees have occurred a lot of times. Most of the experienced users will be having strategies to deal with it, and mostly it will be the less experienced users who will be having issues now. There are several options. If you can't wait for one or two weeks, then either you can use an altcoin such as BCH or use the second layer with Lightning.

An example is this, a small amount to be transferred but with a high fee. Is this normal to other people or just me?

But it's all due to the network congestion and to get the lowest fees and get a quick confirmation, it's posted there.

It's because bitcoin is serving more popular as a store of value.

Lots of viable options actually and its just a matter of self-awareness on how to deal up with those things and wont intent to make out transactions even if you do know that
you would be spending up that much.

When you cant make out such transaction then you can always opt for altcoins in the market which had lesser fees and faster confirmation and if you dont have any choice
or you are completely stuck then it would be better to wait until the entire network normalizes.

Why do you need to transact so badly? Do you all have life changing money on the line? Use this crazy fee spike to learn how to properly use the Lightning Network and you will probably thank me later.
You guys want supply and demand to drive the price high but you don't want supply adn demand to regulate the fee market.
If you know how it works, get out of the game and buy doge.

People are really fed up with the high fee problems. I wonder whether they will solve this problem in the future. I don't think it is an impossible thing to do. They need to make some updates to prevent the high density on the network and a high increase in the price from causing to a big increase in fees also.

I can hear all those cries of panic from people who don't know what's going on. Oh my god the fee is so high that I can't get my $50 out of the system! It must be a ponzi, right?

Once more, bitcoin is built so that if someone wants to pay a lot for his transaction to pay first he's allowed to. If many people want to pay a lot and start to bid against each other they will make the fees skyrocket for a while but the only losers are going to be them. They will pay a lot because they don't want to wait a few hours and once they're done with their transactions the rest of us will be able to do it much cheaper.

Let them dump their coins and be done with it. Next month they'll buy it all back and pay exchange fees to do it.

It is very sad that the transaction fee is increasing day by day. It is very painful for those who do small transactions. A similar situation has arisen in the case of Ethereum transaction also.

That’s what everyone is facing this time around, I have some coins in my bitcoin wallet that I can’t send out because of how high the fees are at the moment, so I just left them there. A lot of people around me are now moving to Tron, seems like that is the new trend, they are now using it for whenever they want to make transaction, but the problem is that Tron doesn’t have high usage rate like Bitcoin does, you can see stores online that are accepting bitcoin, but I have not seen any for Tron, except just individuals that wants to do peer to peer transactions.

Use logic, how would the fees go to them if they have stopped mining?
If China had 67% of the rate and has cut of power for half of it it means that instead of getting:

2/3 of the normal reward a day,600 btc and 2/3 and 75 btc in the normal fees, that's 675 they have chosen to get
1/2 of the now daily reward 768 btc plus half of 280 btc in fees, that's a total of ~ 520.

How is losing 155 btc a day, close to 9$ million such a great plan?
Do you know who is pretty happy right now? Foundry USA who have seen their share of the pie increase from 2% to 6% and have already mined in April more blocks than in March.

Hopefully we will see a difference when the difficulty is adjusted around May 4th, i have tried these accelerators in the past but could not find a resolution and if it works then it is well and good.
I made some transactions when the news of the hash rate drop was published and i was lucky enough to move some coins to exchanges but now i am waiting for the fees to drop to make any transaction and i truly believe in store of value until the fees goes down  .

Well, you can just wait it out and let it go back to normal, the hashrates are reduced so what can we do but just roll with it. Or you can just use other coins to exchange for fiat that has less transaction fees. Also your complaining doesn't do anything because the core developers are doing their best to solve the problem.

Not as bad as ETH though. Don't worry too much, if you have some ideas then contribute on the GitHub. I guess people forget that Bitcoin is not a company. There are some solutions being prepared, just need to be a bit patient if you don't want to think how to solve it.

As mentioned in one of the previous posts, the mining difficulty gets adjusted in every two weeks. Right now, a huge backlog is created because on average 3 or 4 blocks are being mined per hour instead of the average 6. Once the mining difficulty gets adjusted, the number of blocks mined per hour will once again increase to 6 per hour and hopefully most of this backlog will be cleared. But it will take some time, because the Mempool size stands at 265.4 MB right now.

50% is still $15 to to transfer $1, on $100, that's still 15% fee for a transaction, so much for buying coffee

You change the default fee's on your wallet to 'minimal', and your transactions never get settled, on my electrum even with 'minimal' in setup I'm told my fee will be $20, to send $1

On the electrum wallet, you don't even get to see the fee's until you confirm the transaction, then you can 'cancel' if your lucky;

It's clear that the wallet software, and the miners, and all the exchanges are all running under the same ownership, orchestrated criminal conspiracy to defraud customers worldwide with high-fee's, why does this sound like a CHINESE business model?? Because it is

The exchanges don't care about fees they just pass off to customer, which is why fee's are so high, because nobody cares;

That's the recurring theme of BITCOIN, is that "NOBODY CARES", nobody cares about anything other than 'HODL", to the moon, ...

The problem is the long-term people have lost touch with reality, and this is destroying the ability to bring in new suckers.

+67% of all mining is done in CHINA, the fee's go to them, why would they rectify this problem??

The reason fee's went up, is CHINA took regional miners offline in a power cut-off.

The purpose of this site is to remind you that bitcoin would take you places, but we never told you they were good places.

90% of all mining hardware on earth is 'made in china', all hw calls homes for updates, and 'consensus'; Why would they cut there fee's? They'll take the pain level, to just high enough to where people bail, fine tune the rip-off racket that is bitcoin.

All the miners are owned by Ant aka bitmain, if they can shutdown 10% of the grid, and make more money, who wouldn't do that???

It's due to demand why the transaction fee increased and look at the mempool there are more transactions coming that keeps the fee increase.

And actually, you can manually set the fee how much transaction fee you want to pay it depends on you if you want to pay high or low. If it's stuck then there are some ways to accelerate transactions like the tools from ViaBTC or switch to Segwit wallet because it saves you 50% on fees.


No one knows when will be the transaction fee drop but there are some pool operators who help the community to solve this issue but it's limited.
Like ViaBTC tool here https://www.viabtc.com/tools/txaccelerator which is free or on F2pool but only users who mine on their pool can use their tool to accelerate the transaction(If you paid a low fee).

Do you know when? many big mining teams established. Will it help the fee cheaper?

There is a long check-list of promises that go all the way back to Satoshi, and 100% of all the promises have turned out to be lies.

There is no shame, the Bitcoin community now simply doesn't care about any of the promises.

There is only one outcome and that is MORE, bring in more fools&suckers and pump it higher, and rip off more people.

The problem of course is the 'greater fool theory', I think the greatest fools are already HOLDING (HODL) bitcoin, and there aren't any new fools.

Why should newbs embrace bitcoin, its not safe, its not private, its not a long-term-store of value, the transaction costs are $30, to send $1; They don't care that billions of been stolen; They dont' care that the USA exchange system is now ran by the IRS. They don't care about anything, other than ripping people off.

The entire promise of BTC was that you were your own banker, now we find out that BTC brings you your own hell, that your life savings can be stolen in 30 days and there is no resolution. The average kid that invests $1k in BTC exchanges by 90% loses all the first month. Fact.


The entire premise of BTC was that it was a F*CK-U to the Federal Reserve Bank FIAT system, now we know that FSB/IMF created bitcoin to prevent the USD from flowing to gold.

How long do you really think this new generation are going to support the BTC dinosaurs? I think astronomic takeoff of DOGECOIN shows you that BTC is kaput.

What's the difference between BTC-CORE management & Federal Reserve Bank management?? Both are of the same cloth.

How many times do we need this to be repeated. The sudden huge fee paid lately is as a result of reduced mining hashrates, and if it continues like this, the next 2016 blocks is not even upto 2 weeks again, and the mining difficulty will be adjusted, in which fee will become back to normal.

Beforehand, the absolute advantage of Bitcoin was convenient transfer money with cheap fees, but now if you transfer a small number of bitcoins, fees are a real problem. I also own a few cryptocurrencies in my SnapBots wallet. Bitcoin has become increasingly difficult to become a popular exchange currency but still an extraordinary reserve asset!

https://www.coindesk.com/bitcoin-transaction-fees-more-expensive-than-ever