Bitcoin transactions is so expensive - page 2.

Darker45

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Quote from: ?? on ??

Don't do a transaction when the network is busy then...

Such a straight answer and, quite unfortunately, similar to what others are saying. The logic seems very simple. The network is congested so it is expected that the fees will be high due to competition. If you are not willing to raise your fee and remain with the minimum, expect that your transaction will have to wait for a while. So, in simple terms, don't do a transaction when the network is busy. Quite right, but odd and unfortunate and sad and inconvenient.

OP, you might want to finally make use of the Lightning Network, that is, if you have a schedule to stick to. Especially if you are into business, your transactions cannot simply rely on network congestion.

Poker Player

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Activity: 1372

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Quote from: joniboini on October 06, 2021, 09:53:27 PM

Sounds like you have a lot of inputs.

That's what I was thinking. I made a transaction yesterday that I wanted to get confirmed quickly. I paid 16 sat/byte, which is a bit expensive compared to recently, when you could pay 1 sat/byte and have it confirmed relatively quickly, but my transaction yesterday had only one input, so it didn't seem overly expensive to me either.

yhiaali3

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This happens every time when there is a great demand for bitcoin, now bitcoin has started to rise significantly so there is definitely a great demand for bitcoin and this leads to congestion in the network and increase in fees, this rise in fees also occurs when there are problems in mining as it happened since period due to china ban mining.
Although the high fees are annoying, but in my opinion it is also a positive sign that there is a great demand for Bitcoin, and this will necessarily lead to a rise in Bitcoin.

mk4

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Activity: 2870

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Paldo.io 🤖

That mostly happens when we're having huge price spikes like what we had recently. Pretty much should be getting used to it by now lol. You don't really need to pay 9 sats/b if you're not in a hurry though, you can go with like 3 sats/b if you're willing to wait a day.

bL4nkcode

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Limited in number. Limitless in potential.

Quote from: ArthurY on October 06, 2021, 08:28:11 PM

Why does it's happens?
Brrrhhh

Obviously, because usd/btc increases same as the price which most people always indicate fees in usd.
Lightning is somewhat a solution for lower amounts, also the wallet you're using.

joniboini

legendary

Activity: 2170

Merit: 1789

Sounds like you have a lot of inputs. You should regularly check out your address and consolidate your txs so you don't have to pay a lot of fees next time. Check out this thread for more info https://bitcointalksearch.org/topic/aug-2022-mempool-empty-use-this-opportunity-to-consolidate-your-small-inputs-2848987.

Quote from: ?? on ??

Suggestion to use 'Lightening Network' incoming ..

If he has a channel already, it might make sense. If not, probably better to wait.

Dave1

hero member

Activity: 1414

Merit: 542

Quote from: ?? on ??

Suggestion to use 'Lightening Network' incoming ..

It's Lightning Network (LN).

Quote from: ArthurY on October 06, 2021, 08:28:11 PM

BTC txs is so expensive again
9 sat/vB what is about 10 usd not will go in the next 26 blocks
Why does it's happens?
Brrrhhh

Not sure which wallet you used as you can adjust it if you feel that you are paying that much. I have been moving bitcoin around in the last couple of days and I would say still cheap, about 1.xx usd and it confirms very fast. Just a caveat though, as the price of bitcoin is going up in the last 5 days, mempool gets congested, maybe you need to time it before you do any transactions.

tranthidung

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Quote from: ArthurY on October 06, 2021, 08:28:11 PM

BTC txs is so expensive again
9 sat/vB what is about 10 usd not will go in the next 26 blocks

You missed many days in which you can move your Bitcoin at very cheap transaction fee.

Check mempool (1 week) there: https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),1w,weight
- Do you see fee rate is very low and mempool is very clear before 6 October (yesterday)?
- Now, if you want to sell your Bitcoin, you have to accept a bit higher fee rate. If you don't plan to sell your Bitcoin now, please wait for the weekend that usually gives you cheaper fee rate.
Read details of the charts
- Make your plans for transactions, should be in the weekends.
- If you are more serious to find as cheapest fee rate as possible, pay attention on hours ^{UTC in the table}.

Charles-Tim

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What you can imply is that bitcoin transaction fee has been increasing lately, and this is because the mempool is getting congested recently.

https://mempool.space

Medium priority
16 sat/vB
$1.23

High priority
18 sat/vB
$1.39

The fee is still okay for now, but likely it will still increase if the mempool get more congested. If the mempool get less congested, the fee will reduce back to normal.

ArthurY

sr. member

Activity: 840

Merit: 254

I love BTC

BTC txs is so expensive again
9 sat/vB what is about 10 usd not will go in the next 26 blocks
Why does it's happens?
Brrrhhh

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