Topic: Bitcoin transactions is so expensive (Read 269 times)
It looks like Bitcoin fees are also very changeable these days like Ethereum fees. The main reason of the increase in fees is the increase in the coin price. Bitcoin price has increased a lot lately and people started buying and making various transactions a lot these days. Not only the fees have increased but also the network slows down too as long as we don't use Lightning Network.
now the price of bitcoin is increasing, bitcoin is rising, of course there have been many requests for bitcoin, so by itself the internet has started to get nervous and the system is starting to get busy, maybe that's why bitcoin transactions are so expensive, that's according to my estimation, if wrong please correct me ..
This is a serious problem for bitcoin users, to send bitcoins from some exchange sites charges around 0.0003 btc or around $16, of course this is a big transaction fee so i always switch to altcoins with cheaper fees even less than $1.
There are two ways of how to cope with this problem. You can either switch to another cheaper chain (Tron, BSC) or you can pay less, but you will have to wait more time.
Any other chains aside bitcoin blockchain are not actually used to store bitcoin, bitcoin is stored only on bitcoin blockchain, others are just tokens pegged with bitcoin. It will be best for the person to continue using the bitcoin wallet and making use of bitcoin on-chain for transactions. I will still prefer to make use of medium fee and while the medium fee of 5-10 sat/vbyte is not high at all. 
BTC txs is so expensive again
9 sat/vB what is about 10 usd not will go in the next 26 blocks
Why does it's happens?
Brrrhhh
9 sat/vB what is about 10 usd not will go in the next 26 blocks
Why does it's happens?
Brrrhhh
Fees increase when the activity grows, so when there is a big activity on the crypto market, transaction fees are really high. Also as the price of Bitcoin rises, taxes cost more. When Bitcoin was 3-5 000$ commissions were much lower. There are two ways of how to cope with this problem. You can either switch to another cheaper chain (Tron, BSC) or you can pay less, but you will have to wait more time.
high priority can go up to 13 sat/vB which is less than $1 but i can sometimes see it goes up to 25 sat/vB, most of these transactions are worth a lot too. obviously, it's still very low compared to sending ETH.
this is in the LN. low priority is 1satvb when the price of BTC reaches up to $100K, its the value in USD will rise but it's still going to be 1sat/vb. it'd be interesting if the mili sat will be added.
whenever I want to transfer BTC from the exchange to my wallet, I always choose the XRP because it has lower transaction fees.
You are just saying random stuff because that is not even possible! If you want to transfer "bitcoin" to your "wallet" you must use "bitcoin". If you use another coin like XRP you will end up with XRP in your wallet NOT bitcoin.
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
Current fees as of this writing.9 sat/vB what is about 10 usd not will go in the next 26 blocks
Why does it's happens?
Brrrhhh
Low priority
5 sat/vB
$0.38
Medium priority
5 sat/vB
$0.38
High priority
5 sat/vB
$0.38
https://mempool.space/
Dont know where you do get that 10 bucks you do say.Fees had been cheap for a while and its almost free and then
sudden price increase or rally in bitcoin did change a bit but not into the extent that it is expensive.
Paying 10 USD in fees and your transaction not being included in the next 26 blocks? Are you sure you paid that much fee? The network isn't very congested right now. The fee shouldn't be that high. You are probably doing something wrong. The fees are very reasonable right now. Wait till you see how crazy the confirmation time and the fees become when the network goes under heavy load. If you are doing regular small transactions and you can't afford to pay up to a dollar, then try LN or switch to some other altcoins that have very low fees.
I'm using https://mempool.space/ to monitor the fee, and I also see an increase in transaction fees yesterday but $10 is too much. The highest fee I paid for my transaction was only $2, well, it's a big higher compared to the past few days or few weeks, but I still find it cheap especially if I'm transacting a decent amount of money.
First of all, you maybe think paying 10 bucks or more is way too much for a transaction while if you think about transactions larger amount of money this can be reasonable, imagine you pay only less than 10 dollars for a 10 million dollars of money, comparing to the other transaction and payment method, this will still make sense, however, the high fees are temporary and you can always find hours when the network is less crowded and try your transaction with less fee as another option ln can be a good option here if you can use it in your situation.
It is really sad to see that someone who has been a member of the forum for almost 5 years asks such questions and draws such conclusions - from which it follows that he spent his time entirely on promoting Ponzi/scam schemes. It is even sadder to see some agree with him and use every opportunity to promote various shitcoins as a better (cheaper) option.
Why switch to cheaper networks when there are altcoins that have no fee at all and have instant confirmation? That would make some sense if you really want to save on fees, it's just a question of whether you're intelligent enough to find such a solution
You are right, BTC fees are very expensive right now... I am gradually switching to cheaper networks like...
Why switch to cheaper networks when there are altcoins that have no fee at all and have instant confirmation? That would make some sense if you really want to save on fees, it's just a question of whether you're intelligent enough to find such a solution
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
I've done transactions these days and I don't know what expensive you're talking about. I even to use to pay 1 sat per byte up to 10 sats per byte for a quicker transaction.9 sat/vB what is about 10 usd not will go in the next 26 blocks
Why does it's happens?
Brrrhhh
The equivalent isn't that much compare to the usual transaction that I've done before and if you analyze that we're in the bull run yet the fees are still not that expensive and very affordable.
Don't do a transaction when the network is busy then, that's the reason why the fees are sometimes expensive, and always aim for low priority because it's essentially the same with high priority in terms of speed, the difference sometimes isn't that worrying.
Low priority is essentially not the same as high priority, but that does not mean your transaction can not be confirmed very early with low priority just as high priority when the mempool is not congested at all, but during increasing congestion, high priority could get your transaction confirmed faster. I use medium priority which still make more sense to what you commented. You are right, BTC fees are very expensive right now,
You are just repeating the title, that is spam.Quote
I can't do a token coin transfer from metamask to the exchange with only $ 31 to do ETH gas fees.
The biggest shitcoin of all times called ETH has had extremely high fees for a long time now. Bitcoin fees right now are less than a dollar.Quote
I am gradually switching to cheaper networks like BNB, MATIC or SOL
Other shitcoins have bigger problems with scaling and if they are used 10% more their fees would shoot up 2x of what you think bitcoin fees are. Not to mention that if you want to use centralized shitcoins then you should use PayPal instead which is more stable and secure in comparison.
You are right, BTC fees are very expensive right now, not only that, but ETH is also one of the networks with very high gas fees, I have done the transaction and checked the fee I feel the transaction fee of 2 coins like BTC and ETH is currently very high I can't do a token coin transfer from metamask to the exchange with only $ 31 to do ETH gas fees. And this has made me very uncomfortable. I don't seem to want to use the BTC or ETH network anymore. I am gradually switching to cheaper networks like BNB, MATIC or SOL which is also one of the good trading networks. and make a profit after my current trades.
Please calm down...
I believe there is a mistake in your transaction. I don't know clearly what you are doing or what particular wallet that you are using because I use to pay $1( sometimes just a cent) to complete the transaction while you pay $10?
If that you are using an exchanger, it was a need for you to use other coins like XRP or Doge for small fees as suggested by mindrust, that certainly you can save a lot. I think you have to look further on your transaction/s and so you can avoid paying high again.
I believe there is a mistake in your transaction. I don't know clearly what you are doing or what particular wallet that you are using because I use to pay $1( sometimes just a cent) to complete the transaction while you pay $10?
If that you are using an exchanger, it was a need for you to use other coins like XRP or Doge for small fees as suggested by mindrust, that certainly you can save a lot. I think you have to look further on your transaction/s and so you can avoid paying high again.
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
9 sat/vB what is about 10 usd not will go in the next 26 blocks
Why does it's happens?
Brrrhhh
It is not expensive, you are poor. If you can't afford to pay $10, you are not eligible to use this special boutique blockchain. Use some other shitcoin blockchain I heard they are cheaper. Use doge or litecoin maybe. Some say bcash is cheap too since nobody uses it.
You are paying $10, because everybody wants to use bitcoin. Because bitcoin is #1.
Bitcoin is like Monaco. Everybody wants to live in Monaco but only the rich can.
9 sat/vB what is about 10 usd not will go in the next 26 blocks
Why does it's happens?
Let's see why together.Why does it's happens?
$10 is currently 18140 satoshi
A regular transaction with 1 SegWit input and 2 outputs is about 180 vbytes.
18140 satoshi for 180 bytes means your fee rate was 100 satoshi/vbytes not 9.
Assuming you did pay 9 satoshi/vbyte that means your transaction size was 1814 vbytes.
In other words the reason is either grossly overpaying or having 18-19 inputs.
The solution is simple, use a wallet software that has a fee estimation that is not broken or consolidate your inputs when fees are already low so that you are not left with so many inputs to spend. If you have big UTXOs you can also choose a wallet that offers coin control so that you don't have to spend all UTXOs and select one or two to cover the amount you want to spend while keeping the transaction size low and improve your privacy.
I suggest Electrum which offers all above options.
BTC txs is so expensive again
With that said, a normal transaction with 1 input and 2 outputs will cost about 0.00001260BTC which is equal to $0.69 and even though we all prefer to pay as little as possible but it is still not called "so expensive". 
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.
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.
Quite a bad recommendation, ain't it? Depending on OP's intentions, just saying "Don't do a transaction when the network is busy" just doesn't fit every situation. But yea, using lightning doesn't fit every situation as well either, as lightning adoption is still quite low that we can barely find services that accept LN payments, what more individual people. Really unfortunately that we're currently stuck with just paying higher fees.
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.
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.
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.
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.
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.
Why does it's happens?
Brrrhhh
Obviously, because usd/btc increases same as the price which most people always indicate fees in usd. Brrrhhh
Lightning is somewhat a solution for lower amounts, also the wallet you're using.
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.
Suggestion to use 'Lightening Network' incoming ..
If he has a channel already, it might make sense. If not, probably better to wait. 
Suggestion to use 'Lightening Network' incoming ..
It's Lightning Network (LN).
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
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.
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.9 sat/vB what is about 10 usd not will go in the next 26 blocks
- 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.
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.
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.
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
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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