Topic: Excessive Bitcoin fees - page 5. (Read 1438 times)

Mate, if those people that know how the system operates kno that when their is congestion of unconfirmed transaction and still incoming ones, how will those that is unaware do in this situation, for me I will say that this problem needs to solved once and for all, though I have been supporter of longterm hodling but we can't still dispute the fact that there known hodlers who receive payment through bitcoin how will this know of people survive the high fee stuff, I think some thing needed to be done, this high fee of a thing can cause discouragement for potential investors.

I believe that people have different wallets, the one for hodling and the one for withdrawal purposes, what if the wallet is not an exchange wallet what will such person be doing during the high fee season, let their be upgrade to accommodate whichever number of transactions coming in other to continue the smooth process of transactions. 

In the areas of fees, it’s all depends on the high volume of transaction during that time. Yes, from the last year and this year transaction fees has been so high, because a lot of transaction is going on, and the only way your transaction can confirm easily or reach the complete block Confirmation is when the transaction fee is high, that is why wallet like  blockchain is always easy for you to decide how fast your transaction goes because you have to be the one to set the fees you want. so actually the level of fees this year will continue to be high, and it may not really reduce because of the bull run. So complaining about fees this time may not really change anything because I can see that it is high in different platform so we just have to manage it and it is good to use the Blockchain so you can be able to set your fees as you want it to enable your transaction fast or slow or depend on the individuals. I have been using Blockchain for a while now because it is usually good for me because of this fees of a thing transaction that does not require me to use as fast as I want or I may not need it. At that point I can decide to set the lower fee which it will take time before it gets to the destination of the nest wallet, it usually takes time to complete the block confirmation because of the fees. Complaining about fees at this point may not really matter.

It isn't centralized when bitcoin transaction fees become high. It is because of the congestion that makes transaction fees very high to some people. If you're not using non-custodial wallet then you may mot be able to set the fees manually and that's why it is not cheap to some people and if the wallet you use let's you manually set the transaction fee then you won't have to pay higher transaction fee. As of now, the transaction fee have decreased which around 20+ sats/byte compared to 5 weeks ago where the transaction fee is around 50 sats/byte up to 100+ sats/byte which you can see on block 826998.

If you don't accept that, the solution for you is to use CEX, don't be too demanding that this market serves the best for you. I understand the feeling that we all want favorable things, but we should understand that it is like a road that has been built if you don't walk on it then let someone else go, the competition in the space is quite different. And also the fact that it's just like a fighting game of gambling, if you don't get money from someone else, you lose money.

Should centralization/decentralization go hand in hand or only one pole exists and problems arise, if one hypothesizes a world where excessive decentralization leads to loss of control, the emergence of of centralization as the solution that bitcoin exists in this world context.

 Frankly speaking the fee is high from my end because I made a transfer of a unit of bitcoin this and the amount I was charged was amazing. I was charged $15.18 and that is a vet huge amount of money . So I can't say the transaction fee is good or okay. And most people are saying that the transaction fee is low because of others are saying it and they on their own have not done any transactions but following other people talk to follow up. And from what I experienced this week, transaction fee is still high. Assuming I want pay something I bought in a shop with that amount, and I would pay that amount to buy the goods? That is too much.  The developers of bitcoin should still work on the transaction fee and reduce it very well so that transaction will be very interesting.

I don’t find anyone to really do anything for free especially, when it’s going to cost them something to do it. Miners gets to procure these devices to enable them mine and get the rewards that follow, they spend on energy too used by these devices that have pushed environmentalist to take interest on energy used by mining and so, having any hope that these shouldn’t be subsidized from fees is a mistaken idea.

While the model of high fees would not be acceptable, it tends to persist only for a period of time and that in itself is acceptable. In a way, it discourages users from making more and more transactions which would in turn result in scarcity and that is good for the system I think.

Bitcoin system is organized and quite easy to predict, it has its seasons, bull run, bear run and halving, also a time when mempool is congested, it had congestions towards the last quarter of last year, and people who are knowledgeable about how Bitcoin seasons works were not panicked, they knew that it happens. To the layman's understanding, when there are too many transactions, the mempool will be congested and transaction fees will be high, when eventually the mempool dicongests, transaction fees will come back to normal, simple economics.

Unless hopefully the Bitcoin developers does something to address the issue, we're still stuck with the system, if a holder can't pay the high fees, when there's congestion, then let him use alternative means that have been mentioned on this thread.

Today the price of Bitcoin has increased, but the amount of Bitcoin fees has not increased with it. It is often seen that as the price of Bitcoin increases, so does the amount of Bitcoin fees. According to mempool.space today, Bitcoin fees amount


https://mempool.space/

You must use a non-custodial wallet to avoid transaction fees and keep your assets safe. If you are using a custodial wallet then there is a fixed fee that you have to pay for any token transaction that they charge and then make the transaction.

If you use a non-custodial wallet instead of a custodial wallet, then you can trade any token you want with a fee.

A centralized exchange must be used for trading to avoid transaction fees. But when one wants to hold bitcoin he must buy bitcoin and hold it in a non-custodial wallet because we all know a saying that not your key not your bitcoin. If you use a decentralized wallet, you will be in full control of your Bitcoins. In this case paying some fee for the safety of your bitcoins will not be a big deal.

Mining isn't charity activity, so don't expect miner or pool would do that. Besides, it's just suggestion and was never enforced by Bitcoin protocol.


IMO if those people are unbanked not due to lack of money, Bitcoin still offer some advantage.


Personally i don't accept it, but Bitcoin community is on conservative side.

It's natural that currently we see many people and investors increasingly enthusiastic about the prospects of bitcoin, especially as the price is a little closer to touching ATH again. Now. If this is the case, the transaction fee will automatically increase and it will subside by itself and BTC belongs to everyone, so it's not just those with strong hands who can afford it, we, ordinary people can also invest with BTC, it's just that the amount of ownership is different and this is definitely a way for investors to expand their investment reach beyond stocks and bonds.

This is one of the advantage that make me to like  Bitcoin team, they feel the pain or worry about their investors to consider the gas fee before it makes their investors to start thinking another alternative that will make the team to lose investors. I think, the current gas fees that occur few days ago is not too high compared to other coin like Ethereum gas fee 45 where high fees is charged for every transaction their investors make, but Bitcoin gas fees is very low and it will make many companies to use this new gas fees to embrace Bitcoin again. Based on what happened to the gas fee of Bitcoin, I will definitely increase my capital when another bearish market appear, so that I will achieve more income than what I achieved few hours ago in the market.

Bitcoin broke $53K, $54K, $55K, $56K and $57K today and the fees are 20 sats/byte. Which is very cheap. Looking at Ethereum the fees are 45 Gwei or so which is about $3 for a simple ETH transfer, so this isn't a concern really.

Most of us pretty much only do large transfers on these networks and use L2 for everything else. I have been doing this since 2017 pretty much and got used to it. Bitcoin network is not designed to be used to buy a cup of coffee and neither is Ethereum. This is where all the L2 networks like Lignting, Liquid, Arbitrium, Polygon, ZkSync, etc come into play.

Those networks are very cheap and transactions are very fast.

Due to fees or whatever reason, Bitcoin won't become centralised because it was designed in a decentralised way. A major part of Bitcoin would be handed over to centralised organisations if the fees increased significantly and the general public couldn't afford the transaction fees. But I do not expect this situation to occur; there will undoubtedly be a solution. We saw a few days ago that transaction fees were very high. But it was affordable, at least. Developers will find a solution to transaction fees. 

It's February 26, 2024, and Bitcoin fees are high again. Didn't satoshi say we should always allow a certain number of free transactions? What good is a cryptocurrency for the un-banked that costs more than a bank to use?

Why is the present status quo acceptable?

I don't think that's going to happen. The fees aren't progressing, they're just occasionally spiking. As was noted by others, the fees are currently very reasonable, for example, with less than $2 for a priority transaction. Also, I don't think that adoption of Bitcoin by large institutions will make the fee situation worse. Large institutions don't tend to make tons of small transactions, I believe, and they tend to have their own centralized (so, not on-chain) platforms for people who want to interact with Bitcoin or any other asset. So their impact shouldn't be significant, and regular people will be useful to use Bitcoin directly.

Even if Bitcoin fees go to $100 per transaction, I don't think that they'll be the only ones to afford to pay the fees. However, I do not wish to reach that point seeing it happen with Bitcoin because I did experience and saw that with ERC20 transactions.

It was a terrible experience and that's why if it happens for Bitcoin which it actually did last year, we just have to wait to let the network and its fee calm down.


The network is already set and it won't change just because only those who can avail to pay the high fees don't make it centralized.

I suggest that crypto companies introduce Bitcoin Layer 2 solution projects. Bitcoin transaction fees are very high, making transactions in Bitcoin annoying. Introducing Layer 2 solution projects could reduce fees by 10 times, similar to what Arbitrum, Optimism, and other Layer 2 projects have done. Exchanges also impose heavy fees on withdrawals, so reducing these excessive fees would be beneficial.

Nobody knows for sure. But i certainly hope Bitcoin community would also accept Bitcoin sidechain and increasing block size (following hardware/internet growth) as additional options to prevent that from happening.


It won't centralize the network, assuming it's not expensive to run full node and no single group have majority of hashrate.

BTC is not in any way centralized. It has never been centralized and it's not centralized now. The BTC itself is yours, you own it, you can sell it when you want, or hold it forever.
The problem is using centralized means to deal with BTC. Like centralized exchanges and so on.
Drinking a new fine in an old glass doesn't make the wine an old win. So centralized institutions using BTC don't make BTC centralized

The dollar worth of fees is as low as just above a dollar currently, hopefully it gets even lower.

The fact that events in the economy affect Bitcoin doesn't make it centralized. The players of Bitcoin all live in an economy and if the events of the economy affect these players, then it might affect Bitcoin.