High Fee | Bitcointalksearch.org

tranthidung

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Quote from: Litzki1990 on May 15, 2023, 05:10:42 AM

If bitcoin transaction fee is 0.5$ then you can do bitcoin transaction. Because Bitcoin transaction fees usually range from 0.1$-100$.

I am not sure it has ever been $100 in history.
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#alltime
https://www.blockchain.com/explorer/charts/fees-usd-per-transaction

From two charts, you can see all time high transaction fee per transaction is about $60. I don't make screenshot and attach images here as images might have problems in future. You can click on links, choose all time tab and check it by yourself.

Litzki1990

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Quote from: Bumerangkoenig on May 06, 2023, 09:10:47 AM

Hey im pretty new to Bitcoin and i have two question about my latest Transaction. I didnt watch Out and it was to late to cancel after i saw the High Fee. Normally the Fee ist about 0.5 -1$ with my Wallet. I didnt change anything and my Transaction before that was Just hours before and everthing was right So why ist the Fee so High?

And why is it still without any conformation ?

https://www.blockchain.com/de/explorer/transactions/btc/304918245cc8aca9305e6082d7bfb8e34808c068673ab5bb0d04425ab5b151dd

If bitcoin transaction fee is 0.5$ then you can do bitcoin transaction. Because Bitcoin transaction fees usually range from 0.1$-100$. And when Bitcoin transaction fees are normal, it usually costs 0.10$-0.20$ to make a Bitcoin transaction. Since now bitcoin transaction fee is slightly higher than normal time so if you need bitcoin transaction then you can continue your transaction by spending 0.50$.

Cricktor

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Quote from: m2017 on May 11, 2023, 12:52:31 PM

Where can I find out (see) how many transactions have been confirmed in the last day and how many new unconfirmed transactions are added to the mempool also per day (for the last)? Knowing this information, it is possible to predict the approximate dynamics with confirmation of the remaining 250k transactions.

You can watch the "water level" over time in the Mempool at
https://mempool.jhoenicke.de/#BTC,30d,count,0
or
https://mempool.space/graphs/mempool#1m

m2017

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Quote from: ImThour on May 11, 2023, 04:02:59 AM

There are almost 250k transactions that were still waiting to be confirmed in the mempool. I guess that is the only reason why your fees were so high.
Bitcoin network is congested and it's a very rare scene, to be honest. I haven't seen this amount of unconfirmed transactions for such a long period of time earlier.

This problem affected not only OP, but also all bitcoin users.

Knowing how many thousands of transactions are in the mempool makes it impossible to know when this transaction congestion will end. Where can I find out (see) how many transactions have been confirmed in the last day and how many new unconfirmed transactions are added to the mempool also per day (for the last)? Knowing this information, it is possible to predict the approximate dynamics with confirmation of the remaining 250k transactions. Of course, changes are possible, but this way can find out when this jam with high commissions will end.

You have never seen this, probably because this phenomenon arose for the first time (on this scale).

ImThour

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Bitcoin Bottom was at $15.4k

There are almost 250k transactions that were still waiting to be confirmed in the mempool. I guess that is the only reason why your fees were so high.
Bitcoin network is congested and it's a very rare scene, to be honest. I haven't seen this amount of unconfirmed transactions for such a long period of time earlier.

Patrol69

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I have turned off my transactions for now because I don't want to transfer my bitcoins with high transaction fees. A few days ago when I needed to do a bitcoin transaction I found that the transaction fee was too high and when I reduced the range of the transaction fee and went to do a bitcoin transaction it still showed transaction pending and after three to four days my transaction got canceled and then I subsequently refrained from transacting my coin due to high transaction fees

bitmover

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Quote from: OgNasty on May 07, 2023, 03:21:41 PM

I would say the thing to do right now is to wait if possible to make your transaction. With nearly 400K transactions sitting in the mempool it is probably not worth the cost of a quick transaction for most scenarios. Who or whatever is causing this is spending a great deal on fees though so I would imagine they can’t continue doing this forever. If you can wait for the craziness to end things should return to normal.

The cause are brc20 tokens

https://www.tradingview.com/news/cryptoglobe:e9d5b9b25094b:0-the-memecoin-craze-how-brc-20-tokens-are-making-their-mark-on-the-bitcoin-blockchain/
The Memecoin Craze: How BRC-20 Tokens Are Making Their Mark on the Bitcoin Blockchain

The fees are crazy now
I just made this api which always shows the recommended fees for btc using mempool.space

OgNasty

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I would say the thing to do right now is to wait if possible to make your transaction. With nearly 400K transactions sitting in the mempool it is probably not worth the cost of a quick transaction for most scenarios. Who or whatever is causing this is spending a great deal on fees though so I would imagine they can’t continue doing this forever. If you can wait for the craziness to end things should return to normal.

Myleschetty

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Quote from: hosseinimr93 on May 07, 2023, 09:54:49 AM

Quote from: hZti on May 07, 2023, 09:39:22 AM

So the best is just to wait or find a bitcoin transaction accelerator (paid one probably in your case).

OP's transaction has been already confirmed and there was no need to use paid accelerators. The transaction was successfully accelerated through ViaBTC free accelerator by OmegaStarScream (See the first reply) and was included in the block number 788,519.

Yes, and there's no need for the OP to use the transaction acceleration in the first if he's not in a hurry cause normally it is easy for low fee transactions to get confirmation during the weekend since the transaction was sent on Saturday he just needs to wait for some hours and the transaction will be included into a block.

hosseinimr93

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Quote from: hZti on May 07, 2023, 09:39:22 AM

So the best is just to wait or find a bitcoin transaction accelerator (paid one probably in your case).

OP's transaction has been already confirmed and there was no need to use paid accelerators. The transaction was successfully accelerated through ViaBTC free accelerator by OmegaStarScream (See the first reply) and was included in the block number 788,519.

hZti

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Usually it is not an issue if your transaction is not confirmed right away. Before a transaction is rejected and put back into your wallet it must be unconfirmed for around 2 weeks (!). So the best is just to wait or find a bitcoin transaction accelerator (paid one probably in your case).

As it was said above the situation is like this in the moment, because the network load is quite high. This will change in the future and you will be able to send the coins way faster for way cheaper again.

PawGo

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Quote from: Dave1 on May 06, 2023, 09:42:01 PM

Otherwise as per mempool, the highest fee is 123 sat/vbyte and then 30 sat/vbyte is the lowest, which is crazy to think that a few months ago, we can transfer with the lowest fee of 1 sat/vbyte and get confirmed very quick.

Looking at hash rate chart (https://www.blockchain.com/explorer/charts/hash-rate) we see that in general we have the highest hash rate in the history, but looking at the recent difficulty adjustments and average block time we see we are currently below average.
At this moment we are 32 block behind expected, but in fact it would not change a lot, as we have around 180 blocks waiting (400k transactions pending).
High priority fee 200 and purging below 17, wow! But as every wave I think sooner or later it will just be processed and we will come back to more "user-friendly" fees.

Dave1

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Quote from: khaled0111 on May 06, 2023, 06:35:28 PM

I don't remember seeing the mempool this congested in years! I hope this will not last for too long although there are already more than 240k unconfirmed transactions.

Quote from: Bumerangkoenig on May 06, 2023, 09:10:47 AM

Normally the Fee ist about 0.5 -1$ with my Wallet.

What you should look at is the fee rate (sat/vb) not the total value you are paying.
A transaction paying $1 in fees may get confirmed faster than a transaction paying $10 if it has a smaller size (less inputs+outputs).

Yeah, last time was in 2017's bull run. And if I'm not mistaken, it was due to the Ordinals spamming the network right now that's why it is congested as hell. As others have said, better wait if you are not in a hurry to move your BTC around.

Otherwise as per mempool, the highest fee is 123 sat/vbyte and then 30 sat/vbyte is the lowest, which is crazy to think that a few months ago, we can transfer with the lowest fee of 1 sat/vbyte and get confirmed very quick.

khaled0111

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I don't remember seeing the mempool this congested in years! I hope this will not last for too long although there are already more than 240k unconfirmed transactions.

Quote from: Bumerangkoenig on May 06, 2023, 09:10:47 AM

Normally the Fee ist about 0.5 -1$ with my Wallet.

What you should look at is the fee rate (sat/vb) not the total value you are paying.
A transaction paying $1 in fees may get confirmed faster than a transaction paying $10 if it has a smaller size (less inputs+outputs).

bittraffic

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^ Confirmed in a few days is just crazy. Kinda congested like how ETH network does when there is also a spike in transactions but seems to be a good indication of another bull run coming.

I tried it on Mycelium wallet and the 30-minute priority is not available as an option. For the 2-hour option, it also asked me for more than a $5 for the fee. It use to be less than a dollar.

bitmover

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Quote from: Bumerangkoenig on May 06, 2023, 09:10:47 AM

Hey im pretty new to Bitcoin and i have two question about my latest Transaction. I didnt watch Out and it was to late to cancel after i saw the High Fee. Normally the Fee ist about 0.5 -1$ with my Wallet. I didnt change anything and my Transaction before that was Just hours before and everthing was right So why ist the Fee so High?

And why is it still without any conformation ?

https://www.blockchain.com/de/explorer/transactions/btc/304918245cc8aca9305e6082d7bfb8e34808c068673ab5bb0d04425ab5b151dd

You put 60 sat/byte, which is a high fee.

My suggestion is that you wait for a few hours or maybe a few days, it will get confirmed soon. Don't worry.

We are having a spike in transactions now, and the fee is very high, which is not likely and it wont stay so high for long.

mempool.space is the best website to check it before sending a transaction

JeromeTash

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Quote from: Bumerangkoenig on May 06, 2023, 10:07:43 AM

I use the bitcoin-wallet-app

Not familiar with Bitcoin wallet app but electrum is pretty good because it has support to create Replace By Fee enabled transactions. So, that next time your transactions are stuck, you can bump up the fee rate to a higher transaction fee rate.

Bumerangkoenig

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Thanks for the Response. It is now confirm. I was just confused about the really High Fee. I use the bitcoin-wallet-app

https://bitcoin.stackexchange.com/questions/tagged/bitcoin-wallet-app

BitMaxz

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Block halving is coming.

Your fee is in low priority according to mempool.space but it should be confirmed within 45 minutes.
If the accelerator didn't help and if it still stuck after a few hours there is no other way to speed up the transaction because it is not RBF enabled like the above said.

However, if you receive it in your wallet that you control you can do CPFP(Child Pays For Parent) to speed up the transaction. The only problem is you will pay more fees than your previous transaction 61sat/vbyte if you want to speed up this transaction.

Can you tell us what wallet you currently using? Some wallets out there do not have RBF option so I suggest switch to a better wallet like Electrum.

OmegaStarScream

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Because the network is busy at the moment as you can see here[1].

Since your transaction does not use RBF (you should consider doing so in the future), I submitted your TXID to ViaBTC accelerator[2] but your transaction shouldn't take more than a few hours before it gets confirmed regardless, since the fees were not that low.

[1] https://mempool.space/
[2] https://www.viabtc.com/tools/txaccelerator/

Topic: High Fee (Read 315 times)