Topic: High transaction fees affects buyers and seller in payment in bitcoin (Read 357 times)

It’s not a safe a way but using an exchange Bitcoin wallet address to directly receive Bitcoin and convert it to fiat or other coin with low transaction is my other solution if I will have business that accepts Bitcoin. This way I will not be affected on the high fee since there’s no need for me to transfer it just to conveet it to fiat.

The other way is to use LN Bitcoin but this is not convenient since not all user knew how LN works. Bitcoin fee is now back to 3$ range, this is still high but this much better than last month fee.

I guess you were busy enjoying the Christmas holidays when the "well constructive and structured answer" was given. If you feel the best answer as you call it was given why not close the thread?
Before you start bossing around just know that these whole fee came back to normal few days back and is so bad that you weren't following to know what's going on in your thread.
From all observation it has gotten back to normal but we shouldn't be 100% satisfied yet until it continues to be the way we use to have it, let's say for a week then we're good to go, not when we're all happy and feeling good about it then we start seeing another high fee again but higher than before, we should just be hoping it stays that way.

Yes, moving to another cryptocurrency payment option is not a bad business idea. Since transaction should not seem to occur. There must be a means for making payment if the hike of bitcoin fees does not seem to subside. USDT, ETH and TRX have been a common alternative in making payment for business that accept cryptocurrencies. Although Bitcoin have been the most trustworthy and one people believe in. Why they use the alternative they still keep their eyes on Bitcoin to know when the fees will go down, so that they can go back to using it.

Indeed, it was a speculation because currently fees are a bit normal now. And confirmations do not take long anymore. This made me to conclude it was because of the festive and celebration period that made the fees high. Now it is over Bitcoin transactions fees are returning to normal. Am glad i didn't take a long time so we can now send and receive payment without time delay.s

Don't make it sound like it is a characteristic of the Bitcoin network. High transaction fess happens occasionally and unexpected but not regularly thing. Yes, it has affected businesses and cryptocurrency projects but now we have seen the end of it. I pray it doesn't come up again. Although we cannot predict if it will occur again or not. If it does, am glad we have alternatives and so businesses have a solution.

Buddy, i hope you have seen a response that have given a well constructive and structured answer to what you want to find out in this thread. ?

Transaction fees are normal now, and lots of speculations here said it was because of the Christmas and New Year season that has caused the hike, However, i dont totally believe them but they have a valid point. So from your own observations what do you think was the cause?

This is why I always suggest put 1 years worth of costs and double it and then start a business. All the rent, items, salaries, whatever you need to buy, get them all and you should be able to do better in the end. The best thing to do is to make sure that you have some cash on the side to face anything that may happen.

If we were to apply this to bitcoin right now, I can say that the best thing we could do would be having some bitcoin aside for just transaction fee purposes as well, it would allow you to make some good returns, it will definitely be a good way to make money. I know that it is going to be tough, but we need to be doing it as clearly as we could possibly do, otherwise it is going to be a lot worse on the long run if we are not ready for even higher fees.

It is very difficult to use the cash from our wallets to make any Transaction , because yes, it has affected me a lot, I live in a country where it is Somewhat difficult to change some Bitcoin, it is more than 20usd in bitcoin that has to be paid, and as an immigrant it is very difficult for me to do something like that, because what I can think is that things can always be focused on doing something Better , for Example when I am at Work and I need to buy Something Online it is the only way, and it gives me I'm afraid of using my credit card to eat Bitcoin and that's something that sounds like a lot to me, but it's a way out, but paying for a P2P Exchange or going from one wallet to another is expensive.

I don't know the truth, but I think that to Change Bitcoin it is Necessary to do it with enough money and not do it every so often. I don't recommend using exchanges to have money, but I think it's easier, because on Binance you can quickly change it to USDT or Something like that and Between Binance Accounts , things are different.

Regarding business, it does not only include desires, but also includes several other important things, such as the amount of costs that must be used or incurred when needed. This is actually aimed at how large or small the profit can be obtained because the basic desire is to obtain profits at a cost that is quite reasonable and not too large as is experienced by many people today.

Every person's desire for any business certainly begins with their own thoughts about the business they want to run, but other considerations such as costs also need to be paid more special attention to in order to have a good balance when doing anything. And what is happening now is that the costs are high, which some people may consider unreasonable.

Any business if you don't really have a desire, it's better not to put yourself into business,because the effect of desire is not a goal in business,it's better to think first,especially if our goal is to do business in the crypto,altcoin or trading sectors.

I've seen and read several outside sources related to Bitcoin fees lately, many of them are complaining about Bitcoin fees, For this reason, many businesses that implement Bitcoin payment features are currently switching to the USDT payment method, there is no other way than for users/customers who make Bitcoin payments to have to switch to USDT at this time, waiting for Bitcoin transaction fees to stabilize.

However, there is also quite a bit of speculation that suggests Bitcoin fees will take a long time to return to their previous stability, perhaps this is one of the challenges to Bitcoin with high transaction fees, just hope that in the future everything can return to normal, if not maybe many businesses will switch to other types of crypto payments.

Totally a burden but only into those business who do really just solely accept Bitcoin as a payment but if they do have some other options like XRP or other altcoin payments then it wont really be an issue.
This is why it would be wise that if you do have a business who do accept crypto payment then you should be prepared for something like this on which there are really times that fees are really indeed high
basing up on the market network condition. For those who are really making some small transactions then these fees would definitely hurt you on which there's no way that you could really be able to
avoid unless if you do skip out on making transactions and would wait up until the fees would really be going down.

This is why it would really be best that there would be always an option for you to take specially on time like these. As a business then having more options or multiple choices would be always recommended.
Payment transactions with less fees and less hassle would be always that preferred by many. If they do see up any problems or issues then that would
normally be creating such negative impression which might last for a while.

It could be a burden to businesses that accept Bitcoin as payment, nobody will use it while the fees are too high. Of course, not fair at all for the customers, they'd rather use fiat instead unless both parties are exposed to the crypto market which has an idea of using altcoins like Tron and XRP as alternative options.

At least for now the fees is quite low compared to the past weeks. I hope this could be an indication of getting back to normal. Based on my experience, this is the time we've been taking this too long which obviously not good for businesses that accept Bitcoin.

What are you saying, put pressure on the developers to fix this congestion problem? I don't see how that's their fault or problem, and saying is best not to use them is really not in any way going to happen, do you know how many people who cherish the use of Bitcoin if that's what you mean.
Like someone (@milewilda) said that the high fee is coming back to normal and I pray it get to the normal fees we normally use to see, with Bitcoin getting to $45k and by chance surpass it I feel that would be the cause of it coming down, I just hope it gets back to normal.

Now it is really starting to going down, i have remembered on yesterday or the other way which the fees reached up 200+sat/byte per tx on which the fee rose up almost $20 which it is really just that too much specially into those people who are really that making micro transactions. Now on the time that im writing this on which it is going down to 50sat/byte on which it do really shows that the network is really that gradually going back to normal. Pretty sure, tons of Bitcoin traders or investors would really be loving on seeing the network not to be clogged again. Despite that if its really just that few bucks worth but still seeing bitcoin fees on its
lowest would be always preferrable.

We do know that conditions like this arent that permanent or something that do happen anytime. There are really just those moments or times that this condition do exist on which we do
consider out that this is one of the main major flaw or problem about Bitcoin on which it talks about its scalability.

High fee can not deprived buyers and sellers not to do their business, its obvious that buyers of bitcoin have their own alternative, we should ask ourselves that numerous of people who exchange their bitcoin with one exchange to the other, does it mean that its only exchange that make the payment all alone or theirs other people or buyers who buy bitcoin on their own, let the truth should be told, if you are interested to accumulate a bitcoin future, its obvious that the High fee of bitcoin can not deprived you not to buy bitcoin for your investment

That is true, nobody really thinks that it will go away, everyone knows that it's here to stay and that's the biggest problem. I believe that we are going to end up with some trouble that would not be simple to get rid of, and that's the main issue. I get that it's not going to end up with anything crazy, but we should consider that we are going to end up with something that will change for the long term.

If we could pressure the developers to figure out a way, eventually someone will find a way. I personally believe that the best thing we could do regarding bitcoin fee's right now would be just not to use them, unless you absolutely have to, focus on something else, use something else, and that would drop the fee rate for sure when the usage drops.

If this is the first time is happening don't you think it will become a nom like it has come to stay and we might even be having a time to expect it to happen just like we're expecting the halving.
This issue is never a thing we say it will go, we need something more helpful to let us know that this is when it will end and will never happen again, because as it is I don't see anything tats stopping it from continuing.
So if BTC reaches $100k the fee will be half of what you're sending if care is not taken, is really disturbing honestly.

It's best to temporarily not make transactions using Bitcoin if fees are a complaint, because there is no solution other than waiting for transaction fees to return to normal or using stablecoins, Litecoin, or other coins that you think have very low fees.
And indeed the problem of high Bitcoin fees is a complaint for those who use Bitcoin payments or who want to convert to fiat in small amounts, and it is really frustrating. Because small amount transaction fees will cost almost half, and this is a problem especially for small amount transactions. So for now the solution is only to use fiat, stablecoins or other coins, or not make transactions until Bitcoin transaction fees return to normal.

There will be solution soon to help the investors to remain in Bitcoin, because Bitcoin has gone round the whole world to make Bitcoin to become the king among other cryptocurrencies which the fee need to be low for buyers and sellers to continue using Bitcoin for their transaction. Since Bitcoin users have the right to choose any coin of their choice to carry out their transaction, and if the gas fee still remain high the way it is now in the market, I think many investors will look for alternative to embrace stablecoins and their gas fee will be lower than Bitcoin currently.

No, other altocoins or stablecoins are not build to be a payment scheme, it was only Bitcoin. However, when Bitcoin become a assets that is traded in an exchange, then I will say that it lost what it was originally design by Satoshi, because it become a store of value and hedge for those wealthy people.

And then there was a boom on other coins knows as alternative or altcoins market, but they have different design though and no one is like a payment system. But they can still function as one today if we look at them and with the high fees right now, we are looking for more alternatives to transact and it includes LTC.

Just imagine what that 10,000 sats you said was a few pennies then is worth now. So, invariably we're still paying below what they paid then. Isn't it? We aren't even paying up to ⅒ of that now, yet the value is crazy.

Did you say ETH? Moving ETH out is also not cheap. I rather stayed with stablecoins or LTC for such. They're very cheap to use.

Is really going to be hard for those of us that have little to send like you said someone sent $50k and I can imagine the fee being $11k or $19.9k. I was even thinking it would be more effective when you have something like $500k and the fee would be higher but that doesn't matter if you have to do a higher transaction or not. This system is going to make many traders and investors to make decisions they never planned on making.
It's better it comes to an end before the end of this week because many are seriously crying for this issue to be resolved or come back to normal and if that happens I feel it will be a nice way to start up the new year 2024.