Topic: High transaction fees affects those who DCA - page 5. (Read 1827 times)

This is not about a strong or weak stance in the Bitcoin network, it is basically a fact that Bitcoin transaction fees is so high right now that it is making Bitcoin practically unusable. Nobody is panicking because of fees, people are just complaining or stating how much they have to pay in fees to send Bitcoins to someone or to use it for some other purpose. Whilst some people can wait for when the fees would drop, not everybody has such privilege, some want to move money quickly or convert to fiat for something important. I know there's prolly nothing you or i can do to rectify this, but i wouldn't slag off people who are moaning about it.

Its not that they dont really have a strong stance about Bitcoin, it is really just that we arent get used to it. I do agree into those sentiments above that this isnt something that it is really that too often if we do speak about network congestions. There might be some time but it isnt something that we can really be able to experience every now and then. Recently we've been experience twice conditions on which the
network had been spammed out and it do usually decrease or goes back to normal after a week,and here comes now that the network congestion is getting worst again and again.
Some do point out those fingers with those BRC20 related things.

Hope that it would be solved out soon on whatever problems that we are experiencing today. I cant really deny that its quite hassle when you do make out some transaction.
We do know that not all would be holders, and some are really just that making those active transactions specially from CEX into your personal wallet or
even just doing some gambling. Moment of having breaks takes longer just waiting for the fees to subside.

in the end everything will be fine and those who panic too much about fees that are too high certainly don't have a strong stance to stay with Bitcoin. if the costs get higher I just stop and observe until the costs return to normal. DCA certainly doesn't have to always be on time, also looking at the condition of the Bitcoin network. if it's too expensive then collect it and buy it when it gets better.

Your quoted fee is very small compared to what I have been seeing since yesterday, this is why I have not moved my BTC till now. The fees can be very discouraging and annoying at times and I don't see the way it will not affect businesses negatively if it continues like this. It's a very bad discouragement for those who also want to newly participate in Bitcoin. No wonder that people are resorting to alternatives, they cannot continue with this when other coins are charging a very ridiculously low amount of transaction fees. Although this can't affect the main OP much, he should only try to know the right time to move his coin at the best price and that ends it.

Also, I read of the option you suggested, I think it has not gotten to that when it comes to personal Bitcoin transactions, but when it is a company sending it directly, there will be a problem. If it is a personal transaction, I urge the person to use the free service of ViaBTC, which is what everybody is using now. It doesn't matter how many times the guy uses it and it doesn't record the user profile but only the transaction involved. Once the transaction has a minimum fee required, then it will be processed. The ones I have done were processed within 1-2 hours of using the service and so long as they mine pool, it will be done. However, the least I have tried with them is 18 sat/vb transactions, I don't expect anyone to also go lower than that. This is a small amount that anyone can cheerfully pay at this congestion time.

I know it's a late post but I just realised that my style of DCA enjoys an added benefit during these high-fee periods. I don't buy, I earn (freelance, invoice in BTC) so I generally do get paid on time all the time, the fees don't account for much overall and the client pays.

However, now that the congestion has been prolonged beyond expectations, there are some (small) issues):
- clients now asking for alternative like stablecoin. $50 suddenly feels too expensive because they can't really control inputs. I've had to give in this month already
- My inputs are piling up. I did consolidate a while back and used to do so often but I've been holding off... meanwhile my inputs are adding up. Not worried at all, of course, I always wait. But can imagine smaller and more frequent DCAers are holding their breath as tx sizes go up.

For those who do have other source of funds or have some altcoins in their stashes and tending to have some gambling or trying out to make trades then high fees wont be a problem yet most of coins (except EVM's)
does have that high transaction cost and for those people who do have only less money will really be seeing this to be a non pleasing situation on which it would really be just that right that you would really just simply hold with those coins, but what if you do really need money? whether you do want to cash out because it is something important? Not all would really be always having that fiat to make use of.
This is why it would really be leading you have on no choice but to deal with those high fees.

For those people who do have tons of money then it wont be an issue but we know that not all would really be that rich who dont mind about fees. It do really sucks and really that hassle
when we do have this network clogged or traffic. Although it doesnt really happen all the time but once it do happens then it would really be that too hassle.
You would really be just needing to adjust or finding up ways for you to lessen fees or wouldnt really be doing any transactions at all.

The best method is holding your coin and it should be the method for now until when the charge of bitcoin will come down, I know quite well, that what will lead people right now to be holding their bitcoin will be as result of high fee, like if you want to make away with payment of high fee by transferring it to an exchange from signature payment, you have to change your wallet address to exchange address so that when you receive a payment you can easily exchange it safely without any charge

Transaction fees have gotten so high that they’re effecting everyone, not just those dollar cost averaging now. All you can really do is keep stacking and letting other entities hold your funds until fees become reasonable again. Pretty much the entire Bitcoin ecosystem is grinding to a halt right now. Hopefully things get better. Without raising the blocksize limit, hope is all we have.

Transaction fees will always change and will always become smaller when Bitcoin price volatility begins to improve and does not continue to increase as it is now. Because when Bitcoin's price continues to increase, it can also affect the size of transaction fees on the Bitcoin network, making some people complain about it. However, I also believe that things will not be like now because the decrease in transaction fees will return to normal again when there are not too many transactions at one time.

I see the current situation has faced struggles for all of us, many people can send/withdraw their funds due to high fees. Last 2021 we experienced a surge in fees, we can check it here https://ycharts.com/indicators/bitcoin_average_transaction_fee but it was just a short time. Unfortunately, what we have now is quite different as it is already 2 months (if not mistaken) and we are still uncertain how long it will last.

If we are doing DCA, we'd rather not do it now, better save it and wait for the fees to calm down.

What we are currently experiencing with bitcoin network fees really sucks and we have no alternative that an totally solve this problem even looking at long term solutions,  I have being having problems moving my Bitcoin around since the past 3 days now and reasons being that the transaction fees are too high considering the amount I am sending, sometimes I which we have an immediate solution to it because this hyke in fees is making Bitcoin unusable for small investors.

And even the big bag Bitcoin holders also suffer from the same since they have to pay high fees just to send Bitcoin around because the amount in fees can be the same as what it used to be before the network hykes,  and no matter the amount the hold it will impact so everyone in the industry is really facing it in this period.

It all depends on the centralized exchange you using for your DCA for Binance I don't you will spend that much for withdrawal and besides I won't encourage you to keep making every single withdrawal whenever you do DCA of just $10 per week it reduces your accumulated funds. So, the best option is to hold to some certain amount maybe from 300$ and above then you can withdraw it and make expenses in just a fold or in every 2 to 3 months but I believe Binance charges not less than $2 or $3 for BTC withdrawal Depending on the price at the moment.

High fees on the bitcoin blockchain have happened occasionally. But it hasn't been prolonged. Although now the commissions are really unreasonably high. I hope that the hype around brc-20 tokens will stop and the commissions will become small again.

Currently, it is not possible to use it as an everyday transaction because the gas fee required is quite large, and this network congestion makes the fee even higher.

I am now also stuck, and it has been more than 6 hours since the transaction I made using a

fee of 111.51 sat/vB, $6.8
Transaction status Waiting for confirmations 0 of 6
Queue: 17081 of 232792
Est. Time to 1 confirmation: in 1 day

It will take a while, but I just leave it alone.
Especially if the transaction is small, it will not be worth the fee needed.

But actually not without a solution, the Bitcoin Lightning Network can actually be the right solution, but it is still under development and the support of the Lightning Network is also not evenly distributed on all exchanges because there are rules for using the Lightning Network.

But if you want to switch to altcoins to avoid network congestion, Options on ETH might be better or for faster and cheaper networks are BSC and TRON.

It is really hard, especially for those that are in a weekly DCA. What I plan right now is to just standby my funds in an exchange since I have plans to trade actively starting next year anyway.

But overall this is an issue that needs to be addressed. A lot of people wanted bitcoin to become a currency for our day-to-day transactions. I used to buy mobile loads using bitcoin. But at the current network fees, it is becoming impossible, especially on small amount transactions. And without a solution, altcoins will continue to flourish which I don't mind either as long as it is as secure as bitcoin.

I do agree that it is not going to be easy but I also believe that we need to start trusting the exchanges again. I get that some people may use some terrible exchanges, I have seen one exchange where the whole volume of the exchange was 780 thousand dollars, I am sorry but if an exchange has less than a million dollars in profit, then it doesn't really look like it is that much of a big deal, I think it is really not that much of a profit. I get that it may not be all that crazy, so we need to end up with something that is better, we need to accept that it is going to be a bit different situation.

I agree that it is not that common but I agree that it is going to be a tough deal on the long run, it has to be a bigger exchange, but not trusting Binance type of places will not work neither.

We have no other choice but to hold assets on exchanges due to unfavorable transaction cost conditions, but most traders store assets on trusted and reputable exchanges because in many cases they lose assets on exchanges unexpectedly and they have experience holding assets temporarily on exchanges. , when transaction fees are normal, immediately transfer bitcoins to a personal wallet or hardware wallet for asset security.

The impact of market correction is also beneficial for those who will increase bitcoin assets using the DCA method, they can collect more money while waiting for normal transaction costs, they will buy more bitcoin at the dip price, bitcoin may be corrected below the price of $40k if we see support a price of $40k that can't seem to survive the impact of a market correction.

Yea, if is true... Someone making transaction $2000 will not mind paying a transaction fee of upto $10. But someone who is on a weekly DCA of $20 will not be comfortable paying a transaction fee that is up $5.  I support your idea of temporarily holding the coins in an exchange and allow it accumulate before sending to the private wallet.

No matter how risky exchanges are, we need them at this time and it is good that before anyone uses an exchange, they should ensure that it is somewhat a reputable exchange. There are some exchanges we are sure that they are not winding up tomorrow. So, it is fine we use such exchanges at this time of mempool congestion.

Fees are definitely an important factor for those doing DCA, especially who doing small amounts every month of week. Over the past few days, the abnormal increase in the value of some BRC20 tokens has caused network congestion and continues to do so. While this situation is not a problem for large investors or holders, it is a big problem for those who are small investors or holders especially those who collect bitcoins weekly or monthly. Here I think if the holders temporarily hold the bitcoins in the exchanges and when the effect of ordinal decreases then the transaction fee will be normal again. At that time they can collect bitcoins. Or you can keep your money for a few months to collect bitcoins again when the fees decrease.

That is completely understandable. I’ve had a lot of people lately tell me that they don’t want to spend Bitcoin to buy my goods because of high fees. I’ve started accepting pretty much any major altcoin as a result, which has left me with an interesting mix of coins, but it shows that high fees are most definitely punishing Bitcoin vendors and customers alike.