Topic: High transaction fees and businesses that accept bitcoins. (Read 335 times)

I don't think he tried transacting BTC this week. I've sent only 0.0001 BTC to and paid over 0.00005 BTC as fees (50% of the transaction amount); it's still unconfirmed for the last three or four days. I did it for testing purposes. Still, it makes me wonder what will happen if Mempool remains congested for a long time. Paying 10% as a fee for a transaction amount is too high already. Still, pay more fees if you want to confirm your transaction quickly. The current recommends fee by Blockchain is 292 satoshi per byte which is wild.

If you don't know about the recent Ordinal Scam Craze, Do a Google search, and you can check more info. You can check Ordinals Data from here https://dune.com/ddmrddmr/ordinals-data. Some Shit coins were developed in the Bitcoin Network, one of which is PEPE. Which has gone crazy for the last couple of days? The network has been congested for over a week now. Almost half a million unconfirmed transactions in Mempool, and nobody knows when this will end. 292 satoshi per byte fee is already out of my head.

This high transaction fee problem with Bitcoin only affects the people who are transferring small amounts of Bitcoin to other people. For those who are transferring huge amounts, I don't see this as a problem for them especially if they really need it.

On the other hand, we know that most of the Bitcoin transaction are only small amounts, so this affects most of the Bitcoin holders (including me TBH). I guess many here already said it, but for business owners who are accepting Bitcoin, maybe accepting other coins aside from Bitcoin would help. I mean we can teach the buyer how to convert their Bitcoin into other altcoins. The other one I guess is to just stop accepting Bitcoin as payment for the meantime until the transaction fee goes down to what it is a few months ago.

We don't know how long with this high transaction fee will last, and it only started since the BRC-20 or Ordinals thing started. Maybe if the hype of it will go down, or if the hype of memecoins in general go down then we might see a bit of a decrease on transaction fees on Bitcoin. This transaction fees reminds me of 2017 where people doesn't want to transfer their Bitcoins because of very high transaction fees that they can't afford it.

Because of that and the big volatile price of Bitcoin is the major reason why until now Bitcoin is hard to adopt in a business since when we buy something locally its still better to use fiat money since no fee is applied compared to Bitcoin, but if we want transaction for global I think Bitcoin still an option.

Yes, my argument in view of Bitcoin's current high transaction fees is indeed a temporary issue that will hopefully be fixed as the network grows and develops. However, there are also several other potential solutions to the problem of high transaction fees in Bitcoin that are worth considering. One potential solution like you said is to use a layer 2 scaling solution like Lightning Network, which allows transactions to be faster and cheaper by routing them through off-chain payment channels.

I think this approach has the potential to reduce transaction fees while keeping the Bitcoin network secure and decentralized and more. As the network grows and wider adoption, transaction fees will likely decrease due to increased competition between miners.

I personally don't have a solution, with the current high cost of BTC transactions, and to be honest I really feel sorry for people who do business by paying using BTC.

but according to my prediction this will not last long and in my opinion transaction fees will return to normal.
so in my opinion don't panic too much with a situation like this.

This is really the problem because people tend to use Bitcoin for payment to make their life convenient and easy as become cashless.
But when this will come, it somehow becomes not convenient anymore. This is a known issue for an aged now, and that's why there are lot of new technologies that helping the Bitcoin community to solve this, best example is layer 2. Where layer-2 these days is still not that popular, so businnses that accepts Bitcoin are having difficult to handle this issue.

In my opinion, high transaction costs are very scary because sometimes when buying and selling goods, it may not be what we want, for example when we buy
1 instant noodle but the BTC transaction fee is more expensive than the price of the goods we buy, so I think this BTC transaction fee must be fixed quickly because otherwise it's the same as wanting to make people not trust BTC anymore and eventually BTC investors will suffer losses.
if btc transaction fees continue to be expensive, in my opinion one day miners will also be affected because there will no longer be people willing to transact and invest in btc, especially the lower class.
but I hope transaction fees return to normal quickly and are cheap.

It is not right to discourage you, if you believe in bitcoin you should stand by it, especially in this situation that is happening it is not forever like that. This is only temporary. It is possible not to release the bitcoin or make a transaction with it while the fees are still high. Because everything will back to normal like before with low fees. Just stay updated on issues like this. Although at the moment deductions are really high.

This is the least happening expected at this point in time on bitcoin blockchain. Many hopes are dashed right now as there are lots of pending payments and withdrawals days past. Most transactions are still yet to be confirmed with more still pending.
It is currently frustrating and dissappointing for business owners but I think there is always a way.

A plan be could be ok by businesses since it has to do with financial transaction for their businesses to strive on. For the moment, the only problem is transaction fee increment which is on the high side. Business vendors accepting bitcoin as a means of payment can still do business with bitcoin  pending when the congestion is a bit reduced.

In this current time or situations is where we really appreciate the lightning network. All this time we already have the solution yet we're still asking how the buyers and merchants are going to adjust with this high transaction fees.
So, with what happened with the mempool (heavily congested) today, I bet there will be a significant increase of LN usage that we will see in the coming weeks.
Tx fees are continuing to rise, low priority is more than $15 at the time of this writing. That's crazy!

No doubt they will do something about it but the time factor needs to be considered here as many business have started experiencing setback due to this high fees and other users of crypto like myself is currently experiencing difficulty because of this matter that arrived and its already creating a bad impression to first time newbie and potential major consumers of this service. This current situation only benefits the miners and it needs to be corrected soon because time is going and more negative vibes are created because of this current crisis.

The lightning network has been a great innovation lately and it has been of good use to those who have employed its resources.
The transaction fees has been one huge talk lately and it is in one way due to policies of the financial government to keep Bitcoin transaction under tight scope.
With Bitcoin cards soon in use, I see the fees been lowered drastically and it would be a welcome relief to business who rely on its use for transactions.

I think all of this highlights the importance of the incentives in bitcoin.

The higher the on-chain fees, the greater the incentive to not spend on-chain and to use alternative scaling technologies as well as develop new ones. I am particularly interested in CoinPool which I heard about from Marty Bent. It seems like it can increase scaling and privacy by orders of magnitude. That is a much needed and welcome innovation.

As far as merchants today are concerned, I think that there are almost none who accept payments on-chain for over the counter purchases like a cup of coffee or a beer. If you want to accept bitcoin as a merchant and are new to bitcoin, I have been referring people to use the payment gateway Voltage (https://voltage.cloud) since they are non-custodial, the don't require any KYC, and their fees are incredibly low. Voltage takes care of everything like managing lightning liquidity and all the merchant has to do is accept lightning payments and everything else it taken care of without sacrificing custody.

The only real problem I see in the short term is a merchant needing to liquidate bitcoin to pay for overhead and they are crippled by on-chain fees but maybe Voltage has that sorted with batched transactions to open/close channels.

I think all of this ordinals noise will fade away but it highlights the need for even more alternative scaling technologies and will incentivize the development of those new technologies.   

One of the reasons for asking for higher transaction fees is that the Bitcoin network has become congested due to excessive transaction requests. No one can say for sure how long this situation will last.
I think for avoiding this kind of situation or problems everyone should be familiar with the Lightning Network as store merchants can now continue their transactions through it.

They always have the choice to use bitcoin lightning as a choice but it's not that many of them knows about LN.

There are still some alternatives that these businesses can accept if the fees for Bitcoin isn't willingly accepted by their customers to get paid with.

Other than that, they have no choice but to set some fees for their customers and let them alone wait until it's confirmed in the network. Although for businesses and customers this is a hassle choice to make.

The transaction fees are becoming so unbearable to be honest and it's discouraging especially to people who are new to Bitcoin. These high fees have affected some bitcoiners who exchanges Bitcoin to their local fiat currency, I remember a friend of mine telling me that he tried converting some of his Bitcoin to fiat but the fees she was asked to pay was half amount she's trying to convert.

The only thing I have done to encourage some of my customers who pay with Bitcoin is to reduce some amount from the price of the items that I sell at least that shows how important they are and I also encourage them not to give up knowing that the high fees will not remain forever.

the impact on buyers or sellers who do accept payments using Bitcoin is of course quite large. but I'm sure the solution is still there. that's because they will stick with the payment alternative using the other one. the situation does not allow business people to use Bitcoins in transactions, this can be a problem for the business. even major exchanges are also suspending Bitcoin withdrawals due to the current high transaction fees. it is best to avoid trading in advance until conditions improve.

Have you really tried any recent transactions on the network the fees are surely higher than one or two dollars. So I just think you are talking and do not really understand the question asked.

I asked how business people are handling it, not customers.

We can't just because of transaction fee deny customers from making payments neither should that be a discouragement on them as well, i think using one or two dollars as cost for transaction fee isn't that too much beyond bearable approach until a lasting solution is given on this, meanwhile the level of how this affects us also depends on the rate of transaction we are taking, tou can't compare someone making a huge sum to the one making just less than hundred dollars to have same experience, lastly try to engage making weekend transactions when the mempool is mostly believed to be less congested and study the fee rate on mempool before making any transaction and you can always go for low priority as well.

First I don’t think neither is it a better option for online business owner to make use of the Altcoin or accept Altcoin as a means of transactions in their business regardless of how flexible it can be.

#Value: the most valuable coin in Ethereum and going buy the fact that the source of this conversation was that Bitcoin transactions were high so is Ethereum transactions fee and this has been the case for Ethereum For a very long time.

#readiness: there are so many altcoins to choose from and the chances of having an address ready for any Altcoin  May be too low.

#stability: nothing is less stable than the price of any Altcoin so you as a business man may be making lose after  a customer must have made payment.

Rather than Altcoin I would rather suggest the use of stablecoin for now.

When you are considering adopting bitcoin as a means of payment then I think you should also consider some altcoins to make it easier for your customers to make transactions when bitcoin transaction fees are very high. Moreover you don't need to remove fiat from payment method from your business, this will definitely help your customers to pay you without any problem.

You can temporarily hold bitcoin payments as long as the transaction fees are unreasonable for small payments, but you can have your customers pay in fiat or some altcoin that has low transaction fees. So far it is a solution if you want your business to continue without any problems regarding means of payment.

This has already happened so many times in the past and some merchants who trued accepting bitcion as payment didn't last that long due to the inconsistencies. Although prices can be changed depending on the product, there are still risks where it is possible that the fees could be more expensive than the price of goods. There have been various decisions already if they are going to continue or not specially right now for example where networks could be congested any time of the day and you need to push your transaction by paying more fees. Although it isn't that expensive the delays of the transaction alone can compromise the trade on the merchants.

I can't imagine anyone paying for bread or milk with bitcoin. It's about the same as paying for these essentials with gold bars. I guess BTC is not the right currency to pay for these everyday products.

Of course, there are sellers offering their goods for BTC (and these are not houses or cars), which creates an incomprehensible and difficult situation. 14-23$ per transaction is not so much now if the goods are expensive. And if the goods cost 50$, 100$, 200$? In this case, the commission turns out to be huge (especially in % ratio) and few people want to buy with such expenses, because the commission falls on the shoulders wallets of buyers.

Having problems is not a bad thing. Looking for a solution, bitcoin-community can create something new that will improve BTC and prevent this unpleasant situation from happening again. And I consider high transaction fees to be just such that it will slow down progress due to the low use of the bitcoin-network by ordinary users.

If not many people are using Bitcoin, I don't think they will trying to find a way to solve the high transaction fee. This is different with Binance where withdrawal fee is one of their main source, I read if Binance is trying to adopt lightning network, not sure if they already have implemented it or not yet. For online business, people would choose to pay using altcoins because they're more flexible and altcoins fee are cheaper.

I agree with you there initim. high transaction fees can be a challenge for Bitcoin users, particularly for those who frequently use Bitcoin for everyday transaction. However, it's worth noting that transaction fees for Bitcoin are not fixed and can fluctuate based on various factors such as network congestion, the size of the transaction, and the level of competition among users for block space.

When transaction fees are high, users may opt to use alternative cryptocurrencies or payment methods to avoid the high fees. also, businesses that accept bitcoin may choose to adjust their prices or implement dynamic pricing strategies to account for fluctuations in transaction fees.

The cost will be high for people paying with Bitcoin but if it is not an everyday thing, I think users will cope but if you can avoid paying using Bitcoin to pay for goods and services whenever it's high, I feel it is the best.  With Bitcoin, I want to believe that Demand is more than supply, and when supply is limited, rates will be high. It’s a law of demand and supply.

The best advice right now is to put the Bitcoin payment option on hold due to network congestion, the wasted time before the transaction is confirmed, and the high transaction fee because, initially, it is an alternative mode of payment. When the mempool is free and the transaction fee is less, then the Bitcoin payment method will resume because we know it will not be a permanent thing because I am sure developers and miners will do something about this Ordinals.


I believe developers and miners will address the BRC-20 and Ordinals issues soon because transaction congestion and high transaction fees are out of control. Miners will take almost all of the transaction fee as their reward for processing the transaction, and if you choose to set a very small transaction fee, your transaction will take a very long time to process.

It is problems for business customers who will send bitcoins to those local store wallets.  The business owners only have issues if they want to consolidate their small inputs which surely they can wait to do that when fee rate is more cheaper.

Stop your Bitcoin payment method temporarily or add another method, Lightning Network that will give you cheaper transaction fee with Lightning Network channel.

Electrum Lightning Network walkthrough

When you are curious to get something you make everything possible for you to arrive to your target, now that the fees is high a buyer will ensure that it pays higher fees to get what it wants, unless you are not curious to buy or make payment with bitcoin it's the aspect you will find it very difficult to add an additional fees in order to make your transaction to process faster,but having it in mind that you really want to make payment with bitcoin you can't nagged or argument for a peanut charges. If you are emphasising on such way, now I want to use signatures campaign payments as point of illustrations, because the price of Bitcoin is high and fees are high also, I think they pay all the participants working on their behalf, so therefore except you don't want to make payment with bitcoin fees can't deprive you of making payment from my observation.

In the end, should the project on top of the bitcoin network be stopped? There are 13,500 tokens growing on the Bitcoin network. If this continues, I think many people will turn to other networks for transactions. Or will developers enlarge the scalability of the network? But this will add vulnerability to the BTC network.

https://news.bitcoin.com/bitcoins-brc20-token-economy-skyrockets-192-to-279-million-in-just-four-days/

I'm having to back away from insisting that I'm paid in Bitcoin by my domain name buyers. The high feew, and the bear spikes in the price are discouraging potential buyers. I have also decided that I will need a 2Tb internal drive for the blockchain in my arcival node project. These ordinals are a real nuisance. Would it be possible to change the weigting for such transactions, and maybe charging them a 10x fee for inclusion in a block. Alternatively the redundant supplementary data could be stored in a side chain that only a few nodes maintained.

The high transaction fees could be attributed to the BRC-20 tokens and ordinals which have flooded the Bitcoin network. The hype of BRC-20 tokens is driving a lot people crazy as many persons want to mint or transfer their tokens and this is making the network to be congested. Even binance had to announce temporary suspension of Bitcoin withdrawal due to the congestion of the network.

The high transaction fees is really affecting businesses as many persons are beginning to resort to accepting or making payments in stablecoins or other altcoins.

Yeah, It's frustrating for regular Bitcoin users who make payments using Bitcoin. Some of us don't care that much because everyone doesn't use Bitcoin every day. But I don't think it will affect the business that accepts Bitcoin payments. They have nothing to do with the fees. Because whoever chooses to pay using Bitcoin has to pay the fees. Businesses are the receiver end, they don't have to do anything, and they don't have to give them change like fiat money. They have to ensure that their customer paid enough fees and that the transaction is not RBF.

It will be a bit expensive for Bitcoin users if they pay a couple of dollars bills and it charges too much fees. But, I think this situation won't last for too long. The Ordinal craze will end at some point, and we should see the death of some shitcoins! I wish we had better solution to fix the current issue. These Ordinal things becoming a head ache.

Rainy day? If it's raining money that would be more accurate.
Miners' income has grown to nearly 33% if we consider the last few hour's averages, and we're finally around 10 cents per th/s after nearly a year of low-profit margin. Look at the bright side, the network is better protected also understand that this is a glimpse into the future when there will be no block reward and miners will have to keep mining only on fees.


Remember that not only do you have to pay 20$ to send $50 in your example, but the one you're sending the $50 will need to spend $20 to use those coins since he has to do a tx also, so you're paying $70 so your relative can use $30.

This is simply a challenging time for Bitcoin and those businesses that accept it and of course a rainy day for the miners. It is bad to the extent that people have started showing their anger on the internet and some companies sending internal messages to their customers to use the alternative to avoid issues.

Is this a good antecedent? I guess not. I hope that a lasting solution would be preferred to something like this especially as the Bitcoin in circulation and adoption is getting more so that it will not be a discouragement.

Will this go so soon? I also guess not, this is because the causes could be due to the creation of BRC-20 on the Bitcoin blockchain and Ordinals issues as I indicated here: (https://bitcointalksearch.org/topic/m.62208042).

The transaction fee currently will bring a set back to those making payments in bitcoin. The high transaction fee will discourage the buyer and also the slow confirmation process of payment will affect the seller. The best thing is to avoid or stop making payments with bitcoin if the amount to be payed is not that much. It is not advisable to paying for a $50 worth of product or service and paying a fee close to $20 except maybe it is a cross boarder transactions and bitcoin is the only easiest way to do it.

The payment method should be used to pay for large amounts but aside that one should just hold on to bitcoin and pay with fiat. With will be frustrating for the recipient of the funds if the sender has set a very low transaction fee, the transaction could even get dropped if the fee is way too low.


From all indications it seems both the BRC-20 and the ordinals are responsible for the congestion on the mempool. The market cap of BRC-20 is surging up as people look into it

Local discussion boards are also discussing this. I haven't found the cause of the transaction soaring so great. But if you look closely there are small transactions with the same amount keep repeating. Local discussion boards estimate this is a dusting attack on the bitcoin network. This has happened to the ETH network as well. Actually, I am suspicious. This is indeed intentional. This is to get a larger Transaction Fee also to the Miner. But this is my estimate. I don't really understand much about this issue. But almost two weeks ago I made a transaction and the fee was not what it is today. Or this has something to do with the BRC20 token, a token built on the Bitcoin network.

Source: https://news.bitcoin.com/bitcoins-brc20-token-economy-skyrockets-192-to-279-million-in-just-four-days/

The buyer pays huge fees and could be ok with it: if you buy a car / house in BTC it's ok, it won't be too much of a trauma.
If you're buying bread and milk, it's clearly a bit more of a pain in the ass. For these small transactions, people turn (or should turn) to LN. Or basically, the seller just put on-hold BTC as payment method if he doesn't accept payments through Lightning Network.

I think that in the long run, given the mess that is the mempool on an increasingly regular basis, Lightning Network is becoming more and more necessary and justified in my opinion.

After that, if it's like every time, the 1.5 BTC fee blocks shouldn't be around for too long, hopefully it will drop again soon.

This season where transaction fees are really high can be a discouragement for people who were already becoming used to making payments in bitcoins at their local stores that accept payments in bitcoins. For people who have businesses that accept payments in bitcoins, how are you coping at this time when transaction fees are really high, and what adjustments have you made to try to see that people do not totally cancel out making payments in bitcoins due to this challenge.