Topic: How long the high transaction fees will last? - page 3. (Read 527 times)
The issue with Bitcoin's transaction fees started last week and is still going on, the pressure has increased since last week. Looking at the condition, nothing can be said yet. Since this condition has occurred due to excess transactions, no one can say what amount of transactions are going to happen in the future, so it is not possible for anyone to say how long this condition will continue. And I think that the same thing will be repeated again and again that no one can say for sure how long this situation will continue.
I advice you to make deposits now for future betting, as it seems that we are going to face expensive transaction fees for quite a time. Probably until we get another trend on cryptocurrency market. Right now NFT on Bitcoin blockchain are killing network and whole idea of Bitcoin. The situation is similar to expensive transaction in Ethereum network and popularity of DEX. That trend started to lose its power when metaverses were announced and people have switched their attention to it. Right now Bitcoin is following Ethereum path imho. So I see two options for you, make deposits now and keep balance on gambling platforms, or wait for months for lower fees.
I think the issues of the transactions fees would still persist for a long time now, and may even probably get worse so it’s best to do the needful now.
Many are speculating that the NFT on bitcoin network would vanish off with time. But I doubt if that would actually be the reality. People are getting more interested in NFT and this interest may grow until there is a crash.
Bitcoin block confirmations already take a long time. Now the block conformation has become slower due to increased transaction fees.
Not really, just that you now have to pay so high for your transaction to be confirmed and added into a block, if you use the fee rate for high priority, you transaction should be confirmed in a few minutes.I went to do a bitcoin transaction last saturday where transaction fee of $4 was supposed to be deducted from my personal wallet but it got rejected after the transaction was pending for a long time. Now trying to do that bitcoin transaction again showing a $19 fee. Which caused me a lot of suffering
BTC tx fees are calculated in sats/Vbyte, it is better to represent it in that way. Anyway the reason it got higher is because the mempool congestion has gotten worse since last Saturday, right now this spamming going on in the BTC blockchain does not seem to want to slow down and people who spend BTC on little things like taking a beer in the bar can no longer do so. It is crazy and if it continues, it may be hard to convince people that BTC is still a currency. 
I don't gamble, just pay for food and bills, and yet was indirectly ridiculed by certain "miner" in the dev area. This must be a difficult time for those that tried to adopt bitcoin and go for the circular economy. Our financial freedom is being sabotaged by these spammers.
And no, LN is no solution, it sucks actually, very hard.
And no, LN is no solution, it sucks actually, very hard.
I haven't read the news yet, but it's been several days since the transaction fee has been very high. I checked on https://mempool.emzy.de/ and this is what I see now.
As a gambler, I'm a bit worried if this trend will continue because I have some fraction of bitcoin that I'd like to use for gambling, especially for the NBA playoffs. So for my fellow gamblers, or those who really need to transact with their bitcoin, what are the best things to do now in order to save from fees and avoid having our transactions stay unconfirmed for too long?
All of a sudden, the transaction fees of Bitcoin have increased due to which many people have to suffer. People like you who gamble through Bitcoin are facing many problems. Bitcoin block confirmations already take a long time. Now the block conformation has become slower due to increased transaction fees. I went to do a bitcoin transaction last saturday where transaction fee of $4 was supposed to be deducted from my personal wallet but it got rejected after the transaction was pending for a long time. Now trying to do that bitcoin transaction again showing a $19 fee. Which caused me a lot of suffering As a gambler, I'm a bit worried if this trend will continue because I have some fraction of bitcoin that I'd like to use for gambling, especially for the NBA playoffs. So for my fellow gamblers, or those who really need to transact with their bitcoin, what are the best things to do now in order to save from fees and avoid having our transactions stay unconfirmed for too long?
I thought maybe I was the only one facing this high transaction fee and never knew it was general, because I started to notice this high transactions fee since last week Friday when I wanted to transfer 0.001 BTC (#12,976) from my Trust wallet into my Binance account where I could sell using p2p into my local currency, and I notice the fee which is most times between the range of #300 to #500 has skyrocketed to #3000, which was way too high and for that reason, I didn't transfer the funds hoping that by today the fee might have gone down, but only for me to check this morning and noticed the fee has gone too high 4x from #3000 to #10,263 as transfer fee, of which with this current high fee, I don't think I will be touching my Bitcoin anytime soon.
Yeah same here too, it's disappointing, I tried to move some bitcoin from my wallet to exchange a day ago and I noticed that the transaction fee has increased a lot, at first I thought it was just some congestion on the network until I started seeing some people complaining on the forum about high transaction fee, Well now I don't think that will be moving my bitcoin out of my wallet any times for now, I just leave it there and hope that the transaction fee get lower in the future and I read that this have happened before, I believe that some solution will come up and things will go back to the way they used to be, hopefully.
I haven't read the news yet, but it's been several days since the transaction fee has been very high. I checked on https://mempool.emzy.de/ and this is what I see now.
As a gambler, I'm a bit worried if this trend will continue because I have some fraction of bitcoin that I'd like to use for gambling, especially for the NBA playoffs. So for my fellow gamblers, or those who really need to transact with their bitcoin, what are the best things to do now in order to save from fees and avoid having our transactions stay unconfirmed for too long?
Transaction fees for bitcoin have been quite high lately due to the increased demand for block space in the network. This can make it expensive and slow to send Bitcoin transaction, which is also concern for many users like you OP.As a gambler, I'm a bit worried if this trend will continue because I have some fraction of bitcoin that I'd like to use for gambling, especially for the NBA playoffs. So for my fellow gamblers, or those who really need to transact with their bitcoin, what are the best things to do now in order to save from fees and avoid having our transactions stay unconfirmed for too long?
You can use transaction accelerator, some mining pools and other services offer transaction accelerator that can help to speed up the confirmation of your transaction. You may have to pay a small fee to use these services, but it can be worth it if you need your transaction to be confirmed quickly. also you can use Bitcoin Lightning Network, if you have access to a lightning wallet and a Lightning-enabled merchatn, you can make transaction instantly and with low fees. If you're not tied to using Bitcoin, you can consider using other cryptocurrencies that have lower transaction fees and faster transaction times, such as Litecoin or Bitcoin cash. You can also report it to costumer service.
Hope it helps!!
@OP I don't think the transaction fees will be cheap in very soon because there's no implementation yet to stop BRC-20 or maybe it's impossible to stop. I think the current fee will become a new normal, just like Ethereum network.
Or ask your favorite casino to accept deposits/withdrawals through the Lightning Network. I believe it's not just the best time to start asking, it has now become absolutely very necessary as a Bitcoin-only user.
Usually a casino is really slow to updating a new development, this because they're either focus to other sectors e.g. promotion, gambling provider etc. I can't remember which casino have adopt lightning network from someone in recommend it in this forum, I only know the casino was already accept lightning network from the beginning. 
I thought maybe I was the only one facing this high transaction fee and never knew it was general, because I started to notice this high transactions fee since last week Friday when I wanted to transfer 0.001 BTC (#12,976) from my Trust wallet into my Binance account where I could sell using p2p into my local currency, and I notice the fee which is most times between the range of #300 to #500 has skyrocketed to #3000, which was way too high and for that reason, I didn't transfer the funds hoping that by today the fee might have gone down, but only for me to check this morning and noticed the fee has gone too high 4x from #3000 to #10,263 as transfer fee, of which with this current high fee, I don't think I will be touching my Bitcoin anytime soon.
I guess the whole thing took everyone by surprise when it started. For the first time in my transaction history I paid $12 as fee to send out Bitcoin four days ago and that was even after waiting two days for it to abate. It had never happened to me before. Though I would've avoided it if it weren't for the unstable nature of the billing on my wallet. Charges fluctuated between priorities. I chose what was less than $1 only for it to register $12 immediately I sent it out. I felt bad and cheated. Now if I've to send out again while this whole thing lingered, I'm using custom billing to set the charge. 
It's best to monitor https://mempool.emzy.de/ and wait for transaction fees to drop before making a transaction. While this may require some time monitoring the fees, it can give you the opportunity to push through your transaction. Alternatively, if you cannot wait for the fees to drop, it may be best to avoid making transactions for a while to avoid paying high fees.
I guess all I can advise you is don't make penny bets if you don't have the funds in the casino for them. You don't want to be paying crazy amounts in fees that will wipe away penny winnings.
Or ask your favorite casino to accept deposits/withdrawals through the Lightning Network. I believe it's not just the best time to start asking, it has now become absolutely very necessary as a Bitcoin-only user.
Nobody knows when the mempool will be less congested. Better do not deposit bitcoin for now on betting sites, you need to also consider how high the withdrawal fee can be on custodial platforms. There are altcoins that you can use instead for now.
The network will be congested as long as the "Ordinals thing" market maintains its incentivization flywheel with new money coming in the system, making it profitable for its participants just like a Ponzi Scheme.
I'm afraid that I won't be able to top up once it's all wiped out
My advise is to keep your mind on betting to the limit in your betting account so that you don't have empty hope and take irrational decision with what you have left. The mempool have been congested close to two weeks and if you check blockchain at the moment, there are more numbers of transactions waiting on the queue. So no one knows how longer it will take for the fees to be normal again.
Edit: You are not the only one queued up, you can see this transaction on Roobet thread.
If I had to guess, I would assume that this trend is going to continue as long as the Bitcoin NFTs and the shit-tokens in our chain continue to be relevant and people try to speculate in the FOMO stage of this madness.
For now, I am kind of optimistic that those assets will eventually enter bubble territory and from there it would be just matter of time before the bubble burst, during the final phases of the bubble, people will realize that the party is over and hopefully many of them would go back to gamble with ETH tokens or something.
Or course, that is mostly wishful thinking, more tokens and useless NFTs will continue to be minted as long as the developers continue to leave this unsolved.
For now, I am kind of optimistic that those assets will eventually enter bubble territory and from there it would be just matter of time before the bubble burst, during the final phases of the bubble, people will realize that the party is over and hopefully many of them would go back to gamble with ETH tokens or something.
Or course, that is mostly wishful thinking, more tokens and useless NFTs will continue to be minted as long as the developers continue to leave this unsolved.
what are the best things to do now in order to save from fees and avoid having our transactions stay unconfirmed for too long?
The reason behind soaring transactions fee on Bitcoin network is, launching of BRC-20 ( Experimental token standard) which seems to be inspired by Ethereum network. This has attracted the attention of those who want to create their own tokens similar to NFTs and list them for selling without the need of any smart contract. This is causing congestion due to minting of NFT tokens. I would suggest you to conduct your transactions during off-peak hours (at night or early morning) when fee is comparatively low.
https://www.makeuseof.com/reasons-bitcoin-transaction-fees-are-so-high-right-now/#:~:text=As%20people%20continue%20to%20mint,very%20suited%20to%20high%20demand.
As a gambler, I'm a bit worried if this trend will continue because I have some fraction of bitcoin that I'd like to use for gambling, especially for the NBA playoffs. So for my fellow gamblers, or those who really need to transact with their bitcoin, what are the best things to do now in order to save from fees and avoid having our transactions stay unconfirmed for too long?
I advice you to make deposits now for future betting, as it seems that we are going to face expensive transaction fees for quite a time. Probably until we get another trend on cryptocurrency market. Right now NFT on Bitcoin blockchain are killing network and whole idea of Bitcoin. The situation is similar to expensive transaction in Ethereum network and popularity of DEX. That trend started to lose its power when metaverses were announced and people have switched their attention to it. Right now Bitcoin is following Ethereum path imho. So I see two options for you, make deposits now and keep balance on gambling platforms, or wait for months for lower fees.
I thought maybe I was the only one facing this high transaction fee and never knew it was general, because I started to notice this high transactions fee since last week Friday when I wanted to transfer 0.001 BTC (#12,976) from my Trust wallet into my Binance account where I could sell using p2p into my local currency, and I notice the fee which is most times between the range of #300 to #500 has skyrocketed to #3000, which was way too high and for that reason, I didn't transfer the funds hoping that by today the fee might have gone down, but only for me to check this morning and noticed the fee has gone too high 4x from #3000 to #10,263 as transfer fee, of which with this current high fee, I don't think I will be touching my Bitcoin anytime soon.
You make payment or bet in Casino platform, the thing is that since we are experiencing high fees in bitcoin that doesn't mean that we most withdraw with bitcoin
It depends on the gambling site that you are using, there are some gambling sites that you must withdraw your coins compulsory using the network that you used for deposit. Stake is an example. Some gambling sites have exchange function, while some make you to withdraw in any other available network that they listed on their gambling platform. This remains to OP as he is the one that knows the gambling site he is using.Well all the sites I know only withdraw to which currency you have. And those are all the big ones like the mentioned stake, but also sportsbet.io, nitro and so on.
Actually I have seen no site that lets u deposit A and withdraw B. Those must be fiat sites that only offer crypto to attract more players.
When you deposit btc, you play with btc. That means your winnings are also in btc -> can only be withdrawn in btc.
I gave up on btc with gambling a while ago. Almost all good sites offer altcoins as an alternative.
At stake for example you pay like 2$ in withdrawal fee (even still now) for btc withdrawals, while with LTC or XRP you pay 0.01$ or less. Easy decision.
You make payment or bet in Casino platform, the thing is that since we are experiencing high fees in bitcoin that doesn't mean that we most withdraw with bitcoin
It depends on the gambling site that you are using, there are some gambling sites that you must withdraw your coins compulsory using the network that you used for deposit. Stake is an example. Some gambling sites have exchange function, while some make you to withdraw in any other available network that they listed on their gambling platform. This remains to OP as he is the one that knows the gambling site he is using.
You won't get rich by penny bet so don't accept crazy expensive fee just to deposit your small bitcoin amount to a gambling site.
No one knows when mempools will get better but at least 1 or 2 months if nothing will be heated up more by Ordinals, BRC-20 tokens. We don't know what will happen with them so best to wait and check mempools every week especially every weekend. Hopefully you will find some acceptable fee rates in next weekends.
No one knows when mempools will get better but at least 1 or 2 months if nothing will be heated up more by Ordinals, BRC-20 tokens. We don't know what will happen with them so best to wait and check mempools every week especially every weekend. Hopefully you will find some acceptable fee rates in next weekends.
As a gambler, I'm a bit worried if this trend will continue because I have some fraction of bitcoin that I'd like to use for gambling, especially for the NBA playoffs. So for my fellow gamblers, or those who really need to transact with their bitcoin, what are the best things to do now in order to save from fees and avoid having our transactions stay unconfirmed for too long?
I made a transaction today, but the fee I had to pay was very high to ensure it went through. For me I personally have resolved to myself not to make any other transactions on the network again until the the congestion is less and fees reduced because it is too much for me, and I can only pay such fees when I am under pressure. For gamblers who this development is affecting, It is frustrating, but for the time being you can stop gambling on crypto casino's. Wait till things settle down, or if you cannot wait, go gamble with fiat. Jump to: