If bitcoin reach $20k fee will be huge?

enhu

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Quote from: Vishnu.Reang on November 05, 2020, 12:52:01 PM

I am getting really concerned about the impact this can have on the mainstream adoption of cryptocurrency. Right now, there is a lot of hype regarding integration of Bitcoin to the PayPal platform. Imagine the case of a first-time user hears about this from his friends, or from the media, and try to purchase Bitcoin. When he gets informed that it costs around $20 to make a single transaction in BTC, how he is going to react?

They will react base on what they see in the future. If they see BTC will have higher value in the future, the $20 transaction fee isn't going to count for them. But for someone who will just want to say fud, everything is gong to be bad.

Somehow though altcoins is going to have usecase for this because some of us who use to send BTC could save few bucks if they use altcoins like XRP or Doge.

blockchaincroatia23

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hopefully it's getting close to every day so

Oilacris

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Quote from: nelson4lov on November 05, 2020, 12:29:34 PM

Quote from: dhru9 on October 29, 2020, 05:02:27 AM

If bitcoin reach $20k fee will be huge?
is it going to get worse and worse the more the price up? or it fixed itself

Whenever the network is busy, that's when you will see that the transaction fee will keep increasing and only those who can afford to pay those high fees are going to get their bitcoin faster, because they considered as high priority, while those who pay low fees are bound to wait hours maybe a few days before they can receive their bitcoin,so just expect the transaction fee to keep increasing as long as the price keeps going up.

They do have those wrong perception on where the price is high then they do think that the fee is the same but it is wrong because it all matters with the network congestion.

It doesnt correlate with its price value but on its network situation yet we know that it would just go back to normal when there's no soo much traffic or people

do make out transaction or just be on that typical day.

Vishnu.Reang

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I am getting really concerned about the impact this can have on the mainstream adoption of cryptocurrency. Right now, there is a lot of hype regarding integration of Bitcoin to the PayPal platform. Imagine the case of a first-time user hears about this from his friends, or from the media, and try to purchase Bitcoin. When he gets informed that it costs around $20 to make a single transaction in BTC, how he is going to react?

nelson4lov

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Quote from: dhru9 on October 29, 2020, 05:02:27 AM

If bitcoin reach $20k fee will be huge?
is it going to get worse and worse the more the price up? or it fixed itself

Whenever the network is busy, that's when you will see that the transaction fee will keep increasing and only those who can afford to pay those high fees are going to get their bitcoin faster, because they considered as high priority, while those who pay low fees are bound to wait hours maybe a few days before they can receive their bitcoin,so just expect the transaction fee to keep increasing as long as the price keeps going up.

Renampun

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Quote from: ttcsalam on November 05, 2020, 02:15:52 AM

You provided accurate information.Fees go up as the price of Bitcoin goes up.As I saw in the case of Etherium.It is expected that Bitcoin will cross $15,000 this time and the fee will increase proportionately.

Ethereum differs from Bitcoin in 'the cause increasing fees'...
Bitcoin transaction fees will automatically increase when the Bitcoin price increases too but Ethereum fees will increase when transactions increase sharply, just look at the DeFi HYPE a few weeks ago which caused Ethereum fees to be very high.

peterpanda

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Always there will be a correction. If we think about current situation, it is normal situation for fee and if bitcoin reach on $20k then there will be a correction for fee.

asus09

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Tonight bitcoin success cross more than $15000 and have chance for bitcoin back to higher price more $20000, talking with bitcoin fee transaction when sending I think depend how exchange rule, some exchange have higher fees for transaction and take more than $5 when you sending bitcoin, but you can use other wallet like coinomi, trustwallet if you wanna receive bitcoin and have lower fee transaction. Actually you have many way to get little fee when transaction on exchange market like sell bitcoin to altcoin have lower fee baiscly with tron, doge and other coin platform have lower price and fee for transaction.

ethereumhunter

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Quote from: Vishnu.Reang on November 05, 2020, 05:09:30 AM

Quote from: Inkdatar on November 05, 2020, 04:31:23 AM

I expect the fee will be huge if the btc price will also reach $20k. Just like the other day I tried to withdraw my btc in a certain wallet and it cost me more than 3-4$ to withdraw. We can observe the fees these days so there’s a change when you do a transaction. So it is also depends on you if how much are you willing to spend fees, if lower the fees the slow transaction to confirm that will happen.

When I tried moving my coins last week, I had to pay around $9. Obviously, as you have posted, we have the option for waiting for a few days. But not everyone will be able to do that. When you are short of money, and you have bills pending, then sometimes you don't care about the transaction fee. And I expect the transaction fee to go further up in the coming days.

Yes, I have the same experience too. That makes me think about converting it first into altcoin before I am moving my coin. But as what you say, we will not have to think about the fee if we need that money because we want to get it as fast as we can. I wonder how much the fee of the transaction if bitcoin price touch $20k because that can make us spend more money just to pay the transaction. Hm, maybe choosing the altcoin will be the solution for that, but I don't know, better to see what will happen later.

ekeh

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Bitcoin is a digital assets, which many individual, private and some industries uses as a mode of payment and purchasing of goods and services. Therefore the price raised to 20k, I don't think it has anything to do with the charge fees, rather charge base on the percentage per transaction.

Vishnu.Reang

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Quote from: Inkdatar on November 05, 2020, 04:31:23 AM

I expect the fee will be huge if the btc price will also reach $20k. Just like the other day I tried to withdraw my btc in a certain wallet and it cost me more than 3-4$ to withdraw. We can observe the fees these days so there’s a change when you do a transaction. So it is also depends on you if how much are you willing to spend fees, if lower the fees the slow transaction to confirm that will happen.

When I tried moving my coins last week, I had to pay around $9. Obviously, as you have posted, we have the option for waiting for a few days. But not everyone will be able to do that. When you are short of money, and you have bills pending, then sometimes you don't care about the transaction fee. And I expect the transaction fee to go further up in the coming days.

Inkdatar

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I expect the fee will be huge if the btc price will also reach $20k. Just like the other day I tried to withdraw my btc in a certain wallet and it cost me more than 3-4$ to withdraw. We can observe the fees these days so there’s a change when you do a transaction. So it is also depends on you if how much are you willing to spend fees, if lower the fees the slow transaction to confirm that will happen.

sharos

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Quote from: dhru9 on October 29, 2020, 05:02:27 AM

If bitcoin reach $20k fee will be huge?
is it going to get worse and worse the more the price up? or it fixed itself

Bitcoin price still increasing. And fee also increasing in USD. Its normal. Price will not increase in BTC but price will increase in USD value of BTC. Hope bitcoin will cross 16,000 USD in this year.

farrellronald

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I don't really think it is so bad that the bitcoin price is going up
and i think yes, it will go up to 17000 eventually.

ttcsalam

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You provided accurate information.Fees go up as the price of Bitcoin goes up.As I saw in the case of Etherium.It is expected that Bitcoin will cross $15,000 this time and the fee will increase proportionately.

oktana

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Yes I think. Bitcoin reaching such amount means that more people will troop in. And more people trooping into the use of bitcoin means that they'll be more transactions. More transaction brings more confirmation. And when there's just too much transactions to confirm, the transaction fee happens to go high as people would increase their transaction fee just to get the transaction completed asap.

piebeyb

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I think using bitcoin transactions to just send small money will look expensive but for people who want to transact large I think it's very little, usually depending on the bitcoin network itself, if the transaction is full then people will increase their transaction fees so that it becomes more expensive for their transactions can be confirmed immediately it affects people who want to make smaller transactions, this is also a serious lesson and I believe this problem will be solved in the future

bryant.coleman

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Ideally, fee should be independent of the exchange rate. But from what we have seen, the transaction fee rise whenever we have an increase in the exchange rates. There are two reasons for this. The first one is that the transaction fee is denominated in Sat/Byte. So when the price shoots up, the value in fiat also goes up (even if the rate in Sat/Byte remains the same). Another reason is that when the exchange rates go up, we witness an increase in the number of transactions. This pushes up the fee.

rodskee

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Quote from: dhru9 on October 29, 2020, 05:02:27 AM

If bitcoin reach $20k fee will be huge?
is it going to get worse and worse the more the price up? or it fixed itself

The whole year it is only $14,000 is what the highest price Bitcoin reached but look at the Transaction fees?is this not enough to answer your question?

Obviously Bitcoin Fee will increase continuously as we are entering the Top prices and for sure in a matter of year from now the fee will be at least added 50% or multiple.

But this is expected mate,as Miner will surely claims their Piece of cake from this market.

metenjean

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Last withdraw bitcoin I got fee about $4 and payment transaction process just few minute and take about 0.00032 when bitcoin still $13k, when I use fee payment lower than $4 I have waiting more than six hours for receiving my bitcoin assets. Now bitcoin break up to higher price and need higher fees transaction if you wanna sent bitcoin to other wallet, better if an exchange you must convert bitcoin to altcoin and get lower fee, if you sent with bitcoin could lower setting fees transaction but waiting for several hour to receive.

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