If bitcoin reach $20k fee will be huge? - page 2.

Boov

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Quote from: Alert31 on November 04, 2020, 12:19:45 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

Of course once the value of bitcoin increase, the transaction fee is also automatically increase. I think that is normal in crypto transaction because even the Ethereum is also increasing the gas fee when the value keep on increasing. But you still have other choice if you don't want to pay a higher transaction fee of bitcoin. There are alternative for that like xrp and so many other altcoins.

Yes transaction fee will definitely goes high if ever the bitcoin market price reach again to $20000. Bitcoin market value reaching $20000 was not impossible hence it already happened way back year 2017 where each and everyone of us are telling that this year was a Golden Year of bitcoin. Way back at this year, truly congestion were experienced where transactions sometime delayed up to 2 days.

plast555

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Quote from: verita1 on November 04, 2020, 02:07:14 AM

If the price of Bitcoin continues to grow as the forecast shows, the fees will naturally increase. The network is congested by users due to high demand. I think that we as users must carry out the necessary transactions. If we are active traders we must balance the profits and these expenses. In the end with the high Bitcoin price we all win despite the discount of the fees.

Bitcoin Fee will definitely increase with it's price. but it is also true that the bitcoin technology is so wide . new things and features are coming every day. like Segwit and all others. so it is possible that in future something will come up which solve the problem of high transaction fee.
there are some wallets which allow users to set custom fee. there you can choose a fee of your own choice. but if you choose very low price, your transaction might stuck and never confirm.

Tamim121

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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

Now fee is so much high. This is one of the big problem nowadays. For this reason so many people stop sending low or small number coin. In my opinion if Bitcoin reach 20k then fee will be increase. But i hope that it can be fixed and being low in the next coming days.

Alert31

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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

Of course once the value of bitcoin increase, the transaction fee is also automatically increase. I think that is normal in crypto transaction because even the Ethereum is also increasing the gas fee when the value keep on increasing. But you still have other choice if you don't want to pay a higher transaction fee of bitcoin. There are alternative for that like xrp and so many other altcoins.

mangsitin

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we see today, that bitcoin price is increasing. The rapidly growing mainstream adoption, and media attention, many people at large increasingly believe in the phenomenal development of Bitcoin, and want to take part in that world. however, there is a dark side that society does not pay attention to today. namely the high cost per transaction on the Bitcoin blockchain network. if with the increasing price of bitcoin today it attracts more people, then the Blocksize Scalability of the Bitcoin Blockchain is too full by transactions that occur every second.

KIZILAGA

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Bitcoin now for big boys transfer 1 billion with 30 usd fee,not for average people move 100 usd with 20 usd fee.

Deal with it.it wont change.Adoption wont be big,it cant scale even.

Forget about paying a merchant to buy things with bitcoin in daily life. Buy a coffee 5 usd but pay 8 usd fee!

https://twitter.com/disco_donald/status/1321175897328644096

Haunebu

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This is quite natural in the crypto world. You seem to be a newbie in the cryptocurrency community op since this isn't anything new. There are several ways to bypass high fee issues though.

Options:
1. You could use an alternate currency like LTC.
2. Use segwit to decrease fee by upto 30%
3. Prepare to wait for a day or two by choosing a low fee

xSkylarx

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I think it will really increase, this would be a pain to small bitcoiners like us. It may seem small fee in btc value but when you look at its usd value then you will realize that it's big. The fee you are paying can already buy something you need. It's either you just make a transaction when you send a big amount or shift to another crypto where there are less fees.

Peanutswar

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This is just normal because to make it more balance. Right now I recently experience the increase of the transaction fee to those gambling websites, previous the price is just around over two(2) dollars and right now unexpected increase it comes over eight dollars, quite expensive just transaction fees only.

Quote from: peter0425 on November 03, 2020, 10:24:19 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

it happens in 2017 when the price of Bitcoin totally grows up to 20,000 and that was the first time i experienced congestion....

this is my first-year experience that the bitcoin will reach ATH I'm looking forward to seeing what are changes may happen if the price of the bitcoin increases too.

Quote from: kamadazje on October 30, 2020, 04:26:22 PM

Yeah if the mempool is congested there is a big possibility that they bitcoin transaction fee will also to increase especially if you want your transaction to be process right away but if you can wait for few days then you can adjust your transaction fee.

One of the things I do before I made a transaction is checking if the miners are available or it has less unconfirmed transactions on the mempool to make sure it will transfer to the wallet quickly but if congested I think one of the best solutions is the increase of transaction fee.

verita1

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If the price of Bitcoin continues to grow as the forecast shows, the fees will naturally increase. The network is congested by users due to high demand. I think that we as users must carry out the necessary transactions. If we are active traders we must balance the profits and these expenses. In the end with the high Bitcoin price we all win despite the discount of the fees.

shoreno

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Quote from: peter0425 on November 03, 2020, 10:24:19 PM

it happens in 2017 when the price of Bitcoin totally grows up to 20,000 and that was the first time i experienced congestion,when my withdrawals sometimes took days before coming in(because i use of course lowest satoshi lol) but eventually as days passed by?the fee lowered and the transaction comes fast but Lightning network was not on the scene those days,lets see now since LN is available.

there are wallets that dont put indication on the fee tab or on the sending tab and if your a newbie you will only send small fee all the time . the 2017 btc ath is a good way for us newbie to get aware that those things can happen if we keep on using a small fee .

now more wallets now put an indication if what are the speed we are getting per fee that we will be using and there are now sites to check if network is clogged or not . i remember lightning network is only a plan before but not that it was now implemented this will also help us in terms of fee and speed .

peter0425

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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

it happens in 2017 when the price of Bitcoin totally grows up to 20,000 and that was the first time i experienced congestion,when my withdrawals sometimes took days before coming in(because i use of course lowest satoshi lol) but eventually as days passed by?the fee lowered and the transaction comes fast but Lightning network was not on the scene those days,lets see now since LN is available.

Vanderlan

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Quote from: Oshosondy on October 29, 2020, 05:36:55 AM

Normally, if bitcoin increases in price, that means the bitcoin fee will increase, even if not increasing in bitcoin, it will increase in dollar, but if the mempool is congested, that means the price will also increase in bitcoin because miners only take highest fee first. And if bitcoin price increase, that means people buy it more, which means more people are using bitcoin, this will result to people making more transactions, which means the mempool will normally be congested than this time which will increase the fee thet more.

The scalability issue have to been addressed, something should be done, like the lightning network, but people using the lightning network are not much, but it can be an alternative way to geting faster transactions with much cheaper fees. Also, use of segwit address will help. Also let us expect more approaches in the future that will tackle the high transaction fees.

manfredmann

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yes, the fees from the miners will matter base on the demand of their service. For example if bitcoin market js high meaningnm that many people are utilizing bitcoin and that will als determine that many will going to make transaction and the many will going to use the service of miners to confirm their transaction. As demand of the miner increases so does their service fee.

oprahwindfury

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Overall this kind of stuffs depends on the demand. If the trade volume is high even the price is low the fees can be more. So it doesn't depends on the high price it depends the high trade volume.

Yatsan

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The perspective of people with regards to Bitcoin transaction fees is that it is directly proportional to the price change of Bitcoin that when Bitcoin price goes up, then the transaction fee rises up as well and the counterpart when it comes to going down. Well, more likely that would be the observable case that people do always see. But there are still other factor that affects the changes on Bitcoin transaction fees. It is not always about the price of Bitcoin that makes the fees expensive. It is on the processing part of the transaction. With the congestion happening due to many pending transactions within the system. Actually you can adjust your transaction fee with regards if you already need it or not. If you want your transaction to be seamless and fast to be confirmed, then you will need to spend more to be prioritized. The fees are not always proportional with the pricing of Bitcoin but it is also about the congestion happening on transaction confirmations that makes the price expensive.

Lanatsa

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Quote from: BuNga_cute on October 30, 2020, 03:03:00 PM

We only need to optimize the use of the Lightning Network if Bitcoin transaction fees go up, after all, now almost all wallets support Segwit,
it should reduce and speed up Bitcoin transactions. So there's no need to worry if Bitcoin hits the $ 20k price. That's why I now choose to use
altcoins to send my funds from one wallet to another. Because using altcoins makes transaction fees faster and cheaper. I usually use LTC,
TRX, DOGE, and XRP.

LN isnt still an option for now yet its still on its development where such transition can't be possibly made but somehow we do have several options like switching to alts.

This isnt something new when price of btc is on peak then expect for network to clogged up which in resulting to higher fees as usual but when it normalizes then it would really be much lesser.

Switching to alts is viable option at the moment and this had been my way when times like these where i cant really afford to pay up fees this high.

kamadazje

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Yeah if the mempool is congested there is a big possibility that they bitcoin transaction fee will also to increase especially if you want your transaction to be process right away but if you can wait for few days then you can adjust your transaction fee.

But if we are going to summarize it, there is a big possibility that the bitcoin fee will likely to increase once the bitcoin will continue to increase it's price especially if there will be many who are using or transacting bitcoin as it is the main reason why the mempool will be congested. But I am hoping that the bitcoin fee will not reach to unreasonable fee so we are still free in using it anytime we like.

BuNga_cute

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We only need to optimize the use of the Lightning Network if Bitcoin transaction fees go up, after all, now almost all wallets support Segwit,
it should reduce and speed up Bitcoin transactions. So there's no need to worry if Bitcoin hits the $ 20k price. That's why I now choose to use
altcoins to send my funds from one wallet to another. Because using altcoins makes transaction fees faster and cheaper. I usually use LTC,
TRX, DOGE, and XRP.

Krislaw

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Sure thing the fee is going to increase.
Remember in 2017, when BTC was around 1k, transaction fee was cheap and transaction confirms within minutes. But during/after the bullrun, the confirmation time was slow because there more transaction. Transactions with high fees were priority to miners.
Now imagine when price goes above 20k, there will be more transactions and the chain will be more congested, leading to high fees

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