If bitcoin reach $20k fee will be huge? - page 4.

CarnagexD

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Quote from: avikz on October 29, 2020, 12:35:55 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

That's the practical issue! We have seen a similar trend during the last time bitcoin reached its ATH. Even if you see the fees chart for last 5 days, it has already started going up! Probably it's a great time to mass adopt LN! There is no way to automatically fix this because it is directly linked to the volume of the transactions.

Basically, the transaction fees in bitcoins are the same regardless of how much bitcoin in USD reaches, however, the story is different when we're talking about USD with respect to bitcoin as that will increase along with bitcoin's price. Been a big issue among the ones who cashed out when bitcoin reached an ATH last 2017, a lot of hopes were put into the lightning network which promises to solve these issues.

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Quote from: Twentyonepaylots on October 29, 2020, 02:25:08 PM

It does not necessarily mean that if the price is high the transaction does too, it will differ also with the traffic in the network and that determines the price of the fees that we are going to pay for each transaction we send there. There has been transaction in large sizes that comes with low transaction fee, lower than the usual fees for such amounts. The timing in sending is also a factor if you want to save some bucks in fees.

Yes, still dependent on the current traffic of the network. If you want to avoid paying high fees when the btc price increases, look for the time of the day where the mempool is not so busy. As it is not dependent on the price but on the current activity of the network.

Chris Barth

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I do not think that the fee is dependent on the present price of bitcoin. As we all may know had already touched 20k. I believe it is dependent on the number of transactions to be confirmed or so. However, it is not about the price.

blockman

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I don't think the fees will rise too high. This will still be a great deal.

During 2017, fees were high because of the network spam and a lot of unconfirmed transactions were made. We have segwit now and fees were reduced, thanks to it. I'm expecting that fees are about to increase if we go back to $20k but it's not going to be that high anymore IMO.
The explanations about the network and unconfirmed txs are the main reason for it. If we see $20k and the unconfirmed txs aren't that much, expect fees to be lower and if not, vice versa.

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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

That's right and we already see had that problem the first time bitcoin reach that top high. This is because the bitcoin transactions get crazy, tons of bitcoin transactions make a huge queue and the miners give priority to those ones who pay more, that's why the fees get that up.

acdc

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There are two things that cause the cost of sending bitcoin to soar: the number of transactions and the price of bitcoin. In the event that the price of bitcoin goes up, transaction costs will inevitably increase. Assuming a transaction cost of 0.000001 when bitcoin is priced at $ 10,000, the cost is quite cheap, if bitcoin goes up to $ 20,000, that's a pretty big fee.

hossamdz

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with time and as we always saw , the bitcoin price first will go up , the rest of the market will dump massively , thats true but with time and when bitcoin price calm down you will see all the other coins going up again faster than bitcoin.

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

If bitcoin reach $20k fee will be huge?

Bitcoin transfers are quite slow and expensive, if bitcoin can increase in price to $ 20,000 perhaps people will consider it before deciding to make a transfer because the fees will be huge.

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

is it going to get worse and worse the more the price up? or it fixed itself

It is certain that in the future bitcoin will have to find a way to modify such restrictions in order to become a currency.

Twentyonepaylots

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It does not necessarily mean that if the price is high the transaction does too, it will differ also with the traffic in the network and that determines the price of the fees that we are going to pay for each transaction we send there. There has been transaction in large sizes that comes with low transaction fee, lower than the usual fees for such amounts. The timing in sending is also a factor if you want to save some bucks in fees.

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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 will vary on the network condition because in time like these where there are lots of people who do make out transactions due to the price is mooning then expect
that there are people whom do set fees which is higher than the normal stuff and then it would gradually make out increase as long the entire network is clogged
but lets say that we had stabilize on the price of 20k for some weeks now then expect for those fees to lessen up a bit as the network is tending going back
into normal where transaction pendings arent really that too high.

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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 is not necessarily because of the valuation that the transaction fees are rising, it is simply because of the increase in the number of BTCitcoin transactions and the mempool is flooding with transactions and my transactions i made with a decent fees are still stuck in the past four days which sucks and if this continues it reminds me of the situation when the fees was surging during the last halving and all the debates we had and four years down the line we are in the same situation.

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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 price of fees mainly depends upon the number of transactions pending on blockchain newtwork waiting to be confirmed.The btc hasrate dropped significantly in last 4 days from high of 161 EH/s to 90 EHs.The overall SHA256 hasrate lost more than 40% between high and low point.At present there are more than 121k transactions pending to be confirmed. This is all time high after 2017 and it has conicided with rise in prices and everyone is paying high fees for transactions to be cleared fast. The present median rate is $5.18 which is likely to rise to $8 approximately so it's about btc network.

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Quote from: mocacinno on October 29, 2020, 06:58:40 AM

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If you're worried about the fees, it might be a good idear to read up about the lightning network, or convert some of your BTC into a stable altcoin, or at least consolidate your outputs when the average feerate dips for a couple of hours...

Yes, I think this is the best current solution for those concerned with fee. I don't think that the scalability issue will be resolved anytime soon, but the developer will keep working and trying to fix this problem until in the end there will be the best solution. The two option that you mentioned are some of the thing that make micro-transaction save on transaction fee, but so far I have never tried LN even though it is quite helpful in term of fee. Using altcoin is another way to save fee.

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Quote from: 1kodumtek7 on October 29, 2020, 12:14:17 PM

As long as Bitcoin increases, the volume will increase as a consequence. With the increase in volume, the number of transactions will rise and transactions that are not approved on the network will accumulate. Thus, we will have to pay more fees. This means that if bitcoin is 20k, transaction fees will fly out.

It's normal that the transaction fess will increase like what is happening now since the transactions of many users who might buy more or trade it often will increase too, it might be more expensive than it was in 2017 ATH if it will reach 20k dollar as there are new and many traders now,it became also more higher in fees when we started to convert that BTC value even in our mind into our own fiat value that make me just watch the market and don't do any transactions till there be a sign that the price will drop.

hatshepsut93

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Bitcoin fees tend to get high when there's a lot of trading activity, especially when the price goes up, because some people send their coins to exchanges to sell, other withdraw their newly-bought coins, and some traders move coins between exchanges for arbitrage opportunities. When we'll see the $20k for the next time, it will likely be the result of quick price jump, so the fees will get higher.
But when after many years the $20k range will be a norm, the fees won't be really high. In this year, when the price was above $9,000, we saw fees as low as a few cents per transactions, just like when Bitcoin was trading for only hundreds of dollars.

avikz

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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

That's the practical issue! We have seen a similar trend during the last time bitcoin reached its ATH. Even if you see the fees chart for last 5 days, it has already started going up! Probably it's a great time to mass adopt LN! There is no way to automatically fix this because it is directly linked to the volume of the transactions.

Mahdirakib

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Transaction fee doesn't depends on bitcoin price. Network condition is the main reason of higher fee. If bitcoin price goes up the fee will remain same (based on network condition as it should be) in btc amount like other times. When the price goes up the same amount of btc fee become more worthy in usd value. For this the fee will be little bit more in usd value but not huge. And you should also know these thing.

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the fee does not depend on the amount you're sending, it does depend on network conditions at the time and the data size of your transaction

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Oceat

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I don't think the fees will rise too high. This will still be a great deal.

If you happen to be here on the last bull run you will see how much the transaction fees cost that time. So it will going to happen again if Bitcoin hits $20k again and even now that it touches $13k the transaction fees are starting to cost high based on my recent trade. It's normal to see this happening nowadays since more people will tend to do more trades because of the high price of Bitcoin.

1kodumtek7

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As long as Bitcoin increases, the volume will increase as a consequence. With the increase in volume, the number of transactions will rise and transactions that are not approved on the network will accumulate. Thus, we will have to pay more fees. This means that if bitcoin is 20k, transaction fees will fly out.

Ayiranorea

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The transaction fee increases with reference to the market change. Apart from this whenever more number of transactions get stuck on the network automatically the transaction with the higher fee will be confirmed first. By the time there'll be increase in the transaction fee. This happens quite often with bitcoin whenever there is increase in the price of bitcoin.

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