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?

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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.

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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.

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.

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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.

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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

peterpanda

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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

I think it depends on the transaction numbers that how many transaction are making at a time. But it is normal to increase fee when the price will be rising continuously.

Saisher

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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

So much depends on the transaction volume and on how many are competing to get their transaction confirm, but the five hours ago I tried to send my $15 Bitcoin to my other wallet and was charge $7 I did not push through, when just yesterday I successfully sent my $10 worth of Bitcoin to my other wallet for only $0.75, it really depends on the volume and the action of senders.

7788bitcoin

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Quote from: darewaller on October 30, 2020, 10:25:46 AM

This is something the devs really needs to work on. The last time the price got to that amount of $20k the fees we had to pay for transaction increased as well. Maybe by the time the price stabilize at $20,000 or around that price, they are going to look for a means to settle the issue of high fees and also work on the issue on whereby the network gets filled up and causes increase in the fees.

Are you saying that the developers are waiting for the price to reach its all time high valuation and then sort out the scaling issues Cheesy

. There is no magical solution right now other than using lightning network and move you coins, if you are broadcasting on the network then you need to input higher fees.

Quote from: darewaller on October 30, 2020, 10:25:46 AM

For now, we just have to make use of any means possible to make the fees less. Most of the wallets we have allows three options for fees, and that’s the priority, regular, and the custom. You can use any of the last two to make your fees less, because making use of priority is going to make your fees to be high.

The only solution do not send the coins when the network is congested, other than that what can be done to make the fees less Tongue

.

proTECH77

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Bitcoin is different from other cryptocurrency in the areas of fees.
Other cryptocurrencies gas fees is high than bitcoin but bitcoin price is rising but the gas fees still remain the same. Even though BTC reach $20k fees will not still high like other cryptocurrencies which many investors are withdrawing from the market and start trading with bitcoin.
Bitcoin is like a king to other cryptocurrencies once it's rising others will start dropping even fiat money lose value during covid-19 that still make many people believe on bitcoin that even though rise to $20k it gas fees will still be low.

darewaller

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This is something the devs really needs to work on. The last time the price got to that amount of $20k the fees we had to pay for transaction increased as well. Maybe by the time the price stabilize at $20,000 or around that price, they are going to look for a means to settle the issue of high fees and also work on the issue on whereby the network gets filled up and causes increase in the fees.

For now, we just have to make use of any means possible to make the fees less. Most of the wallets we have allows three options for fees, and that’s the priority, regular, and the custom. You can use any of the last two to make your fees less, because making use of priority is going to make your fees to be high.

TGD

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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.

Quite right, If you have no urgent need of BTC funds, It's advisable to hold the funds until mem pool cleared atleast 50% of the pending transaction. The fee is flying high right now that cost around 281sat per byte for a transaction that requires 2 confirmation and double the price if you want an instant transaction. Blockchain really need to upgrade to faster network. BTC is not convenient to used anymore compared to other currency like LTC that faster, cheaper and convenient to use.

I'm fookin bullish on the TRANSACTION FEE and not on BTC anymore.

That's the justified consequences of getting a high value of cryptocurrency especially bitcoin. Expect that as long as the value of bitcoin gets higher it will attract more investors and this would be the perks why it is possible for a high transaction fee. If i were going to transact my bitcoin it then i have no choice but to deal with it knowing that bitcoin value today was $13000 and hopefully will hit again at $20000.

perks supposed to be advantage to us but perks that we are getting here in btc is high fees but high price of btc can still be called as perk ? we can still be able to earn big and we can somehow recover the fee that we use . why worry guys . i didnt see high transaction fee as a problem at all but this is better than seeing btc price didnt move because that was boring and only shows that btc has no improvement . i think the highest transaction fee that i paid for btc was 3 usd , that time when btc is at its highest but other than that the fee that im paying were now under 2 usd. im already used to this

The problem on this increasing transaction fee was its still slow to confirm all the transaction despite of how high is the current fee. It didn't change anything except miners profit on processing the transaction. This is good for miners because there work is being paid higher while there miner still doing same hash rate daily. This is a problem to the majority of bitcoin user that creating tons of small transaction everyday. If this continues, I'm afraid that many bitcoin user will flip to a better coin.

I can't even transfer my salary on signature campaign because the fee is almost 20% of the money I earn. I'm not crazy to give it to the miners. LOL

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I think it's the logical follow up. If Bitcoin price increases that much, which I doubt, the fee will also rise, although not necessarily to huge amount. Miners, exchanges and other services also want their part of this cake and that can't be avoided but that is also fair. High Bitcoin price also has its own price, we have to accept that. Bitcoin transactions will never be for free.

daarul50

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Quote from: Distinctin on October 29, 2020, 05:52:22 PM

I hate to see the fees getting high this time but can't change it either. The changes in its fees likely proportionate to the current market price. People are now moving in and out of their Bitcoin, the TRX demand is higher, heavy traffic pulled it cause delay, and the more it pushes the fees to get higher in order to prioritize my miners.

Just like what I did today, I send out some BTC with the lowest fees of about 125 sat, it is already 5 hours has passed but still not able to receive it until now. Well, that was expected to happen this time unless if we set to higher fees, but I was saving from it that makes me willing to wait until it confirmed.

Yes we do hate to see the fact that most of the transaction still had a pretty huge fee
Especially for newbie who often uses web wallet that sets an average fee of 10000 satoshi to 30000 satoshi even higher sometimes.
You cannot set a fixed fee but when the price of bitcoin gettin high the fee will follow
And that moment you will have to figure it out, about adjusting the fee without have to get in trouble like what you did by waiting for too long.
If you'd like to send small amount it is better to switch to altcoins , bitcoin for me has too high fee

Dorodha

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When Bitcoin reaches 20k, the fee for the dollar will be huge because as the price of Bitcoin increases the exchanges will increase the amount of their fees for transactions. If you can do the transaction properly it will have an alternative method. In the current system of credit / debit and banking, managing small payments is not cost effective. Less than Day 1, just a few pennic or a fraction of a penny and so on. The payment structure of these systems is that there is no fee or charge for using Bitcoin to send remittances to small payments.

fauzan123

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Quote from: Mulann2 on October 30, 2020, 02:56:11 AM

I don't even want to imagine, honestly when that happens I will completely stop using btc concerning anything transfer, we have several other project are have very cheap transaction fees, i will buy btc and sell when the price is good, won't use it to transfer funds same as eth, they are becoming too expensive and the opposite of what crypto represent interns of fees.

In fact, it is natural if we use the USD calculation in our calculations, because every price increases the Fee price in USD will also increase, but the calculation of the bitcoin / altcoin unit doesn't actually change,

Of course, this is something we really need to take into account carefully, especially if you want to invest a certain amount of funds in bitcoin.

Gotumoot

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Even at it's current price the fee is still high so we could assume that when Bitcoin price reach $20K again the fee would be even higher.
This is why I choose to use alt-coin sometimes when I need to send some money from trading and gambling to save some money from the high transaction fee.

jemimah_f3

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I believe the fee will be reasonable, in 2017 when BTC was around $20 nobody complained about high fees, why should now?

Mulann2

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I don't even want to imagine, honestly when that happens I will completely stop using btc concerning anything transfer, we have several other project are have very cheap transaction fees, i will buy btc and sell when the price is good, won't use it to transfer funds same as eth, they are becoming too expensive and the opposite of what crypto represent interns of fees.

Shasha80

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The thing that will definitely happen if Bitcoin reaches $ 20k transaction fees will be even more expensive, because there must be a lot of people
using Bitcoin. But there will definitely be a solution, you can use the Lightning Network to be able to make Bitcoin transactions faster and cheaper.
Or you can use an address that already supports Segwit, you can also use altcoins to send your funds. And surely there is another solution,
but now it's unthinkable.

Josefjix

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yes

If the price of 1 bitcoin increases to $20K calculate the mean of the current fee in USD by what it would be when it is $20k, even if miners don't charge much BTC for fees, the USD value must increase so, definitely your question is explanatory enough.

imstillthebest

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Quote from: Boov on October 30, 2020, 01:34:06 AM

Quote from: Beparanf on October 29, 2020, 08:59:15 PM

Quote from: Eternad on October 29, 2020, 12:44:07 PM

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.

Quite right, If you have no urgent need of BTC funds, It's advisable to hold the funds until mem pool cleared atleast 50% of the pending transaction. The fee is flying high right now that cost around 281sat per byte for a transaction that requires 2 confirmation and double the price if you want an instant transaction. Blockchain really need to upgrade to faster network. BTC is not convenient to used anymore compared to other currency like LTC that faster, cheaper and convenient to use.

I'm fookin bullish on the TRANSACTION FEE and not on BTC anymore.

That's the justified consequences of getting a high value of cryptocurrency especially bitcoin. Expect that as long as the value of bitcoin gets higher it will attract more investors and this would be the perks why it is possible for a high transaction fee. If i were going to transact my bitcoin it then i have no choice but to deal with it knowing that bitcoin value today was $13000 and hopefully will hit again at $20000.

perks supposed to be advantage to us but perks that we are getting here in btc is high fees but high price of btc can still be called as perk ? we can still be able to earn big and we can somehow recover the fee that we use . why worry guys . i didnt see high transaction fee as a problem at all but this is better than seeing btc price didnt move because that was boring and only shows that btc has no improvement . i think the highest transaction fee that i paid for btc was 3 usd , that time when btc is at its highest but other than that the fee that im paying were now under 2 usd. im already used to this

Boov

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Quote from: Beparanf on October 29, 2020, 08:59:15 PM

Quote from: Eternad on October 29, 2020, 12:44:07 PM

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.

Quite right, If you have no urgent need of BTC funds, It's advisable to hold the funds until mem pool cleared atleast 50% of the pending transaction. The fee is flying high right now that cost around 281sat per byte for a transaction that requires 2 confirmation and double the price if you want an instant transaction. Blockchain really need to upgrade to faster network. BTC is not convenient to used anymore compared to other currency like LTC that faster, cheaper and convenient to use.

I'm fookin bullish on the TRANSACTION FEE and not on BTC anymore.

That's the justified consequences of getting a high value of cryptocurrency especially bitcoin. Expect that as long as the value of bitcoin gets higher it will attract more investors and this would be the perks why it is possible for a high transaction fee. If i were going to transact my bitcoin it then i have no choice but to deal with it knowing that bitcoin value today was $13000 and hopefully will hit again at $20000.

Beparanf

hero member

Activity: 2996

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Quote from: Eternad on October 29, 2020, 12:44:07 PM

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.

Quite right, If you have no urgent need of BTC funds, It's advisable to hold the funds until mem pool cleared atleast 50% of the pending transaction. The fee is flying high right now that cost around 281sat per byte for a transaction that requires 2 confirmation and double the price if you want an instant transaction. Blockchain really need to upgrade to faster network. BTC is not convenient to used anymore compared to other currency like LTC that faster, cheaper and convenient to use.

I'm fookin bullish on the TRANSACTION FEE and not on BTC anymore.

Artemis3

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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

No, traffic increases when price fluctuates because traders keep buying and selling. When the price remains stable, so called "sideways", the network calms.

Remember: the fee never increases unless you let the wallet do it. So don't let it. You can just wait a day or three for a transaction to confirm and not pay any outrageous fees from crazy traders (and their bots) abusing the network. Of course exchanges also are at fault for many other reasons.

Distinctin

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Activity: 2926

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BTC to $150k -

I hate to see the fees getting high this time but can't change it either. The changes in its fees likely proportionate to the current market price. People are now moving in and out of their Bitcoin, the TRX demand is higher, heavy traffic pulled it cause delay, and the more it pushes the fees to get higher in order to prioritize my miners.

Just like what I did today, I send out some BTC with the lowest fees of about 125 sat, it is already 5 hours has passed but still not able to receive it until now. Well, that was expected to happen this time unless if we set to higher fees, but I was saving from it that makes me willing to wait until it confirmed.

CarnagexD

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Activity: 1498

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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.

Twinkledoe

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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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Quote from: ?? on ??

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.

seoincorporation

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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.

J1mb0

hero member