Everyone wanted higher bitcoin price and we achieved this but another problem become transaction fees. When bitcoin's price was low, we had to pay also low fee and now when it rised, we have to pay high fee in bitcoins and plus that high fee is more higher with current price. Is this fair? The higher the price, the more money miners have with bitcoin exchange.
To my mind when price becomes high, we have to pay low fee and when it becomes low, than fee has to be high. To my mind it had to be done like this from the begining.
I also remember that I could send any transaction with normal fee and receive confirmations in a few hours.
Recently, I had to wait more than 24 hours for confirmation and because of this experience, now I send each transaction with higher fee.
Yes, I don't like it, but still is cheaper to send funds with bitcoin than with paypal or WU, for example.
It's obvious that this situation must be resolved somehow because bitcoin may become less attractive to the new people.
I don't think that transaction fee is connected with btc price.
Is this fair?
It's not fair, but it's necessary.
In the beginning, when Bitcoin price was low, people transferred bigger amounts of Bitcoin and (since the network was also not busy) the fees were low / kb and very small compared to the money transferred.
Now Bitcoin is big, making many people transfer really small amounts of Bitcoin. Even if the fee would be the same per kb, now we have more (smaller) inputs and we send out smaller amount of Bitcoin for the same number of USD. This means indeed the fees rising "too much" for our liking.
But as I stated, this is necessary. The miners have to be fed. If that will not happen the network will suffer, we will suffer, the price will suffer. Not good.
One of the bigger problems is that people transfer a lot of unnecessary small amounts. Of course, they have their reasons - want to earn here and there a few extra $, want to buy something "small" things, don't trust some services or just don't realize that small amounts will fight against them in some not too far future.
My laptop was 0.6-0.7
BTC when I bought it, would you have believed this when
BTC was dropping around 200-250$? or when
BTC was 2$?. But the fees were 3$ (ouch).
Bottom line: If you want to dream of $2k, $10k or (!) $500k Bitcoin, you have to admit that this comes with fees that may become almost unbearable. But without that you may be left off without miners and with 100$ or 10$ Bitcoin. You don't want that.
Relax, that transaction fees that you were paying for last few days ago won't last forever.
That happened as a result of one of biggest bitcoin mining companies "Bitmain" decided to switch mining bitcoin cash.
So many people paid above $10 for their bitcoins to be confirmed but there were way too many transactions on bitcoin network that time.
But things are now starting to get better as the network started processing transaction more faster than few days ago and everything will be alright soon.
Now they are asking again for 4.27$ normal transfer (290 sat/byte, will get conf in 3 more days i beet hahah) and 12.74$ / 865 sat/byte for priority.