Topic: Is\will Bitcoin become unaffordable to use? (Read 209 times)
These increases in fees happen from time to time on the network. soon the blockchain plus fees will comeback to normal,never takes long.
I saw recently that a transaction was done where the transaction fees were 83.65 BTC to move 139.42btc.
With transaction fees like this, and traffic inevitably going up over the years, will Bitcoin become unaffordable to use?
With transaction fees like this, and traffic inevitably going up over the years, will Bitcoin become unaffordable to use?
This is due to some crap tokens like Ordinals, BRC20 and similar... they are spamming the network with hundreds of thousands of useless transactions. So I won't be surprised if we'll indeed reach the fee amounts you mentioned and render Bitcoin unusable. That's why it's important to stop this token spam/ddos.
I saw recently that a transaction was done where the transaction fees were 83.65 BTC to move 139.42btc.
Big challenge is that some people do not exactly know how to make transactions with bitcoins and since they lack tutelage, they make mistakes. They have no idea about how to check for the transaction fee on the mempool, and these ignorance usually makes them make expensive mistakes.
I saw recently that a transaction was done where the transaction fees were 83.65 BTC to move 139.42btc.
With transaction fees like this, and traffic inevitably going up over the years, will Bitcoin become unaffordable to use?
Indeed, if you think about it, it is very difficult if you have to pay that much fee to send Bitcoin. And whether that's true or not, there may be errors when sending. Either in terms of network selection or speed. But what is certain is that, as Bitcoin users, we should be able to pay attention to things like this. If the fee is too large, then don't send it straight away. Try to observe and analyze what is happening. Why is the fee so large, and various other possibilities. So we need to double or triple check the correctness of the transaction fee. No need to rush to make delivery. And there is also a lightening network that helps users reduce transaction fees. I also often postponed my appointment several times because the fee felt quite large, in the end I found the right time for it. With transaction fees like this, and traffic inevitably going up over the years, will Bitcoin become unaffordable to use?
I saw recently that a transaction was done where the transaction fees were 83.65 BTC to move 139.42btc.
With transaction fees like this, and traffic inevitably going up over the years, will Bitcoin become unaffordable to use?
The maker of this transaction must be meeting some kind of deadline or some similar case because he doesn't want his transaction to be stuck. But paying 83.65 BTC is not something that can be digested easily; this whole thing makes no sense. Even while writing 83.65, I was going to ignore the last decimal number of 0.65, but then I came to think that it is BTC, and 0.65 in itself is a lot of money.With transaction fees like this, and traffic inevitably going up over the years, will Bitcoin become unaffordable to use?
Many similar topics have already been made on it. I recently replied to one totally similar to it, but the purpose of that topic was not to raise concerns like you raised here.
I will say that if things keep going like this, then we might not be able to afford BTC while making transactions. Even withdrawing funds from centralized exchanges used to be cheaper than withdrawing from SPV wallets, but now it costs around $17 to $28. I am seeing the transaction fee for the past 2 days, but it only moves in cents. On KuCoin, the fee is even higher; it was around $25 the last time I checked. This really forces me to convert my BTC into another coin before making a transaction.
But even a $5 fee to make a simple transaction seems high. Even if it was only $1 it would be high.
If Bitcoin is meant to be an alternative to fiat, wouldn't the fees need to be only a few tenths of a cent to make it an everyday currency to use?
If Bitcoin is meant to be an alternative to fiat, wouldn't the fees need to be only a few tenths of a cent to make it an everyday currency to use?
I see what you mean about those transaction fees - they really can be annoying! But let me play devil's advocate for a sec. Keeping Bitcoin's whole system secure and running actually takes a lot of power and work behind the scenes. So even if a 5 buck fee feels high just to send some Bitcoin to your buddy or something, there is more to it than meets the eye. Bitcoin still stands as the most secure decentralized digital currency out there, but that heightened security comes with higher costs. There are ways to cut transaction fees, sure, but using Bitcoin's main blockchain to buy a cup of coffee isnt the most practical route.
I saw recently that a transaction was done where the transaction fees were 83.65 BTC to move 139.42btc.
With transaction fees like this, and traffic inevitably going up over the years, will Bitcoin become unaffordable to use?
With transaction fees like this, and traffic inevitably going up over the years, will Bitcoin become unaffordable to use?
I would say that such a transaction might have taken place out of error. On a normal basis, the value of such a fee of $3 million is enough to do other meaningful things in the current state of the world economy. Maybe, just like other members have said, this could be a syndicate trying to launder money, and these are what paint bitcoin a bad image in the eyes of the government.
Nevertheless, OP, there is another thread that has this topic already in existence before yours. So I would suggest you lock this thread.
https://bitcointalksearch.org/topic/m.63206835
I don't see the reason why Bitcoin should be unaffordable. Because the sender set the fees by mistake, it doesn't mean Bitcoin transactions are expensive, and for that reason, Bitcoin will be unaffordable. For individual mistakes, we can't blame Bitcoin anyway. We should learn about Bitcoin technical issues and know how to use a custodial wallet. Since the transaction fees were unrealistic, the sender used a non-custodial wallet to make the transaction, where the sender is fully responsible for his funds. We are hopeless when a person doesn't have basic knowledge using a non-custodial wallet.
But even a $5 fee to make a simple transaction seems high. Even if it was only $1 it would be high.
If Bitcoin is meant to be an alternative to fiat, wouldn't the fees need to be only a few tenths of a cent to make it an everyday currency to use?
It is high in amount to some people, but not high in amount to some people. There will be a time the mempool will become less congested and lower fee is going to be used again for making transaction. But if you do not want to be making use of high fee, you can use lightning network. You can have small amount of money on lightning network account. If you are not technical enough to use lightning network on noncustodial wallet or having your own channel, you can use the custodial lightning network which is easy and you can just use it with small amount of money. If Bitcoin is meant to be an alternative to fiat, wouldn't the fees need to be only a few tenths of a cent to make it an everyday currency to use?
I saw recently that a transaction was done where the transaction fees were 83.65 BTC to move 139.42btc.
Big challenge is that some people do not exactly know how to make transactions with bitcoins and since they lack tutelage, they make mistakes. They have no idea about how to check for the transaction fee on the mempool, and these ignorance usually makes them make expensive mistakes.
I kinda doubt that somebody moving that much bitcoin would be clueless about sending transactions. Sure, some peeps may not realize you can view pending fees on the mempool. But come on - this ain't their first rodeo. My guess is the high fee was on purpose. Maybe they wanted to hide the source of the coins or something shady like that and or maybe some botched automated transfer? Heck if I know for sure. But no way was it just a slip up from ignorance.
bitcoin is already cheap to transfer but because of congestion and ordinals the fee became very high for somedays now, eventually it will be back to normal.
two incidents of paying insanely high fees it's seems like this one is FUD, who knows maybe the user is so unlucky.
we came this far in the conversation but no one shared the transaction and addresses.
so here it is:
transaction: https://mempool.space/tx/b5a2af5845a8d3796308ff9840e567b14cf6bb158ff26c999e6f9a1f5448f9aa
address: https://mempool.space/address/bc1qn3d7vyks0k3fx38xkxazpep8830ttmydwekrnl
two incidents of paying insanely high fees it's seems like this one is FUD, who knows maybe the user is so unlucky.
we came this far in the conversation but no one shared the transaction and addresses.
so here it is:
transaction: https://mempool.space/tx/b5a2af5845a8d3796308ff9840e567b14cf6bb158ff26c999e6f9a1f5448f9aa
address: https://mempool.space/address/bc1qn3d7vyks0k3fx38xkxazpep8830ttmydwekrnl
If Bitcoin is meant to be an alternative to fiat, wouldn't the fees need to be only a few tenths of a cent to make it an everyday currency to use?
Bitcoin is an alternative to fiat currency because of it futures which include decentralization, transparency through blockchain transactions and store of value.If you hold fiat for long, it will lose value due to inflation and economic situation of your country. Moreover, Bitcoin is a store of value and it is a currency that gives us financial freedom and set us free from third parties like banks and others.
The transaction fee is dependable of the network congestion which is recently affected by ordinals, and other BRC network projects, but normally, when it is in normal state, the fee is not suppose to be high because you can use less than $1 to run your transaction which is cheap.
use the lower priority if you don't need it confirmed fast as possible,
It is worth mentioning that there is a purging or no priority fee rate, and even if you don't want to pay too much in fees for your tx to be confirmed fast, you also should not pay fees that are too low, and that would keep your tx's stuck for a very long time until it is purged out of the mempool of most nodes.Transacting the whole of Bitcoin in circulation can not even amount to that transaction fees.
BTC tx fees is not even determined by the amount in BTC that you are sending to begin with.I think the fee will be reduced in some days and even if the price of the bitcoin moves up then it would be another scene.
I think you are are missing the point here, the person who paid that excess fee probably made a mistake and it is not the fault of the network. Take note that the price of BTC doesn't also affect tx fees.The transaction fee depends upon the load over the network.
Not only that, other than network congestion, tx fees are determined by your inputs and outputs and also the address type used in the tx. 
But even a $5 fee to make a simple transaction seems high. Even if it was only $1 it would be high.
If Bitcoin is meant to be an alternative to fiat, wouldn't the fees need to be only a few tenths of a cent to make it an everyday currency to use?
If Bitcoin is meant to be an alternative to fiat, wouldn't the fees need to be only a few tenths of a cent to make it an everyday currency to use?
The fee was just a few cents a couple of weeks back and the issue came back due to the spam transactions of brc20 tokens congesting the network but as in previous instances, the situation will resolve in a short time frame.
You can already send Bitcoin via the lightning network with a small fee compare to on-chain transactions.
I saw recently that a transaction was done where the transaction fees were 83.65 BTC to move 139.42btc.
Big challenge is that some people do not exactly know how to make transactions with bitcoins and since they lack tutelage, they make mistakes. They have no idea about how to check for the transaction fee on the mempool, and these ignorance usually makes them make expensive mistakes.
The transaction fee depends upon the load over the network. If the load is less, fee will be less but I have never seen that much fee till now . You can send BTC for as low as 60 sats/B according to the current(can be checked always) demand of the network. I am pretty sure that there must be some technical issue from sender side.
Thank you for the response.
But even a $5 fee to make a simple transaction seems high. Even if it was only $1 it would be high.
If Bitcoin is meant to be an alternative to fiat, wouldn't the fees need to be only a few tenths of a cent to make it an everyday currency to use?
When I knew about bitcoin earlier, one major thing that was used to sail bitcoin is cheap transaction fee and we also know that $5 can never be cheap in any condition. Unless someone who wants to buy Ferrari car, he can easily pay $5 fee.But even a $5 fee to make a simple transaction seems high. Even if it was only $1 it would be high.
If Bitcoin is meant to be an alternative to fiat, wouldn't the fees need to be only a few tenths of a cent to make it an everyday currency to use?
Bitcoin is not meant to be an alternative to fiat.
Bitcoin is meant to be a decentralized world currency, without borders. You can send your money to whoever you want, without asking for permission. With a good degree of privacy. And fast (10 minutes is very fast)
Also, with cheaper rate, we shouldn't try to eliminate the idea of cheap transaction because the fees are going up now.If you don't care about decentralization and only about fees, just use Visa. Bitcoin wasn't made so you can buy a coffee (although you can already do that )
Bitcoin was said to be used to buy coffee and it failed, that is why the idea of LN came in place to help scale bitcoin. I saw recently that a transaction was done where the transaction fees were 83.65 BTC to move 139.42btc.
With transaction fees like this, and traffic inevitably going up over the years, will Bitcoin become unaffordable to use?
If you dont know on how fees works on Bitcoin transaction then you would be basically be saying up these things, but if you are aware that mistakes couldWith transaction fees like this, and traffic inevitably going up over the years, will Bitcoin become unaffordable to use?
really happen specially on setting out that sat/byte thing then you wont really be ending up on questioning out.
Unable to use? Why?
https://news.bitcoin.com/bitcoin-user-unwittingly-pays-3-1-million-in-single-transaction-fee/
They would really be that giving it back on the said address or user. Mistakes like this could really happen since not all
would really be knowledgeable on how Bitcoin wallet or fee works. lol.
There's no sense on talking or trying out to getting in line or connection about being unfavorable to use.
Fees arent a problem but usually this stuff do happen when there's network connection and basing up on experience
the highest so far that i have seen is almost $20.
it is true that in the last few weeks bitcoin fees have increased due to the network being congested, but this has not caused bitcoin fees to rise so high that it makes it difficult for people to make transactions.
we just need to wait for the network to free up some space and surely the fees from bitcoin will become more normal. because this congested problem was caused by ordinal and if the hype goes down maybe the network will return to normal and users can make transactions freely again.
we just need to wait for the network to free up some space and surely the fees from bitcoin will become more normal. because this congested problem was caused by ordinal and if the hype goes down maybe the network will return to normal and users can make transactions freely again.
I saw recently that a transaction was done where the transaction fees were 83.65 BTC to move 139.42btc.
You can ignore the above news. It was a mistake so no point in discussing.
Quote
With transaction fees like this, and traffic inevitably going up over the years, will Bitcoin become unaffordable to use?
I cannot deny the fact that the transaction fees of Bitcoin is at all time high. If this continuous then Bitcoin's mainstream adoption will take a big hit. Because no one would use Bitcoin just because of the high fees rather they would be more comfortable in banking transactions. I don't know if there is any way to remove ordinals from the Bitcoin network, but this seems very necessary. Bitcoin needs to stay competitive in order to gain mainstream adoption and acceptance.
I cannot deny the fact that the transaction fees of Bitcoin is at all time high. If this continuous then Bitcoin's mainstream adoption will take a big hit. Because no one would use Bitcoin just because of the high fees rather they would be more comfortable in banking transactions. I don't know if there is any way to remove ordinals from the Bitcoin network, but this seems very necessary. Bitcoin needs to stay competitive in order to gain mainstream adoption and acceptance.
Jump to: