No one in the right sense of mind would pay that much transaction fee and first of all there is no way that such a higher fee will even reflect as transaction fee.
But it's little disappointing to see the transaction fee getting higher due to congestion and this usually happens during bullrun and this itself kills essence on Bitcoin, what's the point of using it as P2P transfer medium if you are going to pay huge transaction fee. It's more like the rentals of hotels during vacation and festive season.
Topic: Is\will Bitcoin become unaffordable to use? - page 2. (Read 285 times)
This is a mistake by the person that make the transaction, not the mempool congestion. Mempool can not be that congested for people to pay such fee. Paying one address from one input takes just less than $6 right now at fee rate of 104 sat/vbyte.
I will like to use an instance of when the mempool was congested few days ago and users have to increase their transaction fees to get attended to by miners, which made some of the transactions delayed for a whole day while others were more than that, because of these congestions, users have been faced with increasing the transaction fees which have been increasing gradually. Although it is still very much at the affordable rates as you mentioned, but over time, as the population and the usability increases, do you think the transaction fees could ever rise to the level of paying that much? I think that's the question the questioner asked, just to put it in a proper perspective.
Also, I am aware that this act could be centered towards causing FUD in the market, and not just a mistake. Even though as human beings, we are inevitable from mistakes, we are most times very careful when it comes to finances especially as it states that it is nonrefundable. Don't you also think it in this perspective?
With transaction fees like this, and traffic inevitably going up over the years, will Bitcoin become unaffordable to use?
Impossible because:
1) If fees grow and people stop paying for transactions then there is more space in the blocks and the fees go down becoming affordable again.
2) If people pay that much to have their transactions confirmed fast it means they afford to do so, which gain brings us back to square 1.
Think of it like diamonds or sportscars, they are barely affordable because some people are willing to spend money on them, if they wouldn't you wouldn't have expensive jewelry and cars in the first place.
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?
No, there is not only no reason for anyone to waste hundreds of thousands of dollars worth of BTC in transaction fees, but these fees not economically sustainable in the long term. The simple reason is that almost nobody has 100BTC to use for a transaction fee, given that the supply is limited to 21 million BTC.
Simply put, there are just not enough bitcoins to fill up every transaction in the block with that kind of 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?
Yes, initially it is fine for small transactions, however bitcoin is not always a suitable alternative when it comes to amount of transaction. Actually you have 2 sending solutions here, using LN or a centralized wallet.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 has been dollar indifferent since its inception, the famous term is "1BTC=1BTC". $5 satoshi today was only worth a few cents 7 years ago.
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?
lol There is no way that someone spent 84 bitcoins to send 139. Yes, bitcoin transaction prices are crazy high right now, but you do have the opportunity to set fees yourself, and so if someone really did do this, they have no one to blame but their dumb selves.
Bitcoin transaction times will eventually speed back up and become less costly, this is how it's always been. That said I am hopeful that I solution to fix this from happening again will come about. Using bitcoin as a currency is vital for it's adoption in my opinion.
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?
When I heard this news that was so hurting because the users who are working just on the bitcoin and if they are just using bitcoin transactions to send money to their bank and anywhere they if they want to send it to their relatives then how would they manage this fee, and I didn't understand what is the increase in the fee of the bitcoin even its prices didn't move that way. But still I can see that bitcoin fee are rapidly increasing which is not good at all for the users.
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.
Do you seriously believe Transaction Fees are so high you have to pay almost 3 MILLION DOLLARS to move some Bitcoin?
It may become more expensive unless you make the move to Lightning Network. Mostly during congestion however. But it will never be THAT high. That was either some kind of error or a criminal scheme.
It may become more expensive unless you make the move to Lightning Network. Mostly during congestion however. But it will never be THAT high. That was either some kind of error or a criminal scheme.
Honestly, believing in such transaction fees is absolutely insane. Transacting the whole of Bitcoin in circulation can not even amount to that transaction fees. Something fishy is behind that transaction if it wasn't an error from the sender. What a waste of coins!
Recently, there's actually a hike in transaction fees due to congestion and the ordinals hype but that's a temporary situation that'll last for little moment. There's nothing to be panic about here as things will be back to normalcy soon. If fees are this high, then bitcoin will be more worse than government and their banks in criminality.
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?
We are not certain about the transaction if the mistake was coming from the sender or not, but you can believe that bitcoin transaction fee cannot be that costly, with this high transaction fee, we still have some way out of being highly affected through the inflated transaction fees, use the mempool to know the current fee of making transactions, use the lower priority if you don't need it confirmed fast as possible, use viabtc to accelerate your transaction, use RBF to pump it in case of more delay which you couldn't afford any longer, lastly, this will not be like this forever before the lasting solution is gotten.
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?
The amount transacted is irrelevant to the fee. Usually, the fee is about $ 0.1 to $3.
Quote
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?
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)
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 )
About $1 being too high... I can say you just don't need bitcoin. When you need it, you will find it very cheap. For example, a SWIFT can cost you more than than 20 USD and take nearly a week to get your money.
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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?
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 becoming increasingly clear that it will not be used in the future for small day-to-day payments, such as paying for coffees, for two reasons: fees and Gresham's law. It is very convenient for sending large and even medium amounts but not for small payments, and LN, which is a proposed solution, is only partially so because it is necessary to open channels in the blockchain and it is not clear that it could support all global payments either, given that there are many other alternatives for this.
Do you seriously believe Transaction Fees are so high you have to pay almost 3 MILLION DOLLARS to move some Bitcoin?
It may become more expensive unless you make the move to Lightning Network. Mostly during congestion however. But it will never be THAT high. That was either some kind of error or a criminal scheme.
It may become more expensive unless you make the move to Lightning Network. Mostly during congestion however. But it will never be THAT high. That was either some kind of error or a criminal scheme.
This is a mistake by the person that make the transaction, not the mempool congestion. Mempool can not be that congested for people to pay such fee. Paying one address from one input takes just less than $6 right now at fee rate of 104 sat/vbyte.
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?
This is a mistake by the person that make the transaction, not the mempool congestion. Mempool can not be that congested for people to pay such fee. Paying one address from one input takes just less than $6 right now at fee rate of 104 sat/vbyte.
That transaction fee was either payed base on mistake by the sender or rather just a way to spread FUD just like how you have fallen into it now. If read through the forum many have made mistakes of such in the past where some got the excess payment back by the mining pool. Although one can’t predict the future but bitcoin transaction can never even amount to a 0.1 bitcoin been payed as a fee.
The high transaction issue is just because of the congestion of the mempool due to ordinals and inscriptions, something that I bet you the hype will die down soon. Should it last long it will be to the bull run after then just like all shit coins do it will rug pull
The high transaction issue is just because of the congestion of the mempool due to ordinals and inscriptions, something that I bet you the hype will die down soon. Should it last long it will be to the bull run after then just like all shit coins do it will rug pull
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?
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