Topic: Just think of holding and not the high transaction fees. - page 2. (Read 364 times)

If you want to DCA, it is better you do it wisely.

Assuming you are DCA bitcoin every week with the money you make on this forum every week using segwit addresses. You did not spend the coins for 52 weeks which makes it a year and you want to sell it. That is 52 inputs to 1 output.

52 inputs to 1 output with segwit addresses. The virtual bytes is 3578.

If the mempool is 50 sat/vbyte, the fee that would be used is 178900 sat. That is 0.001789 BTC. If bitcoin price is $45000, that is more than $80.5 fee paid.

It is good to accumulate, but you need to consider the inputs. Do not let it build up too high. You may first consider to use side chain or lightning network and later send it onchain like every month.

E god say you they motivate us to comtinuing buying bitcoin in as much say the fees they very high. Because na big wahala for the past three weeks. I know how many persons wey they call me for phone they ask me say when i buy my bitcoin finish how i they take move am to my personal wallet. But through thrugh na normal fee ah they set. The way ah they take buy my own bitcoin nah when the price drop small ah go use like $50 to $100 buy am. And i they spend that one time fee after ah done buy like three to four times.

I know say many people have stop buying bitcoin, and now they prefer to buy other altcoins because of this fees. The truth be say ah know, say na just for some time. The chaos wont last forever; once it is over those people wey run go come back and continue to invest. It may take longer, but we need to have patience. As patience is key in this period,.

To hold no be bad things as una talk but to some other piple them dy really reason am go where the fee dy big pass wetin them plan to send out or get. And I never really see for any where wey them say this nah the main reason wey dy cos this high fee and e dy disturbing becos the solution self no dy come.
One annoying thing there be say you no fit complain give anybody say them charge you pass normal, and e get wetin I reason say what if you as a person fit put the amount wey you go like to use as default fee, after all na your money na... Naija man thinking oh, I just dy ask if that kind thing no fit dy possible?
Like this now this one don turn crypto POS as them dy charge high.

OP when you say we should think of holding and forget about high transactions fees is it not when you buy that you will be able to hold? Now buying Bitcoin requires you to also pay transactions fees and considering the high transactions fees now it will be difficult to buy and hodl Bitcoin because no one will want to buy Bitcoin at a very high price and also be expected to pay high transactions fees so it's really not easy for Bitcoiners now, Bitcoin developers should find a way to remedy this situation before the quest to accumulate Bitcoin decreases

Di transaction fee e no go high like di forever but as e be like dis e don pass everyone expectation. And yes di fee e don high before but dis one nai be di highest one. And di matter nu dey keep Bitcoin for wallet, my man you go chop, you go pay bills and other things wey u go like to do but because if di fee you no fit do anything so how you dey feel dis kind of matter? Nobody bed discourage anyone here. Investing in Bitcoin is a personal choice and determination.

Bull run bull run, yes bull run is coming what about di fee. Investing in cryptocurrency is just an understanding oh. If you no calculate well, even in di bull run sef I might not collect your money because of transaction fee. Nd you said say u be newbie for cryptocurrency, nd let me tell you. Many people big men wey I know for the cryptocurrency ecosystem space dey leave Bitcoin dey go other coins dey. In any investment na wisdom, and don't allow Bitcoin to intoxicate u.

The high transaction fee of Bitcoin is very discouraging, although it will also encourage some people to save up their Bitcoin instead of spending it, or probably they can take a fiat loan while still holding their Bitcoin, but for those people who have a business that accepts Bitcoin and also those that frequently carry out transactions with Bitcoin, the high fee is not going to be a funny thing for them. About two weeks ago, I made a payment of $55 and spent about $15 to carry out that transaction. I would have chosen to use another payment option, but Bitcoin was the only requested payment method, and I have no option.

A friend that also contacted me last week wanted a loan from me because he tried to withdraw some Bitcoin worth $200+ and the fee to be charged was $30+, and he refused to spend such a fee.

For those who are spending a large amount of bitcoin at this moment, the fee will not actually be a problem for them. Those who are also investing and holding for a long time will not be affected right now, but those who are transacting with Bitcoin more often and also transacting a small amount will find the high transaction fee so disturbing.

OP, there is now way one won't think of transaction fees, even though you are a hodler, sometimes you might think of withdrawing a little of gur investment to help yourself in solving problems, the transaction is important to all bitcoiners, something has to be done to correct this, when you want to move fund from wallets this fee is attached, did you expect this to happen, no doubt the major reason for bitcoin investment is to hold your bitcoin for a long term so that you might benefit from any profit that may be accompanied with it, but before this can be possible, you have to have another source where you get money so that your holdings will be intact, but if you are unable to have this then holding is not for you and you must think about the transaction fees.

Oman,,, abi you believe say the transaction fee go high like this for ever?
The way e dey go so,,, I dey sure say this no be the first time way transaction fees done high like this (even though say I be crypto newbie), I still believe say this 9ne no be the first time way transaction fees dey high like this, e fit be say this one own done high pass other ones but as e be say this 9ne no be the only time way transaction fee they high e go still cime down to normal.
Abeg make we no try or in anyway discourage those way done made up their mind to hold their coin till the bullrun and after the bullrun, make we try encourage them to continue and not to think of selling... Like I been talk am before say na to just think of how to protect our coins and not the other way.

Op the Bitcoin transaction fee no be small problem. Imagine where you want to send out $5 worth of Bitcoin from your wallet and then come charge your $4 transaction fee, you no go want to initiate the transaction because nothing you go gain again. Even though, you managed to pay for the transaction fee e will take time before you receive the Bitcoin. This Bitcoin high transaction don they already made some people live hard because they no fit sell their Bitcoin to fiat to solve their financial challenges. Don't allow this Bitcoin high transaction fee to spoil your accumulation plan o, you can continue accumulating your Bitcoin in a Cex exchange, maybe when you don accumulate the Bitcoin wey worth $200 you can now withdraw the Bitcoin from the Cex exchange to your noncustodial Bitcoin wallet, and you go just pay for fee one time instead of paying for transaction fee anytime you buy Bitcoin and withdraw from Cex exchange.

How? I have seen and heard users of Bitcoin are crying every where both in forum and offline and here you dey tok say di fee e don dey go down and e dey okay. And di last time wey I make a transaction, I paid $8.6 to do di transaction. And people dey talk say for right now di transaction e dey very high wey be say viabtc e no dey work again for free and if you bump fee e no dey work, so I don't know which of di channels wey I dey use wey di gas fee for your side come dey low like dat.

As for di Op, hodling is good but whereby you can't take weti you dey keep since because the money wey dem go collect before releasing di coin give e dey higher dan di money wey you wan even collect so many people go keep their coins for there and starve themselves. So you no go just advice me to hold my coins then I come dey wait for another bull market again when e don ripe to harvest Dem. Op nobody go accumulate invest am with dis High, and me I no go even tell pesen shey make him come invest in dis period because I no want her shey na me carry pesen money come do invest and pesen no fit collect him money. And di worst part be say nobody knows when di congestion go go down because dis one nai be di longest one ever. Even though you no dey sell, one day you go sell am and when you want sell am and the fee is higher dan like dis, how you go do? You go still dey keep dey go na  , make we dey understand di cryptocurrency market and be always smart.

Right now is not a great time to be selling your BTC, not primarily as a result of high gas fees charges but because we're now getting closer to the harvest as the halving approaches next year, so holding should be a priority for all bitcoin holders. Except in pressing situation where you have no option but to sell and use the money to solve your financial problem.

It is for this reason of unpredictable circumstances that can force us to sell that bitcoiners are encouraged to build and spread their tentacles into other sources of getting income flow and not just on bitcoin alone, doing this will make you hold to your expected plan.  I think the high fees rate of bitcoin transaction has been an encouragement to many holders to keep holding which support the saying that to every disadvantage there's an advantage in part.

If u think say d gas fees of BTC is too high for u in your transaction, u can try another coin make u no say d gas fees of BTC is very okay to those who have the BTC to sell now. As e stand now, I no dey sell now because d market price go still go higher than dis next year and by then maybe d gas fees can still reduce for many hodlers to release their BTC to make good money from their hodling.

If truly u want to sell your BTC to solve some Christmas and new year issues, free free to do dat without fear because even though d gas fees still go up more than dis, people wey get problem go sell their BTC to use d money to solve d problem to b happy.

So many positive things dey for my mind to talk, but I say make I talk only this small\big one first before I start to talk about other ones letter.
Waytin I won talk be say make all of us way dey hold Bitcoin and dey accumulate Bitcoin no fear to accumulate\hold Bitcoin just because of say transactions fees high, as the mempool dey occupied with big big transactions way get higher fees than me and you way go use from $30 down to carryout transaction others way get enough Bitcoins for their wallets no go ever think 3 time wether to use 1 full btc to process transaction or not go do am.
The thing be say you wen won send small amount of Bitcoin from one wallet to another wallet and na for morning you do your own and e never confirm, but somebody way just do e own just now with 1 full BTC own go confirm and you wen do your own since morning never confirm (that's the madness investors are facing).

And this high transaction fees have been almost the topic of the past few weeks or months and a lot of Bitcoin sources are not saying anything (because I have not come across any post that's talking about the reduce of transaction fees).

But I come here just to tell us say make we way dey accumulate our Bitcoin with DCAing strategy or not,, no fear for the fees but make we hold am well.. Na how to protect our coins we suppose to dey think of instead of the high fees.
I get feelings say all of this things na part of Bitcoin experience. Make we no also dey surprise say one of the reasons why this fees high na because of say them want make investors fear to sell their coins and hold am till the next bullrun and after the bullrun...

I no really know full about Bitcoin as I still be crypto newbie but this na one of the things way I reason this evening,,,, so I say make I try share am with my fellow holders.