Transaction fee has gone up by 10x during the last two weeks - page 4.

mindrust

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Quote from: webtricks on May 17, 2019, 09:47:00 AM

Quote from: traderethereum on May 17, 2019, 08:55:14 AM

I am trying to send $100 from my wallet into the other bitcoin wallet address, and I see in my mycelium, I need to pay the fee for about $2-$4.
If I use Normal transaction which needs 30 minutes, I should pay $1.91 for the lowest fee, and if I use Priority, the fee is about $2.51.
So I tried with the Normal transaction with paying the fee $2,14, and I only need to wait for less than 30 minutes to arrive in the other wallet.
I don't mind to pay that fee because I will sell the bitcoin if the price can increase more than $7,500 and if the price is going down than that price, I will keep it for a while until the price can increase.
That is one of my strategy to cover the fee which is increases Grin

But that's not the core purpose of Bitcoin right?
If I have a hosting business and I charge $4.99 per month as shared hosting fees and add Bitcoin as a payment option, will anyone use it when fees is $2-4?
I don't think fees is ever the issue for traders. The real problem is always for merchants and retailers. Whenever Bitcoin prices increase, demand increases so does the volume and transactions. It further leads to rise in fees. With rising fees, Bitcoin utility as payment mode decreases. Hence with decrease in demand, price falls. This vicious cycle is continuing from last few years. Without solution to this, I don't think we could see anything above $20-25K ever.

There isn't a single blockchain which can handle worldwide demand without getting centralized.

The only way to do it on-chain is raising the blocksize and as you know which reduces the node number and makes the coin centralized.

The Devs can't find a way out of this other than trying the L2 solutions like Lightning which is not also ready for worldwide usage.

For the time being you are pretty much right, it is impossible to use bitcoin as intended (as a currency) when the demand is too high. If everybody buys and holds and don't do any transactions to purchase stuff, then this is exactly what gold does.

Gold: Zero real life usage as a currency, good store of value. Dencentralized.
Bitcoin: Can be used as a currency only when the demand is low. Good store of value. Decentralized.

Doesn't look very bright. Hopefully LN will improve in time and save us all.

Apes

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this is one of the risks when the price jumps. high transaction fee cannot be avoided. as a user, we should understand, even though sometimes it's rather disappointing. i prefer to delay the transaction and waiting for the cost go down, unless it's really important.

webtricks

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Quote from: traderethereum on May 17, 2019, 08:55:14 AM

I am trying to send $100 from my wallet into the other bitcoin wallet address, and I see in my mycelium, I need to pay the fee for about $2-$4.
If I use Normal transaction which needs 30 minutes, I should pay $1.91 for the lowest fee, and if I use Priority, the fee is about $2.51.
So I tried with the Normal transaction with paying the fee $2,14, and I only need to wait for less than 30 minutes to arrive in the other wallet.
I don't mind to pay that fee because I will sell the bitcoin if the price can increase more than $7,500 and if the price is going down than that price, I will keep it for a while until the price can increase.
That is one of my strategy to cover the fee which is increases Grin

But that's not the core purpose of Bitcoin right?
If I have a hosting business and I charge $4.99 per month as shared hosting fees and add Bitcoin as a payment option, will anyone use it when fees is $2-4?
I don't think fees is ever the issue for traders. The real problem is always for merchants and retailers. Whenever Bitcoin prices increase, demand increases so does the volume and transactions. It further leads to rise in fees. With rising fees, Bitcoin utility as payment mode decreases. Hence with decrease in demand, price falls. This vicious cycle is continuing from last few years. Without solution to this, I don't think we could see anything above $20-25K ever.

Timmzzy

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Quote from: Sithara007 on May 17, 2019, 12:30:16 AM

I have noticed that the transaction fee has gone up tremendously during the last two weeks. I am using Blockchain.com wallet, and until two weeks back I was paying somewhere between 1-3 Satoshi per byte for my transactions. But now the default fee in Blockchain.com has increased by more than 10 times, to around 40 Satoshis per byte. And I checked bitcoinfees.earn.com as well, and according to it, the fee needed for instant confirmation is around 220 Satoshi/byte.

I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?

Last year it was higher than what we are seeing now. I could remember. So we will accept the situation and not to complain some platform even charge 10x higher than what we are seeing now.

traderethereum

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I am trying to send $100 from my wallet into the other bitcoin wallet address, and I see in my mycelium, I need to pay the fee for about $2-$4.
If I use Normal transaction which needs 30 minutes, I should pay $1.91 for the lowest fee, and if I use Priority, the fee is about $2.51.
So I tried with the Normal transaction with paying the fee $2,14, and I only need to wait for less than 30 minutes to arrive in the other wallet.
I don't mind to pay that fee because I will sell the bitcoin if the price can increase more than $7,500 and if the price is going down than that price, I will keep it for a while until the price can increase.
That is one of my strategy to cover the fee which is increases Grin

Genemind

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It's the fact that we should take that every time the price of bitcoin increases, the transaction fees increases as well.
Sometimes, it all depends on an exchange. That's the reason why as much as possible, I don't do unnecessary transactions to get rid of expensive fees.

mindrust

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I got 115 inputs in my wallets right now and when I use electrums auto fee, it tells me that I have to pay 0.01289437BTC -75.3sat/b (~$100) for fees.

I would rather wait 2 weeks and pay 5-10sat/b (no more than $10) to consolidate my inputs. $100 is nuts.

BlackFor3st

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It will really depend to our usage if we really need an instant transfer because there is an urgent usage of it then I am pretty sure that you will not mind paying any amount of transaction fee as long as you can get your money in time.

But if you are not in hurry then you have plenty of option whether to use an instant transaction fee or not. We have different styles and wants so we can't really predict what others want and hate. In my case, I am patient person so this kind of issue is not a big problem for me especially if I am not in hurry.

stompix

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Quote from: Kemarit on May 17, 2019, 04:35:46 AM

I guess we have no choice though, unless majority will use Segwit in moving their funds around.

We are a few inches from achieving majority:
https://transactionfee.info/charts/payments/segwit

Currently, we have 45% of all transactions being segwit, but that alone can't do wonders, a few exchanges and gambling website batching transactions and it will have a bigger effect.
The only solution would be LN but usage is still low, and I doubt more than 10% of people who have done a normal tx have also tried LN.

And I must confess I haven't tried it either till now.

Kemarit

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Quote from: Haunebu on May 17, 2019, 03:11:30 AM

Do you remember the insane TX fees during the crazy rally of 2017? Segwit and LN can help to a certain extent in these situations.

But we are still a far cry if we are talking about the rally in 2017. That's why the OP is asking if we are willing to pay that exorbitant fee's assuming that we will have a bull run to get to another all-time-high. It will be a huge problem if the fee's goes off the roof again together with the price. I guess we have no choice though, unless majority will use Segwit in moving their funds around.

stompix

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Sent a transaction two days ago with 10sat/b, still unconfirmed, send another one yesterday morning with around 30sat/b , got confirmed a few hours ago.

Still 50k unconfirmed tx in the mempool and looking at the fees structure no chance for fees under 20 to get confirmed today, you would need 20 blocks just to clear the backlog to give those a chance.

At least veriblock is not going full throttle again, that would make it even worse.

Quote from: joniboini on May 17, 2019, 01:04:03 AM

Quote from: gvoice24 on May 17, 2019, 12:36:28 AM

yeah i'm also facing same problem. $1 sending fees $2.5+...Is it a joke?

Usually, that won't happen, unless you somehow screw up the tx.

2.5$ is around ~125sat/b with 2/2 inputs outputs so, if you want confirmation below 4 blocks, yeah, prepare to pay that much

edisystem

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It's remind me like what happened on 2017, the transaction fees increased so high back then when the bitcoin price increased so high. It seems happened again today.

It's still fine actually, i'm using under normal fees and it only takes hours to confirmed yesterday. The unconfirmed transaction is a bit bigger than usual though.

Haunebu

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What is so surprising about any of this op? Everyone knows that TX fees goes up everytime BTC surges and goes down when BTC value falls owing to the volatility of the market.

Do you remember the insane TX fees during the crazy rally of 2017? Segwit and LN can help to a certain extent in these situations.

dothebeats

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I'd stick to whatever fee I'm using as confirmation times don't matter much to me, and RBF is also a thing now so I'd just adjust according to whatever suitable fee my tx needed in order to get faster confirmations. I don't know much about other people though, but one can always move funds around still, and the higher fees only constitutes to the priority for your tx, not the confirmation forthe tx per se. Also, this only happens because most people wants to get a taste of the price action, but once everything normalIze, fees would also come down.

jseverson

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Quote from: Sithara007 on May 17, 2019, 12:30:16 AM

I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?

Then you don't use it. That's the harsh reality of our current situation. Bitcoin isn't ready for primetime.

If you want a workaround, you could set up a hot Lightning wallet when fees are low enough so you'll be able to spend regardless. It's not as widely used yet, but situations like these are precisely why people should be using it. Hopefully, this happens before a significant part of the market is priced out because of rising mining fees.

okala

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When ever the price of bitcoin move above 7,000 the transactions fee always go high and I have noticed this since 2017 bull run, I don't know why it so but having a high transactions fees kill's little transactions. I guest the bitcoin network need some more development in the area of network congestion which always lead to high fees whenever the market go bull.

Ailmand

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I could also notice the increase in fees these days which is getting quite hard for traders to deal with. LN is a better choice nowadays. I would only be willing to pay higher if I wouldn't get any choice but this one is also bothering. Sounds like they're taking advantage of the market situation.

joniboini

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Quote from: gvoice24 on May 17, 2019, 12:36:28 AM

yeah i'm also facing same problem. $1 sending fees $2.5+...Is it a joke?

Usually, that won't happen, unless you somehow screw up the tx.

Quote from: pooya87 on May 17, 2019, 12:46:10 AM

you are correct though, fees have indeed increased over the past weeks due to the price rise and the large number of people who are both selling and buying bitcoin.

Thought the same thing. The increase in Bitcoin price has lately increase tx activity. Pretty sure it's just trader doing their trading, or noobs wanting to join the ride of the recent bull run.

Quote from: Sithara007 on May 17, 2019, 12:30:16 AM

I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?

If it were me, I'd rather use LN (assuming I never send a huge amount of Bitcoin per TX).

crwth

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If willingness to pay, no but if needed to, no choice. I do it. It's definitely not what we want, knowing that there are other money transfer methods to compare to. It's just that it has made things a lot easier when Bitcoin is invented, but I guess the congestion is one of the things that need improvement? I'm not technical in terms of the development of BTC, but it could be one factor.

partysaurus

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Quote from: Sithara007 on May 17, 2019, 12:30:16 AM

I have noticed that the transaction fee has gone up tremendously during the last two weeks. I am using Blockchain.com wallet, and until two weeks back I was paying somewhere between 1-3 Satoshi per byte for my transactions. But now the default fee in Blockchain.com has increased by more than 10 times, to around 40 Satoshis per byte. And I checked bitcoinfees.earn.com as well, and according to it, the fee needed for instant confirmation is around 220 Satoshi/byte.

I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?

yes i have noticed that to, and the time it takes for it to clear gone up alot too, had to wait 6 hours for my last transfer. tryed a higher fee and still had to wait 2 hours. thats not very fun

miss the days when a transfer took one hour the most lol.

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