Transaction fee has gone up by 10x during the last two weeks - page 5.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

Agreed. I use Electrum and the recommended fees are much higher than what it was a week ago. It is understandable if you look at the Mempool for the last 30 days --> https://www.blockchain.com/charts/mempool-size?timespan=30days

This is why the Lightning Network was developed, to reduce the amount of micro transactions that are causing this on-chain congestion and resulting higher fees.

Let's use the Lightning Network for all the micro transactions and we will have much lower fees for on-chain transactions. Wink

pooya87

legendary

Activity: 3472

Merit: 10611

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

~~ the default fee in Blockchain.com ~~ And I checked bitcoinfees.earn.com

just so you know, both of these sites are unreliable when it comes to fees. blockchain.com is known to give weird suggestions (usually too low) and bitcoinfees always suggests a much higher fee for high priority transactions and causes a big overpay for those who rely on it.

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.

gvoice24

newbie

Activity: 62

Merit: 0

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

Sithara007

legendary

Activity: 3346

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

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?

Topic: Transaction fee has gone up by 10x during the last two weeks - page 5. (Read 810 times)