Topic: Will fees keep rising to thousands of dollars? (Read 241 times)
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Ok i must admit just the tought of seeing your post turned my stomach hardcore. Who would ever imagine transaction fees in the price range of thousands of dollars. Now with lightning network being tested and deployed hopefully those high fees are gone.
There's no way. Bitcoin is starting to stabilize. Sure, the backlog is still very much north of 100k transactions, but it's much better compared to like 240k like 2 weeks ago. The transaction fees should return to normal soon, and it's very likely we'll see a rally after.
Value is a driving factor, but the main culprit is the massive number of transactions. Satoshis are getting more expensive, yes, but you still shouldn't end up paying more than a few cents under normal network conditions.
I'm facing the same situation about the bitcoin fees as well,
due to the increase in bitcoin price value the fees have been
growing to the moon ever since, I hope they could fix this issue soon.
due to the increase in bitcoin price value the fees have been
growing to the moon ever since, I hope they could fix this issue soon.
Value is a driving factor, but the main culprit is the massive number of transactions. Satoshis are getting more expensive, yes, but you still shouldn't end up paying more than a few cents under normal network conditions.
I want to know if it is possible because then I need to exit before fees are higher than my balance. 
If the bitcoin price value increases it will rise together with your remaining balance and the fees too. Therefore you should be use to it. The transactions fees might reduce if their is no more traffic in the blockchain that is why the need to support segwit is a must so that it could make the traffic smooth and will reduce the fees of the miners.
Bitcoin price is not that high I only asked for something 0.0002-0.0008 BTC every transactions the only people are thinking is that 0.0003 is too high already because of the current rates, if you experienced sending BTC before when the price was just on 5000k then that price is too low IMO. All I can say is that the recommended fee is too high.
I want to know if it is possible because then I need to exit before fees are higher than my balance.
I don't think that bitcoin price will rise to one thousand dollar. It's crazy to think even if they are doing the weired updates on fees these days. The fees are decided randomly most of the time and a miner choose which one to take. What if in the future there are miners who are ready to process your transaction with hundred dollars and there are miners who are the usual one which you think will accept the one thousand dollar fees. Then what do you think where people will go? It's most probably the first group with little fees. The rest miners will never get those fees. Otherwise bitcoin will never work.
It can become possible if you are going to withdraw or deposit a big amount of Bitcoin during congested network when there are lots of pending transactions that is slowly being confirmed by the miners, like 100k+ unconfirmed transaction.
I want to know if it is possible because then I need to exit before fees are higher than my balance.
Fees going higher similar with the bitcoin price going higher.
So in this case, fee can growing higher depending on bitcoin price.
I want to know if it is possible because then I need to exit before fees are higher than my balance.
It's possible, but I don't think it will happen. If fees got to such a high amount then bitcoin would be completely useless and the price would crash enormously. While fees right now are far from ideal the situation is still salvageable
I dont think so. Even with a hundred dollars of transaction fee people might get weary and cannot take that anymore.
Even just now they are all screaming about the fees, what else when it goes to a higher one.
Maybe when 1 bitcoin will be equal to a million dollars. Then maybe they will make fees that will be equal to how much it should be.
Even just now they are all screaming about the fees, what else when it goes to a higher one.
Maybe when 1 bitcoin will be equal to a million dollars. Then maybe they will make fees that will be equal to how much it should be.
I'm facing the same situation about the bitcoin fees as well,
due to the increase in bitcoin price value the fees have been
growing to the moon ever since, I hope they could fix this issue soon.
due to the increase in bitcoin price value the fees have been
growing to the moon ever since, I hope they could fix this issue soon.
In theory we should get closer to a spot where things cost less and transactions don't cost more but here we are 6 months later after Segwit and adoption is minimal. Can you tell me why people complain about fees yet a small % have adopted Segwit addresses? That doesn't make sense to me and as for Lightning Network not terribly excited anymore I recently found out that it isn't a decentralized network ie that is not good imo.
It is obvious that if the price of bitcoin continues to grow exponentially and large capitals continue to enter the ecosystem massively without a substantial solution to the current problems, fees will tend to continue growing in an exorbitant way. But there are certain hopes for the implementation of new alternatives that have emerged recently, just need to reach consensus to adapt massively and reduce costs.
That would be possible, since we're not already on the day where the price of a Bitcoin can only buy a sliced of pizza so it was almost zero fees of transaction on that time. Now the price of Bitcoin can buy a sliced of Gold bar.. in addition, the difficulty level also keeps increasing by time, plus network congestion due massive transactions every seconds. But we hope for the good ongoing improvement from lowering the fees.
Going to thousands of dollars? Came on mate, they are never going to be as high as those.
And the fees have always been in BTC since the beggining. But bitcoin needs to be over 20million dollars in order to have a fee of $1000 at least.
And if the lightning network gets implemented, forget about it, because it is going to get implemented soon and we are going to see those fees of 1 cent each soon.
Just stop being pesimist about it, the fees are always going to recover and it is just matter of time until it does it.
And the fees have always been in BTC since the beggining. But bitcoin needs to be over 20million dollars in order to have a fee of $1000 at least.
And if the lightning network gets implemented, forget about it, because it is going to get implemented soon and we are going to see those fees of 1 cent each soon.
Just stop being pesimist about it, the fees are always going to recover and it is just matter of time until it does it.
I want to know if it is possible because then I need to exit before fees are higher than my balance.
NO I don't think so, because if this thing happen bitcoin will surely crash. The fees are getting lower now so and I believe it will continue to drop down and bitcoin will soar higher again. We can really tell what will happen in the future, but if you believe on the power of bitcoin you will surely enjoy the benefit of it in the future.
Fudders gonna fud, I guess...
I just created a transaction for $100 BTC between addresses to test the current fee structure for myself. My friend just told me that he sent a "Standard" transaction on Blockchain's web wallet yesterday, and upon viewing his txid, it shows a dozen confirmations... The best part? His fees were only 96 sat/byte. I set a custom fee of 240 sat/byte, and I had my 3 confirmations within an hour.
The fees are dictated by miners, yes, but ultimately, the users are the ones who choose to pay higher fees in order for their transactions to get included in a block first. I think more and more new users are finally learning about transaction fees, and realizing that they don't have to send ridiculous fees... Or it's just costing them an arm and a leg to continue creating transactions with such high fees.
Stop fudding. Yes, $7 in fees for a $100 transaction is still high, but it's not nearly as bad as it was a week ago.
I just created a transaction for $100 BTC between addresses to test the current fee structure for myself. My friend just told me that he sent a "Standard" transaction on Blockchain's web wallet yesterday, and upon viewing his txid, it shows a dozen confirmations... The best part? His fees were only 96 sat/byte. I set a custom fee of 240 sat/byte, and I had my 3 confirmations within an hour.
The fees are dictated by miners, yes, but ultimately, the users are the ones who choose to pay higher fees in order for their transactions to get included in a block first. I think more and more new users are finally learning about transaction fees, and realizing that they don't have to send ridiculous fees... Or it's just costing them an arm and a leg to continue creating transactions with such high fees.
Stop fudding. Yes, $7 in fees for a $100 transaction is still high, but it's not nearly as bad as it was a week ago.
What is this, FUD? Fees already dropped like a rock before you posted this, except maybe on exchanges that get kickbacks from miners from systematically overcharging their users TX fees.
I want to know if it is possible because then I need to exit before fees are higher than my balance.
If you have BTC in exchanges, just convert to ETH or other solid coins.
The miners will be hoping it does and mining could become very stable income for just for the fees alone. It shouldn't do especially if the lightning network is introduced successfully.
I probably have the worst wallet in the world at this point--Mycelium. Any wallet that doesn't allow you to choose exactly what you want for a fee is useless when the *minimum* fee is $45 for a $150 transaction. My bitcoin is effectively frozen, and I think I'm going to abandon Mycelium after this.
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