Topic: with the high transaction fees btc makes me stronger to hold btc. - page 2. (Read 370 times)

If the only thing that is stopping you from spending your coins are the high fees then you will not be able to hold your coins for long as I doubt the congestion on the network will last forever.

Now I will not deny that out of convenience I am purposely avoiding making any bitcoin transaction at the moment, but since I am convinced about the potential of bitcoin, not only as an asset which can go up in value but as a technology which will be widely used on the future, then it is way easier for myself to hold my coins even if there are some things which I would like to buy at the moment.

Well, many see this as a problem while many see this as an opportunity for the holders to hold even more because of the expensive transaction fees.
However, I don't like the mindset where you will just only hold Bitcoin if the transaction fees are that high. I mean if you really want to hold Bitcoin, regardless of the transaction fees you will hold it. If you really want to sell your Bitcoin, then sell it if needed. Overall, regardless of the price of Bitcoin, I will not change my way of using BTC which is to spend regardless of the fees, and to hold it for long term.


I just hope that you are stronger enough to hold your Bitcoin when the transaction fees of it goes down after a few months. Like you, many are holding Bitcoin for the long-term (including me), but like I said above, I will not change my way of using Bitcoin even though the fees are that high. It's good that you are buying Bitcoin for long term.


I've seen this kind of scenario in 2017 where transaction fees of Bitcoin are very high. I was a newbie at that time, and I don't know what's happening, but looking at the fees at that time, I'm not surprised nor freaked out, and same here. At that time, I also saw the transaction fees going down after weeks and months, so I believe that it will happen again this time. They hype with regards to BRC-20 will go down as the days and weeks pass by. No need to freak out, and just focus on holding your Bitcoins.

If you really want to transfer coins, then like you said, I would suggest converting it into some trusted altcoins out there that has relatively lower transaction fees then transfer it.

The investment itself is long-term, so there's no need to say it's a long-term investment because if you only hold it for a few months, it's not long-term. What's going on in the Bitcoin network is actually not a reason for us to keep holding on to Bitcoin, because investment will not depend on circumstances but stick to the fundamentals of Bitcoin, and Bitcoin has strong fundamentals.

The Bitcoin network is very congested because it is filled with spam transactions making it unpleasant for those who usually transact with Bitcoin for reasons of cheap fees, today the mempool check has decreased but it seems this is only temporary because the attacks will still continue maybe until they  are tired because they run out money to pay fees that are quite unreasonable.


Of course that's to be expected because it's impossible for people to like to pay big bucks for a transaction, but it doesn't look like it's going to happen any time soon though things will be back to normal

That's not the point. Are you not going to hodl if the transactions fees are low? As for me, I think I will remain to be a hodler despite the transactions fees. So regardless if the fees are high or low, I will hodl. Avoiding high fees is for me a weak reason for somebody to hodl his Bitcoin.

And the expensive fees right now are not just because lots of people are transacting with Bitcoin or the queue is long. It is because many are willing to pay expensive fees for whatever boring images they want to attach in their transactions.

I don't think bitcoin's high transaction fees will be a barrier for people investing long term,
and I actually don't understand what you mean, do you want to sell your btc? but with the existence of expensive transaction fees you are forced to endure it, or what?

But your decision to hold BTC for the long term, in my opinion, is a good thing because I really think investing in BTC will be better for the long term.

Your goal seems interesting to watch, but until when?. Because when it's running normally, people will change their minds, and do the same as other people did. You have to be absolutely sure about your investment. Sometimes, with the high transaction fee like today, that make people hold the transaction until normal, they're just trying to cool off and make the short decision to plan to hold BTC for a long time, In fact, is not as a plan.

The fee is going to normal, it's about 15 - 20 sat/vb. if anyone freaking out yesterday, I am really sure gradually calmed down today, and hope not change for long to be short investment

And we still don't know how long this bad actors are going to attack and spam the network, but there are talks about how to resolved this but we will have to wait for the final consensus. It's that when we are in a bull run and the price is still that high, then it could still be bothersome for most of us.

But we will see, long term holders are not affected by it, but for some average joe who sometimes need to sell, it might lead us to just really hold on it and make ways to really not to sell right now because of the high fees. But the good news is that the fees are somewhat manageable right now, as compare to like a couple of days wherein it went as high as 500 sat/vByte if I'm not mistaken.

It does make you strong because high fees are preventing you to do small transactions lol. You said you're a long term investor and it looks like you mean high transaction fees are perfectly fine for you because you are a long term holder? well, this high transaction fee is an attack towards Bitcoin network to prevent the mediocre investors from doing micro transactions. This means BTC might go down because of higher transaction fees. If it's prolonged, do you think you'll get enough profit out of your long term holding? To be completely honest, I don't see anything positive about this high transaction fees.
Your last opinion is correct. With low transaction fees, it'll allow small investors who has been DCAing and those who's gradually accumulating bi-monthly or monthly to buy BTC regularly and this is one of the reason for BTC to increase it's value.

Those that are complaining about the high transaction rate of bitcoin especially are the investors that want to send their bitcoin assets from their wallets to an exchange so that they can be able to sell their bitcoin for fiat(solving a personal issue that involves money) or invest in altcoins, now that the price of many has reduced tremendously due to the effect of the bearish market.

Now in question, I have an urgent need for money to solve a personal issue. I want to sell a little of my bitcoin assets to have some fiat but the thought of how much been charged for sending a small portion of my bitcoin asset to an exchange is getting me discourage

The increasing transaction fee is a reason for me to postpone my transaction to cash out bitcoin. I tried with a small fee and the transaction hadn't got confirmed. Bumped the fee little, even after that the transaction hadn't got confirmed. I decided to cancel the transaction, it shows the possibility of double spending. So, I've left the transaction as it is to get confirmed when the transaction fee gets reduced. For now it is two days passed and still waiting for confirmation.

Nope.
Why should I be freaking out just because of the fees? I know that it's truly expensive and far from what we've used to see but this isn't going to make me freak out. A sudden fall is more likely to freak out most of us but then, with this situation, it's just making us get used to it and adopt and decide whether we want to transact or not.

Yes, always choose the cheapest fee. If it's possible to transact with 1 sat/byte before, we might see that happen again when there's no more clogging in the network. But for the meanwhile, we have to add some sats on it and if you've got an urgent transaction needed to happen then just do what's the priority amount is telling you.

Those who use bitcoin for payments and transfers aren’t intimidated by high fees. They use layer-2 protocols like Lightning Network.

That's is to say if the fee gets to normal you won't have good reason of hodling. Now that the fee is high I don't think you are hodling but waiting for it to come to normal price.  If you have been hodling the  high transaction fee shouldn't be a reason to make you stronger.  What is suppose to make you to be stronger to hodl should be because you believe in bitcoin and because you know what you want from bitcoin.

You arent a true holder if you are just basing up with high tx fee which would prohibit you on spending up your coins, because a true holder is someone who do able to hold up his coins no matter how small or big the tx fee would be. Its not a solid indication or thing on which you would be saying to yourself as a strong holder just because you cant make out some transactions because fees are too high. Sooner or later when network
congestion or traffic would  come back to normal then what would you do? Are you coming back on making some btc transactions once again because tx fee is already cheap now?
Imho, its not really a solid thing for you to mind on because its never been that an indication that you should hold because of that reasoning.

If you are really that going for long term with Bitcoin then you wont really be seeing these things as a viable reason. Now, i could say that it did really pending out some of my important transactions but it
didnt mean that it is a thing that would discourage me on accumulating even more.

You are not wrong, but passively holding bitcoins due to the high transaction fee can turn someone with a habit of not hodling bitcoins at all into someone who begins to do it proactively if the period where they are forced to hold is long enough (Long enough means different durations. For some people long enough may just be two weeks, while the standard twenty one days to form a habit for others, and longer for others too)

This period will definitely give people a time to pause and rethink how much they have not really been hodling bitcoins. It will give them some time to catch up with themselves for those that making withdrawals have become something of an impulse to them.

although it makes sense to hold BTC as it is another form of store value, bitcoin is initially made to be means to pay for transaction, and if transactions are not made, I agree about you saying that it will hinder the whole ecosystem as what it was designed. as of now it is still not yet healthy for those who are not transferring big amount of money to do transactions since aside from it will only add to the network congestion which makes the transaction pending for several days, people would also be mad if their transaction have high fees even if their process is only a little amount right? the only thing we can do as of now is to be patient and wait for the solution although we knew it will only be temporary but at least it is usable.

This is one wonderful opportunity to actually hold BTC as you, OP has rightly mentioned.
Though this period of high transaction fees is going to last as short as possible. It is due to the issues of ordinals and BRC-20 token congesting the network. The development teams are on the issue to work out a fitting solution.
The best move right now, unless you mine yours and for those who don't have much coins or for those who merely leisure trade at will, or for those who own BTC for purchases or trades on the instant; hold as long as possible for now if you can, but if you can't please, it is better to have a successful transaction completed than to have failed or wrong address issues because of impatience.

I think it's a concern for now, who wouldn't? we haven't seen this high cost of transaction since 2017. But the problem is not really bitcoin, but those who fine some weaknesses and then created their own NFT with those BRC-20 tokens, minting and everything that why the network is clogged.

Nevertheless, if we see the fees right now, it has subside a bit, and the volume of BRC-20 is not as it used to be during the height of it's hype. So sooner or later I think it will just die down and we can transfer back like 1 sat/vByte again.

@OP, don't sound like the high transaction cost on bitcoin network is a good thing, I don't know about other people's opinions, but for me, I think it does more harm than good to the adoption of bitcoin, the high transaction cost is something I would advice bitcoin developers to look into, and see what can be done to remedy the situation once and for all, but unfortunately, I don't think anything can be done since the chain can't be uttered.

For the investors, the high transaction cost might not seem like a big problem, but for those who pay for goods and service  with Bitcoin, it's a major concern.

Bitcoin is first a currency to be used for transactions as an alternative to the fiat system than as an investment. Having higher transaction fee doesn’t make one a strong holder because some keen to hold for long will certainly hold on to it even if the transaction fee is a sat. But currently with the high transaction fee you just hold on to it without the compulsion to hold rather was just because of the situation. This has made payment through bitcoin such a hard thing for small businesses which is part of the purpose for it.