Bitcoin Forum

The cost of bitcoin payments is skyrocketing because the network is totally overloaded

source:http://www.businessinsider.com/bitcoin-payment-mining-fees-hit-new-high-2017-12

In the link above there were some reasons why most bitcoin transaction fee was getting higher and higher and higher

How to lessen your headache because of transact fee:
(this is only the best thing I know feel free to suggest)

Use other crypto so called altcoins instead of just using one crypto that is bitcoin you can try to use ETH,XRP or LTC
because as of today the users of this crypto are not the same as BTC.

PS: if you have any suggestion to avoid or lessen high btc transact fee in your transaction  please just comment it down
that would be a great help to everyone thanks
more power

Think this is the reason why so many Altcoins are gaining in value all of a sudden. People are fed up with the high transaction fees and slow network.  Quicker they fix it the better

I think so and other factors might be because of the high price of bitcoin

Altcoins are only good for moving money between exchanges right now, there aren't a lot of practical applications for them beyond speculation right now. I would be more inclined to predict that a majority of people who do have some kind of altcoin portfolio are not interested in using them at their local store and are more interested in earning BTC from the trading that they can do. It's an honestly smart strategy too, considering you can move a LOT of money for very cheap and potentially make money off of the transaction as well. It's not necessarily likely, but it is entirely possible.

There is no fix for the network beyond people not filling it up with even more transactions. There needs to be a deficit in new transactions compared to block sizes so that some of the aging transactions can get confirmed and fill the open space in the blocks. It's simply too full of transactions right now.

As you said the transaction fee is heavy due to more load in the blockchain network but it is just a temporary problem and it can be resolved once the lightning network was implemented but I am not sure how long it will take to implement.
You can use segwit suppoted wallet to reduce the fee a little bit and yiur transaction will be faster in the segwit address when compared to normal address.

Why is there so much congestion? Is the adoption of bitcoin really that high at the moment

Bitcoin is a decentralised currency. There is no regulating authority to keep control over its movements, volatility or on its price. Same is the case with transaction charges. People were fed up with bank, ATM, debit credit card charges, so they choose bitcoin currency. Earlier times bitcoin`s transaction time and transaction charges both were far less. But with growing price of bitcoin currency transaction charges are also increasing. Same is the case with transaction settlement time. We don’t know why this is happening.  Maybe bitcoin miners are doing this to earn more bitcoins.As a result bitcoin investors are shifting themselves to much cheaper altcoins.

Perhaps the entire cryptocurrency market is now in a huge bubble, and when the price of bitcoin is falling, the bubble is likely to burst.

yes that was true

I think this will be also a good reference for others

https://www.investopedia.com/news/will-rising-transaction-fees-bring-down-bitcoins-price/

The price rise of bitcoin were because of the people high demand to wards bitcoin for the sake of high profits and when the knows that it is time to sell they do that as a result the bitcoin demand is become slow and the supply increases in the market so the prices shift quickly. The prices increases with time to time but in the start of this year the price is stable in the 13k and 14k.

I agree with u

Bitcoin is digital currency.also Bitcoin is decentralised currency.the main reason of high transaction fees are ,Bitcoin price value is so high.also there are regulating authority to control over it's movement..it's user number are so high.also it gives so much profit. .and profit margin is so high.

The processing of the transaction itself is not so complicated, BUT there is a huge hardware problem which, when mining bitcoin, spoils faster than in altcoins, which increases the price of transactions

I have faced many times this issue that the amount were not that big and the transaction fee were not satisfactory for me. Bitcoin currency is good i am using blockchain.Info and the transaction fee were high so i didn't withdraw my bitcoin i have to use this for shifting to the other other altcoins because i want to be successful in the currencies market.

It is  due to the bitcoin price was very high and also now mining is not easier , people have use special hardware like antminor etc and the hardware cost for the mining equipment also increased which in turn made the transaction fees to go higher. Best thing is to convert the bitcoin to alt coins and then sell it with the lesser transaction price , but also conversion fee also needs to be looked at.

Well i think the reason for high transaction fees and greater transaction time of BITCOIN is the crowd of investors that increases the working load .As we know that there is no authority to keep a check on investors or investments of BITCOIN sdo these are increasing highly day by day which is the main reason for this.

Yes, many people are experiencing these issues with higher transaction fee because due to mining difficulty which causes higher transaction fee. Now Bitcoin mining maturity is very difficult they need to upgrade more miners in order to mine one bitcoin. These things are very tough to confirm the transaction.

They are not high anymore, the normal fee for sending transactions is aproximately 0,0007 bitcoins at the moment, that is less than $9 with the actual price. If you think that it is expensive, then better to switch to ether, they charge $8 for fees, lmao.

yes for other users they who thinks that the price of transaction fee in bitcoin was very high they can switch in ethereum or ltc

It is due to the number of transactions bitcoin network can handle per block (block size limit), and there are more transactions than the network can handle.  

totally agree with you, fee so high, delay confirmation, low speed transaction is very very big problem of bitcoin. i think we shift to use altcoin  like eth, ripple etc

is it possible that because of that. that's why there are some scenario that btc transactions take too long to confirm?

Basically the more bitcoin price increases or leads to a higher price than before.. it surely be the one reason the transaction fees are getting higher, and not only that.. of course due Bitcoin is a crypto coin that's indeed like a king of crypto coins, it could affecting that coin is more special than altcoins / other crypto coins in any things. Not to mention Bitcoin today was increasingly popular among many people from a various countries, all efforts made that related to Bitcoin.. of course, currently it's more providing a high profits given the increasingly high prices from time to time.

Quicker fix is better but they dont implement the lightning network yet and as i know lightning network can make the transaction quicker and lower fee or maybe till zero fee. Thats what i know.

Do you have any reference about this I also heard about this but I haven't read any blogs

due to the enhanced technology promised by Bitcoin through system changes. Bitcoin developers are promising Bitcoin scalability enhancements through a new method called Segregated Witness (SegWit) to provide additional space for more transactions.