Bitcoin Forum

During April, I saw a tremendous increase in bitcoin transaction fee. I think there are enough people who want to make fast transaction that they are willing to pay miner more than usual. Quite a few people seem in a hurry to get their turn for confirmation in the next block, so anyone who wants to send a small transaction has to be patient for a longer turn. I hope the mempool can be cleaned up as soon as possible, but if the panic of trader and investor continues then maybe these expensive fee will last longer.

Here are some of the data I collect from https://privacypros.io/tools/bitcoin-fee-estimator/ about bitcoin transaction fee.

Know that the recent high fee is because of mining pool in China that are not in operation for now, in less than two weeks time now the mining difficulty will be adjusted, transaction will be back to normal. Less than $100 should be able to get confirmed after the adjustment is done.

If you want your transaction to get confirmed on time I guess you are left with no choice than to opt for a higher transaction fee,  the situation is tough on both btc and eth network, untill this is resolved (in the eth aspect) people will continue to pay higher price to get transaction proceed immediately.

Many people may have complained about the very high transaction fee condition today. Currently it is not good enough to make transaction with small amount as you may not agree to the high fee. If you don't mind and are not in an urgent situation, you can still use the lower fee and wait longer for confirmation. I prefer to temporarily hold bitcoin in my wallet rather than send them directly to an exchange while waiting for the fee to down.

Ransaction fees on the Bitcoin network has often given no challenges except for cases of large cluster and then the need arises for prioritizing gas fees which in turn drives the fees up by a significant percentage. I think the concept of lightening network will help solve the issues of fees in the near future, pending when he hat is deployed, we will keep at what comes and rely on devs to help remedy it with upgrades.

The optimal fee rate has been quite high lately especially for those looking to transfer small amounts of Bitcoins. I decided to stop making transactions involving small amounts until the fee rate goes down.

It was quite promising at the beginning of this month, but It looks like we might hit new highs in fee rate before it drops again

https://i.imgur.com/mv4PeW1.png

it's worth it for now you will get fast transactions you have to be ready to lose high fees, if you have low fees low you have to be ready for slow transactions. that is a consequence for all current crypto holders and it can be used as a benchmark if the coin price has a high increase, the fee is also high.

There is no gas involved when sending bitcoins, that's another of the countless and useless "features" of eth.


Right now in these conditions, I don't see any reason to send a transaction with a very small fee and simply wait for it to get confirmed, you can simply wait a few more days and send it then when it at least it has a chance of getting confirmed, right now nodes are purging low fee transactions as the mempool keeps growing so you might end with a transaction that has been dropped by everybody so you will still have to broadcast it again.

The good news is that blocks have started to get mined at close to the normal interval, the time between the last 100 is under 11 minutes, down from nearly 14 so things might go back to normal sooner than expected.


No, it has nothing to do with the price, bitcoin was happy hovering at +60k with fees of 10sat/b getting confirmed, now the price it actually lowers and the next block fees are up ten times.

Wrong.
The high fees is a combination of bitcoin being actually used up to its max capacity and more, plus the price suddenly making a big move in any direction that causes a lot of people moving their coins to and from exchanges (something altcoin bag holders never do since they mostly keep it on exchanges) and the recent drop in hashrate.
In altcoins due to lack of utility they remain unused unless they spam their own chain with useless transactions like what ethereum does with all the garbage ICO spam. So their blocks remain empty for the most part and their fees rarely go up. Additionally most of them have fundamental flaws that if there is an increased on-chain traffic their network could simply go down as all nodes crash.

What exactly is this? Would love to read the article about this if you have reference link then please do share it.  :)

Is there any protocol where if; one mining farm goes down lets say for maintenance then wouldn't it drive the hash rate to another pool or miners and let them work behalf of them? This is just for the purpose of keeping the system alive.

This is just curiosity question: Isn't there any contingency plan or protocol for such conditions? What happens if one day half of the miners just go rogue due to some problem and only half of them running throughout world? What happens in that case.

Do we have safeguards for these conditions?  :)

Bitcoin transaction fee increased past two weeks because of:
- Total hashrates on the network drop too much from the top. This fall causes a less capability to handle transactions from miners. They have less hashrates to solve math with the same difficulty
- Difficulty on the network has yet to be adjusted.
- Bitcoin rise to $64k and falls to $50k in the past 2 weeks result in more demands to move bitcoin on the network.

Transaction fee will be lower in the next two weeks after the next difficulty adjustment.

I don't think fees a re gonna be reduced. And because of this fees i'm starting to look more into altcoins. It's unprofitable now to invest small amounts of money in BTC.

Altcoins are going to face a bear market as well.They are tied to Bitcoin and they will always be.
It's unprofitable to invest small amount of money in anything,especially if you have very high and unrealistic expectations.Buying altcoins and expecting their prices to go up 10x is unrealistic.
BTC transaction fees will go down,but there will always be people,who keep complaining about everything.
It doesn't matter how low the future tx fees will be,they will always be too high for some people.

I believe those miners in that region of China are currently back mining again, or quickly taken over by other miners from a different region. The network has also not seen any long delays between blocks, https://www.smartbit.com.au/

I think a lot of reasen, as newbies start a transaction for first time may choose a higher fees accidently, more people meet the bitcoin then network scales up and more fee required to pay to a miner. there has always been a solution to the problem with the new update. but the question is how to increase capability of processing more transactions per second by the network?!

Bitcoin transaction fees is very high. Due to a massive pump in the Bitcoin price, the fees are very now a days. And increases day by day. I am using other coins that have low transaction fees such as USDT TRC-20 block chain. Their transaction speed is very good and it deduct 1$ on transaction. 

This is ridiculous but there's nothing we can do since this is the matter of the blockchain network of bitcoin not on the exchanges. The fees are quite high and to be honest, it is better for us to hold our BTC on the exchanges if we only have little amount because that would not be better for us to sold now if we only have a little amount of BTC in our main wallet if the transaction fees are like this. Some people have a huge amount of BTC in their wallet and that wouldn't be a problem for them to pay this high amount of fees since they already earning a lot of too.

I read BTC transaction fee's could be cut up to 45% once Bitfarms gets their Argentina setup running..

I just browsed to a website where we can see the daily Bitcoin transaction fee and it really is too high as of this moment.
I've seen Bitcoin's tx fee somewhere around 10 and 20 dollars in the past months and that is the highest I've seen. I also saw Bitcoin's tx fee going down to below a dollar but to see it at at around 40 to 50 dollars per transaction? I think we should keep our Bitcoins right now and wait for the fee to go down.

With China's power outage, the hashrate went down causing the price of Bitcoin to go down and I believe that in the next few weeks it will go back to normal again. Lets just patient and wait for everything to go normal.

Now bitcoin transaction fee is very high. I think, if you want to get fast transaction, you will need to high gass fee. I think bitcoin transaction fee will be lower after few weeks.

LOL.. do you really think that one single mining farm can have such a huge impact on Bitcoin hash rate? And right now Argentina has only <1% contribution to mining hash rate. IMO, it will take many years and billions of USD worth investment to get that to double digits. BTW, the recent power outage affecting the mining farms in China is a temporary phenomenon. I hope that it will be resolved in the coming days.

Took a small withdrawal yesterday evening from a service, using the lowest possible fee, just out of curiosity. Ended up being a 21 sat/byte effective fee, and saw it was approximately 100k in queue of close to 200k. Blockchair estimation. Haven't been that far behind the queue since some time last year!

Will just wait it out, no rush at all. Nice experiment. Didn't think it'd happen again but next adjustment in about a week should start clearing things up.

Fact is fee for btc transactions is reall high. No real way to avoid high fee instead to sell btc for other crypto and thansfer it. And than buy btc again. Better and cheaper than actual fee. till better situation. Cheers.

That is inaccurate.

Again, BTC does not utilize "gas fee" for transactions. It is only used for Ethereum based blockchain network and not on BTC. Be informed that it uses "sats/vbyte" wherein vbyte or virtual size refers to a measurement of how much your transaction will cost you in terms of paying transaction fees.

Well, if you really wanted to save up some BTC you might want to get used to it and make sure you don't really need the money yet because it's a long waiting game. I've tried this before and it's stressing when you really needed the money but now, I'm making plans how to deal with this waiting game while making a low fees trades. It took me a week though to finally received the coins and converted it to fiat.

You see, this is the problem when Bitcoin is in the bull run more people are trading during the ATH that's why the transaction fees is quite high.

It is a mining farm, not a mining pool. There is nothing you can do if the ASICs are offline due to a power cut or any unexpected events. It is simply not possible to transport so many miners within a short period of time.
No safeguards, other than the fact that miners are essentially burning cash this way. The time between blocks would be larger until at least the next difficulty adjustment.

Completely wrong. Any sudden increase in hashpower and consequently a shorter block interval would be offset by the next difficulty adjustment. Any effects would most likely be shortlived.

There has been a great deal of load on the network for a long time. It's seen not only for Bitcoin but also for Uniswap, Ethereum etc. also. The huge increase in the price and so many people's making transactions caused this to happen. It's really an annoying thing surely and I hope we won't have this kind of problems in the future.

The transaction fees keeps on increasing and all you can do is to wait for things to be back to normal before making small transactions. Since there are more than 197558 transactions in the mempool it will take a long time to get back to normal unless the mining difficulty is adjusted according to the current hash rate. What surprises me is that if mining farms from one country is shut down due to even due to any reasons it could make a big cluster of pending transactions. 

It is already 3 days past that I withdraw some Bitcoin from Electrum wallet, I pay $3 for it but until now still at 0 confirmation.
And if we check on https://mempool.space/ you'll get surprised that the fees are so high and $3 are very far to be prioritized by the miners. That seems so hopeless to think.

That exactly how it gives a huge impact on the blockchain and many were waiting to receive their withdrawal. We never know how long it gets back to normal fees or has a need to wait for that mining company in China will get back to its operation.

I also notice this thing especially on the wallet coinspace, I have a small amount of bitcoin on that wallet and I wasn't able to withdraw it because of the transaction fee, as of now it has 0.001 transaction fee, like what the hell, this is too much and I really don't know why they have that amount of transaction fee before when I sent my bitcoin on that wallet, the transaction fee is only 0.00008 and that is really far away from 0.001, I am just waiting if the transaction fee could still go down so that I can withdraw my bitcoin.

LOL... I guess $3 would be far down the queue.. Because even the low priority transaction is at $12.51 (according to the website that you have quoted). And from what I can see, the Mempool size for transactions >120 Sat/Byte is 8.1 MB. For >100 Sat/Byte, it is close to 20 MB. If your fee is lower than this, then the chances of getting a confirmation by today or tomorrow is close to zero. If it is that much urgent, then you can try accelerating your transaction. But be ready to dish out another $50 or so for this service.

I was quite intrigued by the story so checking it up..
Bitfarms has acquired (not yet delivered) 49k miners with a total hash rate of 5Exa.
Ok, let's ignore the difficulty adjustment, and just for the sake of comparison let's say it will stat tomorrow to mine to bring back the hashrate in correlation to the current difficulty, their entire farm would be able to fill in just 1/10 of the hashrate that is missing.

As for longterm no hashing power would be able to reduce the fee that much unless by some alignment of the plants exactly on the day of the difficulty adjustment farms that would double the hashrate would come online and this would keep on happening every two weeks, which would pe physically impossible after just a few months.

LE:
Actually, I realized where that 45% comes from,
That's the cost for the energy used by miners, it has nothing to do with transaction fee.


What if is an experiment of the Chinese government trying to assess what they need to cripple the network?  ;D
Too bad there is so little information on what's for real happening there.

I hope there will be a way to make BTC gas fees low. So that the gas fee is not as big as it is now, this has resulted in people who are willing to try to buy BTC will think twice about getting started

Yes that's exactly right that if we wanna make a smooth transaction we have to choose the higher fee. I think both blockchain of eth and btc got higher fees cause the transaction are increasing daily. So the dev need to work woth that to reduce such a high fees.

What's happening is that CHINA controls +66% of mining, and the CCP just took baba/ant/bitmain private, and given that +90% of all asic miners on earth are made in China, it means China owns btc, way more than +67%, because they own the worlds HW, they OWN all the Crypto on earth, and can redeploy it as they wish. If somebody in China decided not to cooperate they can be taken out and shot the same day, seen it with my owns eyes. Asian culture does things for the 'good' of the culture, its 100% homogenous, its not a selfish klusterfuck like the USA.

Now ppl talk about 51%, but China has been over 51% forever, but BTC ppl ignore, well they ignored until it was too late.

Argentina will do nothing to the +67% of mining in China, its just rumor, in the meantime China will continue to ramp-up across the board, as they now control all ALT gpu  miners as well as BTC ASIC clones

Now that CCP has taken control of all Mining, ASIC/GPU hw, they can do as they wish, they can mandate software, remember that all bitmain asic boxes call home, all on earth. Jack Ma is out, the CCP now controls.

Ant, Alibaba, Bitmain, its all the same thing, Jack Ma's holding companys own Alipay as well, as China went cash-less years ago; IMHO China will use the bitmain infrastructure to implement their CBDC, two birds with one stone, take out BTC which leaks YUAN out of China, and use the Free Infrastructure to support the 100% China's new 'temporary' digital cash, with limited life.

So if I send $1, I have to pay $20, ok got it, why don't you tell that to the world?

BTC is not for transactions, right? Even at $100, that's 20% cut, visa only charges the merchant 1.5% and the customer nothing.

So BTC ain't for trade,

What about preservation of wealth, you know HODL; The problem here is that their are three classes of BTC, virgin-mined ( worth a lot ), pristine, and tainted, the majority of BTC is now tainted, that is its 0.05, and its been mixed/coin-joined and polluted, IRS-Coinbase will not accept it.

So you HODL your BTC, how do you know in the future the IRS-COINBASE hasn't black-listed your coin?? You don't ergo, BTC is not a safe long term store of value.

Currently, the biggest obstacle in the crypto world seems to be these fees. High fees from coins such as Ethereum bitcoin are blocking these coins. It is necessary for me to find a solution as soon as possible.

Even though we complained for the very high transaction fee, we still couldn’t do anything about it. If you are eager to make a bitcoin transaction you should accept high transaction fees but if you do not want the fee to be high, you should wait patiently until it returns to normal transaction fees. Bitcoin and Ethereum are both with regard to a higher transaction fee but despite this many people still make the transaction and pay a higher fee.

99% of the time the suckers never know, until they buy their first BTC say at $100, and get 0.025, then go to send 0.001 to a friend, and find out that the fee is $20, I know I just did it the other day, and I cancelled the 'send', and I host my own electrs-server, and wallet, and bitcoin-core-server; but I never do anything with BTC, but I really think that this is all insane, even at $1,000 it wouldn't be worth a transfer.

Transferwise will transfer to/from a bank-account  $1,000 anywhere on earth for $3, so that $6,000 worth of BTC just for break-even compare.

I see it as all just the continual 'lies of bitcoin' it was never for transactions, that is a given. The blockchain given it can only do 7 transaction/sec, will never be anything other than holding and/or transfer for RICH, or large criminal org. Even then why would a criminal use BTC, its not private.

The worse is this fungibility problem, where BTC is not accepted by IRS-COINBASE if its ever been mixed ( now called coin-joined ), most coin floating around is/has been mixed, pristine coin is valuable and is kept in CHINA and traded for cash, way over the posted price of BTC. Virgin-Mined BTC is the GOLD of BTC. All else is silver, or lead.

it may match the currently offset price it may be greater or the price is automatically adjusted. but none of that excludes me from also engaging in fee transactions only if they are more expensive.
his anticipation was to try us to do the transaction on time so as not to incur greater costs
because instantly it's even louder

Too bad your entire theory has one flaw, do you know why there is no mining gear coming out as planned despite the enormous profits?
Because both manufacturers lack chips, you know who makes the chips for the miners? TSMC and Samsung and none of them are Chinese!
And don't get me that crap of Taiwan being Chinese as we saw in the Huawei scandal on which side TSMC positioning themselves.

Slowly all the advantages China has against bitcoin are fading away, from owning 90% of the hash rate they went down to somewhere around 60% and there is only one way, down!

Given the high transaction fee, the only option I have to take is to temporarily hold bitcoin in my wallet. Supposedly next week we'll see fee down so that smaller transaction can be made. It doesn't make sense to pay miners too much if the estimated bitcoin is only worth $20-$50. Can only be patient waiting for the fee to come down.

Bitcoin transaction fee is now a big issue for low investor. Its increses day by day. Hope it will soon fixed and we will be able to send and recieve bitcoin with low  fee. I will turn back to Btc when it cost low fee.

Small time players are really affected of this high fees, what can you do if you only have $50-$100 investment and you'll see that before you can make the transaction you need to pay more or less $20.
You already lose portions of your asset just by sending your coin, for now keeping your Bitcoin to your wallet is the very best thing to do, otherwise you gamble and use other alternative coin for investment,.

Oh yeah, I made the transaction fully prepared to wait, as I do all my txs. I generally even spending from my own wallet do 1 sat/byte fees no matter what, if I don't need the spend immediately. It's been a really long time since I had to wait for days, so am pretty curious to see how long this one takes.

Besides, with RBF it's not a pain to up the fee if needed. Only I can't do anything about this since it's from a service.

Thank you for all, but I don't get much of a solution here other than not making transaction when the fee are too high so I have to hold bitcoin longer than usual. I decided to wait for the transaction fee to come down. I still have enough time to wait for the fee to down.

In your opinion, can the bitcoin transaction accelerator help us here if we want to make transaction with a minimum fee of 30-50 sat / byte at now?
I saw a transaction with a fee of 30 sat / byte received confirmation after using the bitcoin transaction accelerator.

https://blockchair.com/bitcoin/transaction/57913617a3f62f45c7526f99bb3e73396b4d305b1c59997efab70806e86f36c9

Are you using static method to broadcast transaction?

Because there is none?
If there would be one everybody would be using it and there would be no high fees in the first place.
No, it's simple, not enough free space, overwhelming demand, huge prices for each tiny byte.


That's viabtc, it has limited submission per hour , and again if every pool would offer this feature it will still lead to nowhere as people would still send 300k transactions and only 200k would get confirmed. Plus if all would that, it will be a rat race to submit your tx at 00:00 and bitcoin would turn into a joke, a worse one than doge .

An accelerator is an individual temporary solution which involves a lot of luck, not a global definitive one.

During the last 10 days I am heavily testing the Lightning Network (mostly via bitrefill gift cards that give me access to real world amenities). Apart from a difficult channel opening (tx fee was too low), everything is working just fine.
My long-term bitcoin are not affected by this fee mayhem while the LN is allowing me to float on the huge fees.
People should get prepared before fee spikes, not after!

Hi @stompix, thanks for the simple answer. Now I will just wait for the fee to drop lower and hope that there is no more panic over the news from China.
Actually I want to test how long it will take to get confirmation if the transaction fee is 1 sat / byte. In your opinion, can a transaction that has been broadcast at a low fee (1 sat/ byte) can still be automatically canceled if there is no confirmation for several days?

Depends, there are a few still in the mempool for two months, at 1 or 2sat/b
https://mempool.space/tx/69557d75fac0b2f65fbb4f5a5d952b07e87bdc724700fa5ee6099a901a6901b9
so if you keep broadcasting it might survive in all the nodes, blokchaincom for example dropped it and got it back in the pool at 2021-04-11, blockchair has kept it from 2021-03-03 and blockstream has dropped it.
As for getting confirmed, I assumed this one already gave your the answer to your test, I don't see any way for 1sat/b fees to get confirmed in less than another month.

They should solve the problem that the fee increases very highly when the price goes to the moon. This is absolutely important for a cryptocurrency to increase its usefulness. Nobody is happy about paying high fees for even low-valued transactions.

The amount of gas fees required to transfer Bitcoin and Etherium coins in the current market is extremely difficult for an ordinary trader and investor to afford.  I myself am not able to transfer Ethereum based coins due to excess gas.

GAS is a feature on the ethereum network to measure transaction fee and please note that there is no GAS in bitcoin transaction as we only have transaction fee that are measured in sat / byte.

OK, maybe I won't wait any longer if the transaction fee go down because I will enable the RBF feature when broadcasting transaction.

The network has many waiting transactions in the mempool and total size of mempool (vMB) is higher than 250 vMB. If you want to use RBF, you will still have use very expensive fee. It can be 120 to 140 sat/vbyte if you want to have a few more hours of waiting. If you can wait longer, you can use 70 to 100 sat/vbyte.

Mempool (https://jochen-hoenicke.de/queue/#BTC,24h,weight)

Yeah, I find it hard to cash out my bitcoin whenever I want to because of the fees that comes with it, good thing that we can convert bitcoins to other coins that have a lower fee. I think that the developers are fixing the issue right now and I am hopeful that they will arrive to a solution soon.

What concerns me is the fact that the Mempool continues to get larger with every passing day. Yesterday, it was at 248 MB, and after 24 hours now it is 265 MB. The backlog may take several weeks to clear, even if the mining hash rate recovers to the previous levels. The trends are not looking good. In the last 12 hours, a total of 51 blocks were mined, instead of the normal rate of 72 blocks. That is a decrease of close to 30%.

Yes, it is the reason for the abrupt price surge of the bitcoin transaction fee. The link given below:

Chinese mining pools’ hash power plummets amid regional blackouts (https://cointelegraph.com/news/chinese-mining-pools-hash-power-plummets-amid-regional-blackouts)

Very possible.

China does NOT control ANYTHING. I believe you research and learn about the Game Theory behind Bitcoin, and what makes it work. The Chinese Mining Cartel “can try” to attack Bitcoin, BUT it would be stupid for them to do it because they would kill themselves and lose their investment. If they were honest, they would be rewarded in the most valuable asset in the world. Bitcoin.

Fees should be reduced over time to attract more traders

Depends on a trader. If you trade with BTC that worth tens thousands bucks, fees don't bother you much. Plus some pay them only twice, when they deposit and withdraw from exchange. That is why I think number of traders does not affect on the amount of fees. Or look on Ethereum, increase of traders, trades only stimulated fees growth. Completely opposite of what you say.

I read BTC transaction fee's could be rise up to 10% if Turkey bans mining

Apart from the decrease in hashrate, I think some other thing like the price correction in the last few days have also caused many trader to rush to get a quick confirmation so they pay the miners more. As usual, miners will prioritize transaction with higher fees and this also results in longer network congestion as competition for higher transaction fee is unavoidable.

Look at this, quite a number of transaction are being broadcast with high fee and it seems that some of them are still in a hurry.
https://i.ibb.co/kKBdz7F/last-transaction.jpg (https://mempool.space/)

Then we shall see just how long they can do it, and how effective it can be once difficulty adjusts and miners relocate etc. Haha. Whatever the real picture really is...

So far so good, I have to say, my transaction is still unconfirmed and in fact has even moved DOWN the queue (mempool's gone up about 15k since but my transaction got pushed down 18k spots)... so it does seem like more and more people are paying premium.

3 days. Very fun, let's see how long this goes. I won't even broadcast, just keep an eye on block explorer =D

I am reading some posts with one-liners in them, and some of those posters might be pretending to be in a signature campaign. I’m not accusing anyone of being a troll, or a bot, but always check through their post history.

Any update now? since Bitcoin down fall to 40,000 level?

Does anyone transact these days?


If you want to observe those? best to Check Off topic section and there are tons of them spamming time after time.

Currently Ethereum and Bitcoin are both transaction free extra so we are not able to exchange some of our tokens despite our best wishes.  It is difficult to say when the excess gas will be reduced.

The additional fee depends not only on the number of traders and investors but also on the different categories.  The number of Ethereum and Bitcoin users is increasing day by day but the network fee is also increasing.

We never know that let's just observe the market, its due for a correction and its' already happening now.
it could fall to $40k as nothing is impossible, but believe that it will bounce back.

read some : https://cointelegraph.com/news/bitcoin-price-relief-move-to-47k-pushes-btc-below-stock-to-flow-trajectory

I made a transaction, I paid 0.0003 btc or 15 usd for s single transaction, not worth for micro transactions.

It's really annoying to see the fees reaching this high level. And we are not seeing this thing only for Bitcoin. Ethereum, Uniswap and Bitcoin are challenging against each other for the top place as far as I remember. This shouldn't be a problem in the future and people should be able to make their transactions comfortably (without paying high fees for even a small transaction). Transactions also take a long time when there is a high traffic on the network. It is another problem that should be solved.

I know, but you have to get used to it as it is what it is during the bull run, or during there's a panic as the blockchain is pretty much congested. This isn't permanent, let's wait until the market will settle down and we will see a normal fee again, for me $10 or more is not normal, so we have to see lower than that so transacting bitcoin would be affordable for everyone.

always high bitcoin transection fee who controlling bitcoin please fix it ha ha ha ha  ;D ;D ;D ;D ::) ::)

Bitcoin and Ethereum fees are very high these days. We are giving lots of money through their transactions. There should be charges with their fees.  Fees will down when market goes down. Bnb is great coin and their fees in very low. We hope bitcoin do same thing like bnb. We have very difficult time with bitcoin fees that's why something going to be changed for community support. Bitcoin fees should come 10000 Satoshi something.

The decision making power lies with the miners and they will not agree to lower fee. Why should they, when they are the biggest beneficiaries of such high transaction fee? If someone ask me what is the biggest disadvantage of Bitcoin, then I would say that the biggest negative is that only the miners are able to take the important decisions. 99.9% of the users have no say about the Block Size or other issues. And it's sad, because the high transaction fee has resulted in a lot of users moving towards shitcoins such as XRP and Dogecoin.

There’s simply an extreme lack of education about Bitcoin, and the blockchain and how they work. If the newbies knew how they work, just in the introductory level, I believe they would understand why Bitcoin is the way it is, or why the Core developers chose the design-decisions the way the did. It’s not simply “let’s make Bitcoin like BNB”.

Small transactions are the worst hit on this high fees problem, the other day I need to transfer $20 worth of btc and the transaction fee is about $10 - $11, very high and ridiculous charges imo,  how is it that 2 of the top project in crypto have high fee's whic scars  away people from it,

we know you skilled a few lessons

ASICS do not touch transactions. dont calculate transactions. are not burdened by transactions
ASICS do the same job whether the block is full or empty.
transaction numbers mean nothing to asics

cost of mining is based on asic hardware and electric cost. NOT transactions

a tx complexity of validation is less than a couple miliseconds of one standard PC. so the 'cost' of computation is not even 1cent of electric.
if your electric is 6cents/kwh then a block of 2500tx is about couple seconds. so again not even 1 cent


again the transaction fee has no correlation to mining cost.

..
the fee is not about mining. its about auctioning space.
but instead of allowing more space to allow lower fee's
EG
1000tx at $2 =same as 4000tx at $0.50($2k=$2k)

the FAKE plan is 'we need to give more fee's to miners because the coin reward is depleting

again. allowing more transactions give this 'more fees' without stifling usage
the future should not be $4 average now $8 next halving $16next halving $32 next halving
it should be 2500 average tx now 5000tx next halving 10k tx next halving 20k tx next halving

and yes 4tb hard drive in will cover 2500tx (1mb) for 70 years
                                                    5000tx (2mb) for 35 years
                                                    10k tx(4mb) for 17 years
                                                    20k tx(8mb) for 8 years
a 4tb hard drive can handle 10k transactions a block for 17 years. by which time you would have upgraded your pc before then anyway. so its a non issue to cry that 10k transactions are too much

as for bandwidth
a ~ 500mb download a day(1-2node block repeat of 144 blocks + transactions)
=3.5mb every 10 minutes = .35mb a minute = 0.0058mb/s
even the most basic adsl offers more then that. it offers 0.5mb/s
so basic internet offers 100x more then download requirement to get blocks
(its why 12 years of data does not take 12 years. nor 1.2year. nor 1.5month)

as for uploading if your an open peer wanting to participate in the relay network.
average is ~10x that.. so still a 10x buffer..

meaning even on the most basic adsl connection. 8mb per 10min is not a problem
...

and please dont you even dare come back with a rebuttal that bitcoin is designed to work on a XP computer with 500gb hard drive. using dialup.. and saying anything above will kill the network
(as per your mantra in other topics)

.. the core devs have already said 4mb blocks are not a network killer. 4tb hard drives will not kill your debit card
ADSL wont break your twist dial oldy home phone
and devs have already said they will no longer support xp.vista aged systems

so knowing that bitcoin is supposed to function with windows 7+ computing,adsl(devs request) not XP, diaup(your 'conservative' lunacy request)
means you need to stop trying to say that bitcoin needs to be conservative to XP based hardware(per your other comments in other topics) because you beleive stifling(conserving outdated limits) is in bitcoins benefit

we already know that its not in bitcoins benefit. it makes less users want to use bitcoin.
less desire to use the blockchain is what will centralise the network more (common sense logic)
it only benefits the groups in control of sidechains and altcoins that can profit out of bitcoins limitations

again. realise that transaction counts per block do not affect the cost of mining.
if unsure get a ASIC and review its function. and realise transactions do not get processed by asics

in short
we should have moved to 5k plus average tx count per block 4 years ago and be at a 10k tx average block today.. meaning transactions should be ~2-4x less than now

Wages are very low right now. If there are friends who have a job, they should not miss this opportunity. You can do the necessary operations cheaply.

Nowadays it is widely agreed that Bitcoin is not very suitable for making small payments. But that said, the fee levels have come down drastically during the last 2-3 days. Now it is possible to get a confirmation in 2-3 hours, if you pay a fee of around $1 (~20 Sat/Byte). That makes sense, if your total amount is $20 or higher. But if you want to pay for a coffee or a burger, then I would recommend you to use an altcoin, such as Litecoin or Bitcoin Cash. BTW, don't try lower fee, if you don't have a lot of patience. For me, I am willing to wait for 3-4 hours to get a confirmation to my transaciton. But I understand that many of the users are not comfortable with waiting for so long. 

Considering the recent surge of BTC Transaction Fees it's better avoid for now, if there have any chance we can minimize the transfer fees using another cryptocurrency such as Litecoin or Bitcoin Cash with lower charges. Higher fees arise basically when the blockchain is crowded. These fees may encourage the miners yet to be sure a major burden to those small transactions.

And the transaction finally got confirmed at 9.15 UTC, 25 April, block 60536. So in total just under 5 days for a 9-input spend, miners fee only 21 sats/byte. Ho hum, I was really waiting to see if it'd take a week but if this is the worst that can happen for a super-low urgency tx, then I'm really not worried at all.

Recommended 28 sats/byte now too. Feel a bit let down my experiment ended so soon, to be honest!

I can't longer remember the day I used bitcoin to send funds. It doesn't make sense now. There are many other cheap coins, the transaction of which will cost a fraction of a cent. I think the problem of introducing bitcoin as a payment instrument will be in the cost of the transaction.

It looks like the difficulty level adjustment has been fixed and the transaction fee are gradually decreasing. Although when there was an increase in the transaction fee of my asset estimate decreased due to the price correction, so far the transaction fee did not appear to be burdensome enough. Due to personal needs, I was forced to have to move my bitcoin to an exchange at a fee of 41 sat/ byte yesterday although I seemed to be feeling a little rushed after knowing the transaction fee could drop lower today.

The current situation regarding the recommended bitcoin transaction fee at the time of writing.
https://i.ibb.co/YhwrcW3/Mempool.jpg (https://mempool.space/)

There has been no difficulty adjustment and it couldn't have been one, this epoch will end somewhere next Sunday or around that date.

What happened was pretty simple:
- mining has resumed in China so we're back to ~144 blocks an hour
- weekend when usually he mempool is depleted naturally

As a note, expect the mempool to go even lower till Monday morning (GMT) time, from now then there will be only increased till next weekend. A lot have postponed doing transactions for +100sat/b but they will gladly pay 50sat/b for it.



Mining resumed completely someone Thursday, combined with the weakened yeah it touched the 20sat/b wall, but it won't go lower, usually, we had even 5sat/b getting confirmed on Sundays but this won't be the case now, too much of a backlog. But if this ** would have gone for the entire 14 days it would have been pretty bad, no matter how you look at it it's a problem and it needs some magical fix sooner or later.

The point is, Bitcoin’s main value proposition is censorship-resistance, and to secure it in Bitcoin is for the Core developers to make decisions to make the network scale out/maintain decentralization. Because to overshoot security, is better for the future of the protocol than to increase transaction throughput and sacrfice decentralization.

The people/market believes so. Check the prices of Bitcoin, Bcash, and Bcash SV.

OP, fees are currently lower, and might keep going lower. Everyone should start planning their transactions accordingly.

I believe the recent surge in the transaction fees of bitcoin is as a result of the miner's strike in China.  This caused the transaction fees to increase tremendously. 
However, just like many people already mentioned, the miner's have resumed and everything would return to normal.
I'm sure you're beginning to wonder if at this rate of high transaction fees, bitcoin would remain the number one currency for transactions. Well, you should know that this has been rectified and bitcoin would always remain the number one currency in the world.

I think the issues in regards to high fees have already been resolve. Yeah, I got my withdrawal transaction paying only less than $1, setting on the minimum pay, and finally, it arrives within the day.
That be possible that what happened to the miners in China has a huge impact to the fees. It takes almost 2 weeks which the fees are incredibly high, I have one transaction during that time and it cost $5 but I'm surprised that it never arrives in my wallet until such time that I need to increase it.

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It could really be disappointing but unfortunately, we have nothing to do and instead of complaining better to wait or to increase the fee.

Yeah, I can imagine someone or someones felt they had to step in -- probably the couple of tests of 50k floors had them spooked. A week or two more of the situation would definitely have set off more panic but I'm still certain the diff adjustment would take care of things eventually (as is how the design foresees).

Short and medium term I do agree a lot of forces would feel there needs to be a fix. Can't get people waiting around days, never mind weeks, for services to pay up on fees.

There's no doubt it was the main reason why Bitcoin transaction fees soar high. I just recently check if everything goes back to normal back it seems not, yes much lower compared before but for me, it was still too high.
If it was really true that everything goes back to normal and the mining was now resumed, I assume that it would take a more couple of days before the fees go back to normal because right now it is still expensive. Perhaps I will just hold it for a moment until it became low.

Well, the tx fees kinda back to normal (considered as normal during these times) I was scanning at the mempool yesterday and I even saw a 20+sat/byte at one point. Currently we're at 30sat/byte. Not that high really because you can set your fees lower than 30sats and gets confirmed not more than 30 mins. If you're not on a rush.
Infact, I recently had a 13sat/byte transaction earlier today and got confirmed not exceeding 30mins. Not really high.

The thing that makes people start getting confused about all this, it looks like we are investing in transaction fees instead of the coins. This will make new people who want to learn more will think twice about buying the coins they are going to invest. But I will be thinking a little how long it will end or every year will continue to surprise people.

I don't think it was confusing but this how these people are very concerned about the fees. If the fees are so high, this could impact their profit and instead of saving the cost, they'll be paying more.

It was just a few days that the fees are lowered down but if we take a look at it now, it will surprise you back as the fees started to move high again. The situation is going crazy and it feels that the miners are trying to take advantage of the hypes.

All of the things that you want to be an instant need a bribe and it is also works on bitcoin transactions. If you want to get a faster transaction then you must pay a huge or big transactional fee, but if you are willing to wait then probably you may avoid those large transaction fees but then remember if you always want fast and comfortable transactions then you may always choose to pay more transactional fees than waiting for so long. Always remember that.

In fact, the fee for a small amount of transaction seems a little higher. But if you think about the large amount, the transaction fee is very negligible. Bitcoin is now being used at the institutional level, being used to pay large amounts (for example, you can use Bitcoin to buy a TESLA car), and these transactions are being done through nominal transaction fees.
So at the present time using Lightning Network for micro payments is the only solution to this problem.

As we can observe, other than having a higher value right now, the individuals who gets involved in bitcoin is also improving. That can be one of the reason why the transaction fees became much higher than before. If you are just a small time bitcoin owner, it will bring you into disadvantage so you should somehow find a way on how you can make things work regardless of the situation. One effective way to transfer money from bitcoin to someone is through converting it on a certain cryptocurrency that has low transaction fee. If it would still be inconvenient, might as well wait till the money you are transferring is much higher so that the fee would atleast be worth the transaction.

Of course this is an effective way to save on transaction fee, but it is of no use if you store your bitcoin in a personal wallet as you will still incur transaction fee when sending them to an exchange. The steps you suggest will be effective if your bitcoin are stored on an exchange. But remember, exchange are not secure wallet for storing your bitcoin in the long term.

As the price always fluctuating all the time, it is still possible to wait until it is even higher. But the good solution so far is to wait until the weekend as usually the transaction fee will naturally down.

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The situation of China which has restarted mining must be a critical factor and that is good news.

Bitcoin transaction fee is a matter of course for us. In some countries i hear more and more often that fees should be paid for the bank balance. Some call it negative interest. Imagine 0.5% per month you have to pay for your money in the bank or cash payout 1% ... hodl btc and pay the miner.

Hopefully everything will went well, this past week the fees were too high to consider in doing transactions that there are times that I prefer to be at thrift mode than to do transaction due to fees. Im taking it into consideration before cashing out since its way too high and it somehow help me to save since I can stop myself from cashing out time to time and just hold btc. A cons and pros about this High fees.

using bitcoin now is very costly and anyone wants to use it must be ready to pay the high fees for faster transaction confirmation. it wont continue like that definitely just because of large transactions which need to be priotize base on fees. lightening network is a proxy solution to this. i hope it gets adopted soon.

You do really need some self-control in that case but on my side I don't really mind much as I can able to hold off my coins and just wait for the right time when the network
isn't clogged anymore for me to make out some transaction.

Its really currently a pain in the ass when you do make out some transfers where fees are on the roof.I cant just afford on paying up $10 or more on a single transaction.

So theres no other choice but for you to wait up for the right time.Some hours of this day where fees did really go down but it did rise up fast after
a couple or hours.

Thanks for the clarity as i was wondering how long it will take for normal transaction charges to get through which i was doing before the hash rate drop and since there was no clarity regarding that i never made any transactions because i am particularly keen about not sending more money as transaction charges and yet do not want to get stuck without knowing when it will get confirmed and i want to send the coins to gambling sites and if it does not confirm in a specific time period some of the sites will term them as double spent or cancelled transaction and it is a headache to sort that out.

We don't want this much transaction fees right now, but I recommend if you are a trader use Cex exchangers rather than Uniswap or other Dex you can save money from fees doing that.

The mining difficulty was adjusted a few days back and the transaction fee levels have once again gone back to the lower range. I checked block #680789, that was mined half an hour ago. Transactions with a fee of as low as 13 Sat/Byte got confirmed (which is equal to paying <$1 per transaction). Now I urge everyone to make use of this opportunity, to combine smaller outputs to a larger one. This will reduce the transaction fee in future, when the fee levels are high.

There's never any real hard measure for it, everything is an estimation at the current network situation and some prediction thrown in. You don't always get a block every 10 minutes, you don't always get the same number of txs in a block, so fee estimations can very easily be over/under estimations in just a small period of time. Find an estimator you're comfortable with, over estimate fees if it's urgent. And use RBF in case you need to hasten txs (I know only of one service that doesn't like RBF (BitPay) and I'm ready to bet no casino would ever mark RBF as "bad").

The decrease in transaction fees only lasted for a short time and it is true that you say that there has been an increase again which makes many people hesitate to make transactions. Do you think this will last long? will it get worse as transaction costs continue to grow? All of this starts to make no sense and only think of an advantage.

In general, investors make bitcoin transactions by increasing their fees so that they are processed quickly because they don't like to wait long, on the other hand this has an impact on long queues for beginners who make bitcoin transactions at low fees. In my opinion, it is not easy to reduce bitcoin transaction fees because everyone is competing to pay dearly so that the transaction process is completed quickly.

Transaction fee is only 0.00008 and that is really far away from 0.001, I am just waiting if the transaction fee could still go down so that I can withdraw my bitcoin. I think the concept of lightening network will help solve the issues of fees in the near future, pending when he hat is deployed, we will keep at what comes and rely on devs to help remedy it with upgrades.

Wait until the weekend, because usually transaction fee will down there.

So far I am quite happy with the many good answers and suggestion for bitcoin users to consider who feel the transaction fee are too high. Because this thread has up to 6 page, so to avoid repetitive post and discussion, I had to lock the thread. Thank you  ;)