Bitcoin Forum

So many positive things dey for my mind to talk, but I say make I talk only this small\big one first before I start to talk about other ones letter.
Waytin I won talk be say make all of us way dey hold Bitcoin and dey accumulate Bitcoin no fear to accumulate\hold Bitcoin just because of say transactions fees high, as the mempool dey occupied with big big transactions way get higher fees than me and you way go use from $30 down to carryout transaction others way get enough Bitcoins for their wallets no go ever think 3 time wether to use 1 full btc to process transaction or not go do am.
The thing be say you wen won send small amount of Bitcoin from one wallet to another wallet and na for morning you do your own and e never confirm, but somebody way just do e own just now with 1 full BTC own go confirm and you wen do your own since morning never confirm (that's the madness investors are facing).

And this high transaction fees have been almost the topic of the past few weeks or months and a lot of Bitcoin sources are not saying anything (because I have not come across any post that's talking about the reduce of transaction fees).

But I come here just to tell us say make we way dey accumulate our Bitcoin with DCAing strategy or not,, no fear for the fees but make we hold am well.. Na how to protect our coins we suppose to dey think of instead of the high fees.
I get feelings say all of this things na part of Bitcoin experience. Make we no also dey surprise say one of the reasons why this fees high na because of say them want make investors fear to sell their coins and hold am till the next bullrun and after the bullrun...

I no really know full about Bitcoin as I still be crypto newbie but this na one of the things way I reason this evening,,,, so I say make I try share am with my fellow holders.

If u think say d gas fees of BTC is too high for u in your transaction, u can try another coin make u no say d gas fees of BTC is very okay to those who have the BTC to sell now. As e stand now, I no dey sell now because d market price go still go higher than dis next year and by then maybe d gas fees can still reduce for many hodlers to release their BTC to make good money from their hodling.

If truly u want to sell your BTC to solve some Christmas and new year issues, free free to do dat without fear because even though d gas fees still go up more than dis, people wey get problem go sell their BTC to use d money to solve d problem to b happy.

Right now is not a great time to be selling your BTC, not primarily as a result of high gas fees charges but because we're now getting closer to the harvest as the halving approaches next year, so holding should be a priority for all bitcoin holders. Except in pressing situation where you have no option but to sell and use the money to solve your financial problem.

It is for this reason of unpredictable circumstances that can force us to sell that bitcoiners are encouraged to build and spread their tentacles into other sources of getting income flow and not just on bitcoin alone, doing this will make you hold to your expected plan.  I think the high fees rate of bitcoin transaction has been an encouragement to many holders to keep holding which support the saying that to every disadvantage there's an advantage in part.

How? I have seen and heard users of Bitcoin are crying every where both in forum and offline and here you dey tok say di fee e don dey go down and e dey okay. And di last time wey I make a transaction, I paid $8.6 to do di transaction. And people dey talk say for right now di transaction e dey very high wey be say viabtc e no dey work again for free and if you bump fee e no dey work, so I don't know which of di channels wey I dey use wey di gas fee for your side come dey low like dat.

As for di Op, hodling is good but whereby you can't take weti you dey keep since because the money wey dem go collect before releasing di coin give e dey higher dan di money wey you wan even collect so many people go keep their coins for there and starve themselves. So you no go just advice me to hold my coins then I come dey wait for another bull market again when e don ripe to harvest Dem. Op nobody go accumulate invest am with dis High, and me I no go even tell pesen shey make him come invest in dis period because I no want her shey na me carry pesen money come do invest and pesen no fit collect him money. And di worst part be say nobody knows when di congestion go go down because dis one nai be di longest one ever. Even though you no dey sell, one day you go sell am and when you want sell am and the fee is higher dan like dis, how you go do? You go still dey keep dey go na  ;D, make we dey understand di cryptocurrency market and be always smart.

Op the Bitcoin transaction fee no be small problem. Imagine where you want to send out $5 worth of Bitcoin from your wallet and then come charge your $4 transaction fee, you no go want to initiate the transaction because nothing you go gain again. Even though, you managed to pay for the transaction fee e will take time before you receive the Bitcoin. This Bitcoin high transaction don they already made some people live hard because they no fit sell their Bitcoin to fiat to solve their financial challenges. Don't allow this Bitcoin high transaction fee to spoil your accumulation plan o, you can continue accumulating your Bitcoin in a Cex exchange, maybe when you don accumulate the Bitcoin wey worth $200 you can now withdraw the Bitcoin from the Cex exchange to your noncustodial Bitcoin wallet, and you go just pay for fee one time instead of paying for transaction fee anytime you buy Bitcoin and withdraw from Cex exchange.

Oman,,, abi you believe say the transaction fee go high like this for ever?
The way e dey go so,,, I dey sure say this no be the first time way transaction fees done high like this (even though say I be crypto newbie), I still believe say this 9ne no be the first time way transaction fees dey high like this, e fit be say this one own done high pass other ones but as e be say this 9ne no be the only time way transaction fee they high e go still cime down to normal.
Abeg make we no try or in anyway discourage those way done made up their mind to hold their coin till the bullrun and after the bullrun, make we try encourage them to continue and not to think of selling... Like I been talk am before say na to just think of how to protect our coins and not the other way.

OP, there is now way one won't think of transaction fees, even though you are a hodler, sometimes you might think of withdrawing a little of gur investment to help yourself in solving problems, the transaction is important to all bitcoiners, something has to be done to correct this, when you want to move fund from wallets this fee is attached, did you expect this to happen, no doubt the major reason for bitcoin investment is to hold your bitcoin for a long term so that you might benefit from any profit that may be accompanied with it, but before this can be possible, you have to have another source where you get money so that your holdings will be intact, but if you are unable to have this then holding is not for you and you must think about the transaction fees.

The high transaction fee of Bitcoin is very discouraging, although it will also encourage some people to save up their Bitcoin instead of spending it, or probably they can take a fiat loan while still holding their Bitcoin, but for those people who have a business that accepts Bitcoin and also those that frequently carry out transactions with Bitcoin, the high fee is not going to be a funny thing for them. About two weeks ago, I made a payment of $55 and spent about $15 to carry out that transaction. I would have chosen to use another payment option, but Bitcoin was the only requested payment method, and I have no option.

A friend that also contacted me last week wanted a loan from me because he tried to withdraw some Bitcoin worth $200+ and the fee to be charged was $30+, and he refused to spend such a fee.

For those who are spending a large amount of bitcoin at this moment, the fee will not actually be a problem for them. Those who are also investing and holding for a long time will not be affected right now, but those who are transacting with Bitcoin more often and also transacting a small amount will find the high transaction fee so disturbing.

Di transaction fee e no go high like di forever but as e be like dis e don pass everyone expectation. And yes di fee e don high before but dis one nai be di highest one. And di matter nu dey keep Bitcoin for wallet, my man you go chop, you go pay bills and other things wey u go like to do but because if di fee you no fit do anything so how you dey feel dis kind of matter? Nobody bed discourage anyone here. Investing in Bitcoin is a personal choice and determination.

Bull run bull run, yes bull run is coming what about di fee. Investing in cryptocurrency is just an understanding oh. If you no calculate well, even in di bull run sef I might not collect your money because of transaction fee. Nd you said say u be newbie for cryptocurrency, nd let me tell you. Many people big men wey I know for the cryptocurrency ecosystem space dey leave Bitcoin dey go other coins dey. In any investment na wisdom, and don't allow Bitcoin to intoxicate u.

OP when you say we should think of holding and forget about high transactions fees is it not when you buy that you will be able to hold? Now buying Bitcoin requires you to also pay transactions fees and considering the high transactions fees now it will be difficult to buy and hodl Bitcoin because no one will want to buy Bitcoin at a very high price and also be expected to pay high transactions fees so it's really not easy for Bitcoiners now, Bitcoin developers should find a way to remedy this situation before the quest to accumulate Bitcoin decreases

To hold no be bad things as una talk but to some other piple them dy really reason am go where the fee dy big pass wetin them plan to send out or get. And I never really see for any where wey them say this nah the main reason wey dy cos this high fee and e dy disturbing becos the solution self no dy come.
One annoying thing there be say you no fit complain give anybody say them charge you pass normal, and e get wetin I reason say what if you as a person fit put the amount wey you go like to use as default fee, after all na your money na... Naija man thinking oh, I just dy ask if that kind thing no fit dy possible?
Like this now this one don turn crypto POS as them dy charge high.

E god say you they motivate us to comtinuing buying bitcoin in as much say the fees they very high. Because na big wahala for the past three weeks. I know how many persons wey they call me for phone they ask me say when i buy my bitcoin finish how i they take move am to my personal wallet. But through thrugh na normal fee ah they set. The way ah they take buy my own bitcoin nah when the price drop small ah go use like $50 to $100 buy am. And i they spend that one time fee after ah done buy like three to four times.

I know say many people have stop buying bitcoin, and now they prefer to buy other altcoins because of this fees. The truth be say ah know, say na just for some time. The chaos wont last forever; once it is over those people wey run go come back and continue to invest. It may take longer, but we need to have patience. As patience is key in this period,.

If you want to DCA, it is better you do it wisely.

Assuming you are DCA bitcoin every week with the money you make on this forum every week using segwit addresses. You did not spend the coins for 52 weeks which makes it a year and you want to sell it. That is 52 inputs to 1 output.

52 inputs to 1 output with segwit addresses. The virtual bytes is 3578.

If the mempool is 50 sat/vbyte, the fee that would be used is 178900 sat. That is 0.001789 BTC. If bitcoin price is $45000, that is more than $80.5 fee paid.

It is good to accumulate, but you need to consider the inputs. Do not let it build up too high. You may first consider to use side chain or lightning network and later send it onchain like every month.

Most of our intention na to continue to hodl and apply a DCA strategy way of accumulating bitcoin until bull run comes but we no how bitcoin transaction fee go be by then. Whether em go decrease or d increase when that time comes sha. As we all know sae the bigger the amount of bitcoin accumulated, naso the transaction fee amount go big reach. Em no go make that sense make person go big amount for transaction fee wey em no bargain for.

I go suggest make person apply this method wey Charles-Tim provided cos em be go a long way in helping person in their accumulation journey of bitcoin

I disprove that fact say make we no fear transaction fee. Oga JJG say person fit DCA as low as $5. But with this your analysis if person wan dey buy DCA as low as $5 and transaction fee of $4 in 2 weeks na 5+4 =$9per week and $9 *4=$36 in a month $20 investment for $16fee. then in a  year you minus the transaction fee which is 4*4*12=$192 for transaction fee why 5*5*12=$$300 a total of $492investment for $192 fee no be loss be that? Instead of that you do am maybe monthly atleas $4 fee *12 months = $48fee. e go make u save more money from the investment wey you for loss maybe $492-48=$444 you go save $444 instead of loosing $192 to miners for mempool.

I no see am as any experience rather experience of loss. Person no go open eye peper dey peper am and Him dey say na partt of experience. that one na to show say you no be good investor because a good investor dey fear against loss except say you no get tangible rason for investment.

Then for the fear of say make people fear to sell their bitcoin, that one na lie because I think many people dey sell bitcoin everyday regardless of the transaction hyke. For the transaction hyke according to one thread wey I go through today i was made to know that the bot wey people dey use to do transaction for ordimal Naim dey make human no dey too get slot for transaction and that thing they make memepol dey conjested and e come make transaction fee no gree come down again if not transaction fee for dey low if ordinal scammers no dey worry am. reply by @hesseinimr93 (https://bitcointalk.org/index.php?topic=5479485.msg63398633#msg63398633) for beginners and help

The bitcoin high transaction fees has become a pain in the neck for many bitcoin hodlers. Those that wants to send money out and are using them on a regular basis are most concerned about this high transaction fees.

If you’re not a long term holder or will be using your bitcoin for transactions on a regular basis, it will be better to use an exchange wallet if not, your external wallet is still the best to use and not bother yourself too much about the transaction fees.

Your security and privacy of funds is more important than that. We don’t know what the future holds for this high transaction fees we are witnessing with bitcoin now, but we all hope it doesn’t become a problem in the future and cause much concern for bitcoin enthusiasts.

Please can you talk more on the side chain you're emphasising on sir

According to watin my mentor way e name na JayJuanGee (https://bitcointalk.org/index.php?action=profile;u=252510) e done teach me say as long as say person dey yold em coins make e no think of to see am the tume e dey gold am.
What is the need of selling your coins off when you are holding it? However, if you don't have money to buy things that you need, then don't invest untill you have everything you want so that you can hold and hold and hold your coins till dear life.
I don't have problems with people selling their coins but I find problem in those that just bought Bitcoin (not upto a month) and planing to sell, what is the need for them to buy at first place when they can't even hold it?.

Na true say we go buy things or sell some of your Bitcoin just to use am dey alright, but na only person way no get spare money go fit do that kind of things, na make e good for person to save extra money for item self before iem go start to dey invest, so that iem no go dey sell sell item coins anyhow.

To be honest, I still don't get why people trade when you can hold without transaction fee. But then again, when you're done hodling in order to get you money and interest you'd still trade the Bitcoin abii?
But by then won't the transaction fee cool off? Make una con talk watin una dey trade for abeg.

E be like say you no understand the message wey Op dey try to pass here. The post is talking about people who don ready to invest in Bitcoin and hold for a long time. The part wey I bold for your post is a prove that you no understand the post very well because no reasonable person go use money for bills, feeding and other things put for bitcoin. Na everyday we dey sing am here say make you use the money money wey you fit lose to invest in Bitcoin and other cryptocurrencies and no be money for your daily survival because e fit make you cry when market go against you. Na why bitcoin is not for the weak and make you no dey in haste to invest without understanding how the thing dey work.

If you ready to invest and hold for long time, using DCA strategy is the best way to invest with the little money wey you get and this high transaction fees no suppose discourage you from accumulating wetin you fit afford to accumulate. Na the message wey Op dey try to pass be that. If you wan wait till transaction is back to normal, you fit wait for a long time because nobody fit tell when this high transaction saga go end and the bitcoin price is jumping up on a daily basis. Make we dey utilize opportunities if we are capable to before we go dey regret later.

Since this transaction issue started have been thinking people who want to buy bitcoin maybe not from an exchange to hodl what will be their challenge,  because people will definitely sell bitcoin to others to partake in the upcoming bull market. Their is no how everyone can hodl at this time, some will sell to people to hodl bitcoin, the transaction fee is really a serious challenge to investors planning to hodl bitcoin.

Well sometimes na oversabi and overexcited dey worry some persons because why you go use funds wey fit affect you for investment means, I mean investment sef no be something wey person fit sleep then wake up come see say him money don increase, it takes time and most person no even dey patient enough to use the DCA strategy because some lack the perseverance and before you know them go just dey gamble their coins for trading just for the case of getting that fast profits wey dem dey find. Like you said Bitcoin investment truly no be for the weak and by weak I guess na people wey no get all the capabilities to actually start, hodl and then get to the finish line for their investment in Bitcoin.

There is no way to ignore the high transaction fees because it is affecting a lot of us who are buying Bitcoin regularly. I use weekly DCA method and the high transaction fees has forced me to make serious adjustments that changed weekly DCA to monthly DCA. Many people are also facing similar situation as I have read in many threads within the forum. So, there is no way to ignore the high transaction fees because it is an integral of the business bet it short term holding or long term holding.

By the way, I'm yet to see who is not bothered about the high transaction fees especially those of us buying with small amount, I'm not talking about the whales like MicroStrategy. No one will want to pay fees up to 10% of their capital, that is too high and totally discouraging. If you are encouraging people to ignore the high fees, you might be encouraging them to hold their coins in CEX which is not the best option as we all know the danger of using exchanges for Bitcoin storage, remember "not your keys, not your coins"

The two are interwoven, you can choose to hold for a long period of time and the interest you would have gotten could be more than enough in covering for your transaction fee and the second aspect is that when you're holding but couldn't continue in that anymore but choose to release and exchange your asset or have to send to someone, you cannot escape the hype on the transaction fee and it's consequences in this regard, meanwhile we all cannot continue holding at the same time without making transactions.

Make I appreciate the OP small 4 d beta talk wey fit encourage d pipu wey no get strong mind 4 Biitcoin. D tin wey dey sup 4 d mempool fit dey scare sum pipu true true but d fact be say e no go affect Bitcoin to dat level, but dat no still mean say e no go affect am at all. As tinz dey lyk dis, d whole network dey congested, spamming up and down and e tire persin no be small. Miners dey chop d moni wella as dem don monopolise everytin so te developers no get mouth for ram again. Dis gaz end, we no fit continue lyk dis 4 d system sake dem. But we gaz know say Bitcoin 4 buy and sell mata no be d same as Bitcoin wey dey 4 investment and trading, so weytin dey happen no too count 4 investment and trading. But e dey pain sha, if u won buy just $100 worth of BTC, imagine say u dey pay $8+ for am, dat one no make sense at all, noa in dey pain persin pass. But if e don enta, e don enta be dat , u no fit pay am again.

D investmenet fit yield high 4 u too wey no go let u think go dat side again. Who sabi? D network fit don dey alright when u dey liquidate d asset self so u no go think d fee alone but wetin u won gain from am. But if perin go invest 4 Bitcoin now, I no advice d DCA wey u dey talk again, or else d person go pay too much fee. On top wetin? If na DCA, he mean say u go divide d moni 4 10 equal parts and dey inject am 4 d coin steady. Imagine say u dey lucky and d average of fee wey u get be $5 per transaction. E mean say 4 d last transation, u go don waste $50 just bcos u won invest in Bitcoin? D moni wey be say fit give u $50x100 ($5,000) in some altcoins 4 d next bull run? Well, my advice be say, if person won invest now 4 Bitcoin, make dem read d market well and invest at d right time. Close ur eye invest at once good well well 4 dis tym, e go save u money than DCA now. Bitcoin investment no be by force too, if persin see it too expensive, altcoins dey 4 u. But use ur head wella 4 dis one make u no make mistake. Anoda solution be say some smart trader fit trade with USDT to gain some moni to pay 4 d Bitcoin fee too. I fit do dis wella, but na risk, if persin no sabi trade make e no try am o.

I don't know how you take understand di post. Well there should be no argument here. Because it is very clear for now that even you use DCA, you can't invest because of di transaction fee. Dem say make we no keep our coins in the Centralized Exchanges so if you use di DCA buy di coins from CEX, you go send am go non custodial wallet and in dat sending process you go pay for di transaction fee and which very high so you fit no pay dat kind money to send am.

Then coming to di hodling for long term, okay assuming you buy am dis time and you don try send am to ur wallet. Now let's come to your bolded place again, di first time when do transaction fee go up e no pass 3 weeks before him come down but dis one e don pass one Month and yet no sign to come down. Now next year Bitcoin go go up and di person won withdraw di coins and di transaction fee come dey higher, weti him go do? And he wants use am di things I mentioned.

Make we try remove the feeling say we get this love for Bitcoin and just want continue to dey buy more, but currently the market no too dey favorable to small scale investors. we just get to dey very careful and try limit the number of times we dey sell or send Bitcoin. Those wey dey DCA fit adjust their interval space so as to save them the cost of fees. You no go expect say after all the investment you come look your portfolio con see say you loss instead of to make profit we just get to they wise to invest, at least twice in a month to save the transaction fees.

The fees no supposed be much of a concern to those wey be investors, na traders and those wey dey use the Blockchain steady dey para this thing and we understand why dem dey vex because e no support be like this but as e dun happen na to find solution instead of shouting everywhere. As you be investors and dey buy through DCA, make nothing spoil your plans. Just dey buy Bitcoin as you dey do and you fit monitor the mempool to know when transaction no too big so you fit withdraw to your non constodial wallet make you dey hodl.

If you been dey do am weekly, you fit adjust your DCA time so you go dey hold stablecoin or cash first instead of doing it as you were doing when the network wasn't congested. You go just find way adjust and you go fit return to how things been dey before the congestion as e no go dey forever, e go return to normal very soon and you fit they accumulate at your regular time.


Wrong ideology because high fees dey make people hold more instead of selling so your assumption no make sense for this one. When fees high people no go wan pay fee to sell and Bitcoin price still dey go up despite all high fees wey show say people dey wey dey buy. If you no gree buy Bitcoin because of fee or panic go sell na yourself wey you dey do. Hodl your Bitcoin tight, all this sha pass very soon.

The high transaction fees na the major talk concerning bitcoin transaction, but even if people dey complain mostly the ones wey dey use DCA strategy or the business wey dey make use of bitcoin for transaction daily, sometimes simple solution dey for example people wey dey buy small small depending on the amount they have, instead of buying every month or weekly why not save that money in the bank or other means dey wey people dey take save money if possible you can double the money then you buy once because if investors with this strategy continue to dey buy like this especially with small amount e no go make sense, protecting the coin dey necessary but the main issue wey steady traders dey complain na high transaction fees, even with the complain people dey wey go accumulate more this period and that's just the best decision not minding the transaction fees

Op no be small motivation you don drop for here oo, this one dey very good for our mental now, because only that transaction fee sef na enough reason for all those people wey dey trade not to even buy bitcoin again. Because Dem go dey fear say the fee too much.  I just dey see some persons wey dey talk say the fee no high, how? Abi na the first time wey you dey use Bitcoin be this? Because I no sure say u been don dey use Bitcoin before the this mempool congestion. Something wey shake everywhere naim you dey here dey say make we go check other crypto or altcoin transaction fee. Bro this thing touch everybody forget say we still dem still dey do transactions, you no wattin dey for their mind.

Just this few weeks when I try dey more active for this forum nah I observe say many people they fear about the transaction fees, so I just think am say e go goo make I try bring up small matter make we talk about (in relation with the high transaction fees).
Make we hold and make we no think of the fees so that we go fit accumulate more longer, as many investors dey fear forvthe fees e no good.

The transaction fees no really dey encouraging now and e go dey take away the interest of many investors wey don plan to hodl bitcoin. As a bitcoin lover, if I have enough knowledge about bitcoin and how everything works, I will rather want to keep hodling more and more bitcoin in order to get maximum profit in the long run. Maybe by then, the transaction fees go don reduce or maybe sef, the profit wey I go don gather go compensate for the transaction fees at that time even though the gas fees no gree reduce by dat time. Bitcoin needs a lot of investors and individuals to embrace and use it more, I no pray make dis transaction fees be issue for them of not joining.

No be person dey set Bitcoin fee rate, so nobody fit just increase or reduce am, once the mempool dey clogged, na so transaction fee rate go increase and vise versa, so no be like say na one individual or group of people dey control Bitcoin fee rate. I know say na ordinal transactions dey cause this problem, but wetin developers go do about am, dem no go want censor ordinal transactions, as e no go make sense because Bitcoin no be network wey dey support censorship. We go gats live with this thing until people wey dey make these ordinal transaction no get any incentive to do am again.