Bitcoin Forum

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 It's  so nice and exciting having BTC breaking a $50k point
Yeah so exciting  :D
BUT
It isn't as  exciting as not having a Fundamental and standalone right to accessing your wallet without  any interference  from a third party.
Wait a minute you! Yes you!! Why are you still using that Exchange wallet for Holding  your coin  ::)

Get a privacy wallet, a non constodial one to be precise and save yourself  from any form of future drama, store your wallet related datas in a cold storage form
Ingeneral Learn more about your wallet privacy, using a more secure wallet doesn't  guarantee a 99.99% security and threat  free.
Remember you are the number 1 security bridge  to your wallet

Yeah it definitely is exciting but this over excitement of holders not patient enough is what has caused drastical increase in fees. Take a look;

FROM

TO

In just a space of about 6 hours just because people are rushing to move their Bitcoins to exchanges and quickly make profit off it. However the fees will go back to normal though once the rush has subsided.

Sadly, there are still people that keeping their funds on exchanges so that they're ready to sell them asap. But most of them are just keeping it there for storage purposes and they can't determine whether they'll sell or not when the bull arrives.

While some may think that they're wise enough to keep it there because of the current high fees again, it doesn't makes sense if you have no intention of selling.

I've checked the fees as soon as I've seen the price increase and again, it's high.  :-\

This is a spike which affected just a few blocks. Didn't change overall fees for the day.
You can still use less than 30 sat vB fees
https://bitcoindata.science/api/bitcoinfees.php

Even 12 sat/byte transactions are getting confirmed right now, and then the size of unconfirmed transactions in the mempool has dropped. I would's say that's bad. A few weeks back, this was just a dream.

Of course, the upcoming difficulty adjustment with 48 hours from now could slightly change things. Blocks have been getting confirmed much quicker on average.

The reason why we always see immediate correction when the price goes up is because of these people who can't patiently wait.
We can't blame them and it might they're a short time holder, but the problem is after selling their Bitcoin they need to wait another month before making another entry point on Bitcoin investment.  Let them realize that repentance always comes at last.

Just keep holding on even though it reached $50k.
ATH isn't yet come.

The fees spike is understandable due to the decentralized nature of Bitcoin and will occur with every change in the price, but such a spike will not affect the fees in the long term because it will be in less than 60 blocks and the fees will return to normal after several hours. The continuity of the spike will be due to things like injections, which we seem to be responsible for causing high fees so far.

In your estimation of the appropriate fees, although the recommendations on mempool.space are useful, but if you take a deeper look at mempool, it will save you more fees.

Of course, I always use the mempool to transact. Mempool is quite helpful. But there is something I am worried about, when the price reaches the new ATH later. There are concerns that transaction fees will cost me. The problem that the Ordinal network has entered a saturation period has made transactions return to normal. I feel happy with this condition even nowadays 12sat/VB is quite cheap price. If later Ordinal is crowded again and ATH comes, I don't expect transaction fees will not reach the new ATH. Although actually these miners can also deliberately strengthen the network to increase fees so that they get a lot of benefits.

I was watching the market live when bitcoin price touched $50K and touching $50K was a really happy moment for me. After almost two long years the Bitcoin market has reached $50K again I think it could not be more happy news for investors. We did not think in 2023 that we will see so much positive movement in early 2024. Yes I thought that the market might start well in 2024 but it was not expected to start so positive. The market touching the $50K milestone early in 2024 is definitely a positive sign and we can expect Bitcoin to surpass its all-time high in this year itself. And we look forward to that time.

Getting back to $50,000 is GREAT don't get me wrong, but it's funny how the euphoria I'm feeling right now is only like 5% of what I've felt the last time we went up to these levels. The last time I got up from my chair and started jumping with joy but right now I had a small smirk lmao.

This is not all about "lack of patience" or wanting to "dump" because price went up. A lot of these transactions are from day traders wanting to increase their bitcoin wealth during a more volatile period. They are not selling, they are trading. Which means they are not holders, they are traders. And the increased traffic comes down when the market calms down.

For example you move your trade funds to the exchange and sell when price reaches the short term peak like at $50385 and then place your buy orders at lower prices to buy more when it dips like after going back to $49760 (the dip after) that way you make about 1% profit.

If these ups and downs are bigger, you make more profit. It is a risky trading strategy but something that is used. After all price doesn't go up in a straight line, it goes up like this:
https://www.talkimg.com/images/2024/02/13/v89sz.jpeg

First of all, it is exciting indeed to re-test the 50k resistance. Sooner rather than later, we'll break it again, and hopefully that will be the signal for the next bull run (I'm aware that we already broke it several times, I mean turning it from resistance into support).

Secondly, we tend to demonize exchanges (me the first), but as per fees, I strongly believe that if you have a part of your holding you don't hodl and want to liquidate it as soon as the price hits your goal, it may be better to keep that part in the exchange to avoid what Mia Chloe said: you'll save in fees and help others save too.

That's a stupid excuse for anything that are keeping their Bitcoin on exchanges, it takes only few minutes to send your Bitcoin from a hardware wallet to a exchange, it's not a demanding work at all, I believe the reason why some do this nonsense is because they trust the exchange more, if something goes wrong they can blame the exchange.

It's just the way we all get used to banking system, we give our money to them for safe keeping and if something goes wrong we blame it on the bank, many people would rather blame something else than blaming themselves, that's why many people don't accept mistakes as their own.

Sadly many people are still like this today, claiming ownership themselves is not in their blood, non-custodial sounds scary to them, they will rather leave the assets in the hands of centralized exchanges, mind you, not all of them, some left those funds on exchanges for trading, it's not all they have, it's just the amount they can afford to risk in the hands of CEX.

Many individuals who store their funds on cryptocurrency exchanges without any immediate plans to use them are often newbies to the industry who haven't grasped the essential concepts before diving into Bitcoin investment. Among these crucial concepts, privacy stands out as a fundamental principle to understand prior to investing in Bitcoin. Without a solid understanding of privacy measures, it's difficult to ensure the security of one's funds.

Moreover, keeping funds into an exchange resembles a gamble with one's funds. Entrusting your funds to a palace where not only you have access means your funds aren't entirely secure. The accessibility of your funds to others opens the possibility of unauthorized use or even loss. Thus, relying on exchanges as a storage solution isn't advisable due to the inherent risks involved. There's always the looming threat that the exchange may abscond with your funds or encounter unforeseen issues, leaving users in a precarious position.

To mitigate these potential risks and avoid potential future complications, it's prudent to acquire a personal wallet like hardware wallets where you have complete control over your funds. By having sole access to your wallet, you significantly reduce the likelihood of unauthorized access or misuse of your funds, providing greater peace of mind and security for your cryptocurrency holdings.

Any bitcoiner who is inexperience in any related field with the use of bitcoin could fall a victim, we just have the higher rate on this with the newbies, other members that are not been careful can be a victim of anything they lest expected to come after them in this crypto world, therefore, there's need for us to always stayed informed and never get relented of every efforts of being updated on the current scam techniques and hacks, we are the first custodial to our assets.

It is exciting to see BTC at $50k but then this is the period many people will lose their hard earned bitcoin just because of some negligence or not securing their coins. Scammers troop in their numbers into the cryptocurrency industry. It will be save to have saved or DCAed from the bear period till now that you are supposed to take profits and you suddenly discover that you have been hacked or exchange has collapsed. But then, despite the abundant advice on the internet, people still fall victim of exchange dramas

That's my opinion but some people are seriously anticipating a big correction. It is difficult to know which opinion to follow even after doing your own research.

I have always told people that exchanges are part of the cryptocurrency industry and it will remain here as long as the industry remains. I only advocate that people should use exchanges the right way they are supposed to be used and not as a wallet.
At the height of mempool congestion, it was exchanges that was helping people out easily. Thanks.

Well expect that to happen since there are lots of people want to move their bitcoin due to different reasons and spiking up of fees is expected to happen. If we don't want to deal anything with high fees related transaction then much better not to follow the crowd and send while this scenario occurs. Still much better for the fee to subside so that we can get more better experience on upcoming new ATH which people awaits for long time. To many people are happy to see the transaction fee became more lower since at the moment even if bitcoin price reach at $50k they can still transact at anytime they want without worrying about those huge fees that need to spend.

The thing is, you do not know how long it would take to achieve the said goal, and you might end up hodling your funds in an exchange for too long, and who knows what can happen within that time. Moving your finds from your non-custodial wallet would cost you fees, but leaving your funds in an exchange for a long time, only because you want to save in fees is very risky and it might not be a wise choice. Imo, it is better for your funds to be safe in your custody and cost you tx fees for moving it to an exchange when you want to liquidate, rather than leaving it in an exchange and risk losing it.

I guess the reason you weren't that much excited is because of your past experience with this type of thing. At every circle, Bitcoin had been known to replace its previous ATH. We know the present ATH is around $69k. If the current price is at $50k, we know it's still short of that mark. We still have more $20k to cover to get any veteran really excited. Those who bought at $69k level wouldn't be excited though they now know it's just a matter of weeks before their entry price is hit. This won't be same for those who bought around the $22k region. We know.

Nonetheless, people shouldn't FOMO. I think there's a retracement coming, as expected.

Lol, but yeah, I remember way back in 2017, wherein when we break $5k, everyone is very happy to see and jumping for joy. And here we are again, $50k a big accomplished already from the last lowest low of $15,500 in this bear market. But we shouldn't be just selling though just because we hit this numbers. We should all be looking at the bigger picture, we are not technically even in the bull so just hold your horses.

I know what it feels for newbies in seeing a price that we have been talking for months. But as I have said, the more that you can control your emotions here, the better. Just watch the price to hit 6 digits this year and that will be our goal as it will be the first time that we are going to see that magical numbers.

I agree with you but what do you expect from those who are not patient? The excitement has to be but my major concern is how badly it's still affecting business (transaction fee), things hasn't been the same ever since transaction fee went crazily high, is like a nightmare that won't come to an end.
Sometimes is like it should just be as it were before, traders some how prefer when it hasn't gotten to $40k when the fee was normal and now that it has gotten to the amount we are hoping to see things just went out of hand, let's see how the fee would be like before the remaining part of this month.

Most only care about the price.

Even users here who are sufficiently exposed to experts' advice and recommendation as regards security are satisfied in keeping their funds in centralized exchanges.

Those who are outside this forum, and who only got Bitcoin because they heard it makes them rich, are certainly in much worse situations. If those who joined discussions about security could not even move their funds out of exchanges, how much more those who haven't even heard that there's such a thing as non-custodial wallets?

It was a big celebration yesterday, seen a new price in the market and it was giving hope to many investors that are still holding their Bitcoin in their wallets, because they knew that the price will still increase higher more than the current price to allow long term investors to achieve passive income when the bullish season appear. Having a solid wallet to store your Bitcoin for the long period of time, and make the seeds phrase safe, it will guarantee you a big hope that will make you to celebrate when you succeed to hold the Bitcoin till the end of the bearish season. And if you want to get such solid wallet to lock your Bitcoin for long, I will advice you to use electrum wallet to store your Bitcoin for future use because the wallet is very safe for the users.

Seeing the price of $50k is exciting but it would be even more exciting if you could see the price continue to climb and pass its last ATH. Moreover, if the price can get its latest ATH, it will be even more fun. You can sell it at its latest ATH and get big profits.

You can still buy Bitcoin on exchanges but don't keep it on the exchange for too long if the price hasn't increased. But you can do it anyway if you feel it's okay to store Bitcoin or altcoins on an exchange. It's an option but you should know the risks.

We always recommend holding Bitcoin in a personal wallet and not on an exchange. But many people still keep them on exchanges and that's up to them. We cannot force them to do so because they may still feel comfortable storing their Bitcoin and altcoins on exchanges.

No, not me. :P
My exchange has nothing, but BNB for gas fees only. The tokens that I'm currently holding are on different wallets that I have control over.

Well, the tl;dr of the whole thread is, always be safe whatever happens. :D

Anyway, thanks for the reminder OP. I'm pretty sure this thread might help 1 or 2 newbies out there and might do research regarding increasing the security of their wallets, and the correct wallets that they're using. Aside from that, seeing Bitcoin at $50,000 isn't that surprising, and exciting for me because I knew already that it would reach that price. TBH, I might not feel anything as well if Bitcoin's price reaches $100,000 for the first time. I mean I saw Bitcoin's price reaching $40,000, $50,000, and even $60,000 way back in 2021, and I didn't feel anything but disappointment because of my wrong decisions.

Always be vigilant, and always look for websites that you're browsing because you might be browsing a phishing site already that may drain your wallets.

I'm excited to see how long it will be before the halving. Bitcoin has passed $50K for the first time in over 2 years and has reached a market cap of $1 trillion for the first time since December 2021. However, I still think this bull run might be a bit early compared to previous ones relative to the halving.

I believe a correction could be coming soon. I sense a big short approaching, while some are waiting for a reversal. I just hope it doesn't happen.

Yeah! definitely not you  :D love your sense of humour   ;D

By now you should have corrected your wrong and you might not feelenthusiasts about the price increase of Bitcoin probably because you've missed some close price range

The Bitcoin market touched $50K but after touching $50K the market again fell below $48K but currently the Bitcoin market is again around $52K. The list of prices that I mentioned has changed in a very short period of time. The price of Bitcoin touched $50K and after the market stabilized at $50K, the market started dumping again. 
After the market dumped a bit, the market again formed two large candles for some time and based on those candles, the market moved around $52K. The market is moving upwards in a very positive way, so it is thought that maybe the market will go up a bit more and will dump a little bit again and the market will be positive again by dumping a little bit.

It seems that we are not only crossing, but also building some support, above the 50k mark. Time will tell, because we've been there a few times before, but imo chances are that this could be the moment we can look at further horizons :)

Good luck guys! we're all in the same boat here.

Bitcoin is having a good market performance currently and for the sake of those that ha e invested a little while, they will understand the reason why they cannot afford to go for any other than bitcoin alone in cryptocurrency, when we first achieved the $50,000 I thought that was the end not until the higher versions begin to unfolds about the market performance till we are close to having $52,000.

So far but yet so close, before now it looked like as if Bitcoin would never go up again after that massive drop from 64k to 19k as of 2022. But as it never fails, once again it has proven to the public why it's actually the number one coin ever and also the most assured coin to get in the market so everyone should start hoarding Bitcoin and Don't relent or hesitate because time is coming when this actually 50k would be history and seeing the current market price it has already gotten to 51k and still climbing hot.

Sorry for asking a dumb question but, anyone who can explain why Bitcoin is bullish now?  Is there any catalyst or events that we can say that contribute to this behavior?  I am just currently learning again about bitcoin and crypto in general and I am a bit lost.

Last news about bitcoin that I know that may contribute to the bullish behavior is the Bitcoin ETF which is just recently being implemented.  Is this the main driver or is it just a seasonal thing that they say that bitcoin becomes bullish every 4 years or so?  Thanks in advance.

Bitcoin is bullish for now. But no one knows how long this bullishness will remain and how high the price will move. Bitcoin will experience a halving moment and that might be an impetus for its price to rise even higher.

You should keep holding your Bitcoin if you have bought it and don't sell it if it hasn't reached its new ATH. If we look at Bitcoin's journey, bullish happens every 4 years. For those that have happened, usually after the halving moment, the price will start to pump. And that will push the price to reach its new ATH price.

But no one can predict what the new ATH will be for Bitcoin. We can only estimate how far the new ATH will be reached. So set your target for selling your Bitcoin and don't be greedy in taking profits because that could make you fail to get the profits.

I had recently created a topic regarding Bitcoin's capabilities and the opportunities it presents, and the main topic of discussion was reaching the $50,000 mark. Most users, myself included, projected that this would likely happen anywhere after April or May, but we were ultimately proven wrong. It's exciting, but that means that the phase of more affordable Bitcoin has now officially ended. Accumulating Bitcoin was already a lot harder after it surpassed $40,000, let alone 50,000, but that's okay.

Keep your money, wallets, and seed phrases safe. Exchanges are not the best option in terms of safety and privacy issues for taxation purposes, but they're convenient, so I can't blame anyone for using them, but I'd be cautious nonetheless. The same rule applies to online wallets; these are, in my opinion, worse.

Ain't that the truth? I guess some people just got a really low price goal so they keep it in exchanges in case they need to get their profit or that they've finally reached their goal. Totally agree with the part of no intention of selling then don't store it there but still it's still a risky thin for someone to do that, learning how to store your own bitcoin is the only way and that's the freedom that we all should be striving for so it's a mystery to me that people still do this kind of thing, to each of their own I guess.

$50k is really exciting but it seems like each time we get to hype a particular amount that we're expecting in a long while and when BTC price get to that amount it seems to be slow in movement and it only goes forward and backward.
Is it that we only have to let expectations be for some time or even for ever without having it in mind? Few days back the movement seems to be positive but after sometime it started going back to that dull movement we experienced before, as of now we have it at $51k which is suppose to be above this current amount by now, I just hope there wouldn't be any negative drop in this new week we're entering.

Well everyone is in a haste to withdraw their holdings and I think majority of the people doing this aren’t actually long term holders and there are also people in the industry who are simply looking for a way to cover their previous losses and move on from the crypto market and maybe they’re getting thru ways and I also agree that, that’s one of the major causes of the high transaction charges of recent and I hope all this subsides after now.

One funny thing about cryptocurrency is the fact that nothing is certain not even the up’s and downs that comes with it isn’t certain and we just have to be smart enough to be able to profit from either seasons and I believe the price charges for transactions will soon drop anytime and I don’t think it will stay longer.

+3 for you in appreciation for your work and also being a fan of me. Thank you .

I feel the transaction fee has already dropped for good but our major concern is how long will it last because about 2-3 weeks back it came back (transaction fee) to it normal state but after about a week it went back high and it got me worried about this recent changes if after some week of getting to the normal charge that it won't go back high again.
Is worriesome for many traders who are always on the go to make transactions on a daily to encounter such, but with how Bitcoin price is getting higher I have that feeling that it won't make the fees to dull business for investors and traders.