Bitcoin Forum

If bitcoin reach $20k fee will be huge?
is it going to get worse and worse the more the price up? or it fixed itself

Normally, if bitcoin increases in price, that means the bitcoin fee will increase, even if not increasing in bitcoin, it will increase in dollar, but if the mempool is congested, that means the price will also increase in bitcoin because miners only take highest fee first. And if bitcoin price increase, that means people buy it more, which means more people are using bitcoin, this will result to people making more transactions, which means the mempool will normally be congested than this time which will increase the fee thet more.

The scalability issue have to been addressed, something should be done, like the lightning network, but people using the lightning network are not much, but it can be an alternative way to geting faster transactions with much cheaper fees. Also, use of segwit address will help. Also let us expect more approaches in the future that will tackle the high transaction fees.

Fees are still high and if it reaches 20K and even more, without doubt it will skyrocket again. I thought we would be more prepared for this time but from the current situation, it seems there will be new 2017 in terms of fees. But the great thing here is that we have a lighting network and more people know about it, so fees shouldn't be a huge problem there. A lot of people will move on lighting network and it will be implemented by a lot of service providers, otherwise, it will be hard to use bitcoin. I want to keep most of my bitcoins on certain wallet and when I need for example some bucks, I don't want to pay tens of dollars in fees. There are many like me.

Fees will normally get high as well. Remember Btc's value is based in USD.
If you set 1000 sats transaction fee and that currently valued $0.132 in Btc, then suddenly Btc reached $20,000, 1000 sats value will never be the same when Btc was $13,000.
Another thing is the transactions traffic in the mempool that causes the confirmation waiting to be longer, thus forcing people to put a higher fees. Usually happens during bullrun.

Fee is high when the network is busy, but on ordinary days, fees are reasonable, last time bitcoin went to $20,000, there was a chaos in the market and the fee was really high but if it will be stable at that price after it will reach at that level again, I think we will not complain of the fee.

As bitcoin continues to grow in value, we cannot deny that bitcoin is not anymore suitable for micro transactions, altcoins are now more suitable for that, however, bitcoin owns a great liquidity, so people who usually transact with a decent amount will always prefer bitcoin as the fee is still comparably low compared to centralized platforms like paypal or the like.

There's no direct link between the fee and bitcoin's FIAT conversion rate.
The fee (in sat/vbyte) only depends on: the fee, the size and the amount of other transactions currently in the mempool. If the cumulative size of transactions entering the mempool is equal to or less than the cumulative size of transactions that fit into blocks during a certain timeframe, the fees will decrease and vice versa.

It is true however, that during a price peak, it's not unusual to see more transactions being broadcasted, so it's not unusual to see the fee rise.

Ofcourse it's obvious that if you're looking at fiat values, even a status quo will mean an increase in fiat value of the fee... A 2000 sat fee is a 2000 sat fee, but the fiat value of a 2000 sat fee at a time when the conversion ratio is $13000/BTC is 10 times less than a 2000 sat fee at a time when the conversion ratio is $130.000/BTC.

If you're worried about the fees, it might be a good idear to read up about the lightning network, or convert some of your BTC into a stable altcoin, or at least consolidate your outputs when the average feerate dips for a couple of hours...

I think so far the cost has remained at a minimum of 20k satoshis, I think nothing has changed from this even though the price of bitcoin continues to rise. If we are based on the price in dollar conditions, of course it will be different, but we should see it in BTC so that everything looks the same, nothing is different.

Okay look at this chart

https://bitinfocharts.com/comparison/bitcoin-hashrate.html#3m

hashrate dropped from 157 eh on oct 17 to 101 eh on oct 28.


so blocks made dropped 33% so transactions backup and fees   drop..   edit go up since block fill up

look at this




a diff drop from 19.997 to 17.473  is really big

that means lots and lots of gear went off line in the last 10 days

so less blocks made

all of the above is factual.

Most likely due to Chinese rainy season power rates ended for this year. Lots of gear gets shut down.

This has more effect then price for right now.

It makes no sense talking about "minimum costs". The fee is calculated in sat/vbyte. If you say the minimum "cost" is 20k satoshi's, that'll only lead newbies the wrong way.

A one input, 2 output transaction from a native segwit wallet has a size of ~180 bytes, at the moment you should pay at very least >200 sat/vbyte. 200*180 = 36k satoshi's.

And that's for a tiny transaction, and not paying the optimal fee but barely the minimum fee.

If you have bigger transactions (2 or 3 inputs, 2 outputs, non-native segwit wallet) and you want a big chance of getting confirmed in the next 2 or 3 blocks, your fee is rather going to be in the 130k sat range.

But if you talk about the minimum fee, that's still 0. 0 fee transactions are still theoretically possible, but allmost no nodes will relay them, and allmost no miner will put them into a block he/she is trying to solve...
IIRC, the default minimum relay fee is 1 sat/byte, so for a "small" transaction that's only 200 sat's... Offcourse, at this moment in time, your transaction will not be mined untill the mempool is allmost completely empty (which can take days/weeks/months)

From my perspective you have said it all, I really like your suggestion because the fees of bitcoin is determined by the values or how large your transactions is, and it likely works with the increments of bitcoin because provided that bitcoin price is high the fees will be high and when is low the charge will be also  low, so you have answered the question from my views.

Yes, bitcoin can increase their fee when it will be 20000$.Nowadays people interest in online platforms day by day and they use bitcoin other currency and debit or credit or visa Mastercard.As a result, they increase fee and rule for this so without doubt bitcoin fee will be increasing so high so just wait and see.If you want to your transaction so fast you need to pay high as usually so when it will be 20000$ this time  fee will high because people use it more transaction

Technically, it is a fact that Bitcoin transaction fee increases when the price increases. But I think this is not a problem that can't be solved. They made Lightning Network for faster transactions. They can also build a system that people can make transactions with Bitcoin not only faster but also cheaper.

Logically it will increase as the price increase. Because when bitcoin price increases, number of transactions will be increased too, as a result for getting faster confirmation, there will be a competition between the users. Whoever will pay high fee, will get their tx confirmed faster.
However, if BTC price remains stable at $20k, I think fee will decrease too eventually.

Lets assume bitcoin has reached $20k. Since bitcoin showed a good bull run many people started buying it more.
This means more number of transactions are being broadcasted in the bitcoin blockchain. Hence the mempool size gets increased the network becomes congested.
Since people want their transactions to be confirmed soon they start paying higher transaction fees and this leads to increase in the price of transaction fees.
The transaction fees will only decrease when the mempool size decreases and the network is not congested.
So eventually yes the transaction fees will increase but as time goes it will come back to the normal price as the sudden surge decreases.

The fees will of course rise if the price goes to 20 thousand but I'm sure that it won't be as bad as in 2018. That situation was different with network undergoing a transaction spam.

I don't see high fees as something abnormal, on the contrary, treat it as something bigger and more valuable. The cost of transporting $1000 worth of sand is going to be lower than the cost of transporting an amount worth $2000 and nobody finds that strange or arguable. Try sending a million USD to Europe and you'll see what the fees will be for that transaction.

The transaction fee increases with reference to the market change. Apart from this whenever more number of transactions get stuck on the network automatically the transaction with the higher fee will be confirmed first. By the time there'll be increase in the transaction fee. This happens quite often with bitcoin whenever there is increase in the price of bitcoin.

As long as Bitcoin increases, the volume will increase as a consequence. With the increase in volume, the number of transactions will rise and transactions that are not approved on the network will accumulate. Thus, we will have to pay more fees. This means that if bitcoin is 20k, transaction fees will fly out.

If you happen to be here on the last bull run you will see how much the transaction fees cost that time. So it will going to happen again if Bitcoin hits $20k again and even now that it touches $13k the transaction fees are starting to cost high based on my recent trade. It's normal to see this happening nowadays since more people will tend to do more trades because of the high price of Bitcoin.

Transaction fee doesn't depends on bitcoin price. Network condition is the main reason of higher fee. If bitcoin price goes up the fee will remain same (based on network condition as it should be) in btc amount like other times. When the price goes up the same amount of btc fee become more worthy in usd value. For this the fee will be little bit more in usd value but not huge. And you should also know these thing.
Source (https://support.blockchain.com/hc/en-us/articles/360000939883-Explaining-bitcoin-transaction-fees)

That's the practical issue! We have seen a similar trend during the last time bitcoin reached its ATH. Even if you see the fees chart for last 5 days, it has already started going up! Probably it's a great time to mass adopt LN! There is no way to automatically fix this because it is directly linked to the volume of the transactions.

Bitcoin fees tend to get high when there's a lot of trading activity, especially when the price goes up, because some people send their coins to exchanges to sell, other withdraw their newly-bought coins, and some traders move coins between exchanges for arbitrage opportunities. When we'll see the $20k for the next time, it will likely be the result of quick price jump, so the fees will get higher.
But when after many years the $20k range will be a norm, the fees won't be really high. In this year, when the price was above $9,000, we saw fees as low as a few cents per transactions, just like when Bitcoin was trading for only hundreds of dollars.

It's normal that the transaction fess will increase like what is happening now since the  transactions of many users who might  buy more or trade it often will increase too, it might be more expensive than it was in 2017 ATH if it will reach 20k dollar as there are new and many traders now,it became also more higher in fees when we started to convert that BTC value even in our mind into our own fiat value that make me just watch the market and don't do any transactions till there be a sign that the price will drop.

Yes, I think this is the best current solution for those concerned with fee. I don't think that the scalability issue will be resolved anytime soon, but the developer will keep working and trying to fix this problem until in the end there will be the best solution. The two option that you mentioned are some of the thing that make micro-transaction save on transaction fee, but so far I have never tried LN even though it is quite helpful in term of fee. Using altcoin is another way to save fee.

The price of fees mainly depends upon the number of transactions pending on blockchain newtwork waiting to be confirmed.The btc hasrate dropped significantly in last 4 days from high of 161 EH/s to 90 EHs.The overall SHA256 hasrate lost more than 40% between high and low point.At present there are more than 121k transactions pending to be confirmed. This is all time high after 2017 and it has conicided with rise in prices and everyone is paying high fees for transactions to be cleared fast. The present median rate is $5.18 which is likely to rise to $8 approximately so it's about btc network.

It is not necessarily because of the valuation that the transaction fees are rising, it is simply because of the increase in the number of BTCitcoin transactions and the mempool is flooding with transactions and my transactions i made with a decent fees are still stuck in the past four days which sucks and if this continues it reminds me of the situation when the fees was surging during the last halving and all the debates we had and four years down the line we are in the same situation.

It will vary on the network condition because in time like these where there are lots of people who do make out transactions due to the price is mooning then expect
that there are people whom do set fees which is higher than the normal stuff and then it would gradually make out increase as long the entire network is clogged
but lets say that we had stabilize on the price of 20k for some weeks now then expect for those fees to lessen up a bit as the network is tending going back
into normal where transaction pendings arent really that too high.

It does not necessarily mean that if the price is high the transaction does too, it will differ also with the traffic in the network and that determines the price of the fees that we are going to pay for each transaction we send there. There has been transaction in large sizes that comes with low transaction fee, lower than the usual fees for such amounts. The timing in sending is also a factor if you want to save some bucks in fees.

Bitcoin transfers are quite slow and expensive, if bitcoin can increase in price to $ 20,000 perhaps people will consider it before deciding to make a transfer because the fees will be huge.

It is certain that in the future bitcoin will have to find a way to modify such restrictions in order to become a currency.

with time and as we always saw , the bitcoin price first will go up , the rest of the market will dump massively , thats true but with time and when bitcoin price calm down you will see all the other coins going up again faster than bitcoin.

There are two things that cause the cost of sending bitcoin to soar: the number of transactions and the price of bitcoin. In the event that the price of bitcoin goes up, transaction costs will inevitably increase. Assuming a transaction cost of 0.000001 when bitcoin is priced at $ 10,000, the cost is quite cheap, if bitcoin goes up to $ 20,000, that's a pretty big fee.

That's right and we already see had that problem the first time bitcoin reach that top high. This is because the bitcoin transactions get crazy, tons of bitcoin transactions make a huge queue and the miners give priority to those ones who pay more, that's why the fees get that up.

During 2017, fees were high because of the network spam and a lot of unconfirmed transactions were made. We have segwit now and fees were reduced, thanks to it. I'm expecting that fees are about to increase if we go back to $20k but it's not going to be that high anymore IMO.
The explanations about the network and unconfirmed txs are the main reason for it. If we see $20k and the unconfirmed txs aren't that much, expect fees to be lower and if not, vice versa.

I do not think that the fee is dependent on the present price of bitcoin. As we all may know had already touched 20k. I believe it is dependent on the number of transactions to be confirmed or so. However, it is not about the price.

Yes, still dependent on the current traffic of the network. If you want to avoid paying high fees when the btc price increases, look for the time of the day where the mempool is not so busy. As it is not dependent on the price but on the current activity of the network.

Basically, the transaction fees in bitcoins are the same regardless of how much bitcoin in USD reaches, however, the story is different when we're talking about USD with respect to bitcoin as that will increase along with bitcoin's price. Been a big issue among the ones who cashed out when bitcoin reached an ATH last 2017, a lot of hopes were put into the lightning network which promises to solve these issues.

I hate to see the fees getting high this time but can't change it either. The changes in its fees likely proportionate to the current market price. People are now moving in and out of their Bitcoin, the TRX demand is higher, heavy traffic pulled it cause delay, and the more it pushes the fees to get higher in order to prioritize my miners.

Just like what I did today, I send out some BTC with the lowest fees of about 125 sat, it is already 5 hours has passed but still not able to receive it until now. Well, that was expected to happen this time unless if we set to higher fees, but I was saving from it that makes me willing to wait until it confirmed.

No, traffic increases when price fluctuates because traders keep buying and selling. When the price remains stable, so called "sideways", the network calms.

Remember: the fee never increases unless you let the wallet do it. So don't let it. You can just wait a day or three for a transaction to confirm and not pay any outrageous fees from crazy traders (and their bots) abusing the network. Of course exchanges also are at fault for many other reasons.

Quite right, If you have no urgent need of BTC funds, It's advisable to hold the funds until mem pool cleared atleast 50% of the pending transaction. The fee is flying high right now that cost around 281sat per byte for a transaction that requires 2 confirmation and double the price if you want an instant transaction. Blockchain really need to upgrade to faster network. BTC is not convenient to used anymore compared to other currency like LTC that faster, cheaper and convenient to use.

I'm fookin bullish on the TRANSACTION FEE and not on BTC anymore.

That's the justified consequences of getting a high value of cryptocurrency especially bitcoin. Expect that as long as the value of bitcoin gets higher it will attract more investors and this would be the perks why it is possible for a high transaction fee. If i were going to transact my bitcoin it then i have no choice but to deal with it knowing that bitcoin value today was $13000 and hopefully will hit again at $20000.

perks supposed to be advantage to us but perks that we are getting here in btc is high fees but high price of btc can still be called as perk ? we can still be able to earn big and we can somehow recover the fee that we use  . why worry guys  . i didnt see high transaction fee as a problem at all but this is better than seeing btc price didnt move because that was boring and only shows that btc has no improvement . i think the highest transaction fee that i paid for btc was 3 usd , that time when btc is at its highest  but other than that the fee that im paying were now under 2 usd.  im already used to this

If the price of 1 bitcoin increases to $20K calculate the mean of the current fee in USD by what it would be when it is $20k, even if miners don't charge much BTC for fees, the USD value must increase so, definitely your question is explanatory enough.

The thing that will definitely happen if Bitcoin reaches $ 20k transaction fees will be even more expensive, because there must be a lot of people
using Bitcoin. But there will definitely be a solution, you can use the Lightning Network to be able to make Bitcoin transactions faster and cheaper.
Or you can use an address that already supports Segwit, you can also use altcoins to send your funds. And surely there is another solution,
but now it's unthinkable.

I don't even want to imagine, honestly when that happens I will completely stop using btc concerning anything transfer, we have several other project are have very cheap transaction fees, i will buy btc and sell when the price is good, won't use it to transfer funds same as eth, they are becoming too expensive and the opposite of what crypto represent interns of fees.

I believe the fee will be reasonable, in 2017 when BTC was around $20 nobody complained about high fees, why should now?

Even at it's current price the fee is still high so we could assume that when Bitcoin price reach $20K again the fee would be even higher.
This is why I choose to use alt-coin sometimes when I need to send some money from trading and gambling to save some money from the high transaction fee.

In fact, it is natural if we use the USD calculation in our calculations, because every price increases the Fee price in USD will also increase, but the calculation of the bitcoin / altcoin unit doesn't actually change,

Of course, this is something we really need to take into account carefully, especially if you want to invest a certain amount of funds in bitcoin.

When Bitcoin reaches 20k, the fee for the dollar will be huge because as the price of Bitcoin increases the exchanges will increase the amount of their fees for transactions. If you can do the transaction properly it will have an alternative method. In the current system of credit / debit and banking, managing small payments is not cost effective. Less than Day 1, just a few pennic or a fraction of a penny and so on. The payment structure of these systems is that there is no fee or charge for using Bitcoin to send remittances to small payments.

Yes we do hate to see the  fact that most of the transaction  still had a pretty huge fee
Especially for newbie who often uses web wallet that sets an average fee of 10000 satoshi to 30000 satoshi even higher sometimes.
You cannot set a fixed fee but when the price of bitcoin gettin high the fee will follow
And that moment you will have to figure it out, about adjusting the fee without have to get in trouble like what you did by waiting for too long.
If you'd like to send small amount it is better to switch to altcoins , bitcoin for me has too high fee

I think it's the logical follow up. If Bitcoin price increases that much, which I doubt, the fee will also rise, although not necessarily to huge amount. Miners, exchanges and other services also want their part of this cake and that can't be avoided but that is also fair. High Bitcoin price also has its own price, we have to accept that. Bitcoin transactions will never be for free.

The problem on this increasing transaction fee was its still slow to confirm all the transaction despite of how high is the current fee. It didn't change anything except miners profit on processing the transaction. This is good for miners because there work is being paid higher while there miner still doing same hash rate daily. This is a problem to the majority of bitcoin user that creating tons of small transaction everyday. If this continues, I'm afraid that many bitcoin user will flip to a better coin.

I can't even transfer my salary on signature campaign because the fee is almost 20% of the money I earn. I'm not crazy to give it to the miners. LOL

This is something the devs really needs to work on. The last time the price got to that amount of $20k the fees we had to pay for transaction increased as well. Maybe by the time the price stabilize at $20,000 or around that price, they are going to look for a means to settle the issue of high fees and also work on the issue on whereby the network gets filled up and causes increase in the fees.

For now, we just have to make use of any means possible to make the fees less. Most of the wallets we have allows three options for fees, and that’s the priority, regular, and the custom. You can use any of the last two to make your fees less, because making use of priority is going to make your fees to be high.

Bitcoin is different from other cryptocurrency in the areas of fees.
Other cryptocurrencies gas fees is high than bitcoin but bitcoin price is rising but the gas fees still remain the same. Even though BTC reach $20k fees will not still high like other cryptocurrencies which many investors are withdrawing from the market and start trading with bitcoin.
Bitcoin is like a king to other cryptocurrencies once it's rising others will start dropping even fiat money lose value during covid-19 that still make many people believe on bitcoin that even though rise to $20k it gas fees will still be low.

Are you saying that the developers are waiting for the price to reach its all time high valuation and then sort out the scaling issues  :D. There is no magical solution right now other than using lightning network and move you coins, if you are broadcasting on the network then you need to input higher fees.

The only solution do not send the coins when the network is congested, other than that what can be done to make the fees less  :P ;D.

So much depends on the transaction volume and on how many are competing to get their transaction confirm, but the five hours ago I tried to send my $15 Bitcoin to my other wallet and was charge $7 I did not push through, when just yesterday I successfully sent my $10 worth of Bitcoin to my other wallet for only $0.75, it really depends on the volume and the action of senders.

I think it depends on the transaction numbers that how many transaction are making at a time. But it is normal to increase fee when the price will be rising continuously.

Sure thing the fee is going to increase.
Remember in 2017, when BTC was around 1k, transaction fee was cheap and transaction confirms within minutes. But during/after the bullrun, the confirmation time was slow because there more transaction. Transactions with high fees were priority to miners.
Now imagine when price goes above 20k, there will be more transactions and the chain will be more congested, leading to high fees

We only need to optimize the use of the Lightning Network if Bitcoin transaction fees go up, after all, now almost all wallets support Segwit,
it should reduce and speed up Bitcoin transactions. So there's no need to worry if Bitcoin hits the $ 20k price. That's why I now choose to use
altcoins to send my funds from one wallet to another. Because using altcoins makes transaction fees faster and cheaper. I usually use LTC,
TRX, DOGE, and XRP.

Yeah if the mempool is congested there is a big possibility that they bitcoin transaction fee will also to increase especially if you want your transaction to be process right away but if you can wait for few days then you can adjust your transaction fee.

But if we are going to summarize it, there is a big possibility that the bitcoin fee will likely to increase once the bitcoin will continue to increase it's price especially if there will be many who are using or transacting bitcoin as it is the main reason why the mempool will be congested. But I am hoping that the bitcoin fee will not reach to unreasonable fee so we are still free in using it anytime we like.

LN isnt still an option for now yet its still on its development where such transition can't be possibly made but somehow we do have several options like switching to alts.

This isnt something new when price of btc is on peak then  expect for network to clogged up which in resulting to higher fees as usual but when it normalizes then it would really be much lesser.

Switching to alts is viable option at the moment and this had been my way when times like these where i cant really afford to pay up fees this high.

The perspective of people with regards to Bitcoin transaction fees is that it is directly proportional to the price change of Bitcoin that when Bitcoin price goes up, then the transaction fee rises up as well and the counterpart when it comes to going down. Well, more likely that would be the observable case that people do always see. But there are still other factor that affects the changes on Bitcoin transaction fees. It is not always about the price of Bitcoin that makes the fees expensive. It is on the processing part of the transaction. With the congestion happening due to many pending transactions within the system. Actually you can adjust your transaction fee with regards if you already need it or not. If you want your transaction to be seamless and fast to be confirmed, then you will need to spend more to be prioritized. The fees are not always proportional with the pricing of Bitcoin but it is also about the congestion happening on transaction confirmations that makes the price expensive.

Overall this kind of stuffs depends on the demand. If the trade volume is high even the price is low the fees can be more. So it doesn't depends on the high price it depends the high trade volume.

yes, the fees from the miners  will matter base on the demand of their service. For example if bitcoin market js high meaningnm that many people are utilizing bitcoin and that will als determine that many will going to make transaction and the many will going to use the service of miners to confirm their transaction. As demand of the miner increases so does their service fee.

it happens in 2017 when the price of Bitcoin totally grows up to 20,000 and that was the first time i experienced congestion,when my withdrawals sometimes took days before coming in(because i use of course lowest satoshi lol) but eventually as days passed by?the fee lowered and the transaction comes fast but Lightning network was not on the scene those days,lets see now since LN is available.

there are wallets that dont put indication on the fee tab or on the sending tab and if your a newbie you will only send small fee all the time . the 2017 btc ath is a good way for us newbie to get aware that those things can happen if we keep on using a small fee  .

now more wallets now put an indication if what are the speed we are getting per fee that we will be using and there are now sites to check if network is clogged or not . i remember lightning network is only a plan before but not that it was now implemented this will also help us in terms of fee and speed .

If the price of Bitcoin continues to grow as the forecast shows, the fees will naturally increase. The network is congested by users due to high demand. I think that we as users must carry out the necessary transactions. If we are active traders we must balance the profits and these expenses. In the end with the high Bitcoin price we all win despite the discount of the fees.

This is just normal because to make it more balance. Right now I recently experience the increase of the transaction fee to those gambling websites, previous the price is just around over two(2) dollars and right now unexpected increase it comes over eight dollars, quite expensive just transaction fees only.


this is my first-year experience that the bitcoin will reach ATH I'm looking forward to seeing what are changes may happen if the price of the bitcoin increases too.
One of the things I do before I made a transaction is checking if the miners are available or it has less unconfirmed transactions on the mempool to make sure it will transfer to the wallet quickly but if congested I think one of the best solutions is the increase of transaction fee.

I think it will really increase, this would be a pain to small bitcoiners like us. It may seem small fee in btc value but when you look at its usd value then you will realize that it's big. The fee you are paying can already buy something you need. It's either you just make a transaction when you send a big amount or shift to another crypto where there are less fees.

This is quite natural in the crypto world. You seem to be a newbie in the cryptocurrency community op since this isn't anything new. There are several ways to bypass high fee issues though.

Options:
1. You could use an alternate currency like LTC.
2. Use segwit to decrease fee by upto 30%
3. Prepare to wait for a day or two by choosing a low fee

 

 Bitcoin now for big boys transfer 1 billion with 30 usd fee,not for average people move 100 usd with 20 usd fee.

 Deal with it.it wont change.Adoption wont be big,it cant scale even.

Forget about paying a merchant to buy things with bitcoin in daily life. Buy a coffee 5 usd but pay 8 usd fee!

https://twitter.com/disco_donald/status/1321175897328644096

 

we see today, that bitcoin price is increasing.  The rapidly growing mainstream adoption, and media attention, many people at large increasingly believe in the phenomenal development of Bitcoin, and want to take part in that world.  however, there is a dark side that society does not pay attention to today.  namely the high cost per transaction on the Bitcoin blockchain network.  if with the increasing price of bitcoin today it attracts more people, then the Blocksize Scalability of the Bitcoin Blockchain is too full by transactions that occur every second.

Of course once the value of bitcoin increase, the transaction fee is also automatically increase. I think that is normal in crypto transaction because even the Ethereum is also increasing the gas fee when the value keep on increasing. But you still have other choice if you don't want to pay a higher transaction fee of bitcoin. There are alternative for that like xrp and so many other altcoins.

Now fee is so much high. This is one of the big problem nowadays. For this reason so many people stop sending low or small number coin. In my opinion if Bitcoin reach 20k then fee will be increase. But i hope that it can be fixed and being low in the next coming days.

Bitcoin Fee will definitely increase with it's price.  but it is also true that the bitcoin technology is so wide . new things and features are coming every day. like Segwit and all others. so it is possible that in future something will come up which solve the problem of high transaction fee.
there are some wallets which allow users to set custom fee. there you can choose a fee of your own choice. but if you choose very low price, your transaction might stuck and never confirm.

Yes transaction fee will definitely goes high if ever the bitcoin market price reach again to $20000. Bitcoin market value reaching $20000 was not impossible hence it already happened way back year 2017 where each and everyone of us are telling that this year was a Golden Year of bitcoin. Way back at this year, truly congestion were experienced where transactions sometime delayed up to 2 days.

Last withdraw bitcoin I got fee about $4 and payment transaction process just few minute and take about 0.00032 when bitcoin still $13k, when I use fee payment lower than $4 I have waiting more than six hours for receiving my bitcoin assets. Now bitcoin break up to higher price and need higher fees transaction if you wanna sent bitcoin to other wallet, better if an exchange you must convert bitcoin to altcoin and get lower fee, if you sent with bitcoin could lower setting fees transaction but waiting for several hour to receive.

The whole year it is only $14,000 is what the highest price Bitcoin reached but look at the Transaction fees?is this not enough to answer your question?

Obviously Bitcoin Fee will increase continuously as we are entering the Top prices and for sure in a  matter of year from now the fee will be at least added 50% or multiple.

But this is expected mate,as Miner will surely claims their Piece of cake from this market.

Ideally, fee should be independent of the exchange rate. But from what we have seen, the transaction fee rise whenever we have an increase in the exchange rates. There are two reasons for this. The first one is that the transaction fee is denominated in Sat/Byte. So when the price shoots up, the value in fiat also goes up (even if the rate in Sat/Byte remains the same). Another reason is that when the exchange rates go up, we witness an increase in the number of transactions. This pushes up the fee.

I think using bitcoin transactions to just send small money will look expensive but for people who want to transact large I think it's very little, usually depending on the bitcoin network itself, if the transaction is full then people will increase their transaction fees so that it becomes more expensive for their transactions can be confirmed immediately it affects people who want to make smaller transactions, this is also a serious lesson and I believe this problem will be solved in the future

Yes I think. Bitcoin reaching such amount means that more people will troop in. And more people trooping into the use of bitcoin means that they'll be more transactions. More transaction brings more confirmation. And when there's just too much transactions to confirm, the transaction fee happens to go high as people would increase their transaction fee just to get the transaction completed asap.

You provided accurate information.Fees go up as the price of Bitcoin goes up.As I saw in the case of Etherium.It is expected that Bitcoin will cross $15,000 this time and the fee will increase proportionately.

I don't really think it is so bad that the bitcoin price is going up
and i think yes, it will go up to 17000 eventually.

Bitcoin price still increasing. And fee also increasing in USD. Its normal. Price will not increase in BTC but price will increase in USD value of BTC. Hope bitcoin will cross 16,000 USD in this year.

I expect the fee will be huge if the btc price will also reach $20k. Just like the other day I tried to withdraw my btc in a certain wallet and it cost me more than 3-4$ to withdraw. We can observe the fees these days so there’s a change when you do a transaction. So it is also depends on you if how much are you willing to spend fees, if lower the fees the slow transaction to confirm that will happen.

When I tried moving my coins last week, I had to pay around $9. Obviously, as you have posted, we have the option for waiting for a few days. But not everyone will be able to do that. When you are short of money, and you have bills pending, then sometimes you don't care about the transaction fee. And I expect the transaction fee to go further up in the coming days.

Bitcoin is a digital assets, which many individual, private and some industries uses as a mode of payment and purchasing of goods and services. Therefore the price raised to 20k, I don't think it has anything to do with the charge fees, rather charge base on the percentage per transaction.

Yes, I have the same experience too. That makes me think about converting it first into altcoin before I am moving my coin. But as what you say, we will not have to think about the fee if we need that money because we want to get it as fast as we can. I wonder how much the fee of the transaction if bitcoin price touch $20k because that can make us spend more money just to pay the transaction. Hm, maybe choosing the altcoin will be the solution for that, but I don't know, better to see what will happen later.

Tonight bitcoin success cross more than $15000 and have chance for bitcoin back to higher price more $20000, talking with bitcoin fee transaction when sending I think depend how exchange rule, some exchange have higher fees for transaction and take more than $5 when you sending bitcoin, but you can use other wallet like coinomi, trustwallet if you wanna receive bitcoin and have lower fee transaction. Actually you have many way to get little fee when transaction on exchange market like sell bitcoin to altcoin have lower fee baiscly with tron, doge and other coin platform have lower price and fee for transaction.

Always there will be a correction. If we think about current situation, it is normal situation for fee and if bitcoin reach on $20k then there will be a correction for fee.

Ethereum differs from Bitcoin in 'the cause increasing fees'...
Bitcoin transaction fees will automatically increase when the Bitcoin price increases too but Ethereum fees will increase when transactions increase sharply, just look at the DeFi HYPE a few weeks ago which caused Ethereum fees to be very high.

Whenever the network is busy, that's when you will see that the transaction fee will keep increasing and only those who can afford to pay those high fees are going to get their bitcoin faster, because they considered as high priority, while those who pay low fees are bound to wait hours maybe a few days before they can receive their bitcoin,so just expect the transaction fee to keep increasing as long as the price keeps going up.

I am getting really concerned about the impact this can have on the mainstream adoption of cryptocurrency. Right now, there is a lot of hype regarding integration of Bitcoin to the PayPal platform. Imagine the case of a first-time user hears about this from his friends, or from the media, and try to purchase Bitcoin. When he gets informed that it costs around $20 to make a single transaction in BTC, how he is going to react?

They do have those wrong perception on where the price is high then they do think that the fee is the same but it is wrong because it all matters with the network congestion.

It doesnt correlate with its price value but on its network situation yet we know that it would just go back to normal when there's no soo much traffic or people

do make out transaction or just be on that typical day.

hopefully it's getting close to every day so

They will react base on what they see in the future. If they see BTC will have higher value in the future, the $20 transaction fee isn't going to count for them. But for someone who will just want to say fud, everything is gong to be bad.

Somehow though altcoins is going to have usecase for this because some of us who use to send BTC could save few bucks if they use altcoins like XRP or Doge.