are transaction delays crashing Bitcoin prices?

[Phyton76]

I've noticed that whenever BTC gets near to $3000, transaction costs go up and payments start getting stuck. The next day it seems to crash down again. Is this a coincidence?

I guess it is really I also have a lot of transaction in the blockchain that getting stack there almost a week before it confirmed in my bitcoin wallet so but till I don't think that can be a reason but I guess it is just a small percentage in lost of price of bitcoin but still not something to worry about I guess.

[freebutcaged]

As you might have noticed miners are pushing their lucks too much to process and include transactions in blocks as fast as possible then you'll

See block times in less than 10 minutes which ironically increases the difficulty exponentially every time they mine too many blocks in an hour

Which normally they were supposed to mine then every 10 minutes, while the same miners are the ones refusing to activate the yet best

Proposals available which has been known as SegWit, they are using a stall tactic to collect and earn as much money(BTC) in fees as they can

Before others activate the one thing that first will limit their ability to use the boost function if they were using Antminers and second to

Practically limits their control over causing stupid high fees, they don't realize that others are looking up to them while they are looking

And waiting for others, they're not idiots but they act like it.

[HongKong]

As you might have noticed miners are pushing their lucks too much to process and include transactions in blocks as fast as possible then you'll

See block times in less than 10 minutes which ironically increases the difficulty exponentially every time they mine too many blocks in an hour

Which normally they were supposed to mine then every 10 minutes, while the same miners are the ones refusing to activate the yet best

Proposals available which has been known as SegWit, they are using a stall tactic to collect and earn as much money(BTC) in fees as they can

Before others activate the one thing that first will limit their ability to use the boost function if they were using Antminers and second to

Practically limits their control over causing stupid high fees, they don't realize that others are looking up to them while they are looking

And waiting for others, they're not idiots but they act like it.

You're right though you're also wrong. It is pretty easy to notice that there is a bunch of miners that are manipulating the mining process of Bitcoin though there is a group of miners that are really trying to keep up with the competition due to Bitcoins difficulty percentage rising up.

[cafucafucafu]

I've noticed that whenever BTC gets near to $3000, transaction costs go up and payments start getting stuck. The next day it seems to crash down again. Is this a coincidence?

I guess it is really I also have a lot of transaction in the blockchain that getting stack there almost a week before it confirmed in my bitcoin wallet so but till I don't think that can be a reason but I guess it is just a small percentage in lost of price of bitcoin but still not something to worry about I guess.

Yes, it's a relatively small amount of bitcoins that is lost.

For example i use the Copay/Bitpay wallet, and it conveniently tells me what percentage of the total transaction size is taken up in fees. If I send more than 0.1 BTC, then right now i only need to pay around 0.5-0.8% of my actual transaction size, meaning that it is still significantly cheaper than Paypal and Skrill(closer to 2% i think).

As the amount transacted increases the amount that miners charge do not increase, because what matters is not size but rather the bytes that a transaction takes up in a block. Therefore, traders and speculators(who are the main players in moving the bitcoin markets atm) don't really worry about bitcoin fees. This is proven by bitcoin going up more than 2x whilst it's having high transaction fees.

[magneto]

I've noticed that whenever BTC gets near to $3000, transaction costs go up and payments start getting stuck. The next day it seems to crash down again. Is this a coincidence?

Bitcoin has only been near $3000 once, and this was fairly recent. So it's quite an isolated case.

Transaction fee issues have existed long before this pump was even initiated. In fact a major contributor to the transaction fees is the pump itself - when bitcoin transaction fees go up, and bitcoin value goes up, it equates to an exponential growth in transaction fees in fiat terms. There is really no correlation between bitcoin price and bitcoin transaction fees measured in btc.

$3000 is a psychological barrier for traders. It is a round number, much like $1000 and $2000. And this is the reason why we are failing to break it. If we were extremely worried about transaction fees then bitcoin would have never been pumped in the first place.

[Shenzou]

Acually the transaction delay and the high fees suprisingly making the price of the bitcoin go up even more and the reson for that i think that everyone who owns bitcoin right now is just saving it, which is creating a high demand in the market and with high demand come high prices, and this might go on for quite some time until the whole network gets uptdated to support the massive transactions.

[TastyChillySauce00]

I've noticed that whenever BTC gets near to $3000, transaction costs go up and payments start getting stuck. The next day it seems to crash down again. Is this a coincidence?

Guess what, the increase of fee caused by the increase of transaction which you can simply make a conclusion from this that when the price just hits $3000, people are in hurry of selling their Bitcoin, they'll pay higher fee than usual expecting their transaction to be arrived very soon which cause the significant increase of the fee, If you're wondering why the price keeps on crashing at this time, it's because of the dump caused by those kinds of people.

[AiWanChu]

not sure why people are putting up with BTC when more coins are better and faster.. if this continues.. BTC will be just another ALT

[doomistake]

Transaction delays does make a person want to sell or purchase Bitcoin though with Bitcoin transactions having a negative impact on the price, the price of bitcoin will only affect the price short-term. There is a general view that Bitcoin will have a very expensive price in the near future and the cost for the transactions are nothing compared to it right now.

Transaction delays is because of the too many transactions in the blockchain that can't be processed at the same time, this delays of transactions is not affecting the bitcoin's price. But the fluctuation of the bitcoin's price is the one affecting the transaction fee, the more the bitcoin's price is increasing the more the transaction fee is increasing also, and yeah, in the near future, the transaction fee would be higher more than what it is right now, but it is not that expensive since the bitcoin's price will also increase.

[Ryan Dugan]

You are right and it is really odd but it started happening before bitcoin was at $3000. For some strange reason the one day all of a sudden everyone's transactions started going through after waiting 10 days. Now I an spend 0.001 and it goes within an hour or so and that for me is fine.

Transaction delays does make a person want to sell or purchase Bitcoin though with Bitcoin transactions having a negative impact on the price, the price of bitcoin will only affect the price short-term. There is a general view that Bitcoin will have a very expensive price in the near future and the cost for the transactions are nothing compared to it right now.

Transaction delays is because of the too many transactions in the blockchain that can't be processed at the same time, this delays of transactions is not affecting the bitcoin's price. But the fluctuation of the bitcoin's price is the one affecting the transaction fee, the more the bitcoin's price is increasing the more the transaction fee is increasing also, and yeah, in the near future, the transaction fee would be higher more than what it is right now, but it is not that expensive since the bitcoin's price will also increase.

Yes they all got clogged up like a blocked drain.

[KingdomHearts]

I've noticed that whenever BTC gets near to $3000, transaction costs go up and payments start getting stuck. The next day it seems to crash down again. Is this a coincidence?

I guess it is really I also have a lot of transaction in the blockchain that getting stack there almost a week before it confirmed in my bitcoin wallet so but till I don't think that can be a reason but I guess it is just a small percentage in lost of price of bitcoin but still not something to worry about I guess.

Yes, I don’t think the transaction confirmations can be the major reason for bitcoin price fall. The transactions may take some more time out of the routine to confirm but it is not such a huge issue which can affect the price of the Bitcoin. Also we select the transaction fee to confirm so it is something not on the bitcoin but on the users end.

[streazight]

I've noticed that whenever BTC gets near to $3000, transaction costs go up and payments start getting stuck. The next day it seems to crash down again. Is this a coincidence?

Bitcoin has only been near $3000 once, and this was fairly recent. So it's quite an isolated case.

Transaction fee issues have existed long before this pump was even initiated. In fact a major contributor to the transaction fees is the pump itself - when bitcoin transaction fees go up, and bitcoin value goes up, it equates to an exponential growth in transaction fees in fiat terms. There is really no correlation between bitcoin price and bitcoin transaction fees measured in btc.

$3000 is a psychological barrier for traders. It is a round number, much like $1000 and $2000. And this is the reason why we are failing to break it. If we were extremely worried about transaction fees then bitcoin would have never been pumped in the first place.

Yes I agree, I think that the transaction fees was never the reason for the bitcoin price to fall and yes if it even was then the bitcoin price will have never reached to such a high value. I think many of the people complaining about the transaction price forget about the same if it was in fiat they will have to pay much higher fees as compare to the very low fees of bitcoin.

[digaran]

Who should we blame miners or users? if price going up causes fees to go up as well and makes the transactions stuck then causing the price to go under then maybe it's a good thing? miners could activate SW and stay as a miner after doing so, it's not like if they activate it they get booted out of the mining process, they only need some body to tell them that.