[2016-03-01] Transaction Fees Increase as Bitcoin Blocks Get Full

[virtuose247]

By the look of things, there is no improvement in sight anytime soon. The Bitcoin memory pool is full of transactions waiting for network confirmations, and the numbers only keep going up over time. Some people might see this as a sign of how Bitcoin is gaining a lot of popularity, but these confirmation delays are not doing anyone any favors right now.

http://www.newsbtc.com/2016/03/01/transaction-fees-increase-bitcoin-blocks-get-full/

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[Dekker3D]

Well, higher transaction fees seems inevitable. I don't think it will affect the market price in a huge way YET.

[Foxpup]

The site's down for me, but can someone tell me their source for transaction fees increasing? My node shows the required transaction fee has decreased slightly since the spam attack started, though not significantly. As far as I can tell, fee-paying transactions are not being affected by the attack at all.

EDIT: Of course, the site comes back up shortly after I post.

This creates a very awkward situation in the Bitcoin world, as the 0.001 BTC fee – worth US$0.43 at the time of writing – is no longer sufficient to get guaranteed confirmations from the next few blocks on the Bitcoin network. ... As a result, only high priority fees will get transactions confirmed these days, a cost currently sitting at 0.0044 BTC or US$1.90.

I've no idea where JP Buntix is pulling these figures from, though I suspect an excretory orifice. I'm seeing BTC0.00025 (US$0.11) will get an average (570 byte) transaction confirmed in the next block or two. Why does this nonsense pass for news?

[mocacinno]

The site's down for me, but can someone tell me their source for transaction fees increasing? My node shows the required transaction fee has decreased slightly since the spam attack started, though not significantly. As far as I can tell, fee-paying transactions are not being affected by the attack at all.

They do get affected... I made one with a reasonable fee about 7 hours ago, and i'm still waiting.

[richardsNY]

Yup. I have been noticing the last months that 0.0001 BTC in fees isn't always enough anymore to get your tx confirmed within 2 blocks. At this point it's not really a big issue for me as most of my tx's don't need to confirm quickly. I can wait for a few blocks, no problem. But if this is just the start, then I really don't know where this will end.

[unamis76]

The site's down for me, but can someone tell me their source for transaction fees increasing? My node shows the required transaction fee has decreased slightly since the spam attack started, though not significantly. As far as I can tell, fee-paying transactions are not being affected by the attack at all.

EDIT: Of course, the site comes back up shortly after I post.

This creates a very awkward situation in the Bitcoin world, as the 0.001 BTC fee – worth US$0.43 at the time of writing – is no longer sufficient to get guaranteed confirmations from the next few blocks on the Bitcoin network. ... As a result, only high priority fees will get transactions confirmed these days, a cost currently sitting at 0.0044 BTC or US$1.90.

I've no idea where JP Buntix is pulling these figures from, though I suspect an excretory orifice. I'm seeing BTC0.00025 (US$0.11) will get an average (570 byte) transaction confirmed in the next block or two. Why does this nonsense pass for news?

That source is definitely, somehow, biased... My node is showing 0.00048065 BTC for confirmation within the next block. Panic spreading routine?

[coinzat]

I think this fees increase will not last after this tx attack end , last week I was able to send a transaction with only 400satoshi as fees so I believe that the fees increasing is  temporary
 so only if someone wants to send his tx urgently, he will send with high fees : from .0005 to .001 btc.

[BellaBitBit]

Well, higher transaction fees seems inevitable. I don't think it will affect the market price in a huge way YET.

yes it seems inevitable and isn't it an indicator that btc is gaining momentum?

[TraderTimm]

There are a bunch of jerkwads doing some shady crap on the network. Namely, trying to stuff blocks with "dust" so they can ring the alarm bells and say blocks are filling up. They call these "stress tests" and other such nonsense, but what it amounts to is a block DDoS attempt by bad actors. While the block usage trends are generally rising, any large spikes past 900k seem to be caused by this bullshit. I wouldn't hyperventilate about blocksize just yet, though.