fee reached 500 BTC.

[spanky3]

https://blockchain.info/unconfirmed-transactions

fee reached 500 BTC.

[socks435]

its 1,911.32617861 its always change.. maybe you see that there's a time that fewer transactions.
But now the fee is really huge.. and its for miners fee.. also miner can receive this fee to confirm..

[spanky3]

its 1,911.32617861 its always change.. maybe you see that there's a time that fewer transactions.
But now the fee is really huge.. and its for miners fee.. also miner can receive this fee to confirm..

I never saw total fee as much as it.

[yakuza699]

The actual number is less than 2BTC check here https://tradeblock.com/bitcoin or other normal blockchain explorer.Someone's just playing with blockchain.info, and it's infamous for showing bogus stuff on it, like the guy who moved satoshi's coins.

[lottery248]

blockchain.info is not the best source of taking the information of bitcoin status, blockchain.info might not be accurate as people manipulates their data center like above said. blockchain.info does not go all the way to be providing the misleading information though.

edit: it is unconfirmed, once gone, then this kind of number will be gone from your source.

[7788bitcoin]

I think this is healthy. With the increase in transaction volume, the fee will sure increase and eventually take over the reward from the newly generated coins. Therefore the effect of 4-yearly reward halving will eventually be diluted by this increase.

[alyssa85]

People can always use alts to move money, they don't have to use BTC. For example the fee when using doge is 1 Doge which is about 50 satoshis. I expect this development will hasten the move into alts.

[Lauda]

fee reached 500 BTC.

It happens; nothing special (albeit it could be an error on the website itself). However, there is some weird behavior that my node has picked up on today so it might be something else as well.

I think this is healthy. With the increase in transaction volume, the fee will sure increase and eventually take over the reward from the newly generated coins. Therefore the effect of 4-yearly reward halving will eventually be diluted by this increase.

That's not what is going on here. Read the thread.

I expect this development will hasten the move into alts.

This is not any kind of development. There is no reason to use alts.

[pereira4]

People can always use alts to move money, they don't have to use BTC. For example the fee when using doge is 1 Doge which is about 50 satoshis. I expect this development will hasten the move into alts.

Lol no one cares about DOGE, Dogecoin was great to get some extra BTC off fool hands, just like most alts if not all of them.
Sometimes people put big fees by accident, or because they are stupid and are using BTC while drunk or something (I can't find any other explaination) and when this happens the average fee can go higher than it naturally is.

[alyssa85]

I expect this development will hasten the move into alts.

This is not any kind of development. There is no reason to use alts.

In your opinion maybe. But others may disagree - if fees are too much when moving bitcoin, then the rational economic thing to do is to switch to an alt with a lower fee. It is the price mechanism at work. There is no monopoly in cryptocurrency, that is the beauty, instead there is plenty of choice. If there is a failure point in bitcoin, the market will simply move to the next best alt.

[numismatist]

People can always use alts to move money, they don't have to use BTC. For example the fee when using doge is 1 Doge which is about 50 satoshis. I expect this development will hasten the move into alts.

I do prefere Litecoin for exactly that reason. Fast, unexpensive, does the job.

[topiOleg]

People can always use alts to move money, they don't have to use BTC. For example the fee when using doge is 1 Doge which is about 50 satoshis. I expect this development will hasten the move into alts.

Maybe if you have some ballance on altcoin exchange you might choose altcoin to move to another altcoin exchange, but for other cases when you hold Bitcoins then you must send Bitcoins, and holding altcoin is very risky in my opinion. Maybe Bitcoin sidechains could work much better than highly volatile altcoins.

[~Bitcoin~]

I think OP is trying to say fee to transact those all unconfirmed transaction is 500 btc. However thread title is quite misleading.

[Cuidler]

500BTC? I just went there and i saw Total Fees reached 31,404.8614729 BTC
Maybe they mistaken total fees with total unconfirmed bitcoin or total fees of all time

Anyway, we can see blockchain.info became unreliable now

Normally the fee of public unconfirmed transactions is just few Bitcoins, but sometimes someone can mistakely send 0.0001 BTC wih 100 BTC fee, or with spam attack the fees of public unconfirmed transactions might go higher.

But the fee of confirmed transactions can be any value as miners might mine their own transactions with huge fees paid to themselves by not publictly send such high fee unconfirmed transactions (so no one else can mine these high fee transactions).

[alyssa85]

People can always use alts to move money, they don't have to use BTC. For example the fee when using doge is 1 Doge which is about 50 satoshis. I expect this development will hasten the move into alts.

I do prefere Litecoin for exactly that reason. Fast, unexpensive, does the job.

That's true, but what if that altcoin price suddenly raise/drop in short time or you want to exchange it to bitcoin or other altcoin?
It would be complicated unless you only use that altcoin.

You can just use an alt that is stable. Doge moves within a narrow range - about 49-52 sats. Litecoin moves within a fairly narrow range. And there are always alts like Nubits which are pegged to the $.

[Lauda]

In your opinion maybe. But others may disagree - if fees are too much when moving bitcoin, then the rational economic thing to do is to switch to an alt with a lower fee. It is the price mechanism at work. There is no monopoly in cryptocurrency, that is the beauty, instead there is plenty of choice. If there is a failure point in bitcoin, the market will simply move to the next best alt.

If you want to be a cheap person and need fees that are < 5 cents, sure. Otherwise, no. Besides, you probably pay a fee at converting so you lose out most of the benefit anyways. Altcoins are not even worth my time as a means of transfer. The only thing that could be useful are the rare features such as found in Monero (some of the anonymity).

Maybe Bitcoin sidechains could work much better than highly volatile altcoins.

Yes, they are going to be the right 'option' and you can practically say 'bye' to these altcoins. An interesting example of that would be Rootstock.

Normally the fee of public unconfirmed transactions is just few Bitcoins, but sometimes someone can mistakely send 0.0001 BTC wih 100 BTC fee, or with spam attack the fees of public unconfirmed transactions might go higher.

Again, someone needed to confirm whether this actually happened as blockchain.info can show the wrong information at times. I haven't noticed the thread in time, else I would have verified it on other explorers.

[alyssa85]

In your opinion maybe. But others may disagree - if fees are too much when moving bitcoin, then the rational economic thing to do is to switch to an alt with a lower fee. It is the price mechanism at work. There is no monopoly in cryptocurrency, that is the beauty, instead there is plenty of choice. If there is a failure point in bitcoin, the market will simply move to the next best alt.

If you want to be a cheap person and need fees that are < 5 cents, sure. Otherwise, no. Besides, you probably pay a fee at converting so you lose out most of the benefit anyways. Altcoins are not even worth my time as a means of transfer. The only thing that could be useful are the rare features such as found in Monero (some of the anonymity).

You are assuming that people only do one transaction a year - in which case 5 cents is indeed cheap. If you do thousands or tens of thousands of transactions (or millions like a normal business), then it becomes expensive.

[panju1]

In your opinion maybe. But others may disagree - if fees are too much when moving bitcoin, then the rational economic thing to do is to switch to an alt with a lower fee. It is the price mechanism at work. There is no monopoly in cryptocurrency, that is the beauty, instead there is plenty of choice. If there is a failure point in bitcoin, the market will simply move to the next best alt.

If you want to be a cheap person and need fees that are < 5 cents, sure. Otherwise, no. Besides, you probably pay a fee at converting so you lose out most of the benefit anyways. Altcoins are not even worth my time as a means of transfer. The only thing that could be useful are the rare features such as found in Monero (some of the anonymity).

You are assuming that people only do one transaction a year - in which case 5 cents is indeed cheap. If you do thousands or tens of thousands of transactions (or millions like a normal business), then it becomes expensive.

What matters is the percentage fees.
Bitcoin will still work out cheaper than bank transactions, especially for international transactions.

[Kprawn]

We are still worlds away from a scenario, where the fees will be able to replace the miners reward, so this is not something we should be worried about for now. I always wonder if we reach a stage,

where Bitcoin mining is not profitable anymore and the fees are not high enough to cover the loss, if people would be willing to pay higher fees to keep miners mining. I know, we all think the

adoption will increase and the transactions will increase too... but what if it did not... Will you pay higher fees as a incentive to make up for miners losses?

[Lauda]

You are assuming that people only do one transaction a year - in which case 5 cents is indeed cheap. If you do thousands or tens of thousands of transactions (or millions like a normal business), then it becomes expensive.

Again, compared to existing infrastructure Bitcoin is really cheap. Nobody really needs fees that are 1 cent. Without Bitcoin these 'businesses' would be stuck with insane fees from traditional systems.

Bitcoin will still work out cheaper than bank transactions, especially for international transactions.

Exactly. Just imagine trying to transfer a few million with the existing infrastructure. Compare that fee to the fee needed with Bitcoin.

I always wonder if we reach a stage, where Bitcoin mining is not profitable anymore and the fees are not high enough to cover the loss, if people would be willing to pay higher fees to keep miners mining.

It is a self regulating cycle: Mining is not profitable -> some miners leave -> mining becomes profitable for the remaining entities -> new miners join -> mining is not profitable.