Who to blame for the increasing transaction fee?

[Kemarit]

We all know that recently, a huge backlog of transaction of at least 50,000 at any point of time.
And one of the solution is to increase the transaction fee. Which defeat the purpose of micro-transaction
with bitcoin.

Is this the miners fault alone? Who do you think need to step up  to stop this madness
of increasing transaction fees?

What's your thought about it?

[Mike Mayor]

I also am curious to know this it must habe something to do with the block chains difficulty and the increase in user base.
I cannot see any other way. I'm no expect though. Hopefully someone knows more then we do can help us out. I'm also interested in this topic so I'm glad I'm not the only one thanks for making this thread.

[Huge Black Woman]

Bust this: I got tha Coinomi wallet, an' it allows you ta set tha transaction fee, an' the last time I ended up sendin up some coin, it got thru wit' a ridiculously Jewish fee.  Sommethin' like 5000 satoshi for sendin' like $3.  It were stuck inna network for about 38 hours but it did finally git sent.  Somea these wallets is crazy an' they don't letchu adjust nothin'. 

[Loganota]

The increase in transaction fee is tied to a single problem that is the number of transactions per block. Bitcoin was created in order to generate blocks on average every 10 minutes and this works very well, the problem is when the number of transactions gets very high. People, to confirm in the next block, increase the fee, there the next person increases more and this will grow like a snowball.

[AceKnight]

To many transactions happening at the same time.

[cpfreeplz]

It's the idiots who aren't switching over to segwit's fault. If segwit was already implemented then there would be so many less full blocks. Better yet just increase block sizes to some huge amount that increases automatically when the average block is 80% full.

[danherbias07]

Good thread to talk. Want to see more comments about this. In my opinion though, because of the large quantity of transactions that are being made they have to increase some fees specially for those who want it faster but I also think this should be a choice by the sender not forced transaction fees.

[pooya87]

first and most of all we should all blame those that are spam attacking the network attacks such as these

and then the blame goes to the miners who can not yet make up their mind or possibly don't care about the block size issue and don't seem to be willing to change anything as far as block size is concerned.

[Golftech]

Well i guess the miners also making their moves to get more income as we seen large numbers of transactions especially now that btc price really making some good moves we cant blame them and its up to the owners choice whether he wanted to make it fast and pay to transact much even faster.

[mornabo]

I don't know much about this issue, but this time use fee 0.0001 BTC will require a very long time to get confirmation. in contrast to a few years ago use fee 0.0001 BTC will be very fast,...

[Herbert2020]

bitcoin users are also to blame.
because we are competing with each other after all. i see others are paying higher fee and i want to be in front of them so i pay higher fees that them and the next series of transactions pay higher than me and this will continue as long as blocks are full and mempool is big.

i don't know when are we going to start calling it "bribing the miners" instead of calling it fee.

[shinratensei_]

We all know that recently, a huge backlog of transaction of at least 50,000 at any point of time.
And one of the solution is to increase the transaction fee. Which defeat the purpose of micro-transaction
with bitcoin.

Is this the miners fault alone? Who do you think need to step up  to stop this madness
of increasing transaction fees?

What's your thought about it?

It's not about the miner, bitcoin just need the blocksize increase for put more transaction in every block.
and the problem is resolved.

[joshy23]

But if the problem of increasing transaction fee continue, this will shy away people who want to transact bitcoins because of the huge fee you need to pay.

[jakelyson]

Now we see why bitcoin cannot go mainstream yet. Only 50000 plus transactions and we are already seeing very high transaction fees and very long confirmation time. I just transfer bitcoin yesterday with 30K sats fee and still took half day to confirm. I do not know why we have 50K transactions, whether it is spam or generic, but I think that is causing too much fee and confirmation time.

[CyanFox]

It's the idiots who aren't switching over to segwit's fault. If segwit was already implemented then there would be so many less full blocks. Better yet just increase block sizes to some huge amount that increases automatically when the average block is 80% full.

You are definitely correct, SegWit helps to increase the block to the suitable size, but only 20% miners agree with it, the left miners are so selfish, if btc tx is so slow, users won't use it at all, miners will cry, they are too naive to refuse SegWit.

[Blawpaw]

The cost of transactions is getting expensive because the level and quantity of transactions is increasing a lot per year. Since the block size is not being able to support that many transactions the fees are increasing so that the transactions can be made faster. The solution is to increase the block size and this need to be done immediately

[SuperVillain]

Now we see why bitcoin cannot go mainstream yet.

Don't get upset.with ligntning network all will be better but for easier implementation of LN we need to activate segwit as soon as possible

[Diced90]

Isn't this due to limited transaction capacity [blocksize] in the network and the need of faster transaction confirmations which is the cause of high fees ? If nothing is done about it we shall be seeing a huge backlog and moving to Segwit is now justifiable.

[Mometaskers]

Miners surely are benefiting from the increasing transaction fees. I don't know the technicalities of blocks and so on (I only use an online wallet for sending/receiving money and the btc don't stay that long in the wallet anyway). If they do have a solution, they'll probably hold of fixing it as long as they can since it earns them more. Eventually though, they'll not be able to ignore it anymore. Existing btc users have no choice but to pay those fees anyway but it could put off potential users when they read that it takes hours for some transactions to be confirmed. "I thought the point is to easily send money!" they might say.

Anyway, are the transactions based on the wallet you are using? I can send btc just fine without paying fees.

[SuperVillain]

You are difinitely correct, SegWit helps to increase the block to the suitable size, but only 20% miners agree with it, the left miners are so selfish, if btc tx is so slow, users won't use it at all, miners will cry, they are too naive to refuse SegWit.

More than 20% and those miners who lingering just wait to test in on Lightcoin.