BTC fees exploding and BTC will crash down

[Fancyax]

Bitcoin is no more for small transactions. For big transactions these fees are meaningless face of security.

[Netnox]

The higher the fees climb the less use cases bitcoin will have. Im sure already a lot of people dont even want to move bitcoin about due to the fees. To get around it any trades ive wanted to do ive had to do with alts and then change back to btc, not the best work around. Is this what bitcoin was destined to be?

I've not dabbled in alts....is there no fee to buy BTC with an alt?

If you convert BTC to alt, the maximum fee may be 0.1% or 0.2%, depending on the exchange. So many of the users are converting their BTC to alts such as BCH and ETH, and withdrawing these alts to another exchange using a low fee. Once the coins are deposited in the second exchange, they convert the alts back to BTC. The overall fee may be 1%, which is better than 4% or 5% which we need to pay while exclusively using BTC.

[buharikx31]

Yes, fees are really high right now for small transactions 3.5$ for 1 transaction that's not a cheap price, i will recommned to look at IOTA no fees, faster confiramtions and the technology really intresting against normal cruptocurrencies

[BillyBobZorton]

The spam is obvious at this point. Don't fall for the scammers. Bitmain and Roger Ver are behind this, look at the mempool graphs, this is not organic growth, and the timing is again obvious, right after segwit and right before the segwit2x propaganda campaign begins to be sold as the savior of Bitcoin to get all the noobs on board that only care about getting cheaper fees.

Don't fall for it, or you will be victim of scammers. Use another coin or pay an higher fee during the spam attack, rushing a hardfork is not the solution.

[esatceza]

As soon as possible, if fees will go down for a short time, I will sell Bitcoin and hold other cryptocurrencies and hope others will also do so until fees go down.

I think the lottery tickets are falling down while Bitcoin girls are getting higher so it's impossible for you to wait for a drop in fees. In addition, increasing fees mean faster transaction time and better transaction quality, so complaining about fees is meaningless.

[killerfrost]

As soon as possible, if fees will go down for a short price, I will sell Bitcoin and hold other cryptocurrencies and hope others will also do so until fees go down.

You wish. Bitcoin is pretty expensive so I don't think that the fees will be having a down run. Also, the miners need to be paid correctly, especially this time that the other alt coin is making a development about mining and may get the miners of bitcoin. If that happen, it may affect the transactions and the price.

I agree with your opinion. Bitcoin is growing, which means that fees will increase, so expecting a reduction in fees is unlikely. Miners need to be paid to maintain Bitcoin's performance so that portion of the fee is reasonable and satisfactory when you still make a lot of money from Bitcoin.

[omonuyak]

You can not separate bitcoin fee from bitcoin price! The more expensive bitcoin became the high fee we would see. Bitcoin price will not clash because of the transactions fee, what course the downfall in any assets especially security is it value. Many people has created strong value for bitcoin and no matter what happens for years to come bitcoin will keep growing. We would not see clash now even if transaction fee increase many times.

[swogerino]

The fees exploding is because of the price of bitcoin rising a lot. It is the same in bitcoin but in Fiat cash money it is more so people are afraid of these high fees. I am not afraid as I know this is the actual price to use bitcoin right now and I don't see it as an expensive one. Bitcoin helps me a lot in my every day life so I pay the fees without complaining.

[raymond541]

Transaction fees now really problem for small amount sender.blockchain now charging almost $3 fees for every transaction which is really high for who want to sending under $100.I see every block have 90% transactions are under $100 transaction.people are loosing their hard working money.if block size not increase bitcoin will fall in big trouble.

[BingoDog]

Higher fees are new reality and we just have to accept that. It's true that bitcoin transactions are much more expensive now but I don't think this is the reason why bitcoin would crash, this is not going to happen. Very small transactions are the problem because of fees but for all others I think that fees are fair enough. For all benefits we have from bitcoin we can't complain.

[SimonJones]

Bitcoin is not for small transactions. There are so many other coins that can do that. High fees will not affect the price.

[RayX12]

BTC fees and backlog are controlled by the miners. Of course they can get rid of spam or low-fee transactions if they wish!

Just look here for the mem pool backlog for the last week:
https://jochen-hoenicke.de/queue/#1w

BTC fees and performance is totally in control of the miners.
When some miners moved to Bcash then there is not as much competition for mining in BTC and the miners cherry pick the transaction with big fees, as a result the mem pool increases with unconfirmed transactions.

[virtualkeybuyer]

year back it was in cents, now fees has gone to dollars range. 18 dollars is insane

It is sad but true. The transaction fees are very high now, beyond what most of us can afford. However, if look at the reason behind its development, BTCs were basically created for large transactions only and when it comes down to that, the fee is still very cheap as compare to any other means. For micro transactions, we need to give it some more time.

[joebrook]

Bitcoin is not for small transactions. There are so many other coins that can do that. High fees will not affect the price.

I think I was very lucky today because I made a transaction on blockchain.info and even though I was expecting to pay above  $1 for the transaction fee, I ended up rather paying  $0.50 in all that's definitely a win considering I paid above a dollar for a transaction yesterday.

[Pab]

Not best news for merchants and customers,ltc is now much better for merchant,eth is coming with his new version for merchants

[BigBoy89]

People need to learn - BTC is for saving values, not for paying your coffee. Other coins are for fast and small transactions.

Many are comparing BTC and Gold. DO you pay your daily expenses with gold? It's the same here.

[manchester93]

Bitcoin is not for small transactions. There are so many other coins that can do that. High fees will not affect the price.

Not just other altcoins. In time, sidechains integrated via soft forks could allow other payment systems that can transact directly with the BTC chain. Similarly, coins can be locked into payment channels, enabling users to continually transact for very minimal fees, since their transactions don't need blockchain confirmation (except to open and close channels).

[Superzpay]

This is something that might happen. If the value continues rising like this, and if it's for the profit of the miners, we will start seeing transaction fees of $100. One of the advantages BTC had were the low fees, now this looks like a disadvantage against fiat. And if the transaction fees continue growing,  it will become difficult to move coins around.

Miners would have make this high and there may be a strong part of whales in here. I think you are right, this will be a bad effect on the usage of bitcoins if only the transaction fees are going high. There should be an average fee rate for all the coins but what is trending, it is not good for bitcoin.

[FasTroy]

This is something that might happen. If the value continues rising like this, and if it's for the profit of the miners, we will start seeing transaction fees of $100. One of the advantages BTC had were the low fees, now this looks like a disadvantage against fiat. And if the transaction fees continue growing,  it will become difficult to move coins around.

Miners would have make this high and there may be a strong part of whales in here. I think you are right, this will be a bad effect on the usage of bitcoins if only the transaction fees are going high. There should be an average fee rate for all the coins but what is trending, it is not good for bitcoin.

I don't know the fees are incredible like that, Now, according to bitcoinfees.21.co , they said that the transaction fee is currently 420 satoshis/byte, which it's too high. It's around 95k satoshis. I think because of the high use of bitcoin, I mean the number of transactions in 1 seconde increased.

I hope that this high fees will be fixed one day.

[unbotak]

This is something that might happen. If the value continues rising like this, and if it's for the profit of the miners, we will start seeing transaction fees of $100. One of the advantages BTC had were the low fees, now this looks like a disadvantage against fiat. And if the transaction fees continue growing,  it will become difficult to move coins around.

Miners would have make this high and there may be a strong part of whales in here. I think you are right, this will be a bad effect on the usage of bitcoins if only the transaction fees are going high. There should be an average fee rate for all the coins but what is trending, it is not good for bitcoin.

I object to the transaction fee increase, if the higher it will appear minimal transaction patterns and will damage the passion of users who are accustomed to bitcoin transactions in small quantities. This is a serious problem that will happen when bitcoin is full mined and will bring a lot of game and speculation from the miners.