BTC Transaction Fee Spike

[Pan Troglodytes]

Hi guys,

did you notice the spike in BTC transaction fee? Currently it is unbelievable 19.2 USD per transaction, while it is less than a dollar for Bitcoin Cash. See https://bitinfocharts.com/comparison/transactionfees-btc-bch.html

Is it a hostile attempt to increase the fees in an attempt to attract more money to Bitcoin Cash or is the BTC network really as inefficient as they say ?

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[Opquar]

The network got spammed by multiple small transactions. That basically means you have more competition and would have to pay higher fees for higher priority. It is assumed that the people behind the BCH pump is behind this.

[NotHomo2017]

This is trash. 3 days and my BTC is pending.

[Pan Troglodytes]

The network got spammed by multiple small transactions. That basically means you have more competition and would have to pay higher fees for higher priority. It is assumed that the people behind the BCH pump is behind this.

thank you. That clarifies the situation a lot. When can we expect to get back to normal?

[vinc3]

The network got spammed by multiple small transactions. That basically means you have more competition and would have to pay higher fees for higher priority. It is assumed that the people behind the BCH pump is behind this.

thank you. That clarifies the situation a lot. When can we expect to get back to normal?

Now I see the reason why the fee is that High, hopefully things will get better when it comes to transaction fees. We all know that fees that high can spread fear especially the newcomers in cryptocurrency. Higher fees means fewer transactions, that we already knew from the start.

[immunity]

Now a day's Bitcoin is in ventilator, 1 lakhs plus transaction is unconfirmed that's the reason why Bitcoin take huge fees for fast trx confirmation.

[Reid]

The network got spammed by multiple small transactions. That basically means you have more competition and would have to pay higher fees for higher priority. It is assumed that the people behind the BCH pump is behind this.

thank you. That clarifies the situation a lot. When can we expect to get back to normal?

It will get back to normal once this miners hit their heads by the truth.
They went on BCH just because of the pump that happened but sooner they will realize how they were made a fool by those who are high rankig in the BCH tech.

We have nothing to worry about. Just let your bitcoin be on hold and they will come back making the traffic back to normal.

[russelluk]

The events of the weekend were pretty scary and I would be hedging my crypto investments at the moment

[lzby2000]

Bitcoin transaction fee is too high, is sure. But now it seems to have been misled by BCH, has BCH really been recognized by the whole network miner? Or are there very few people who can quickly raise the price of BCH in order to make a profit?

[Ilegendph]

The network got spammed by multiple small transactions. That basically means you have more competition and would have to pay higher fees for higher priority. It is assumed that the people behind the BCH pump is behind this.

thank you. That clarifies the situation a lot. When can we expect to get back to normal?

The situatiom would go back to normal if the miners that transfer from btc to bitcoin cash would go back or increased in miners to cover up the hash power lost due to the situation.

[Pan Troglodytes]

Yes it is true, the network got spammed: there are 123.000 unconfirmed transactions .... https://blockchain.info/unconfirmed-transactions

[n4poleon]

This is happening because some miners just switch to bcash to get advantage on its difficulty adjustment, as bitcoin gets adjusted as well. When you check public information bitcoin's hashrate just dropped about 50%. From 10,000,000+ TH/s to little over 5,000,000+ TH/s. Hence the network slowed thus some transaction in the mempool are stucked.

[nazimmamun]

now it seems to have been misled by BCH, has BCH really been recognized by the whole network miner?

[Rubberduck59]

Its because of the stunt that Bitcoin cash pulled yesterday. Many miners switched over to Bitcoin cash leaving blocks unsolved. Hopefully they will return and thus lowering the transaction prices.

[dameh2100]

The network got spammed by multiple small transactions. That basically means you have more competition and would have to pay higher fees for higher priority. It is assumed that the people behind the BCH pump is behind this.

Maybe this is one of the reasons, but it seems that most of them are miners of Bitcoin switched over to bitcoin cash and therefore the transaction slow down as a result of increased transaction fees.

[Pan Troglodytes]

I checked and after one full day we're having 90k+ transactions pending and 16+ USD average fee per transactions. So just a symbolic improvement of the situation and one full day is gone

[Mr.Smithers]

I checked and after one full day we're having 90k+ transactions pending and 16+ USD average fee per transactions. So just a symbolic improvement of the situation and one full day is gone

So it seems we are back to point 0: it is fluctuating between 65 000 and 90 000 transactions. Network is congested

[Pan Troglodytes]

Its because of the stunt that Bitcoin cash pulled yesterday. Many miners switched over to Bitcoin cash leaving blocks unsolved. Hopefully they will return and thus lowering the transaction prices.

Maybe start blaming your core devs, since they never fixed the ONchain Scaling problems,

or you can just yell at the pricks where is your Lightening Network.

Seems core devs just suck at their job.


╥Aztek

definitely, the congestion problem is inherent to bitcoin and even if one of the events was related to some other coin misbehave, it only shows that bitcoin is very very sensitive. I have to agree with Aztek