Bitcoin fees are ridiculous at the moment, will they go down soon?

[james.dilogia]

So over the past 48 hours as we all know bitcoin price soared to new heights and is now going through a price correction. The network fess though for sending have also shot up, it no longer makes sense for sending small amounts which is a kicker as my online business takes btc as form of payment :/  What does everyone think, will the fees go down over time and if u had to hazard a guess how long? I'm hoping it settles over the next few days. 

[lasry]

I myself experience those ridiculous fees they put up whenever we transact with bitcoin. I wonder will it ever go away? I think it wont as btc price soars up, it will also, as by the greed of people, they will keep on increasing the profit they can get with bitcoin. And it really is a pain in the ass that we need to pay that much money for the little service they put in.

[Wijaya777]

maybe i think in the future the fees it not too high but bitcoin price is too damn high

[james.dilogia]

I myself experience those ridiculous fees they put up whenever we transact with bitcoin. I wonder will it ever go away? I think it wont as btc price soars up, it will also, as by the greed of people, they will keep on increasing the profit they can get with bitcoin. And it really is a pain in the ass that we need to pay that much money for the little service they put in.

Nightmare at the moment! I've also got about 15 transactions that have been stuck on pending for close to 2 days now, wonder if they will ever complete :/ I'm hoping if not, then the funds will just drop back into the original sender wallet

[Naster]

So over the past 48 hours as we all know bitcoin price soared to new heights and is now going through a price correction. The network fess though for sending have also shot up, it no longer makes sense for sending small amounts which is a kicker as my online business takes btc as form of payment :/  What does everyone think, will the fees go down over time and if u had to hazard a guess how long? I'm hoping it settles over the next few days. 

The same here..
Mostly payments I have got yesterday are still stucked in the blockchain, with zero confirmation.
It's crazy what is going on. One Transaction of about 200USD went through after I have added the most expensive fee, and this still after around 6 hours. I guess most nodes were full in the last 10 hours.
For the Miners, a good time  

[BrewMaster]

it is not just small transactions, it is now extremely expensive to send any bitcoin transaction. the smallest transaction will need at least $16 to have high priority. of course the fee is no different from the last time mempool was this big but the price has gone up drastically which makes it a lot more expensive in $$ terms.

and i think it won't go down soon. it will get worse even in following days and it may even take a month to clear up and that is only assuming the wild rise stops.

[postokenlover]

I think this is just a short-term correction, although the downgrade is still very large. It's quite possible to go up before Christmas, and the money in the bitcoin is now making too much money, and it needs to be digested for a few days.

[Melit02]

Yes, they are so high at the moment and it's getting higher everyday. Bitcoin price will get down and it will rise again, many people would like to buy bitcoin if it low but when it's high they sell it to have a big money. Everyone is shock of the value of Bitcoin so let's not think that this will go down, instead we will be happy of the increase of this site.

[tomahawk9]

So over the past 48 hours as we all know bitcoin price soared to new heights and is now going through a price correction. The network fess though for sending have also shot up, it no longer makes sense for sending small amounts which is a kicker as my online business takes btc as form of payment :/  What does everyone think, will the fees go down over time and if u had to hazard a guess how long? I'm hoping it settles over the next few days. 

They will go down eventually. This is not the first time we've seen such a massive backlog (216k uncofirmed tx, at the moment of this post).
We reached almost 230k almost a month ago when the network was completely saturated with low-fee tx (this is not what is happening right now). Back then it took around 3-4 days for the mempool to be clear and 20satoshi or less became the average fee.
By the looks of it, I think we'll have to wait until next week, I doubt we'll get back to normal over the weekend but who knows.

[Kemarit]

So over the past 48 hours as we all know bitcoin price soared to new heights and is now going through a price correction. The network fess though for sending have also shot up, it no longer makes sense for sending small amounts which is a kicker as my online business takes btc as form of payment :/  What does everyone think, will the fees go down over time and if u had to hazard a guess how long? I'm hoping it settles over the next few days. 

I don't think that the fees will go down in the next coming weeks. On the contrary it will increase as everyone want's to join the train specially that bitcoin future contracts will be offered soon. I have transactions that I have send in the next 5 blocks, unfortunately I still haven't go it and the only choice I got is to wait.  . And it looks like that mempool is clogged with more than 200,000 unconfirmed transactions. I also do hope that it will settle over the next couple of days, but it won't. Last time I saw this kind of fill up on mempool was during the scaling war and before the actual Segwit2x implementation.

[stevegee58]

The fees are not "ridiculous" or "unreasonable" at all.  More transactions have entered the Bitcoin network than can be stored in blocks.  The miners all have the historically largest transaction backlog to work through.  If you want to get your transaction added to a block you have to compete with other transactions and that's done by paying a higher fee than the others.  It's economics in action.

https://jochen-hoenicke.de/queue/#2d

[Mometaskers]

it is not just small transactions, it is now extremely expensive to send any bitcoin transaction. the smallest transaction will need at least $16 to have high priority. of course the fee is no different from the last time mempool was this big but the price has gone up drastically which makes it a lot more expensive in $$ terms.

and i think it won't go down soon. it will get worse even in following days and it may even take a month to clear up and that is only assuming the wild rise stops.

It would have been understandable if it's just the fees that are high. The transactions can be slow af during hikes like this. Which for the poorer users might actually cost them more money. They'd try to sell and then their order gets stuck and by the time it pushes through the price has already dropped.

[Kprawn]

A spike in miners fees are to be expected, with the massive influx of tx's with the record high prices. People are trying to buy

in before the price correction comes and others are taking profits. You will also have the competition spamming the network

during these times, because they want to stall adoption. {creating congestion to frustrate and confuse newbies} The miners

usually switch pools to the most profitable chain, so they will resolve the congestion soon. 

[ss890]

This will always happen when the bitcoin price will take a new high. Then when the prices for bitcoin will get stabilised at XYZ rate then after couple of days or so the fees will start getting down. This is just my prediction and assumptions about what those big mining rigs do in the first place. This might be just another way to take out lots of profits in very short period of time. As they know very well this is the only period when maximum transactions will happen due to high selling point. So its obvious that whenever bitcoin will take giant leaps the fees will go high too. In the same manner, this might be related to underdeveloped blockchain which needs to be reconfigured for faster working.

[Digitalbitcoin]

If any of you checked it properly that how the cost of transaction fees decided it will get you clear picture of transaction. Each transaction made between wallet address shows their current BTC balance. If you are using third party wallet it keeps changing deposit address which is basically mapped with user account.

Now each transaction have particular size in KB which is depends upon how much BTC addresses are linked with payment transaction. In such cases it charge higher fees to verify transaction by miners. Here are some aspects which have to verify after making transactions of bitcoins

• Size in (bytes)
• Weight   
• Included In Blocks
• Confirmation
• Inputs and Outputs
• Total Input   
• Total Output   
• Fees   
• Fee per byte   
• Fee per weight unit   
• Estimated BTC Transacted

Day by day contributing hashpower will increase which results in increase of transaction fees for smaller transactions done with Bitcoins.

[Vanester2014]

Yeah ive been experience also the transaction fee now become too high also as bitcoin goes up then the fee also become more expensive it is hard to transact if you are sending a small amount then you are Over paying so expensive fee

[Cold-Heart]

So over the past 48 hours as we all know bitcoin price soared to new heights and is now going through a price correction. The network fess though for sending have also shot up, it no longer makes sense for sending small amounts which is a kicker as my online business takes btc as form of payment :/  What does everyone think, will the fees go down over time and if u had to hazard a guess how long? I'm hoping it settles over the next few days. 

For now, I don't think it would fall down big time. It would take years as well like it did on getting higher, but who knows what would happen in the future right? I guess this is part of the risk that we are taking if we want to earn bitcoins, but I also think that bitcoins would still increase its price because it becomes more rare or difficult in mining bitcoins.

[wenjun123]

Of course, the fees will go down, but, now there is another spam-attack, and the number of transactions in the membrane is about 200,000, it's bad, so with a sharp increase in the price the second time such a story

[reingelz09]

it will go down when bitcoin value will go down too..sad to say but they know how to play the game too. They want to earn much from us that is why they've doing like this. We have no choice than to pay them even if its not acceptable.

[jseverson]

There are two factors that contribute to the ridiculous fees that I know of:

1) Network Congestion - Transaction fees turn into bidding wars for people with urgent transactions. The mempool is clogged pretty badly right now, with over 200k unconfirmed transactions, so it follows that fees will be much higher than if the mempool were handling a normal amount. The last time this happened was when BCH launched a spam attack against Bitcoin, and it took a few days to normalize. This one seems organic so it may take a little longer than that.

2) High Bitcoin Value - Obviously, the higher Satoshis are worth, the higher you're paying for mining fees. This is currently compounded by the congestion problem, as you're forced to pay a higher number with higher value.

When they will go back to normal is anyone's guess. What's clear is that we need scaling solutions soon.