Bitcoin transaction cost is too high

[quocsi]

I think bitcoin prices are rising quite high meaning that the cost of bitcoin payments is quite high. There are also many options. You can also use etherum to reduce costs.

[1715003789]

1715003789

[Tonestra]

This discussions always lead to the issue of scalability. I am sure that fees will come down some time in the future.

[Typogre12]

The rise of the cost of transaction fees in BTC was I think because of its increasing demand, the surge of investors was not expected by the creators of the blockchain. That is why right now we are experiencing slow confirmation ending up to higher fees.

[odranoel]

Yah it is too high cost currently and it is very good news for us in the bitcoinworld. Ofcourse this is advantage to me even im not yet earned but i know when time i started to earned here it is more high cost because bitcoin is aired already in tv, it means possitive happen of bitcoin today

[Gotottack]

The only reason I can think of is that Bitcoin's network is absolutely congested because of too much unconfirmed transactions which may be due to its being under attack all the time. We have to accept the fact that the more Bitcoin becomes popular, the more people from all walks of life come to it either to be part of its growing community or to be among its many antagonists. Regardless of their motives, it highly affects the fees of Bitcoin transactions because much have been developed to secure its privacy.

[cryptoquality]

Maybe in value its too high but 0.001 btc transaction fee nowadays are just in the minimum requirements to be paid for not that fast transaction but not that slow too,yes traffic happens sometimes but its just sometimes and bitcoin still come through

Because we need quick response from our transactions that's why some of us are willing to pay high fees just to process their request.

This is not gonna be that way forever. Beastly transaction costs as well as slow confirmation times are killing bitcoin, slowly but surely. In a nutshell, people are dicouraged from transacting with this cryptocurrency, and ultimately, only big cryptowhales can afford that. I don't think it bodes well for it in the long run, and this is definitely not how Satoshi envisioned bitcoin. He envisioned bitcoin to be Internet money but we are far from that already.

I hope you are right and this will not be till forever. Because transaction fees are becoming unreasonable every day. Even if you will send a little amount of btc , you have to pay a lot of transaction money for that. If that keep on, it will be effecting bitcoin's future.

[KingOfWinterfell01]

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise

Absolutely right with this point. I really hate these outrageous transaction fees in most of trading sites for bitcoins. The transaction fees inflate like every time I make a simple transaction. I'd dirt poor first before I even send a smidge of bitcoins to other people. Really gets on my nerves.

[alexn3620]

Yes, the commission is very high. This is not the bitcoin that was before and the network is very congested. These two problems frighten new investors. Therefore, today altcoyins, an alternative to bitcoin, are growing very much.

[Sihab76]

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise

Yes Bitcoin transaction fee almost high than before.  Now blockchain wallet Bitcoin transaction fee is about more than $11.  But a few days ago blockchain transaction fee bellow than $1

[Jake_Shannen]

This has been one advantage of ripple over BTC. Aside from the stable prizes of ripple it has low transaction fees compared to BTC. i think it is due to the volume of consumers.

[gabmen]

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise

Yes Bitcoin transaction fee almost high than before.  Now blockchain wallet Bitcoin transaction fee is about more than $11.  But a few days ago blockchain transaction fee bellow than $1

It's natural for the transaction fee to move alongside the value of bitcoin. I mean, that happens outside cryptocurrencies as well though hopefully some steps would be implemented like segwit to at least manage how high the fees can go

[tee-rex]

Maybe in value its too high but 0.001 btc transaction fee nowadays are just in the minimum requirements to be paid for not that fast transaction but not that slow too,yes traffic happens sometimes but its just sometimes and bitcoin still come through

Because we need quick response from our transactions that's why some of us are willing to pay high fees just to process their request.

This is not gonna be that way forever. Beastly transaction costs as well as slow confirmation times are killing bitcoin, slowly but surely. In a nutshell, people are dicouraged from transacting with this cryptocurrency, and ultimately, only big cryptowhales can afford that. I don't think it bodes well for it in the long run, and this is definitely not how Satoshi envisioned bitcoin. He envisioned bitcoin to be Internet money but we are far from that already.

I hope you are right and this will not be till forever. Because transaction fees are becoming unreasonable every day. Even if you will send a little amount of btc , you have to pay a lot of transaction money for that. If that keep on, it will be effecting bitcoin's future.

It is already affecting bitcoin in very dangerous ways. I don't follow cryptomarket cap figures closely but from what I read around here, bitcoin's share seems to have dropped to measly 30% already. Imagine what its price might have been if people hadn't had to wait literally days till their transactions get confirmed, if ever, and pay these absurdly high fees. It's a complete failure if you ask me.

[josephinerosdy]

yes bitcoin transaction fee is insane, it's like 10% of transaction amount, so I exchange my bitcoin to ethereum before cash out.
I hope the cost will get down soon

[Suptiele]

after price was so crazy fee start also being so crazy. more than 1 month and you must pay high fee and wait long time.
crazy price rise  not have any affected in fee
You can think of it as a donation to the network, you have a lot of fluctuations, and therefore it will not make a difference to pay $ 1 or $ 10 in fees if you earn $ 1,000.
give to a week or more and Bitcoin transaction cost will back low

[AngryWhiteWolf]

Making small payments is not an option using BTC these days. Wondering why memory pool isn't just a FIFO queue and transaction cost fixed in satoshi/byte (100 satoshi/byte or something like this). Much more simple for everybody - at least you'll be able to estimate how long would take for a transaction to complete.

[niahasasj]

Bitcoin transaction charges are increased,bitcoin miners increased their charges.

[Irvinn]

If you think the bitcoin fee is too expensive, I suggest you convert your bitcoin to ethereum/doge/litecoin,
and the total fee which you paid by converting your bitcoin is more smaller than the current bitcoin's standard fee.

The fact is that not all have the opportunity to use, say, to sell tokens and transfer them to fiat not bitcoin, but other coins. The most common option is bitcoin and in many cases there is simply no choice. Perhaps in the future, when the infrastructure for servicing the crypto currency will develop properly, new applications, websites, exchanges, exchangers will appear, etc., then such an opportunity will appear. In the meantime, we have to use bitcoin with its hanging and expensive transactions.

[CryptoChris18]

Yes bitcoin transaction cost is too high. if you are too worried about it better you convert them into alt coins like ETH, when you want to make transaction.... 

[jerlen17]

I think bitcoin transaction cost is too high but in my experience i have no option but to pay the transaction fee because it is the only way to withdraw or cash it to become fiat to be able to used for payaing bills, buy something that we need and even our wants. So even the fee is too high i cant do but to pay it to transact.

[cybersofts]

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise

The problems is there are too many bitcoin users on bitcoin network more than the mining power that can handle the transactions at once. Based on what I learnt the bitcoin transaction fee even dropped today because people are paying an average of $26 per transaction. Weeks ago people were even paying up to $80-120 per single transaction.

Average fee: coincap.io