bitcoin transaction fee through the roof

[Pan Troglodytes]

Wow I have never seen anything like that. Look at that screenshot form BTC transaction fee estimator. All the slots are taken and it is recommending to use 644 satoshi per byte. And as I watch it is growing, I will not make more screenshots so check it yourself.  Actually 644spb for a standard 300 byte transactions is 33 USD at current prices from coindesk. So you have to pay minimum of 33 USD fee unless you want your transaction in limbo undefinitely (as the number of high fee transactions increases it is unlikely that any low fee transaction goes through in any reasonable time).

image link: http://imgur.com/a/uUq5k

I have seen more posts on the topic of network being stuck. And I was expecting something, if not action, then at least a comment from the devs. But nothing. Why the bitcoin devs are so quiet?

[Zebra.Guy]

yes it has been like that for two or three weeks, but you are right that now it is worse then ever. Just look at the unconfirmed transaction number: it is currently more than 200 000 and I wonder when it crosses 250 000. Today or tomorrow? It is not good for the whole ecosystem.

[Catmony]

All this hype over bitcoincash is realky ruining bitcoin network, miners left mining bitcoin, people started to pay higher fees to get faster confirmation, remaining miners got greedy and not confirming tx with low fees, mining difficulty need to be updated but we have to wait 11 days more for it and many other things happening right now.

Bitcoin need lightening network.

[AverageGlabella]

I would avoid any non essential transactions right now until the market calms down a little. It's unclear when that is going to be though. BTC and ETH are both struggling with the amount of transactions currently and I'm not sure if this is an attack or if it's due to the new price of Bitcoin.

[jseverson]

I don't think it's a network attack. This has been going on for a few weeks. Bitcoin Cash shills haven't been active again until recently. I really think this could be organic demand brought about by futures trading hype, among other things. I could be wrong though.

It seems like the number of unconfirmed transactions has increased to 200k again, so I guess you can't really discount the possibility of a network attack. Bitcoin Cash has done it in the past and they certainly could do it again.

[Zebra.Guy]

I would avoid any non essential transactions right now until the market calms down a little. It's unclear when that is going to be though. BTC and ETH are both struggling with the amount of transactions currently and I'm not sure if this is an attack or if it's due to the new price of Bitcoin.

And if the transaction is already put there in the network? What would you advise I do? I have a transaction which is stuck for more than one week and I don't think it will ever get confirmed with the current state of matters.

So what should I do? BTC tx accelerator sais it can do the trick for me for more than one hundred dollars, can you imagine?

Is there a way to withdraw and resend the transaction? I would be maybe willing to pay 33 USD but not 100 !!!

[Marileno]

Super ridiculous and this is going to be one of the main reasons that will cap the price of BTC long term. It's usefulness as a transaction mechanism is deteriorating by the day. At the slow speed to the transaction costs and the equation becomes quite profound.

[penig]

Wowzas.  It was high at ~400/byte this weekend, though you could get something though if prepared to wait for 350/byte.

If this is, as suggested above, due to miners getting greed and not accepting tx below a certain fee, well bitcoin might be a bit broken.  Its supposed to be decentralised, however that doesn't prevent collusion between many separate groups.  I never thought a 51% would be practical, anyone attempting it would gain so little in one block would be risking the entire confidence of the process.  However, we did see with the BCH pump in November there are miners out there who think they can go their own path and screw the economics (if they'd have succeeded, their holding of bitcoin would collapse while the holding of BCH wouldn't be anywhere near the same value.)
Are the blocks actually full?  The graph at bitinfocharts say not quite, its about 96-97% so there a little room, and been like that for days.  Too close though. Time to abandon for other coins?  Is this what the miners want?  I know this is me out of any transactions and investment into Bitcoin for the rest of the year, I'll sit out and see what happens to existing holdings.  I know im replaced by a thousand newbies putting in $100 to be part of it.  Interesting end to the year.

[colonel_koval]

I would avoid any non essential transactions right now until the market calms down a little. It's unclear when that is going to be though. BTC and ETH are both struggling with the amount of transactions currently and I'm not sure if this is an attack or if it's due to the new price of Bitcoin.

And if the transaction is already put there in the network? What would you advise I do? I have a transaction which is stuck for more than one week and I don't think it will ever get confirmed with the current state of matters.

So what should I do? BTC tx accelerator sais it can do the trick for me for more than one hundred dollars, can you imagine?

Is there a way to withdraw and resend the transaction? I would be maybe willing to pay 33 USD but not 100 !!!

actually it is a very good question and more or less sooner or later (rather sooner) more people will be asking that question. Frankly, I don't know, but I would like to hear the answer as I have a very similar problem. Anybody can help?

[Mometaskers]

All this hype over bitcoincash is realky ruining bitcoin network, miners left mining bitcoin, people started to pay higher fees to get faster confirmation, remaining miners got greedy and not confirming tx with low fees, mining difficulty need to be updated but we have to wait 11 days more for it and many other things happening right now.

Bitcoin need lightening network.

Yup, Bitcoin Cash is up to $3000 so it's not hard to think that some would decide to switch and try to mine that instead. You think bitcoin grew too fast? Sigh, it's not like users can punish miners for the delays. With the current popularity, even when BTC went down by around 8% today, there's probably new buyers coming in.

[jaka331]

Hopefully this high transaction fees will be resolved soon, it is really ruining bitcoin...

[bug.lady]

I would avoid any non essential transactions right now until the market calms down a little. It's unclear when that is going to be though. BTC and ETH are both struggling with the amount of transactions currently and I'm not sure if this is an attack or if it's due to the new price of Bitcoin.

And if the transaction is already put there in the network? What would you advise I do? I have a transaction which is stuck for more than one week and I don't think it will ever get confirmed with the current state of matters.

So what should I do? BTC tx accelerator sais it can do the trick for me for more than one hundred dollars, can you imagine?

Is there a way to withdraw and resend the transaction? I would be maybe willing to pay 33 USD but not 100 !!!

hi can anybody please tell me what to do in such a situation as described? I have a transaction in limbo too and I am feeling more and more helpless. Thanks in advance!

[Zebra.Guy]

Hopefully this high transaction fees will be resolved soon, it is really ruining bitcoin...

You think so? Than have a look at that chart and compare it from the chart from OP. Every day the situation gets worse and worse, unconfirmed transactions now are 280k+, and you have to pay more than 1000 satoshis ber each byte to have your transactions confirmed. It is NOT getting better with time and I don't predict it will

https://imgur.com/a/zWmSy

[colonel_koval]

I would avoid any non essential transactions right now until the market calms down a little. It's unclear when that is going to be though. BTC and ETH are both struggling with the amount of transactions currently and I'm not sure if this is an attack or if it's due to the new price of Bitcoin.

And if the transaction is already put there in the network? What would you advise I do? I have a transaction which is stuck for more than one week and I don't think it will ever get confirmed with the current state of matters.

So what should I do? BTC tx accelerator sais it can do the trick for me for more than one hundred dollars, can you imagine?

Is there a way to withdraw and resend the transaction? I would be maybe willing to pay 33 USD but not 100 !!!

actually it is a very good question and more or less sooner or later (rather sooner) more people will be asking that question. Frankly, I don't know, but I would like to hear the answer as I have a very similar problem. Anybody can help?

What about my question guys? Can't anybody help?

I think that every person from that forum trying to send bitcoins will face the same problem. So why not try to help? I don't understand it

[BitcoinFrik]

I think the fees when a little down now that the BTC price went down. Less people are interested now, only the intermediate and smart traders buy doing the dip.