Bitcoin Increases Again - Will Transaction Costs Become Problems?

[crestella]

The last time Bitcoin went up, traders and holders were happy with the price, but saddened by the terrible transaction costs. Unfortunately, sometimes the cost to move money is greater than the amount of money transferred. For crypto assets that try to be a direct replacement fiat money, bitcoin should at least be cheap to transact as cash.

[1715251155]

1715251155

[BettingTips]

At the moment, I think Bitcoin transaction is much lower than before, I just made a Bitcoin transaction few days ago and I just need to pay less than 0.0001 BTC for transaction fee but this transaction still broadcasted very quickly in just 2 or 3 minutes .

But if you still think that it's too high, I suggest you should make your transaction with ETH, you'll be able to pay less for transaction fee

[unusualfacts30]

You can convert your btc to other alt and make your transaction through them. I don't think it's that big of a problem as there is always a workaround. I did have a issue high transaction cost last time but as I said there is a workaround to these problems. Hopefully it will be fixed by the time btc reaches 1 million as some people have predicted. 

[TooDumbForBitcoin]

Mempool is empty in comparison with November-January period when we saw transaction spam attack. And now we have SegWit also.

[Insanerman]

Mempool is empty in comparison with November-January period when we saw transaction spam attack. And now we have SegWit also.

Can you please enlighten me about this mempool? Is this a chart that shows the amount of transaction cost in blockchain? I never heard of this before, this is an interesting topic to be searched for.

[kamudd]

You can convert your btc to other alt and make your transaction through them. I don't think it's that big of a problem as there is always a workaround. I did have a issue high transaction cost last time but as I said there is a workaround to these problems. Hopefully it will be fixed by the time btc reaches 1 million as some people have predicted. 

I agree with you, every problem there must be a way out and in some recent transactions I always use another coin alt to do the transfer because with alt we will only get a small transfer fee.

[semobo]

No it will not be a problem because most of the exchanges starts to uses segwit address and they are batching the transaction now but before they are sending each transaction separately so the chance of number of unconfirmed transactions will increase is very low so the transaction cost also will be under control.

[kul0n]

Given the current growth of bitcoin, I believe that transactions by size and speed are quite acceptable. Let's see what happens next)

[the rise]

No it will not be a problem because most of the exchanges starts to uses segwit address and they are batching the transaction now but before they are sending each transaction separately so the chance of number of unconfirmed transactions will increase is very low so the transaction cost also will be under control.

for the implementation of the segwit address is not fully understood and I feel the bursting volume will happen again in the next few weeks, but I try to believe it and keep learning it, so far the transaction fee is a troubling issue if the volume jumps too big. Thank you for your explanation.

[adroitful_one]

Well, there's not only Segwit adoption being pretty high these days, but also there's the Bitcoin payment protocol. I know a few websites I purchase things from accept this form of payment. It cuts down on network usage by quite a bit. Bitpay I think has a good guide on what exactly it is. But trust me, it helps A LOT.

[2stout]

It appears so since the issue wasn't really addressed.  When transaction volume picks back up, which it will when BTC goes back up, it'll become pay for play all over again to get transactions processed in a somewhat timely manner.

[cabbarlana]

Transaction costs, transfer fees, and transfer time are now a major problem for BitCoin. As long as the Lightning Network is not used more effectively and quickly, it seems difficult to achieve the desired breakthrough faster.

[Eddyc]

This problem has recurred since the beginning of Bitcoin and we are accustomed to finding many locks in the transactions, but problems exist to be solved and as mentioned above Segwit can and should be a great alternative to rid the network and help look for new ways to make the overall system lighter.

[makishart]

Well, there's not only Segwit adoption being pretty high these days, but also there's the Bitcoin payment protocol. I know a few websites I purchase things from accept this form of payment. It cuts down on network usage by quite a bit. Bitpay I think has a good guide on what exactly it is. But trust me, it helps A LOT.

What's the different between bitcoin payment protocol and segwit? Segwit has been used to improve the bitcoin protocol and i can't understand what make you call it as bitcoin payment protocol.
The store only adopt bitcoin just become one of their payment system and it can't be called as a protocol. I was confusing about that.

[B.A.S.]

Mt. Gox Cold Wallet Moves 8200 BTC / $76.7 Million

https://www.reddit.com/r/Bitcoin/comments/8idw28/mt_gox_cold_wallet_moves_8200_btc_767_million/

[Sephire]

After Segwit, it will be lightning network adoption that will help transaction costs. Hopefully, these are not going to skyrocket again to last years levels but some rise with bitcoin at new highs is going be there.

[28days_ever]

The last time Bitcoin went up, traders and holders were happy with the price, but saddened by the terrible transaction costs. Unfortunately, sometimes the cost to move money is greater than the amount of money transferred. For crypto assets that try to be a direct replacement fiat money, bitcoin should at least be cheap to transact as cash.

If people still believe and use it, then such costs are acceptable to them and they are ready to accept this. Although now there is no problem to choose another coin in which this lack is not present. And perhaps not to lose both in price and in demand, there is much to review and improve.

[auliahr]

I am sure if Lightning Network has been used by everyone, then this is not a serious problem for bitcoin.

[ThunderCatSteve]

Well, there's not only Segwit adoption being pretty high these days, but also there's the Bitcoin payment protocol. I know a few websites I purchase things from accept this form of payment. It cuts down on network usage by quite a bit. Bitpay I think has a good guide on what exactly it is. But trust me, it helps A LOT.

We are seeing a huge decrease from 7-10% everyday dropping and now it's $7,500.
Bitcoin definitely will touch 20 k dollars in the next year because of two main reasons. First, it has a very limited supply, only 21 million and after the loss of some it was predicted that the value reduced to 18 million out of which only 4 million are still to be mined out but its demand is increasing too much.
It will retouch the sky while ETH is going to take a lot of time. Other than these two, monero, waves and ltc have some potential.

[Axelseseclevz]

I agree with that! I think,the high cost of bitcoin transactions pay can also affect to the price of bitcoin in the crypto market world.

[nara1892]

if you keep your bitcoin in exchange, try using altcoin like doge, ltc or waves for transaction, it's much lower than bitcoin transaction fee
but if it's not on the exchange, try using segwit, I never tried it, but I think it works fine
https://blog.blockonomics.co/saving-transaction-fee-using-segwit-how-to-be-a-bitcoin-ninja-78d8416375db

[zhekinsp]

Well, there's not only Segwit adoption being pretty high these days, but also there's the Bitcoin payment protocol. I know a few websites I purchase things from accept this form of payment. It cuts down on network usage by quite a bit. Bitpay I think has a good guide on what exactly it is. But trust me, it helps A LOT.

We are seeing a huge decrease from 7-10% everyday dropping and now it's $7,500.
Bitcoin definitely will touch 20 k dollars in the next year because of two main reasons. First, it has a very limited supply, only 21 million and after the loss of some it was predicted that the value reduced to 18 million out of which only 4 million are still to be mined out but its demand is increasing too much.
It will retouch the sky while ETH is going to take a lot of time. Other than these two, monero, waves and ltc have some potential.

Even if the bitcoin price reaches $20K the transaction fee won't reach like what happened at the end of 2017.Because before all the exchange are using single transaction per trade now batch transaction is happening in between all the exchange and also many exchange adopts to the segwit which make it more faster.

[btc78]

The last time Bitcoin went up, traders and holders were happy with the price, but saddened by the terrible transaction costs. Unfortunately, sometimes the cost to move money is greater than the amount of money transferred. For crypto assets that try to be a direct replacement fiat money, bitcoin should at least be cheap to transact as cash.

What do you mean the transaction fee is greater than the amount to be transacted?maybe you're converting little amount that smaller than the minimim transaction fee,if thats the case so expect what you are mentioning..

And about this case,thats why the lightning network is on the move to response to this concerns and if this releases then we may not having this kind of issues

[hao98]

The cost of bitcoin transactions is quite high. Hopefully in the near future the transaction fee will drop. People are more concerned about the cost of living

[shesheboy]

The cost of bitcoin transactions is quite high. Hopefully in the near future the transaction fee will drop. People are more concerned about the cost of living

I dont think it is high enough whem compared to last years fee because bitcoins value was also super high that time and as a result of that the fees were also sky rocketed too much no unlike these year that the fees were now lowered due to the current value of bitcoin which was also verry low.

Aside from the value, i think bitcoin wallets or online exhchanges do also matter because i already notice it after i use different kinds of them.

Lastly , the fees can also varry in the amount of bitcoins that youve sent because the higher the amount you send , the fees are also high but the lower the amount you send , the fees are also low.

[suzanne5223]

You're right OP cause the hike in bitcoin transaction fee also had some effect on the bitcoin price market but the level of bitoin users or traffic are what usually cause the hike in fee but with the help of project like the SegWit, Lightning, Root block chain etc.  The problem with high transaction fee will be fix.

[stayeduptolate]

The last time Bitcoin went up, traders and holders were happy with the price, but saddened by the terrible transaction costs. Unfortunately, sometimes the cost to move money is greater than the amount of money transferred. For crypto assets that try to be a direct replacement fiat money, bitcoin should at least be cheap to transact as cash.

I think this is the problem faced by all the bitcoin users that the transaction fee of bitcoin is very high and people are in very trouble that there is no such proper regulating body who keeps on eye over all these activities and moreover this crypto currency is not that centralised so no country takes no responsibility for that irregular transactions fee because I think those who are there , are just trying to recover the loses that has been done by that deflating valuation in last past 4 months.

[Christian_k]

This problem has recurred since the beginning of Bitcoin and we are accustomed to finding many locks in the transactions, but problems exist to be solved and as mentioned above Segwit can and should be a great alternative to rid the network and help look for new ways to make the overall system lighter.

[Christian_k]

When transaction volume picks back up, which it will when BTC goes back up, it'll become pay for play all over again to get transactions processed in a somewhat timely manner.

[bolbau]

when theres a demand the transaction cost will be increase, thats a normal thing. and yeah this is a problem that should be solved as soon as possible. do not let bitcoin be considered obsolete and slowly abandoned by its users. for now some people still use an alternative way for bitcoin transactions, that is by changing it to another alternative coin that has a small fee like dogecoin.

[Flomo]

I prefer to use bitcoin as an investment, despite the current unfavorable price. bitcoin transactions as fiat will probably make you more losers.

[iyemroker]

I think if the Bitcoin transaction is cheaper than Altcoins who have entered the Exchange market, because I experience moving Altcoins A about 3000 tokens, continue to get a fee of about 500 tokens Altcoins and it is very strangling me because of its huge fee.

I hope Bitcoin transaction fee should not be up again because it can impover the Bitcoin users.

[sikami]

I would not expect a bitcoin fee going up
Hopefully it will be fixed by the time the btc reaches 1 million as some people have predicted

[sandraonas]

The lightening network is already getting a lot of usage.The number of nodes has increased exponentially in the last couple of months,which means the issue of have a lot of unconfirmed transaction and ultimately fee hike will be a thing of the past.Lightening network 'batches' a collection of transactions and treats them as a single one.

[Msile]

Lets hope the lightning network ends up being successfully adopted everywhere before the next bull cycle starts. As, if the bitcoin network gets congested again like the last time than many people are going to shift towards other crypto currencies and Bitcoin is going to lose the trust of many people.

[kingofworld92]

Currently, I think Bitcoin trading is much lower than before, but if you still think it is too high, I suggest that you make your transaction with ETH.

[appleyard]

The last time Bitcoin went up, traders and holders were happy with the price, but saddened by the terrible transaction costs. Unfortunately, sometimes the cost to move money is greater than the amount of money transferred. For crypto assets that try to be a direct replacement fiat money, bitcoin should at least be cheap to transact as cash.

From the past years the transaction fees of bitcoin  is very high this is a big problem for us small business owner who actually implemented to accept bitcoin as payment. We have a printing and tshirt brand we are accepting bitcoin as a payment but the problem is the price of our merch is about 20 dollars but the fee is like 2 to 3 dollars. So our costumer is choosing a money remittance to pay us but the problem is we need to pay for the gas to get the payments.

[toreserve]

I suggest you make your transaction with ETH. Hopefully it will be fixed by the time the btc reaches 1 million as some people have predicted.

[Nurul_]

the possibility of transaction costs is no problem gan. because the bitcoin transaction costs have just gone downthen it will likely stay down. in case the bitcoin gets better and keeps going up into the sky. then the transaction costs on the rise again will surely many people ask if anyone is deliberately doing so to keep the bitcoin enjoyed by people .