Today fee of bitcoin transactions is increased

[jahda1001]

Miners are getting less and fewer gold mines. So to find your block, need a similar pay

[1714783676]

1714783676

[Findingnemo]

Bitcoin is always costly in terms of transaction fee that's why alternatives are coming as Ethereum much convenient and less expensive. Even steller is too fast as compared to others, Neo is the nest option to send fund without any fee.

The transaction fee of bitcoin decreased pretty much from the past,now the price of bitcoin for a small transaction is 0.00002 BTC.Do you think this is high?

[stompix]

So can you explain why during June 20-24 when BTC was at 6600-6000, the fee was on average 2.50$ while now, with BTC over 7500$ the fee is on average 0.70$

Price has nothing to do with the fee, stop saying that...

That's what happens when people still think in fiat terms

While I wouldn't say that the price has nothing to do with the fee (ie. everything else being equal, BTC @ USD 300,- was cheaper to send in fiat terms than BTC @ USD 6,000,-) it definitely is one of the lesser factors as seen during the December 2017 mempool congestion.

Because right now fiat value is all that matters.
As long as a coffee will cost 0.6 mBTC today and 0.3mBTC tomorrow nobody will care about what the price is in satoshi.

Some pools right now block any tx lower than 5sat/byte, that's barely 10 cents, but if BTC goes to 1 million and those 5sat/byte will mean 12$ do you think everyone will keep on saying is just 5sat/byte?
People tend to say that bitcoin increases in price so the fees go up but it's the same when it goes down when they rush to dump coins to exchanges.

No, usage is the main factor behind the fees, and LN will prove this once for all....hopefully
I really don't want to experience 20$ per tx.

[bob123]

Because right now fiat value is all that matters.
As long as a coffee will cost 0.6 mBTC today and 0.3mBTC tomorrow nobody will care about what the price is in satoshi.

Well, in venezuela people are measuring food/groceries/.. in satoshis (or other cryptocurrencies).
These people don't care anymore wether some water costs 1 million bolivar or 2 million the next day. Their currency simply isn't worth anything anymore.
They are paying in satoshi equivalents. And they do not care what the FIAT equivalent is.

Some pools right now block any tx lower than 5sat/byte, that's barely 10 cents

Which pools do block transactions with a fee less than 5 sat/B ?
Most transactions in the last week were below 5 sat/B. So you are telling me that they do not include any transactions because the fee is 'too low' for them ?

[stompix]

Because right now fiat value is all that matters.
As long as a coffee will cost 0.6 mBTC today and 0.3mBTC tomorrow nobody will care about what the price is in satoshi.

Well, in venezuela people are measuring food/groceries/.. in satoshis (or other cryptocurrencies).
These people don't care anymore wether some water costs 1 million bolivar or 2 million the next day. Their currency simply isn't worth anything anymore.
They are paying in satoshi equivalents. And they do not care what the FIAT equivalent is.

Let's not generalize the situation based on a shit-hole of a country 

Some pools right now block any tx lower than 5sat/byte, that's barely 10 cents

Which pools do block transactions with a fee less than 5 sat/B ?
Most transactions in the last week were below 5 sat/B. So you are telling me that they do not include any transactions because the fee is 'too low' for them ?
[/quote]

F2Pool and ViaBtc are playing around with those, they seem to be dropping off the restrictions at x size of the mempool as I've experienced myself this, checking for block confirmation on my tx and they kept ignoring my tx at 2sat/b with blocks not full.

And it's not the first time, they did it in January and in March also, constantly.

[bob123]

Let's not generalize the situation based on a shit-hole of a country 

Well, it started there.. and it will will continue world wide.
I hope you are not believing that the steadily increasing debts will somehow disappear mysteriously. This would be delusional.

It is just a matter of time when the financial system in the US / EU is going to collapse.
On average, a currency has a lifetime of 30-40 years. Based on this, we are overdue..

F2Pool and ViaBtc are playing around with those, they seem to be dropping off the restrictions at x size of the mempool as I've experienced myself this, checking for block confirmation on my tx and they kept ignoring my tx at 2sat/b with blocks not full.

And it's not the first time, they did it in January and in March also, constantly.

Thats weird.
I had quite a few 1 sat/B transactions confirmed within less than 3 blocks throughout the last week.

[jeremypwr]

That's rather strange, since whenever I send BTC it costs me roughly 4-5 cents, which is basically nothing.

As of recent, it's cost more money to send ETH than BTC. 

[btcdevil]

Bitcoin transaction fees going high is very common, when ever their is a market bull run that time the transactions are very high so for that the transaction fees goes up. But still the fees is not that high which we were facing in past. So i think this is common and when the market stabilize that time the transaction fees will also lower it.

[Osakrita]

what happended today, I sent 1 BTC into another wallet, and it took 2.5 USD. so high

That seem to be an exceptional case lately, most of my bitcoin transactions are in the the range of less than 10 cents. It will increase now that volume of trade has increased

[jrrsparkles]

That's rather strange, since whenever I send BTC it costs me roughly 4-5 cents, which is basically nothing.

As of recent, it's cost more money to send ETH than BTC. 

Yes,I noticed that too.The transaction cost of ethereum is much higher than the bitcoin now,Today I made $20 transaction of ethereum and $1 is the fee for that transaction but even when I transact the $100 of bitcoin still the fee is under half a dollar.

[john randolph]

It was maybe because your transaction size is large, based on multiple input. Or there is change in fee strategy by blockchain or by change in policy of BTC Administration.

[Rnd2012]

Yah, the fee of Bitcoin transaction increased and will be releasing an updated increase again because of Bitcoin price

[Angel Di]

That's rather strange, since whenever I send BTC it costs me roughly 4-5 cents, which is basically nothing.

As of recent, it's cost more money to send ETH than BTC. 

I didn't like it a few times either. Because I think it's unacceptable. But at the time when large projects are on Eth, the network usually falls and transactions jump in price. Sadly it is