Transaction fee has gone up by 10x during the last two weeks

[Sithara007]

I have noticed that the transaction fee has gone up tremendously during the last two weeks. I am using Blockchain.com wallet, and until two weeks back I was paying somewhere between 1-3 Satoshi per byte for my transactions. But now the default fee in Blockchain.com has increased by more than 10 times, to around 40 Satoshis per byte. And I checked bitcoinfees.earn.com as well, and according to it, the fee needed for instant confirmation is around 220 Satoshi/byte.

I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?

[1715127720]

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[gvoice24]

yeah i'm also facing same problem. $1 sending fees $2.5+...Is it a joke?

[pooya87]

~~ the default fee in Blockchain.com ~~ And I checked bitcoinfees.earn.com

just so you know, both of these sites are unreliable when it comes to fees. blockchain.com is known to give weird suggestions (usually too low) and bitcoinfees always suggests a much higher fee for high priority transactions and causes a big overpay for those who rely on it.

you are correct though, fees have indeed increased over the past weeks due to the price rise and the large number of people who are both selling and buying bitcoin.

[Kakmakr]

Agreed. I use Electrum and the recommended fees are much higher than what it was a week ago. It is understandable if you look at the Mempool for the last 30 days --> https://www.blockchain.com/charts/mempool-size?timespan=30days

This is why the Lightning Network was developed, to reduce the amount of micro transactions that are causing this on-chain congestion and resulting higher fees.

Let's use the Lightning Network for all the micro transactions and we will have much lower fees for on-chain transactions. 

[partysaurus]

I have noticed that the transaction fee has gone up tremendously during the last two weeks. I am using Blockchain.com wallet, and until two weeks back I was paying somewhere between 1-3 Satoshi per byte for my transactions. But now the default fee in Blockchain.com has increased by more than 10 times, to around 40 Satoshis per byte. And I checked bitcoinfees.earn.com as well, and according to it, the fee needed for instant confirmation is around 220 Satoshi/byte.

I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?

yes i have noticed that to, and the time it takes for it to clear gone up alot too, had to wait 6 hours for my last transfer. tryed a higher fee and still had to wait 2 hours. thats not very fun miss the days when a transfer took one hour the most lol.

[crwth]

If willingness to pay, no but if needed to, no choice. I do it. It's definitely not what we want, knowing that there are other money transfer methods to compare to. It's just that it has made things a lot easier when Bitcoin is invented, but I guess the congestion is one of the things that need improvement? I'm not technical in terms of the development of BTC, but it could be one factor.

[joniboini]

yeah i'm also facing same problem. $1 sending fees $2.5+...Is it a joke?

Usually, that won't happen, unless you somehow screw up the tx.

you are correct though, fees have indeed increased over the past weeks due to the price rise and the large number of people who are both selling and buying bitcoin.

Thought the same thing. The increase in Bitcoin price has lately increase tx activity. Pretty sure it's just trader doing their trading, or noobs wanting to join the ride of the recent bull run.

I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?

If it were me, I'd rather use LN (assuming I never send a huge amount of Bitcoin per TX).

[Ailmand]

I could also notice the increase in fees these days which is getting quite hard for traders to deal with. LN is a better choice nowadays. I would only be willing to pay higher if I wouldn't get any choice but this one is also bothering. Sounds like they're taking advantage of the market situation.

[okala]

When ever the price of bitcoin move above 7,000 the transactions fee always go high and I have noticed this since 2017 bull run, I don't know why it so but having a high transactions fees kill's little transactions. I guest the bitcoin network need some more development in the area of network congestion which always lead to high fees whenever the market go bull.

[jseverson]

I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?

Then you don't use it. That's the harsh reality of our current situation. Bitcoin isn't ready for primetime.

If you want a workaround, you could set up a hot Lightning wallet when fees are low enough so you'll be able to spend regardless. It's not as widely used yet, but situations like these are precisely why people should be using it. Hopefully, this happens before a significant part of the market is priced out because of rising mining fees.

[dothebeats]

I'd stick to whatever fee I'm using as confirmation times don't matter much to me, and RBF is also a thing now so I'd just adjust according to whatever suitable fee my tx needed in order to get faster confirmations. I don't know much about other people though, but one can always move funds around still, and the higher fees only constitutes to the priority for your tx, not the confirmation forthe tx per se. Also, this only happens because most people wants to get a taste of the price action, but once everything normalIze, fees would also come down.

[Haunebu]

What is so surprising about any of this op? Everyone knows that TX fees goes up everytime BTC surges and goes down when BTC value falls owing to the volatility of the market.

Do you remember the insane TX fees during the crazy rally of 2017? Segwit and LN can help to a certain extent in these situations.

[edisystem]

It's remind me like what happened on 2017, the transaction fees increased so high back then when the bitcoin price increased so high. It seems happened again today.

It's still fine actually, i'm using under normal fees and it only takes hours to confirmed yesterday. The unconfirmed transaction is a bit bigger than usual though.

[stompix]

Sent a transaction two days ago with 10sat/b, still unconfirmed, send another one yesterday morning with around 30sat/b , got confirmed a few hours ago.

Still 50k unconfirmed tx in the mempool and looking at the fees structure no chance for fees under 20 to get confirmed today, you would need 20 blocks just to clear the backlog to give those a chance.

At least veriblock is not going full throttle again, that would make it even worse.

yeah i'm also facing same problem. $1 sending fees $2.5+...Is it a joke?

Usually, that won't happen, unless you somehow screw up the tx.

2.5$ is around ~125sat/b with 2/2 inputs outputs so, if you want confirmation below 4 blocks, yeah, prepare to pay that much

[Kemarit]

Do you remember the insane TX fees during the crazy rally of 2017? Segwit and LN can help to a certain extent in these situations.

But we are still a far cry if we are talking about the rally in 2017. That's why the OP is asking if we are willing to pay that exorbitant fee's assuming that we will have a bull run to get to another all-time-high. It will be a huge problem if the fee's goes off the roof again together with the price. I guess we have no choice though, unless majority will use Segwit in moving their funds around.

[stompix]

I guess we have no choice though, unless majority will use Segwit in moving their funds around.

We are a few inches from achieving majority:
https://transactionfee.info/charts/payments/segwit

Currently, we have 45% of all transactions being segwit, but that alone can't do wonders, a few exchanges and gambling website batching transactions and it will have a bigger effect.
The only solution would be LN but usage is still low, and I doubt more than 10% of people who have done a normal tx have also tried LN.

And I must confess I haven't tried it either till now.

[BlackFor3st]

It will really depend to our usage if we really need an instant transfer because there is an urgent usage of it then I am pretty sure that you will not mind paying any amount of transaction fee as long as you can get your money in time.

But if you are not in hurry then you have plenty of option whether to use an instant transaction fee or not. We have different styles and wants so we can't really predict what others want and hate. In my case, I am patient person so this kind of issue is not a big problem for me especially if I am not in hurry.

[mindrust]

I got 115 inputs in my wallets right now and when I use electrums auto fee, it tells me that I have to pay 0.01289437BTC -75.3sat/b (~$100) for fees.

I would rather wait 2 weeks and pay 5-10sat/b (no more than $10) to consolidate my inputs. $100 is nuts.

[Genemind]

It's the fact that we should take that every time the price of bitcoin increases, the transaction fees increases as well.
Sometimes, it all depends on an exchange. That's the reason why as much as possible, I don't do unnecessary transactions to get rid of expensive fees.

[traderethereum]

I am trying to send $100 from my wallet into the other bitcoin wallet address, and I see in my mycelium, I need to pay the fee for about $2-$4.
If I use Normal transaction which needs 30 minutes, I should pay $1.91 for the lowest fee, and if I use Priority, the fee is about $2.51.
So I tried with the Normal transaction with paying the fee $2,14, and I only need to wait for less than 30 minutes to arrive in the other wallet.
I don't mind to pay that fee because I will sell the bitcoin if the price can increase more than $7,500 and if the price is going down than that price, I will keep it for a while until the price can increase.
That is one of my strategy to cover the fee which is increases

[Timmzzy]

I have noticed that the transaction fee has gone up tremendously during the last two weeks. I am using Blockchain.com wallet, and until two weeks back I was paying somewhere between 1-3 Satoshi per byte for my transactions. But now the default fee in Blockchain.com has increased by more than 10 times, to around 40 Satoshis per byte. And I checked bitcoinfees.earn.com as well, and according to it, the fee needed for instant confirmation is around 220 Satoshi/byte.

I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?

Last year it was higher than what we are seeing now. I could remember. So we will accept the situation and not to complain some platform even charge 10x higher than what we are seeing now.

[webtricks]

I am trying to send $100 from my wallet into the other bitcoin wallet address, and I see in my mycelium, I need to pay the fee for about $2-$4.
If I use Normal transaction which needs 30 minutes, I should pay $1.91 for the lowest fee, and if I use Priority, the fee is about $2.51.
So I tried with the Normal transaction with paying the fee $2,14, and I only need to wait for less than 30 minutes to arrive in the other wallet.
I don't mind to pay that fee because I will sell the bitcoin if the price can increase more than $7,500 and if the price is going down than that price, I will keep it for a while until the price can increase.
That is one of my strategy to cover the fee which is increases

But that's not the core purpose of Bitcoin right?
If I have a hosting business and I charge $4.99 per month as shared hosting fees and add Bitcoin as a payment option, will anyone use it when fees is $2-4?
I don't think fees is ever the issue for traders. The real problem is always for merchants and retailers. Whenever Bitcoin prices increase, demand increases so does the volume and transactions. It further leads to rise in fees. With rising fees, Bitcoin utility as payment mode decreases. Hence with decrease in demand, price falls. This vicious cycle is continuing from last few years. Without solution to this, I don't think we could see anything above $20-25K ever.

[Apes]

this is one of the risks when the price jumps. high transaction fee cannot be avoided. as a user, we should understand, even though sometimes it's rather disappointing. i prefer to delay the transaction and waiting for the cost go down, unless it's really important.

[mindrust]

I am trying to send $100 from my wallet into the other bitcoin wallet address, and I see in my mycelium, I need to pay the fee for about $2-$4.
If I use Normal transaction which needs 30 minutes, I should pay $1.91 for the lowest fee, and if I use Priority, the fee is about $2.51.
So I tried with the Normal transaction with paying the fee $2,14, and I only need to wait for less than 30 minutes to arrive in the other wallet.
I don't mind to pay that fee because I will sell the bitcoin if the price can increase more than $7,500 and if the price is going down than that price, I will keep it for a while until the price can increase.
That is one of my strategy to cover the fee which is increases

But that's not the core purpose of Bitcoin right?
If I have a hosting business and I charge $4.99 per month as shared hosting fees and add Bitcoin as a payment option, will anyone use it when fees is $2-4?
I don't think fees is ever the issue for traders. The real problem is always for merchants and retailers. Whenever Bitcoin prices increase, demand increases so does the volume and transactions. It further leads to rise in fees. With rising fees, Bitcoin utility as payment mode decreases. Hence with decrease in demand, price falls. This vicious cycle is continuing from last few years. Without solution to this, I don't think we could see anything above $20-25K ever.

There isn't a single blockchain which can handle worldwide demand without getting centralized.

The only way to do it on-chain is raising the blocksize and as you know which reduces the node number and makes the coin centralized.

The Devs can't find a way out of this other than trying the L2 solutions like Lightning which is not also ready for worldwide usage.

For the time being you are pretty much right, it is impossible to use bitcoin as intended (as a currency) when the demand is too high. If everybody buys and holds and don't do any transactions to purchase stuff, then this is exactly what gold does.

Gold: Zero real life usage as a currency, good store of value. Dencentralized.
Bitcoin: Can be used as a currency only when the demand is low. Good store of value. Decentralized.

Doesn't look very bright. Hopefully LN will improve in time and save us all.

[bhabygrim]

I think this is normal every time that Bitcoin price rise up the transaction fee would also increase,
This has happened before back in 2017 this is where I started to notice the transaction fee,
Back then the price was surging high and the transaction fee is going insane and now that the price is also raising the transaction fee is moving too.
But as they say you could always change it to how much you want to pay.

[traderethereum]

I am trying to send $100 from my wallet into the other bitcoin wallet address, and I see in my mycelium, I need to pay the fee for about $2-$4.
If I use Normal transaction which needs 30 minutes, I should pay $1.91 for the lowest fee, and if I use Priority, the fee is about $2.51.
So I tried with the Normal transaction with paying the fee $2,14, and I only need to wait for less than 30 minutes to arrive in the other wallet.
I don't mind to pay that fee because I will sell the bitcoin if the price can increase more than $7,500 and if the price is going down than that price, I will keep it for a while until the price can increase.
That is one of my strategy to cover the fee which is increases

But that's not the core purpose of Bitcoin right?
If I have a hosting business and I charge $4.99 per month as shared hosting fees and add Bitcoin as a payment option, will anyone use it when fees is $2-4?
I don't think fees is ever the issue for traders. The real problem is always for merchants and retailers. Whenever Bitcoin prices increase, demand increases so does the volume and transactions. It further leads to rise in fees. With rising fees, Bitcoin utility as payment mode decreases. Hence with decrease in demand, price falls. This vicious cycle is continuing from last few years. Without solution to this, I don't think we could see anything above $20-25K ever.

Yes, it is not the core purpose of bitcoin, but I don't have a problem if I should pay for that, at least I can help the network with my fee
I think it depends on that person because we know what we want and if we're going to use bitcoin for making any payment, then there will be consequences that we should accept.
You have another option to pay your hosting business, and I am sure you can do with easy with Paypal
But lets we see what will happen later if bitcoin price is starting to rally to the new highest price and then we can try to send some amount of bitcoin to another wallet so we can see how much fee we should pay.

[CryptoBry]

~~ the default fee in Blockchain.com ~~ And I checked bitcoinfees.earn.com

just so you know, both of these sites are unreliable when it comes to fees. blockchain.com is known to give weird suggestions (usually too low) and bitcoinfees always suggests a much higher fee for high priority transactions and causes a big overpay for those who rely on it.

you are correct though, fees have indeed increased over the past weeks due to the price rise and the large number of people who are both selling and buying bitcoin.

I am wondering why are they doing this? I know they are here to make good money but increasing the fees to 10X that can already be astronomical and will not be helping bitcoin in the long run. One thing I am confused is that there seems to be no industry-wide standard fees that big players should follow. This is detrimental for business and in fact this has been a major reason why many merchants are not interested with bitcoin aside from the fact that sales can be laggard using bitcoin as one of the modes of payment. There must be a better alternative than this. I am hoping that there are other platforms offering services at lower fees.

[okala]

this is one of the risks when the price jumps. high transaction fee cannot be avoided. as a user, we should understand, even though sometimes it's rather disappointing. i prefer to delay the transaction and waiting for the cost go down, unless it's really important.

You are right just like what I have said earlier once the price of bitcoin rise the transactions fee also follow the same pattern, the bull run always cone with high transactions fees which may be because of the congestion in the blockchain network. Except the lightening network gain more prominence in the future we will keep experiencing this evil.

[kryptqnick]

Agreed. I use Electrum and the recommended fees are much higher than what it was a week ago. It is understandable if you look at the Mempool for the last 30 days --> https://www.blockchain.com/charts/mempool-size?timespan=30days

This is why the Lightning Network was developed, to reduce the amount of micro transactions that are causing this on-chain congestion and resulting higher fees.

Let's use the Lightning Network for all the micro transactions and we will have much lower fees for on-chain transactions.  

I use Blockchain.info and the fees were crazy when Bitcoin was $8k. I payed $4 for a $120 transaction. However, if I did it purely with fiat bank operation, such a fee would be pretty normal.
The lightning network is tricky. There have to be the routes for the payments to go successfully, and there are also centralisation concerns.
It's also not as user-friendly as the typical Blockchain payments. I am thinking about trying it at least once, though.

[Patatas]

I have noticed that the transaction fee has gone up tremendously during the last two weeks. I am using Blockchain.com wallet, and until two weeks back I was paying somewhere between 1-3 Satoshi per byte for my transactions. But now the default fee in Blockchain.com has increased by more than 10 times, to around 40 Satoshis per byte. And I checked bitcoinfees.earn.com as well, and according to it, the fee needed for instant confirmation is around 220 Satoshi/byte.

That blockchain.com's wallet is the problem which always estimates wrong fees. I don't know why their silly devs can't fix this. Use Electrum, even though the network is congested, I pay nominal fees. Or you should cross check with the fees estimator to see how much is the current fee per sats to get faster confirmations. I'd still be cheaper than blockchain.com's estimations.

I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?

The network congestion cannot be controlled right? Unfortunately, bitcoin wasn't developed to solve this problem particularly.

[Patatas]

The network congestion cannot be controlled right? Unfortunately, bitcoin wasn't developed to solve this problem particularly.

Hmm, No.

Sure it could, increasing blocksize to a mere 8mb or changing blockspeed to 2.5 minutes would dramatically increase the onchain transaction capacity.

Before the LN hype for offchain banking, something sensible like the above would have been done.

Bitcoin does not need to match visa, it only needs to be able to handle it current requirements, of which fees increase because of devs refusing to upgrade the onchain system.

I get the LN and increasing the blocksize discussion but it isn't going anywhere right? What I intended to say was bitcoin when initially developed didn't implement a use-case where the increasing network fees are targetted. (And that is why people moved on to create something like Ethereum).

[mindrust]

The network congestion cannot be controlled right? Unfortunately, bitcoin wasn't developed to solve this problem particularly.

Hmm, No.

Sure it could, increasing blocksize to a mere 8mb or changing blockspeed to 2.5 minutes would dramatically increase the onchain transaction capacity.

Before the LN hype for offchain banking, something sensible like the above would have been done.

Bitcoin does not need to match visa, it only needs to be able to handle it current requirements, of which fees increase because of devs refusing to upgrade the onchain system.

Instead of bitching about the fees, You should be bitching about why the core devs never improved the onchain capacity.
Fees are going to go up over time, because the onchain capacity is limited, with no plans to improve it , not even on a gradual basis.

8mb blocks can be filled as easy as 1-2mb blocks. Let's say we increased the block size to 8mb and the network became congested again, then what increase to 32mb? Let's say we increased it to 32mb and it happened again, then what? Alright this time we reduced the block times to 2.5mins... then what?

Your suggestions are only reducing the security levels of bitcoin. Nothing else.

Bitcoin isn't something you can fix just by fiddling with the numbers. It is complicated af.

There are shitton of big block, small block time coins and none of them has any user demand at all. I wonder why... Because they are insecure piece of shit. That's why.

Compared to what you lose, What you get from increasing the on chain capacity by fiddling with numbers isn't worth it.

[senin]

I could also notice the increase in fees these days which is getting quite hard for traders to deal with. LN is a better choice nowadays. I would only be willing to pay higher if I wouldn't get any choice but this one is also bothering. Sounds like they're taking advantage of the market situation.

This is generally not very good for the popularity of Bitcoin. Other coins and tokens, on the contrary, reduce transaction costs and transaction time. Up to the point that transactions become free. The tenfold increase in transaction costs is too large compared to the price increase in Bitcoin.

[squatter]

This is why the Lightning Network was developed, to reduce the amount of micro transactions that are causing this on-chain congestion and resulting higher fees.

Let's use the Lightning Network for all the micro transactions and we will have much lower fees for on-chain transactions.  

I haven't done a deeper analysis, but I don't think it's just micro transactions that are clogging up mempools. I know VeriBlock is doing signficant transaction volume with their Proof-of-Proof model. We can also expect any other such protocols that are built on top of Bitcoin -- Microsoft's new decentralized identity project comes to mind -- to further add to on-chain volumes.

I agree that LN can and should be used for micro transactions but inevitably, fees might just continue going up.

[Artemis3]

I have noticed that the transaction fee has gone up tremendously during the last two weeks. I am using Blockchain.com wallet, and until two weeks back I was paying somewhere between 1-3 Satoshi per byte for my transactions. But now the default fee in Blockchain.com has increased by more than 10 times, to around 40 Satoshis per byte. And I checked bitcoinfees.earn.com as well, and according to it, the fee needed for instant confirmation is around 220 Satoshi/byte.

I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?

Life was good until May 14, then:



What happened on May 14th? Well this:



Bart anyone? Or just table top mountain? Its when it moved from 7k into 8k. And now its suspiciously back to 7k. One would think the 7k was genuine while the 8k was hyped. But what would i know, this belongs to Speculation.

So while there is a lot of traders having fun, the Bitcoin network is saturated once again. Why, i wonder, none of the exchanges has tried Lightning? If not for the whales, at least for the casual users or those who do small day to day trading such as in Localbitcoins when used in hyperinflation countries, where the people only trade the bare minimum, enough for the week or even for that day just for basic needs.

For the time being there is nothing else to do but wait until this storm ends. I'm sure miners will enjoy these week bonuses...

[BitHodler]

I agree that LN can and should be used for micro transactions but inevitably, fees might just continue going up.

It's quite embarrassing seeing how Bitcoin yet again has like 70k unconfirmed transactions waiting to be confirmed. This, while the fees didn't rocket up like 2017, is unacceptable in my opinion.

Even if you want LN to onboard as many users as possible, we still need larger base blocks because SegWit alone isn't enough, and I'm afraid that we won't ever go over that 1MB mark because it requires a hard fork.

Bitcoin's conservative development nature isn't really working in its advantages here.

[jak3]

Of course not. but the best option for us at that time will be no longer to use bitcoin. we can simply switch to altcoins like ltc or doge or anything there are literally more than 3000 altcoins in the market which can transact your coins at much better speed with much lower transaction fees. You don't have to beg down to developers to force on the lightning network so you can pay for your coffee.

[rdbase]

It's the fact that we should take that every time the price of bitcoin increases, the transaction fees increases as well.
Sometimes, it all depends on an exchange. That's the reason why as much as possible, I don't do unnecessary transactions to get rid of expensive fees.

Exchanges usually have a flat rate of 0.001btc to send from their accounts. Atleast the last time I used one which hasnt been for over a year now.
But it is rather disturbing the transaction fees are once again rising dramatically with all the things implemented since the last time of us seeing $1+ per tx fees which segwit, lightning network, etc were going to lower these fees for good.

[ePesoInitiative]

Well, this is now a good time for the Lightning network to prove its worth. If the Bitcoin network continues to clog like the two other times it happened, it would only show that none of the efforts of the core developers worked at all.

[joinfree]

Oh yeah this is so true guys, i was quite amazed when i was just making a bitcoin transaction less than $100 and i paid more than $2 as transaction fee for priority payment transaction. I use blockchain application though and i think the transaction fees these days are quite high compared to one or two months ago. i guess it's because of the rise in the price of bitcoin.

[vit05]

I guess we have no choice though, unless majority will use Segwit in moving their funds around.

We are a few inches from achieving majority:
https://transactionfee.info/charts/payments/segwit

Currently, we have 45% of all transactions being segwit, but that alone can't do wonders, a few exchanges and gambling website batching transactions and it will have a bigger effect.
The only solution would be LN but usage is still low, and I doubt more than 10% of people who have done a normal tx have also tried LN.

And I must confess I haven't tried it either till now.

Today batching transactions is way more important to reduce fees than LN. Especially for websites, stores, exchanges, and gambling websites. It would be important if we have some kind of campaign giving more information on how important this is.

[Cuk0ng_bitc0in]

I always use the LUNO wallet, there are no fees for LUNO deposits, even for transactions to fiat currencies. withdraw funds depending on your conditions.  there is no fee for buying / selling bitcoin, and sending / receiving Bitcoin.

[George Alex]

I have noticed that the transaction fee has gone up tremendously during the last two weeks. I am using Blockchain.com wallet, and until two weeks back I was paying somewhere between 1-3 Satoshi per byte for my transactions. But now the default fee in Blockchain.com has increased by more than 10 times, to around 40 Satoshis per byte. And I checked bitcoinfees.earn.com as well, and according to it, the fee needed for instant confirmation is around 220 Satoshi/byte.

I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?

yes i have noticed that to, and the time it takes for it to clear gone up alot too, had to wait 6 hours for my last transfer. tryed a higher fee and still had to wait 2 hours. thats not very fun miss the days when a transfer took one hour the most lol.

Yah sure But this is normal in relation to market and economics price and fee are going together when low price although fee will go Down

[gentlemand]

If you're moving between exchanges then this is the glory of alts, though watch them trading fees. I'm buying some tat with a crypto debit card and they have shitcoin facilities too. It's far more relaxing paying a pittance and having a near instant arrival.

It does depend on the alt of course. Okex told me they won't release any trade funded by BSV until 200 confirmations which is the best part of two days.

If the whole world did turn up on Bitcoin's doorstep in the next year or two I don't think there's any option other than feemagdeeon. Batching and Segwit can only do so much, though they certainly help. LNs are still in obscurity.

[shesheboy]

I always use the LUNO wallet, there are no fees for LUNO deposits, even for transactions to fiat currencies. withdraw funds depending on your conditions.  there is no fee for buying / selling bitcoin, and sending / receiving Bitcoin.

Luno wallet ?  Thats new to my ears and eyes but thats great if they dont require a transaction fee when sending but i think its only available for luno to luno wallet  and theres no also depositing fees for every kind of wallet  afaik  though you will be charge some fees when you are going to cash in or to buy coins from some brands of wallet that you are using  . its also normal to see a high transaction fees thesedays because the price of bitcoin is also skyrocketing  .

[sunsilk]

There is always a choice to convert it to alts and use it as your means of transferring to save fees. Though I rarely do this but this is effective and being done by majority here if they find the fees unacceptable to them.

I verify that the fees has increased, I transferred few bucks last time and the fees went up to $1. As the price of bitcoin goes up, just expect that the value in USD will also increase. Just look at the quantity in satoshi's or mbtcs and don't look at its USD value if you are trying to avoid that expensive look with the fees.

[TheIrishman]

There is always a choice to convert it to alts and use it as your means of transferring to save fees. Though I rarely do this but this is effective and being done by majority here if they find the fees unacceptable to them.

I actually do that all the time, not only because of fees, but also because transfers usually confirm much faster. Even considering the exchanges fees per conversion operation, it's still worth it in my opinion.

[pooya87]

If you're moving between exchanges then this is the glory of alts, though watch them trading fees. I'm buying some tat with a crypto debit card and they have shitcoin facilities too. It's far more relaxing paying a pittance and having a near instant arrival.

It does depend on the alt of course. Okex told me they won't release any trade funded by BSV until 200 confirmations which is the best part of two days.

that is a good option for between-exchange transfers. but there are a couple of things to keep in mind.
you already mentioned one of them which is the number of confirmations. sometimes you have to wait for hours before your transaction is credited to your account because that altcoin requires a very large number of confirmation due to its weak network prone to 51% attacks.
the other thing is the volatility of their prices, specially these days if you wanted to transfer bitcoin between exchanges. you buy an altcoin with your BTC and the time it reaches the other place its value has dropped at least 5%
and finally is the spread in the orderbooks that some altcoins have. for example you buy an altcoin at 20 satoshi from the "asks" and when on the other exchange (that has the same 20 satoshi ask) you wanted to sell it, you will realize that you have to sell to "bids" if you want your money right away and the highest bid is 18 satoshi. it may look like 2 satoshi difference but it is 10% loss!

[b3llsf1l3s]

I have noticed that the transaction fee has gone up tremendously during the last two weeks. I am using Blockchain.com wallet, and until two weeks back I was paying somewhere between 1-3 Satoshi per byte for my transactions. But now the default fee in Blockchain.com has increased by more than 10 times, to around 40 Satoshis per byte. And I checked bitcoinfees.earn.com as well, and according to it, the fee needed for instant confirmation is around 220 Satoshi/byte.

I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?

in cases like this, the increase in fee transactions also has an impact on the increase in bitcoin prices, so that every wallet purchase, sale and transaction in which all these things require fees makes it natural, I suppose, even a 10x fee increase will not affect as long as the price also go up

[Janation]

Been making some transactions these past few weeks and I am also surprised.

Not surprised because I've noticed it but because I did not. Don't get me wrong though, I am not saying that it is so little I did not notice it I think I am just so busy these past few weeks and it surprised me that with that time I am transacting BTCs I did not notice this change. I hope that this doesn't increase with the price.

[Sithara007]

I got 115 inputs in my wallets right now and when I use electrums auto fee, it tells me that I have to pay 0.01289437BTC -75.3sat/b (~$100) for fees.

I would rather wait 2 weeks and pay 5-10sat/b (no more than $10) to consolidate my inputs. $100 is nuts.

A fee of BTC0.012 at 75 Sat/byte? The fee per byte is not very high, but I am surprised by the total amount calculated. I guess you have too much dust in your wallet and therefore the transaction size got somewhere above 1 KB. In such a situation, you don't have any choice other than paying this very high fee (or wait for a few weeks until it gets lower).

[slaman29]

Oh no, transaction fee has gone from 0.3 cents to 3 cents! What a bummer for Bitcoin, I should just go back to Western Union or Visa and pay only 30 cents or 3 dollars. Ok let me check my Visa balance at the ATM first. Oh wow, I got charged $2 just to see my balance.

OK maybe I go too far but really, transaction fees are still in cents and these peaks don't happen all the time. What's the issue?

[LogitechMouse]

This has happened again in 2017 when the prices of Bitcoin is slowly rising up to 20,000 so I didn't surprised that this happens again .

I think the best thing to prevent this huge transaction fees is to convert your Bitcoin into other coins and then send it. Ethereum, Bitcoin Cash, Litecoin and XRP have lower transaction fees so its better to convert it before sending. This will minimize your fees and it is faster.

[DoublerHunter]

This has happened again in 2017 when the prices of Bitcoin is slowly rising up to 20,000 so I didn't surprised that this happens again .

^ That's right Bro, the same thing like what happened last year with bitcoin. Well, correct me if I'm wrong that is one of the main reason why Bitcoin is not capable of microtransactions unlike with Ethereum and other altcoins on the market. Bitcoin is now on the short bull run many new investors are coming in again for the bull run that will occur in a bit. However, if we don't like to divert to altcoins for having lower fees let's just set to the lower fees transactions even if it will take almost a 24 hours before it will arrive on your wallet from the exchange.

[Sithara007]

This has happened again in 2017 when the prices of Bitcoin is slowly rising up to 20,000 so I didn't surprised that this happens again .

I think the best thing to prevent this huge transaction fees is to convert your Bitcoin into other coins and then send it. Ethereum, Bitcoin Cash, Litecoin and XRP have lower transaction fees so its better to convert it before sending. This will minimize your fees and it is faster.

I don't think that converting to other coins and sending them is economical. First you need to convert your BTC to Bitcoin Cash, and then again BCH to Bitcoin. The exchange fee will be involved and the exchange rates can be quite volatile. I would rather pay the high fees, rather than taking the risk of converting to other coins.

[Romeoetin]

Wow. I noticed this too. Spent $3 sending a $75 transaction. Kind of hurt but either ways I believe it's the recent increase in btc price. Maybe it's will stabilize later in the coming weeks.

[Jamjamz30]

This is just a reality check. As we are entering the bullish market, trading transactions increases tremendously. And this will result to an increase in transaction fee to speed up the process. I'm sure we don't want to stack on a slower transaction.

[okala]

This is just a reality check. As we are entering the bullish market, trading transactions increases tremendously. And this will result to an increase in transaction fee to speed up the process. I'm sure we don't want to stack on a slower transaction.

Yeah every rise  in bitcoin price always result in increase in the transactions fee which will almost eat up the entire gain and some time the fee to send a transaction will even be more then the amount you want to send.

[xWolfx]

Yeah every rise  in bitcoin price always result in increase in the transactions fee which will almost eat up the entire gain and some time the fee to send a transaction will even be more then the amount you want to send.

It makes sense that the transaction fee increases as long as the price increases too, at least for now. If(And some of believe it will happen) the price of Bitcoin gets to extremely high levels and people is able to buy let's say food for one week with some satoshis then is when we could have a problem and fees should of course be adjusted accordingly.

For now it's not an issue at all.

[imstillthebest]

This is just a reality check. As we are entering the bullish market, trading transactions increases tremendously. And this will result to an increase in transaction fee to speed up the process. I'm sure we don't want to stack on a slower transaction.

Yeah every rise  in bitcoin price always result in increase in the transactions fee which will almost eat up the entire gain and some time the fee to send a transaction will even be more then the amount you want to send.

Thats true price of cryptos is responsible for their tx fees but the tx fees will also depend on what wallet , exchange , website that you are using   .  i notice that when the price of bitcoin pump some sites still have a fix tx fees while on the second site that i use their fees did increase a little bit  but the good this is that they have the option if you want to recieve your bitcoins in a slow , mid or high priority  . chossing low to mid priority will lessen the tx fees. 

[Adriano2010]

I also think the price caused the fees growing 10x or more because when people see that price grow either some of them start sell and sending bitcoins either they start buy and a lot of transaction are done on network.

[qwertyup23]

I have noticed that the transaction fee has gone up tremendously during the last two weeks. I am using Blockchain.com wallet, and until two weeks back I was paying somewhere between 1-3 Satoshi per byte for my transactions. But now the default fee in Blockchain.com has increased by more than 10 times, to around 40 Satoshis per byte. And I checked bitcoinfees.earn.com as well, and according to it, the fee needed for instant confirmation is around 220 Satoshi/byte.

I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?

Nah, I rather wait than to pay for instant confirmations but it also depends on the current situation I am facing. Obviously, if emergency rises for me to withdraw or convert my bitcoins, I would not hesitate to seek for instant confirmations. Other than that reason, I would not. Transaction fees would increase as long as the price of bitcoin increases since this is only the few ways miners get compensated (along with mining but it is hardly profitable nowadays).

I also think the price caused the fees growing 10x or more because when people see that price grow either some of them start sell and sending bitcoins either they start buy and a lot of transaction are done on network.

There exist a correlation between the prices of bitcoin and transaction fees as they are directly proportional in its price. Whenever prices increase, transaction fees also increases.

[BitHodler]

I also think the price caused the fees growing 10x or more because when people see that price grow either some of them start sell and sending bitcoins either they start buy and a lot of transaction are done on network.

It's called economical activity, which Bitcoin unfortunately still has problems dealing with. Eventually there is no way back anymore because the use will only increase further and the mempools will be clogged up even without the price causing it.

Segwit hasn't had much of an effect so far and it has been struggling to break that 50% support mark for quite a while now. Batching transactions is what took most of the pressure off the network, let's not forget that.

Segwit gave us a 15-20% block size increase on average, which is peanuts in the grand scheme of things. There is no point in acting like the fees are "just" $3-$4 so it's better than how the situation was in 2017. We're in 2019 now so let's look forward.

[felicita]

yes current bitcoin network fees increased huge but also the prize ...
I have not used the Lightning network until now but this can be a great why to pay without huge fees.

regards

[hyunee]

I know right. This is exactly what is wrong in cryptocurrency. The miner fee are always high. It's even higher on what you want to transact. On the wallet I use, it requires me to pay $7 for a $2 transaction. Sadly this is what's happening when bitcoin is going up. These fee does not have anything to say when bitcoin got $19500.

[Yakamoto]

I know right. This is exactly what is wrong in cryptocurrency. The miner fee are always high. It's even higher on what you want to transact. On the wallet I use, it requires me to pay $7 for a $2 transaction. Sadly this is what's happening when bitcoin is going up. These fee does not have anything to say when bitcoin got $19500.

Miner fees only get high when other users put their fees higher in an effort to give their transactions priority. This happened back when Bitcoin hit $20k and it happened before then too. Some transactions even cost as much as $5 to get it through when the number of unconfirmed transactions was in excess of 400k if memory serves me right. According to blockchain right now, there are only ~8,000 unconfirmed transactions right now, which is even down from 17,000 about two weeks ago. Chances are a lot of people are waiting on sending their Bitcoin anywhere because of the higher fees right now.

Blame other users for the high fees, miners just like to get the extra icing on the block cake in the form of high fees from users. They don't really dictate anything.

[bL4nkcode]

Whenever prices increase, transaction fees also increases.

These differs on what terms people using for fees.
If people base the fees in usd value, of course, as btc price increase, fees in usd value increases. But the fraction of btc in terms of fees remains, especially if you're using a native segwit wallet.

Even the tx fee is only 0.00001 btc as long the value in usd increases, people will still complains. This 0.00001 btc is more or less 0.1 usd at the current rate, but if the value btc goes 20k again, it will become more or less 10 usd then more people will complain, but no one complains, when btc was 3k range, since 0.00001 is only dust that range to .001 usd

[BossMacko]

Expect also for a slower transaction than before besides the jncrease of transaction fee. It happened before 2017 congested network and high price of transaction.

[stompix]

Oh no, transaction fee has gone from 0.3 cents to 3 cents! What a bummer for Bitcoin, I should just go back to Western Union or Visa and pay only 30 cents or 3 dollars. Ok let me check my Visa balance at the ATM first. Oh wow, I got charged $2 just to see my balance.

OK maybe I go too far but really, transaction fees are still in cents and these peaks don't happen all the time. What's the issue?

That's not going to far, it is bs and you know it.

The tx were never 0.3 cents, you had to wait for hours and days with a 1.2 cents tx and in this wave, I've waited one day paying 50 cents, the one with 15 cents was stuck for 3 days.

You got charged for viewing your balance 2$?
Change your bank, I get no ATM fee whatsoever and free interbanking instant transactions.


Anyhow the wave has died down, probably because the momentum is gone but also because we got really lucky with blocks.



We're 37 blocks ahead in two days, that's an average of extra 40k transactions a day that got processed on top of what was supposed to be the capacity. Without this, we would still have around 50-60 tx in the mempool.

[gentlemand]

[ is not capable of microtransactions unlike with Ethereum

ETH had higher fees than bitcoin for s decent stretch of time. Most of the chains that boast about capacity and low cost are empty so that will never be properly put to the test.

[ene1980]

I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?

It is an usual scene to see the transaction fees increase when ever there is an increase in price, the total unconfirmed transaction increases whenever there is a price rally as people are moving their coins often during those period and the amount of unconfirmed transaction has increased a lot in the past few weeks, but i will never give a higher fees if i am not urgent to move my coins, you can always input smaller fees for transaction if you are not that busy.

[thirdlight]

This is a normal situation.  It would be worth the wait.  The higher the price of bitcoin, the greater the commission.  It seems to me that the commission will no longer be less unless bitcoin falls again.

[piebeyb]

this is common and all exchange sites increase fees for every bitcoin withdrawal now, but this is where I might understand not to do an unnecessary transaction. I just think the traders who like to do arbitrage might be able to lose money having to move funds all the time because they have to pay a substantial fee

[LeGaulois]

This is a normal situation.  It would be worth the wait.  The higher the price of bitcoin, the greater the commission.  It seems to me that the commission will no longer be less unless bitcoin falls again.

It's not true, the fees aren't related to the value. People think so because USD/BTC increased.
Take a look at today, the mempool has been almost empty most of the day, (Mempool size in Mb) you could make a TX with 1 satoshi/byte.
So as you see you can still use a cheap fee, BTC near doubled, but fees not really.

[Mrsparks]

This is one of the reasons why I often consider cheaper alternatives to bitcoin when carrying out transactions.. My believe in bitcoin potentials as a store of money is stronger than my opinion regarding bitcoin uniqueness in terms of transactional performance.. The transaction fee and scalability issues will definitely bedevil bitcoin as it grows in adoption..

[nauane]

This is just a reality check. As we are entering the bullish market, trading transactions increases tremendously. And this will result to an increase in transaction fee to speed up the process. I'm sure we don't want to stack on a slower transaction.

Yeah every rise  in bitcoin price always result in increase in the transactions fee which will almost eat up the entire gain and some time the fee to send a transaction will even be more then the amount you want to send.

The transaction fee is the same in satoshi value, but it has increased considerably in the USD value. When ever the bitcoin price rises, we hear this noise from the community that bitcoin tx fee has increased etc. If has actually not increased in reality, only the usd values seems to be very high.

[marcbitcoins]

I have also noticed this significant increases of fees but i think this is normal as the commodities, utility bills and inflation rates are increasing so i guess the exchanges services fees too but maybe if the Crypto market will become healthy again then maybe we could expect the transaction fees to decline again.

[jonasBTC]

The transaction fee is the same in satoshi value, but it has increased considerably in the USD value. When ever the bitcoin price rises, we hear this noise from the community that bitcoin tx fee has increased etc. If has actually not increased in reality, only the usd values seems to be very high.

Check out https://bitcoinfees.info/

Check the average daily tx fee in satoshis.   Those are not pegged to USD

[Sithara007]

I have also noticed this significant increases of fees but i think this is normal as the commodities, utility bills and inflation rates are increasing so i guess the exchanges services fees too but maybe if the Crypto market will become healthy again then maybe we could expect the transaction fees to decline again.

If the crypto-market become healthy, then we can expect the transaction fee to go up. Because the number of transactions will increase in such a scenario, and for instant confirmation you may need to pay a significant premium. And this is one of the ironies with Bitcoin. A rise in adoption and acceptability may result in higher transaction fee, and this in turn can give ammunition for some altcoins such as Bitcoin Cash (BCH) and Ethereum (ETH) in their battle against Bitcoin.

[stompix]

The transaction fee is the same in satoshi value, but it has increased considerably in the USD value. When ever the bitcoin price rises, we hear this noise from the community that bitcoin tx fee has increased etc. If has actually not increased in reality, only the usd values seems to be very high.

God, whenever I see the stake avatar I anticipate this is going to be a stupid post.

If you would have bothered to check at least for one second before posting this you would have understood that the tx fee in satoshi has gone up.

This is the number of fees paid in BTC over the last 6 months, it ha gone from ~ 20 to ~160 these days.

I have also noticed this significant increases of fees but i think this is normal as the commodities, utility bills and inflation rates are increasing so i guess the exchanges services fees too but maybe if the Crypto market will become healthy again then maybe we could expect the transaction fees to decline again.

You have no clue how tx fees work, do you?

[Astvile]

yeah i'm also facing same problem. $1 sending fees $2.5+...Is it a joke?

Thats why we should do any micro transaction at this days,its like just the old days on ethereum when sending tokens can eat all of your ethereum balance.Let lessen micro transaction as long as we can and as long as the fees keeps rising