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

[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.