If bitcoin reach $20k fee will be huge?

[hatshepsut93]

Bitcoin fees tend to get high when there's a lot of trading activity, especially when the price goes up, because some people send their coins to exchanges to sell, other withdraw their newly-bought coins, and some traders move coins between exchanges for arbitrage opportunities. When we'll see the $20k for the next time, it will likely be the result of quick price jump, so the fees will get higher.
But when after many years the $20k range will be a norm, the fees won't be really high. In this year, when the price was above $9,000, we saw fees as low as a few cents per transactions, just like when Bitcoin was trading for only hundreds of dollars.

[1714949579]

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[Eternad]

As long as Bitcoin increases, the volume will increase as a consequence. With the increase in volume, the number of transactions will rise and transactions that are not approved on the network will accumulate. Thus, we will have to pay more fees. This means that if bitcoin is 20k, transaction fees will fly out.

It's normal that the transaction fess will increase like what is happening now since the  transactions of many users who might  buy more or trade it often will increase too, it might be more expensive than it was in 2017 ATH if it will reach 20k dollar as there are new and many traders now,it became also more higher in fees when we started to convert that BTC value even in our mind into our own fiat value that make me just watch the market and don't do any transactions till there be a sign that the price will drop.

[skarais]

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If you're worried about the fees, it might be a good idear to read up about the lightning network, or convert some of your BTC into a stable altcoin, or at least consolidate your outputs when the average feerate dips for a couple of hours...

Yes, I think this is the best current solution for those concerned with fee. I don't think that the scalability issue will be resolved anytime soon, but the developer will keep working and trying to fix this problem until in the end there will be the best solution. The two option that you mentioned are some of the thing that make micro-transaction save on transaction fee, but so far I have never tried LN even though it is quite helpful in term of fee. Using altcoin is another way to save fee.

[aysg76]

If bitcoin reach $20k fee will be huge?
is it going to get worse and worse the more the price up? or it fixed itself

The price of fees mainly depends upon the number of transactions pending on blockchain newtwork waiting to be confirmed.The btc hasrate dropped significantly in last 4 days from high of 161 EH/s to 90 EHs.The overall SHA256 hasrate lost more than 40% between high and low point.At present there are more than 121k transactions pending to be confirmed. This is all time high after 2017 and it has conicided with rise in prices and everyone is paying high fees for transactions to be cleared fast. The present median rate is $5.18 which is likely to rise to $8 approximately so it's about btc network.

[eaLiTy]

If bitcoin reach $20k fee will be huge?
is it going to get worse and worse the more the price up? or it fixed itself

It is not necessarily because of the valuation that the transaction fees are rising, it is simply because of the increase in the number of BTCitcoin transactions and the mempool is flooding with transactions and my transactions i made with a decent fees are still stuck in the past four days which sucks and if this continues it reminds me of the situation when the fees was surging during the last halving and all the debates we had and four years down the line we are in the same situation.

[dunfida]

If bitcoin reach $20k fee will be huge?
is it going to get worse and worse the more the price up? or it fixed itself

It will vary on the network condition because in time like these where there are lots of people who do make out transactions due to the price is mooning then expect
that there are people whom do set fees which is higher than the normal stuff and then it would gradually make out increase as long the entire network is clogged
but lets say that we had stabilize on the price of 20k for some weeks now then expect for those fees to lessen up a bit as the network is tending going back
into normal where transaction pendings arent really that too high.

[Twentyonepaylots]

It does not necessarily mean that if the price is high the transaction does too, it will differ also with the traffic in the network and that determines the price of the fees that we are going to pay for each transaction we send there. There has been transaction in large sizes that comes with low transaction fee, lower than the usual fees for such amounts. The timing in sending is also a factor if you want to save some bucks in fees.

[J1mb0]

If bitcoin reach $20k fee will be huge?

Bitcoin transfers are quite slow and expensive, if bitcoin can increase in price to $ 20,000 perhaps people will consider it before deciding to make a transfer because the fees will be huge.

is it going to get worse and worse the more the price up? or it fixed itself

It is certain that in the future bitcoin will have to find a way to modify such restrictions in order to become a currency.

[hossamdz]

with time and as we always saw , the bitcoin price first will go up , the rest of the market will dump massively , thats true but with time and when bitcoin price calm down you will see all the other coins going up again faster than bitcoin.

[acdc]

There are two things that cause the cost of sending bitcoin to soar: the number of transactions and the price of bitcoin. In the event that the price of bitcoin goes up, transaction costs will inevitably increase. Assuming a transaction cost of 0.000001 when bitcoin is priced at $ 10,000, the cost is quite cheap, if bitcoin goes up to $ 20,000, that's a pretty big fee.

[seoincorporation]

If bitcoin reach $20k fee will be huge?
is it going to get worse and worse the more the price up? or it fixed itself

That's right and we already see had that problem the first time bitcoin reach that top high. This is because the bitcoin transactions get crazy, tons of bitcoin transactions make a huge queue and the miners give priority to those ones who pay more, that's why the fees get that up.

[blockman]

I don't think the fees will rise too high. This will still be a great deal.

During 2017, fees were high because of the network spam and a lot of unconfirmed transactions were made. We have segwit now and fees were reduced, thanks to it. I'm expecting that fees are about to increase if we go back to $20k but it's not going to be that high anymore IMO.
The explanations about the network and unconfirmed txs are the main reason for it. If we see $20k and the unconfirmed txs aren't that much, expect fees to be lower and if not, vice versa.

[Chris Barth]

I do not think that the fee is dependent on the present price of bitcoin. As we all may know had already touched 20k. I believe it is dependent on the number of transactions to be confirmed or so. However, it is not about the price.

[Twinkledoe]

It does not necessarily mean that if the price is high the transaction does too, it will differ also with the traffic in the network and that determines the price of the fees that we are going to pay for each transaction we send there. There has been transaction in large sizes that comes with low transaction fee, lower than the usual fees for such amounts. The timing in sending is also a factor if you want to save some bucks in fees.

Yes, still dependent on the current traffic of the network. If you want to avoid paying high fees when the btc price increases, look for the time of the day where the mempool is not so busy. As it is not dependent on the price but on the current activity of the network.

[CarnagexD]

If bitcoin reach $20k fee will be huge?
is it going to get worse and worse the more the price up? or it fixed itself

That's the practical issue! We have seen a similar trend during the last time bitcoin reached its ATH. Even if you see the fees chart for last 5 days, it has already started going up! Probably it's a great time to mass adopt LN! There is no way to automatically fix this because it is directly linked to the volume of the transactions.

Basically, the transaction fees in bitcoins are the same regardless of how much bitcoin in USD reaches, however, the story is different when we're talking about USD with respect to bitcoin as that will increase along with bitcoin's price. Been a big issue among the ones who cashed out when bitcoin reached an ATH last 2017, a lot of hopes were put into the lightning network which promises to solve these issues.

[Distinctin]

I hate to see the fees getting high this time but can't change it either. The changes in its fees likely proportionate to the current market price. People are now moving in and out of their Bitcoin, the TRX demand is higher, heavy traffic pulled it cause delay, and the more it pushes the fees to get higher in order to prioritize my miners.

Just like what I did today, I send out some BTC with the lowest fees of about 125 sat, it is already 5 hours has passed but still not able to receive it until now. Well, that was expected to happen this time unless if we set to higher fees, but I was saving from it that makes me willing to wait until it confirmed.

[Artemis3]

If bitcoin reach $20k fee will be huge?
is it going to get worse and worse the more the price up? or it fixed itself

No, traffic increases when price fluctuates because traders keep buying and selling. When the price remains stable, so called "sideways", the network calms.

Remember: the fee never increases unless you let the wallet do it. So don't let it. You can just wait a day or three for a transaction to confirm and not pay any outrageous fees from crazy traders (and their bots) abusing the network. Of course exchanges also are at fault for many other reasons.

[Beparanf]

As long as Bitcoin increases, the volume will increase as a consequence. With the increase in volume, the number of transactions will rise and transactions that are not approved on the network will accumulate. Thus, we will have to pay more fees. This means that if bitcoin is 20k, transaction fees will fly out.

It's normal that the transaction fess will increase like what is happening now since the  transactions of many users who might  buy more or trade it often will increase too, it might be more expensive than it was in 2017 ATH if it will reach 20k dollar as there are new and many traders now,it became also more higher in fees when we started to convert that BTC value even in our mind into our own fiat value that make me just watch the market and don't do any transactions till there be a sign that the price will drop.

Quite right, If you have no urgent need of BTC funds, It's advisable to hold the funds until mem pool cleared atleast 50% of the pending transaction. The fee is flying high right now that cost around 281sat per byte for a transaction that requires 2 confirmation and double the price if you want an instant transaction. Blockchain really need to upgrade to faster network. BTC is not convenient to used anymore compared to other currency like LTC that faster, cheaper and convenient to use.

I'm fookin bullish on the TRANSACTION FEE and not on BTC anymore.

[Boov]

As long as Bitcoin increases, the volume will increase as a consequence. With the increase in volume, the number of transactions will rise and transactions that are not approved on the network will accumulate. Thus, we will have to pay more fees. This means that if bitcoin is 20k, transaction fees will fly out.

It's normal that the transaction fess will increase like what is happening now since the  transactions of many users who might  buy more or trade it often will increase too, it might be more expensive than it was in 2017 ATH if it will reach 20k dollar as there are new and many traders now,it became also more higher in fees when we started to convert that BTC value even in our mind into our own fiat value that make me just watch the market and don't do any transactions till there be a sign that the price will drop.

Quite right, If you have no urgent need of BTC funds, It's advisable to hold the funds until mem pool cleared atleast 50% of the pending transaction. The fee is flying high right now that cost around 281sat per byte for a transaction that requires 2 confirmation and double the price if you want an instant transaction. Blockchain really need to upgrade to faster network. BTC is not convenient to used anymore compared to other currency like LTC that faster, cheaper and convenient to use.

I'm fookin bullish on the TRANSACTION FEE and not on BTC anymore.

That's the justified consequences of getting a high value of cryptocurrency especially bitcoin. Expect that as long as the value of bitcoin gets higher it will attract more investors and this would be the perks why it is possible for a high transaction fee. If i were going to transact my bitcoin it then i have no choice but to deal with it knowing that bitcoin value today was $13000 and hopefully will hit again at $20000.

[imstillthebest]

As long as Bitcoin increases, the volume will increase as a consequence. With the increase in volume, the number of transactions will rise and transactions that are not approved on the network will accumulate. Thus, we will have to pay more fees. This means that if bitcoin is 20k, transaction fees will fly out.

It's normal that the transaction fess will increase like what is happening now since the  transactions of many users who might  buy more or trade it often will increase too, it might be more expensive than it was in 2017 ATH if it will reach 20k dollar as there are new and many traders now,it became also more higher in fees when we started to convert that BTC value even in our mind into our own fiat value that make me just watch the market and don't do any transactions till there be a sign that the price will drop.

Quite right, If you have no urgent need of BTC funds, It's advisable to hold the funds until mem pool cleared atleast 50% of the pending transaction. The fee is flying high right now that cost around 281sat per byte for a transaction that requires 2 confirmation and double the price if you want an instant transaction. Blockchain really need to upgrade to faster network. BTC is not convenient to used anymore compared to other currency like LTC that faster, cheaper and convenient to use.

I'm fookin bullish on the TRANSACTION FEE and not on BTC anymore.

That's the justified consequences of getting a high value of cryptocurrency especially bitcoin. Expect that as long as the value of bitcoin gets higher it will attract more investors and this would be the perks why it is possible for a high transaction fee. If i were going to transact my bitcoin it then i have no choice but to deal with it knowing that bitcoin value today was $13000 and hopefully will hit again at $20000.

perks supposed to be advantage to us but perks that we are getting here in btc is high fees but high price of btc can still be called as perk ? we can still be able to earn big and we can somehow recover the fee that we use  . why worry guys  . i didnt see high transaction fee as a problem at all but this is better than seeing btc price didnt move because that was boring and only shows that btc has no improvement . i think the highest transaction fee that i paid for btc was 3 usd , that time when btc is at its highest  but other than that the fee that im paying were now under 2 usd.  im already used to this