If bitcoin reach $20k fee will be huge?

[Josefjix]

If the price of 1 bitcoin increases to $20K calculate the mean of the current fee in USD by what it would be when it is $20k, even if miners don't charge much BTC for fees, the USD value must increase so, definitely your question is explanatory enough.

[Shasha80]

The thing that will definitely happen if Bitcoin reaches $ 20k transaction fees will be even more expensive, because there must be a lot of people
using Bitcoin. But there will definitely be a solution, you can use the Lightning Network to be able to make Bitcoin transactions faster and cheaper.
Or you can use an address that already supports Segwit, you can also use altcoins to send your funds. And surely there is another solution,
but now it's unthinkable.

[Mulann2]

I don't even want to imagine, honestly when that happens I will completely stop using btc concerning anything transfer, we have several other project are have very cheap transaction fees, i will buy btc and sell when the price is good, won't use it to transfer funds same as eth, they are becoming too expensive and the opposite of what crypto represent interns of fees.

[jemimah_f3]

I believe the fee will be reasonable, in 2017 when BTC was around $20 nobody complained about high fees, why should now?

[Gotumoot]

Even at it's current price the fee is still high so we could assume that when Bitcoin price reach $20K again the fee would be even higher.
This is why I choose to use alt-coin sometimes when I need to send some money from trading and gambling to save some money from the high transaction fee.

[fauzan123]

I don't even want to imagine, honestly when that happens I will completely stop using btc concerning anything transfer, we have several other project are have very cheap transaction fees, i will buy btc and sell when the price is good, won't use it to transfer funds same as eth, they are becoming too expensive and the opposite of what crypto represent interns of fees.

In fact, it is natural if we use the USD calculation in our calculations, because every price increases the Fee price in USD will also increase, but the calculation of the bitcoin / altcoin unit doesn't actually change,

Of course, this is something we really need to take into account carefully, especially if you want to invest a certain amount of funds in bitcoin.

[Dorodha]

When Bitcoin reaches 20k, the fee for the dollar will be huge because as the price of Bitcoin increases the exchanges will increase the amount of their fees for transactions. If you can do the transaction properly it will have an alternative method. In the current system of credit / debit and banking, managing small payments is not cost effective. Less than Day 1, just a few pennic or a fraction of a penny and so on. The payment structure of these systems is that there is no fee or charge for using Bitcoin to send remittances to small payments.

[daarul50]

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.

Yes we do hate to see the  fact that most of the transaction  still had a pretty huge fee
Especially for newbie who often uses web wallet that sets an average fee of 10000 satoshi to 30000 satoshi even higher sometimes.
You cannot set a fixed fee but when the price of bitcoin gettin high the fee will follow
And that moment you will have to figure it out, about adjusting the fee without have to get in trouble like what you did by waiting for too long.
If you'd like to send small amount it is better to switch to altcoins , bitcoin for me has too high fee

[bitbunnny]

I think it's the logical follow up. If Bitcoin price increases that much, which I doubt, the fee will also rise, although not necessarily to huge amount. Miners, exchanges and other services also want their part of this cake and that can't be avoided but that is also fair. High Bitcoin price also has its own price, we have to accept that. Bitcoin transactions will never be for free.

[TGD]

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

The problem on this increasing transaction fee was its still slow to confirm all the transaction despite of how high is the current fee. It didn't change anything except miners profit on processing the transaction. This is good for miners because there work is being paid higher while there miner still doing same hash rate daily. This is a problem to the majority of bitcoin user that creating tons of small transaction everyday. If this continues, I'm afraid that many bitcoin user will flip to a better coin.

I can't even transfer my salary on signature campaign because the fee is almost 20% of the money I earn. I'm not crazy to give it to the miners. LOL

[darewaller]

This is something the devs really needs to work on. The last time the price got to that amount of $20k the fees we had to pay for transaction increased as well. Maybe by the time the price stabilize at $20,000 or around that price, they are going to look for a means to settle the issue of high fees and also work on the issue on whereby the network gets filled up and causes increase in the fees.

For now, we just have to make use of any means possible to make the fees less. Most of the wallets we have allows three options for fees, and that’s the priority, regular, and the custom. You can use any of the last two to make your fees less, because making use of priority is going to make your fees to be high.

[proTECH77]

Bitcoin is different from other cryptocurrency in the areas of fees.
Other cryptocurrencies gas fees is high than bitcoin but bitcoin price is rising but the gas fees still remain the same. Even though BTC reach $20k fees will not still high like other cryptocurrencies which many investors are withdrawing from the market and start trading with bitcoin.
Bitcoin is like a king to other cryptocurrencies once it's rising others will start dropping even fiat money lose value during covid-19 that still make many people believe on bitcoin that even though rise to $20k it gas fees will still be low.

[7788bitcoin]

This is something the devs really needs to work on. The last time the price got to that amount of $20k the fees we had to pay for transaction increased as well. Maybe by the time the price stabilize at $20,000 or around that price, they are going to look for a means to settle the issue of high fees and also work on the issue on whereby the network gets filled up and causes increase in the fees.

Are you saying that the developers are waiting for the price to reach its all time high valuation and then sort out the scaling issues  . There is no magical solution right now other than using lightning network and move you coins, if you are broadcasting on the network then you need to input higher fees.

For now, we just have to make use of any means possible to make the fees less. Most of the wallets we have allows three options for fees, and that’s the priority, regular, and the custom. You can use any of the last two to make your fees less, because making use of priority is going to make your fees to be high.

The only solution do not send the coins when the network is congested, other than that what can be done to make the fees less  .

[Saisher]

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

So much depends on the transaction volume and on how many are competing to get their transaction confirm, but the five hours ago I tried to send my $15 Bitcoin to my other wallet and was charge $7 I did not push through, when just yesterday I successfully sent my $10 worth of Bitcoin to my other wallet for only $0.75, it really depends on the volume and the action of senders.

[peterpanda]

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

I think it depends on the transaction numbers that how many transaction are making at a time. But it is normal to increase fee when the price will be rising continuously.

[Krislaw]

Sure thing the fee is going to increase.
Remember in 2017, when BTC was around 1k, transaction fee was cheap and transaction confirms within minutes. But during/after the bullrun, the confirmation time was slow because there more transaction. Transactions with high fees were priority to miners.
Now imagine when price goes above 20k, there will be more transactions and the chain will be more congested, leading to high fees

[BuNga_cute]

We only need to optimize the use of the Lightning Network if Bitcoin transaction fees go up, after all, now almost all wallets support Segwit,
it should reduce and speed up Bitcoin transactions. So there's no need to worry if Bitcoin hits the $ 20k price. That's why I now choose to use
altcoins to send my funds from one wallet to another. Because using altcoins makes transaction fees faster and cheaper. I usually use LTC,
TRX, DOGE, and XRP.

[kamadazje]

Yeah if the mempool is congested there is a big possibility that they bitcoin transaction fee will also to increase especially if you want your transaction to be process right away but if you can wait for few days then you can adjust your transaction fee.

But if we are going to summarize it, there is a big possibility that the bitcoin fee will likely to increase once the bitcoin will continue to increase it's price especially if there will be many who are using or transacting bitcoin as it is the main reason why the mempool will be congested. But I am hoping that the bitcoin fee will not reach to unreasonable fee so we are still free in using it anytime we like.

[Lanatsa]

We only need to optimize the use of the Lightning Network if Bitcoin transaction fees go up, after all, now almost all wallets support Segwit,
it should reduce and speed up Bitcoin transactions. So there's no need to worry if Bitcoin hits the $ 20k price. That's why I now choose to use
altcoins to send my funds from one wallet to another. Because using altcoins makes transaction fees faster and cheaper. I usually use LTC,
TRX, DOGE, and XRP.

LN isnt still an option for now yet its still on its development where such transition can't be possibly made but somehow we do have several options like switching to alts.

This isnt something new when price of btc is on peak then  expect for network to clogged up which in resulting to higher fees as usual but when it normalizes then it would really be much lesser.

Switching to alts is viable option at the moment and this had been my way when times like these where i cant really afford to pay up fees this high.

[Yatsan]

The perspective of people with regards to Bitcoin transaction fees is that it is directly proportional to the price change of Bitcoin that when Bitcoin price goes up, then the transaction fee rises up as well and the counterpart when it comes to going down. Well, more likely that would be the observable case that people do always see. But there are still other factor that affects the changes on Bitcoin transaction fees. It is not always about the price of Bitcoin that makes the fees expensive. It is on the processing part of the transaction. With the congestion happening due to many pending transactions within the system. Actually you can adjust your transaction fee with regards if you already need it or not. If you want your transaction to be seamless and fast to be confirmed, then you will need to spend more to be prioritized. The fees are not always proportional with the pricing of Bitcoin but it is also about the congestion happening on transaction confirmations that makes the price expensive.