If bitcoin reach $20k fee will be huge?

[oprahwindfury]

Overall this kind of stuffs depends on the demand. If the trade volume is high even the price is low the fees can be more. So it doesn't depends on the high price it depends the high trade volume.

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[manfredmann]

yes, the fees from the miners  will matter base on the demand of their service. For example if bitcoin market js high meaningnm that many people are utilizing bitcoin and that will als determine that many will going to make transaction and the many will going to use the service of miners to confirm their transaction. As demand of the miner increases so does their service fee.

[Vanderlan]

Normally, if bitcoin increases in price, that means the bitcoin fee will increase, even if not increasing in bitcoin, it will increase in dollar, but if the mempool is congested, that means the price will also increase in bitcoin because miners only take highest fee first. And if bitcoin price increase, that means people buy it more, which means more people are using bitcoin, this will result to people making more transactions, which means the mempool will normally be congested than this time which will increase the fee thet more.

The scalability issue have to been addressed, something should be done, like the lightning network, but people using the lightning network are not much, but it can be an alternative way to geting faster transactions with much cheaper fees. Also, use of segwit address will help. Also let us expect more approaches in the future that will tackle the high transaction fees.

[peter0425]

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 happens in 2017 when the price of Bitcoin totally grows up to 20,000 and that was the first time i experienced congestion,when my withdrawals sometimes took days before coming in(because i use of course lowest satoshi lol) but eventually as days passed by?the fee lowered and the transaction comes fast but Lightning network was not on the scene those days,lets see now since LN is available.

[shoreno]

it happens in 2017 when the price of Bitcoin totally grows up to 20,000 and that was the first time i experienced congestion,when my withdrawals sometimes took days before coming in(because i use of course lowest satoshi lol) but eventually as days passed by?the fee lowered and the transaction comes fast but Lightning network was not on the scene those days,lets see now since LN is available.

there are wallets that dont put indication on the fee tab or on the sending tab and if your a newbie you will only send small fee all the time . the 2017 btc ath is a good way for us newbie to get aware that those things can happen if we keep on using a small fee  .

now more wallets now put an indication if what are the speed we are getting per fee that we will be using and there are now sites to check if network is clogged or not . i remember lightning network is only a plan before but not that it was now implemented this will also help us in terms of fee and speed .

[verita1]

If the price of Bitcoin continues to grow as the forecast shows, the fees will naturally increase. The network is congested by users due to high demand. I think that we as users must carry out the necessary transactions. If we are active traders we must balance the profits and these expenses. In the end with the high Bitcoin price we all win despite the discount of the fees.

[Peanutswar]

This is just normal because to make it more balance. Right now I recently experience the increase of the transaction fee to those gambling websites, previous the price is just around over two(2) dollars and right now unexpected increase it comes over eight dollars, quite expensive just transaction fees only.

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 happens in 2017 when the price of Bitcoin totally grows up to 20,000 and that was the first time i experienced congestion....

this is my first-year experience that the bitcoin will reach ATH I'm looking forward to seeing what are changes may happen if the price of the bitcoin increases too.

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.

One of the things I do before I made a transaction is checking if the miners are available or it has less unconfirmed transactions on the mempool to make sure it will transfer to the wallet quickly but if congested I think one of the best solutions is the increase of transaction fee.

[xSkylarx]

I think it will really increase, this would be a pain to small bitcoiners like us. It may seem small fee in btc value but when you look at its usd value then you will realize that it's big. The fee you are paying can already buy something you need. It's either you just make a transaction when you send a big amount or shift to another crypto where there are less fees.

[Haunebu]

This is quite natural in the crypto world. You seem to be a newbie in the cryptocurrency community op since this isn't anything new. There are several ways to bypass high fee issues though.

Options:
1. You could use an alternate currency like LTC.
2. Use segwit to decrease fee by upto 30%
3. Prepare to wait for a day or two by choosing a low fee

[KIZILAGA]

 

 Bitcoin now for big boys transfer 1 billion with 30 usd fee,not for average people move 100 usd with 20 usd fee.

 Deal with it.it wont change.Adoption wont be big,it cant scale even.

Forget about paying a merchant to buy things with bitcoin in daily life. Buy a coffee 5 usd but pay 8 usd fee!

https://twitter.com/disco_donald/status/1321175897328644096

 

[mangsitin]

we see today, that bitcoin price is increasing.  The rapidly growing mainstream adoption, and media attention, many people at large increasingly believe in the phenomenal development of Bitcoin, and want to take part in that world.  however, there is a dark side that society does not pay attention to today.  namely the high cost per transaction on the Bitcoin blockchain network.  if with the increasing price of bitcoin today it attracts more people, then the Blocksize Scalability of the Bitcoin Blockchain is too full by transactions that occur every second.

[Alert31]

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

Of course once the value of bitcoin increase, the transaction fee is also automatically increase. I think that is normal in crypto transaction because even the Ethereum is also increasing the gas fee when the value keep on increasing. But you still have other choice if you don't want to pay a higher transaction fee of bitcoin. There are alternative for that like xrp and so many other altcoins.

[Tamim121]

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

Now fee is so much high. This is one of the big problem nowadays. For this reason so many people stop sending low or small number coin. In my opinion if Bitcoin reach 20k then fee will be increase. But i hope that it can be fixed and being low in the next coming days.

[plast555]

If the price of Bitcoin continues to grow as the forecast shows, the fees will naturally increase. The network is congested by users due to high demand. I think that we as users must carry out the necessary transactions. If we are active traders we must balance the profits and these expenses. In the end with the high Bitcoin price we all win despite the discount of the fees.

Bitcoin Fee will definitely increase with it's price.  but it is also true that the bitcoin technology is so wide . new things and features are coming every day. like Segwit and all others. so it is possible that in future something will come up which solve the problem of high transaction fee.
there are some wallets which allow users to set custom fee. there you can choose a fee of your own choice. but if you choose very low price, your transaction might stuck and never confirm.

[Boov]

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

Of course once the value of bitcoin increase, the transaction fee is also automatically increase. I think that is normal in crypto transaction because even the Ethereum is also increasing the gas fee when the value keep on increasing. But you still have other choice if you don't want to pay a higher transaction fee of bitcoin. There are alternative for that like xrp and so many other altcoins.

Yes transaction fee will definitely goes high if ever the bitcoin market price reach again to $20000. Bitcoin market value reaching $20000 was not impossible hence it already happened way back year 2017 where each and everyone of us are telling that this year was a Golden Year of bitcoin. Way back at this year, truly congestion were experienced where transactions sometime delayed up to 2 days.

[metenjean]

Last withdraw bitcoin I got fee about $4 and payment transaction process just few minute and take about 0.00032 when bitcoin still $13k, when I use fee payment lower than $4 I have waiting more than six hours for receiving my bitcoin assets. Now bitcoin break up to higher price and need higher fees transaction if you wanna sent bitcoin to other wallet, better if an exchange you must convert bitcoin to altcoin and get lower fee, if you sent with bitcoin could lower setting fees transaction but waiting for several hour to receive.

[rodskee]

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 whole year it is only $14,000 is what the highest price Bitcoin reached but look at the Transaction fees?is this not enough to answer your question?

Obviously Bitcoin Fee will increase continuously as we are entering the Top prices and for sure in a  matter of year from now the fee will be at least added 50% or multiple.

But this is expected mate,as Miner will surely claims their Piece of cake from this market.

[bryant.coleman]

Ideally, fee should be independent of the exchange rate. But from what we have seen, the transaction fee rise whenever we have an increase in the exchange rates. There are two reasons for this. The first one is that the transaction fee is denominated in Sat/Byte. So when the price shoots up, the value in fiat also goes up (even if the rate in Sat/Byte remains the same). Another reason is that when the exchange rates go up, we witness an increase in the number of transactions. This pushes up the fee.

[piebeyb]

I think using bitcoin transactions to just send small money will look expensive but for people who want to transact large I think it's very little, usually depending on the bitcoin network itself, if the transaction is full then people will increase their transaction fees so that it becomes more expensive for their transactions can be confirmed immediately it affects people who want to make smaller transactions, this is also a serious lesson and I believe this problem will be solved in the future

[oktana]

Yes I think. Bitcoin reaching such amount means that more people will troop in. And more people trooping into the use of bitcoin means that they'll be more transactions. More transaction brings more confirmation. And when there's just too much transactions to confirm, the transaction fee happens to go high as people would increase their transaction fee just to get the transaction completed asap.