Something still has to be done about transaction fees!

[kryptqnick]

I get it that it's natural that the fees are rising, but I really believe that not enough time is dedicated to this problem. Volatility, regulations and other things affect the adoption, but even if they are sorted out, the fees can really kill the adoption. Because the more people and businesses adopt it, the higher the fees will get, making Bitcoin unsuitable for most transactions. We need some ideas that could show adoption could at least work.

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[Emitdama]

If the fees are high, you should wait and try another time , if you give it sometime the network will become less congested and you will be able to send with lower fees.

I’ve not paid more than $2 to $3 in fees, I think the highest fee I have paid for a transaction with Bitcoin is around $2 to $3, and other days the fees are way too less, around 50 cents…so if you’re doing transaction and the fees is that much, it’s because there are too many transactions on the network, and it can also depend on how much you’re sending, huge amounts will carry bigger fees than when you’re sending a small amount of money.

[barto123]

What do you mean by Lightning is not inspiring?

I think it's extremely useful.

I've probably done 1000 transactions on Lightning, maybe 100 on-chain.

That's a lot of saved Sats in fees.

Plus it's pretty private.

[Debonaire217]

I am not sure where the problem actually is, there are some people who contribute to the development of the bitcoin network and bitcoin blockchain but this problem is still currently not yet fully resolved. Perhaps, this is the consequence of the service that bitcoin is providing to us. But I think the solution to this problem will rely on the miners if we have a huge hash rate, confirmation of the fees will be faster and users will not need to bid higher fees in order to confirm faster. But this solution will consume higher electricity or power.

As far as I know, since the code for bitcoin and blockchain has been deployed more than 10 years ago, there's no way we can update, but to only add solution and extension to it.

[stompix]

It is normal for the fees to rise with the rise in the bitcoin price, because the cost of the fees is calculated in satoshis / byte, so the higher the bitcoin price, the higher the fees.

No, it's not.
Stop with this thing, the price rose from 9k to 13k and the cheapest fee went from 1sat to 100sat/b.
Price doesn't matter, it's the capacity of the network that dictates how high transactions prices are going to go up
You will see that on Tuesday with the same price we're going to have transactions cheaper by at least 3 or 4 times both in $ and BTC

This always happens when there is a sudden spike in the price. Most people are eager to send their bitcoins in or out of the exchanges and do some form of trading or holding.

Yeah, but right not it was the perfect storm. I don't know what's happening for real in China for certain but in the last 5 days, we had a tremendous drop in blocks mined. From an average of 10-11 minutes on the 25th we went to 12 then 13 then 14
https://bitinfocharts.com/comparison/bitcoin-confirmationtime.html#3m.

And guess when the mempool started to go up? Starting from the 26th.
https://jochen-hoenicke.de/queue/#0,1w

During this time the price did spike up a little but nowhere near the jump we had on the 19-21 when the mempool was congested a bit but no that much with a peak of only 70k, half of the 150k we experienced yesterday.

[BrewMaster]

a fee market that turns the block space into a valuable commodity that can not be  cheaply spammed.
but the problems begin when the fees remain up after the spike. for now it hasn't been long enough to become concerning.

Wouldn't that affect the adoption in real world? The fee is high enough at the moment for paying $100 and lower. I have done a tx recently with a fee of $6 but it's still unconfirmed (it's because of the price increase though,otherwise, it would be lower).
We need solution of adoption of Lightning Network I think, to use BTC for paying 100 bucks or lower.

having short term spikes like this has been common and they have never affected bitcoin adoption (at least if they had any effects it is not felt) because as we can see the adoption has been growing very nicely so far.
but as i said if the fees remain up without any hopes of them coming down then it can be terrible for adoption.

[naomi-the-cat]

Fees will be higher and higher during bull market. Fomo generates more transactions, bitcoin has problem with TPS, thats simple

[ropyu1978]

Here we go again. Bitcoin is on the rise, and even though it's up about 30% from the usual price of the recent times, the transaction fees are up 10 times. I've just sent 0.01 BTC, and the suggestion for a regular fee was $12! The priority was a couple of dollars more, and I went for it. There hasn't been such a spike since the 2017-2018 craze, but now enormous fees are apparently back, and they remind that we need a solution to the scalability issue. The LN is not inspiring, but nothing better is coming up. I think that such fees are a huge obstacle to Bitcoin adoption as money and should be considered a top priority. What do you think about the fees and the perspectives?

Why look serious worry with bitcoin fees transaction? I think you can convert first your bitcoin fund to be altcoin have lower fees transaction like TRX, XRP and other altcoin, Why you have withdraw using bitcoin only. I think higher payment fees when withdraw using bitcoin depend how bitcoin price its self, any exchange market have deducted for withdraw bitcoin about 0.0005 BTC, when bitcoin have higher price above $12000 you will pay more than $6 each bitcoin withdrawing, just calculated and have any exchange must pay more than 0.005 btc each transaction. I think convert your bitcoin fund become altcoin is most worth solution how to get lower fees deducted when try to withdraw and process most faster than use bitcoin.

[kryptqnick]

What do you mean by Lightning is not inspiring?

I think it's extremely useful.

I've probably done 1000 transactions on Lightning, maybe 100 on-chain.

That's a lot of saved Sats in fees.

Plus it's pretty private.

The LN has been around for a while, and I don't see any progress with its adoption. It's not user-friendly enough for the majority of users to adopt it. And among those who wouldn't face technical difficulties with the adoption, there's a group of people who won't adopt it anyway due to centralization or due to Bitcoin maximalism. I used to have high hopes for the LN, but it seems that it's not trying to become more accessible or to convince those who don't want to use it. And if people don't accept the solution, it does not really matter if this solution could hypothetically solve the issue.