Are Bitcoin's fees overpriced?

[cryptomaniac_xxx]

I don't think that they are overpriced, heck we can't really compare the fees in 2017 to today's bull run, I mean the fees is too high, and you are going to pay good money to get your transaction pick up by miners, still you have to wait for a long time because the network is really that congested. As compare to today, just occasional spikes on mempool being clogged and after that it will be cleared again.

[dansus021]

back in 2017 i transferred amount of bitcoin that confirmed almost for 3 months and not getting single confirmation i get the confirmation when bitcoin lose its value, and about this topic i would say yes the fee its crazy its because bitcoin price pump and a lot transcatin and you must pay a lot of fees to get a confirmation and with current price yepppppp the fees itself more than 5$ sometimes and it will struggle to token using omni as the backbone

[cryptodash4]

I THINK NOT MORE FEES AS BITCOIN PRICE INCREASING

[Lucius]

Do you think that Bitcoin's fees are overpriced right now? If not, why? Will it stay like this forever? Will people adopt the Lightning Network more thoroughly as fees soar on the main chain? Your input will be greatly appreciated. Thanks in advance

All this is a normal sequence of events, an increased number of transactions always results in senders competing over who will pay the higher fee in order to get the confirmation of their transaction as soon as possible. I think a good part of the problem also stems from the fact that the vast majority of users are unfamiliar with the basics of how to create an efficient and cost-effective transaction. Various wallets often have bad algorithms that trick users into paying a much higher fee than is actually needed.

If we look at the current mempool, it can be seen that 5 sat/byte is enough for the transaction to receive confirmation in the next block, and yet there are those who pay 10 or 20 times more completely unnecessarily, and then complain that the transactions are too expensive.

However bad some may want to portray things, one should only remember that despite the new ATH and the large number of transactions, we managed to significantly lower the price of the most expensive transaction compared to 2017.

[Lucius]

Same now. I would not consider paying a $5 fee for sending $500 is good.

Strange thinking, because $5 is only 1% of $500, and you consider it an expensive fee? Of course, everyone would always pay $0.10 for each transaction, but this is not possible because everything has its price, including Bitcoin transactions. Just look at the fees at Western Union, or if you send money between two different banks - not to mention that such transfers can take several working days.

Yet it’s all a matter of choice, there are altcoins that have completely free and instant transactions - one just has to wonder what the reason is they never succeeded.

[bayu7adi]

I THINK NOT MORE FEES AS BITCOIN PRICE INCREASING

The transaction fee increases based on the USD price, because the BTC / USD price increases, it is possible that if the BTC price increases constantly, the transaction fee will also increase instantly, this could be a bad thing for cryptocurrency users with a small money circulation.

from here we know, that the thing that must be fixed immediately for Bitcoin in order to survive even longer is to reduce transaction fees and transaction speeds.

[AicecreaME]

Bitcoin and other cryptocurrency fee is not overpriced, it is fixed. For example, in every Bitcoin transaction, let's say a fixed fee is 0.001 BTC and the current price of Bitcoin is $500, so it's only $.5 which is cheap. However, on the next year, price of Bitcoin became $1500 which triple the price last year as an example and the fee is tripled as well, is it still cheap? for me, YES.

Transaction fees will never be overpriced. We just think it is overpriced because of its price that goes up every year or whenever it makes All Time High.

[error08]

Sure, I think the same. The service fee of Bitcoin has become too high!!! I do not believe it is worth it in that almost everything is virtual, why do I have to pay this annoying money? It does me not enough good

No, it isn't. The fee for bitcoin transactions really depends on the mempool, how many queues and the average fee that people pay.
You have to check the mempool every time you need to send bitcoin in order to determine how much the fee to be paid.
2 days ago, initially there were around 26k unconfirmed transactions, I'm not in hurry, so decided to sent bitcoin and paid only 10 sats/byte, but suddenly it increased to over 40k unconfirmed transactions, the result it was confirmed within 24 hours. However, at that time the queue on the mempool was decreased below 25k, so I sent bitcoin with only 13sats/byte, then confirmed within 20 minutes.

[AniviaBtc]

I think some exchanges and wallets are really overcharging. In the past week or two, I made a couple of transactions with staggering withdrawal fees. One of them charged me 0.00145BTC. A fee as high as that was simply unnecessary.

Maybe these platforms or exchanges are just abusing this kind of circumstances where bitcoin's price is high and they're just increasing it on purpose.

They are really taking advantage the popularity of bitcoin and its adoption that's why they are making unreasonable transaction fees.

It is really doubtful to make transactions right now as it can really ruin our confidence to make one.

Hoping that these fees got lower at some point so we will not complain about it that much and exchanges will hear our oppose about it.

[kawetsriyanto]

Do you think that Bitcoin's fees are overpriced right now? If not, why? Will it stay like this forever? Will people adopt the Lightning Network more thoroughly as fees soar on the main chain? Your input will be greatly appreciated. Thanks in advance

I have been trying several times to transfer my BTC balance to exchange from my segwit wallet. Commonly it will only take a few sats, but now it is the very high price. This kind of high fee is like normal condition when the price of BTC is pumping, many people are transferring their balance so that the blockchain is very crowded. that is why paying more fees will make the transaction faster.
I am not sure that it will last forever having this high fee. There will be a normal fee again if the block is normal. just wait and see, never forget to check the fee periodically

[Kelvinid]

For newcomers, fees this time is relatively high but if you are doing these transfer transactions quite often, you will find out that it normally goes high when the price of Bitcoin is also high. I really don't think it was overpriced but I'll take this as a normal market change in correlation to the huge volume of the market transfer transactions.

I use the Electrum wallet (segwit), there is actually a choice of fees and I can set to the lowest fee if I want but don't get embarrassed by experiencing long delays because it could affect the prioritization system in the blockchain confirmation. If that you need fast confirmation, then go for the highest fees.

[Latviand]

Yes, in some platforms, their bitcoin fees are too high or over priced which bothers me and make me think twice when I will make bitcoin transactions. This can lead for small bitcoin investors to have a problem in sending bitcoin. But what can we do about it, we should really find an exchange that can give us reasonable fees even if the volume in an exchange is so high. I know that all of us are affected by this increase in bitcoin fees but what can we do? We are still glad that bitcoin's price is bullish in the market and always be positive even if we are dealing with this struggle.

[amishmanish]

Some quick points that come to mind on this:

1. Bitcoin fees on exchanges is simply stupid as it does not scale for lower valued transactions.

2. When using desktop wallet, I use @bitcoin_fees on Twitter to check for a Sat/B that suits me. I don't generally need instant confirmation when buying stuff with BTC.

3. It is best to consolidate multiple inputs into a single address when the fees are very low, which they mostly are. (1Sat/B for hourly confirmation). Consolidating means that you don't have to pay for the batching of multiple small UTXOs which can increase your transaction size and can make a transaction constlier at times of congestion.

4. LN and its adoption is the need of the hour if we are to continue seeing innovations on BTC.

5. We really need an updated discussion thread about LN for normies. Last i read, it had watchtowers, factories and a lot of other concepts added. CT doesn't seem to be picking up on LN right now.

[coolcoinz]

Some people are making these mistakes of thinking they can't buy Bitcoin because it's too expensive above 20k, forgetting that they don't have to own a whole coin. It's like thinking you can't have a car because you can't afford a new one, straight from the dealership. It's the same with fees. You look at fees through USD, forgetting that Bitcoin is not and is not going to be used to buy a burger or a coffee. Nobody uses Bitcoin to do a $10 transaction. The fees are high because they allow you to move enough money to buy a yacht in a matter of minutes, without foreign currency conversion fees and all that crap.

[Coin_trader]

Sure, I think the same. The service fee of Bitcoin has become too high!!! I do not believe it is worth it in that almost everything is virtual, why do I have to pay this annoying money? It does me not enough good

No, it isn't. The fee for bitcoin transactions really depends on the mempool, how many queues and the average fee that people pay.
You have to check the mempool every time you need to send bitcoin in order to determine how much the fee to be paid.
2 days ago, initially there were around 26k unconfirmed transactions, I'm not in hurry, so decided to sent bitcoin and paid only 10 sats/byte, but suddenly it increased to over 40k unconfirmed transactions, the result it was confirmed within 24 hours. However, at that time the queue on the mempool was decreased below 25k, so I sent bitcoin with only 13sats/byte, then confirmed within 20 minutes.

That's really the main reason why Bitcoin Fee is OP. Due to slow TPS of Bitcoin blockchain, it results to many unconfirmed transaction per day especially during peak season. The fee calculation is not based on Fiat so definitely the fee is overpriced since its base in BTC unit while its equivalent amount in fiat is inflating. I hope that a better blockchain like LN will introduce soon to solve scalability problem of Bitcoin. The increasing price of Bitcoin makes the issue on the fee worst.

[Silberman]

Bitcoin's rise in popularity has congested the blockchain network over the past days. The pioneer cryptocurrency has seen a surge in price, as well as, network fees. Last time I've checked, fees where well above $10 per transaction. That's a lot for moving minuscule amounts of Bitcoin across the blockchain. Yet, fees aren't as high as they were back in December 2017. Depending on Bitcoin's price relative to Fiat, fees can either be overpriced or all the other way around. Bitcoin's limited block size will only make matters worse over the long term. There's still the Lightning Network, but it has many flaws that would put your funds at risk.

Do you think that Bitcoin's fees are overpriced right now? If not, why? Will it stay like this forever? Will people adopt the Lightning Network more thoroughly as fees soar on the main chain? Your input will be greatly appreciated. Thanks in advance

The are are many explanations for what is happening, the most likely one is that during 2017 the segwit upgrade was too recent and most people were using legacy addresses but now a significant portion of the community has moved on and adopted segwit addresses which as we know the miners can squeeze more of those on each block, this is reducing the fees we have to pay and it could explain the difference we see with the fees in 2017, another explanation is that maybe now that institutional investors are coming to this market they are making less transactions with a higher value in them reducing the number of transactions and bringing the fees down compared to 2017.

[pooya87]

2. When using desktop wallet, I use @bitcoin_fees on Twitter to check for a Sat/B that suits me. I don't generally need instant confirmation when buying stuff with BTC.

You should never trust someone else to tell you how much fee you should pay because you never know their intentions or their accuracy. For instance one of the most popular fee sites (bitcoinfees.earn.com) has been maliciously reporting extremely high fees for years.
You should always do it yourself, meaning use an open source wallet that is capable of analyzing the mempool and give the best suggestion.

[OcTradism]

You should always do it yourself, meaning use an open source wallet that is capable of analyzing the mempool and give the best suggestion.

Electrum wallet with mempool option for fee estimate. I don't use Electrum mobile to store my bitcoin or broadcast my transaction. I see it is helpful to check fee with the opt-in fee estimate based on mempool.

If want to make transactions, I will double check with https://jochen-hoenicke.de/queue/#1,8h and https://mempool.space/graphs. The first website is better and I more usually use it.

[CryptopreneurBrainboss]

Do you think that Bitcoin's fees are overpriced right now? If not, why? Will it stay like this forever? Will people adopt the Lightning Network more thoroughly as fees soar on the main chain? Your input will be greatly appreciated. Thanks in advance

Lets not be sentimental here, bitcoin fees are too high. One of the advantage bitcoin had over the traditional banking system was low fees and faster transaction but it seems bitcoin has lost those too advantage of recent. You can't have both anymore, it's either your scarify paying higher fees to get fast transaction or you pay low fee and get delayed in transaction. The additional features been introduced aren't newbie friendly and with this direction, the adoptability of the currency begins to get questioned.

We haven't succeeded in making bitcoin to be adopted by all and now we're speaking about lighting network, this will just chase away more users already. The general public feels the industry is quite complicated and that's why they stick to the traditional banking system even though they have been enlightening on the disadvantages of the system poses.

We need a simple solution that won't require additional knowledge of using a segwit wallet or lighting network if we really want the currency to be accepted globally as a currency. It seems that idea is been forgetting and now we're just focus on making bitcoin an assets as all the recent developments points toward that.

[Lucius]

Lets not be sentimental here, bitcoin fees are too high. One of the advantage bitcoin had over the traditional banking system was low fees and faster transaction but it seems bitcoin has lost those too advantage of recent.

We can talk about high fees here, but it's actually about the fact that sometimes it's not profitable to send microtransactions, but if someone complains that he paid $5 for making a transaction of $500 then I can't understand such an attitude. I have already written that everyone should check how much they will pay for the transfer of money via Western Union or between two different banks, and I will not even mention the waiting time for confirmation of the transaction.

Yesterday and today it is possible to send a transaction and get confirmation in the next block for just 4-6 sat/byte, so I ask everyone if it is a lot to pay $0.24 and get confirmation in next 10-15 min? No, it's easier to pay 1 or 2 sat/byte and then wait for hours or days for the transaction to be confirmed, saving a few cents