Are Bitcoin's fees overpriced?

[CryptopreneurBrainboss]

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.

I understand clearly what you're saying but that doesn't justify why bitcoin fees has to increase this much. Many of us shifted our attention to the bitcoin currency as a result of it's low fees and today that can't be enjoyed anymore on a larger scales though. I get it that sometime you can send your transaction with low fees but that doesn't happen often. Just because it's a little bit better than the other payment options doesn't make it an ideal for the miners taking this much to confirm our transaction.

With this rate I don't think bitcoin can be accepted globally, if the charges are this much and other alternative payment system comes out with a cheeper rate then the patronage will change and the new system will get the attention Bitcoin ones have.

One of the flaws of the traditional banking system is it's huge charges, and with the recent developments in bitcoin network, it's slowly heading towards this same flaw.

[Kong Hey Pakboy]

We need to confront the high charge if we need to utilize bitcoins.
It's the well-known fact, that on the off chance that the interest is expanding, at that point the cost will likewise increment and that is what's going on in the bitcoin's expense.
In any case, it appears to be the cost is still low in contrast with the other Payments plat structure like PayPal or Payoneer.
Whenever I send the payment through Payoneer or Paypal they cut the profound exchange expense. While in bitcoin they don't charge a lot.

Indeed. We should accept the fact that making a bitcoin transaction will cost an expensive transaction fee, especially if we wanted to use bitcoin in our everyday transactions in the long-term. I know it is very frustrating to make transactions with bitcoins today because while the price is getting higher the fees are getting higher as well, that is why many people are having a difficult time holding and selling their bitcoins today.

[IShishkin]

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.

I understand clearly what you're saying but that doesn't justify why bitcoin fees has to increase this much. Many of us shifted our attention to the bitcoin currency as a result of it's low fees and today that can't be enjoyed anymore on a larger scales though. I get it that sometime you can send your transaction with low fees but that doesn't happen often. Just because it's a little bit better than the other payment options doesn't make it an ideal for the miners taking this much to confirm our transaction.

With this rate I don't think bitcoin can be accepted globally, if the charges are this much and other alternative payment system comes out with a cheeper rate then the patronage will change and the new system will get the attention Bitcoin ones have.

One of the flaws of the traditional banking system is it's huge charges, and with the recent developments in bitcoin network, it's slowly heading towards this same flaw.

Bitcoin Scalability Problem has to be solved!

[Jemzx00]

We need to confront the high charge if we need to utilize bitcoins.
It's the well-known fact, that on the off chance that the interest is expanding, at that point the cost will likewise increment and that is what's going on in the bitcoin's expense.
In any case, it appears to be the cost is still low in contrast with the other Payments plat structure like PayPal or Payoneer.
Whenever I send the payment through Payoneer or Paypal they cut the profound exchange expense. While in bitcoin they don't charge a lot.

Indeed. We should accept the fact that making a bitcoin transaction will cost an expensive transaction fee, especially if we wanted to use bitcoin in our everyday transactions in the long-term. I know it is very frustrating to make transactions with bitcoins today because while the price is getting higher the fees are getting higher as well, that is why many people are having a difficult time holding and selling their bitcoins today.

I don't really see the need to increase the fee for every transaction we make on bitcoin especially when there's no traffic. I can accept the high fees that we are currently experiencing right now as there is a massive transaction happening due to bullish market that was caused by the bitcoin halving event. But knowing that bitcoin will have a high fee on every transaction on the long run isn't something that we must accept. This issue is what made the lightning transaction possible to atleaast lessen the fees especially microtransaction.
I can't imagine buying from someone that cost only 5-10 dollars where the transaction fee is the same price of what I'm buying.  

[Rengga Jati]

I don't think the Bitcoin fees overpriced, it still makes sense. The price of Bitcoin is growing and many people are transferring their Bitcoin around the world. So, it makes sense if there is an increase in Bitcoin fees. As long as the increase isn't too significant, I think we can understand why it can rise. The Bitcoin fees aren't regulated by any institution, just accept it if the price can increase at any time.

[Oilacris]

I don't think the Bitcoin fees overpriced, it still makes sense. The price of Bitcoin is growing and many people are transferring their Bitcoin around the world. So, it makes sense if there is an increase in Bitcoin fees. As long as the increase isn't too significant, I think we can understand why it can rise. The Bitcoin fees aren't regulated by any institution, just accept it if the price can increase at any time.

Its not really that a much of an issue because fees arent static ones but rather dynamic and it all matters on the network situation and if its clogged then its understandable that
miners do prioritize those higher fees than low ones but when everything looks right and normal then 1sat/byte would able to push up a transaction no
matter how big the amount is.

Overpriced when theres sudden clogged in the network but we do have some viable options to take like switching to alts if you do see that fees are into the roof.

It doesnt matter if this one is one of the flaws or cons of bitcoin in times like this but this one can be handled and acceptable.

[Abiky]

I don't think the Bitcoin fees overpriced, it still makes sense. The price of Bitcoin is growing and many people are transferring their Bitcoin around the world. So, it makes sense if there is an increase in Bitcoin fees. As long as the increase isn't too significant, I think we can understand why it can rise. The Bitcoin fees aren't regulated by any institution, just accept it if the price can increase at any time.

I guess you're right. Fees are linked to the level of activity on the network. The more people transact on Bitcoin, the more the network will become congested resulting in higher fees and slower transaction confirmation times. Despite this inconvenience, people still have the option of choosing a lower fee at a cost of slower processing times. They can even use the Lightning Network or an altcoin of their choice if they're uncomfortable with Bitcoin's high fees. The way Bitcoin is heading to, tells me that it'll only prove to be useful as a store of value than digital cash. I have no problem with that, as long as, Bitcoin remains decentralized and censorship-resistant. Bitcoin Cash seems to be a better option for day-to-day payments.

Nonetheless, it looks like fees will continue to go up with no sign of declining anytime soon. The higher the network activity combined with a high price in Fiat, the higher the cost per BTC transaction will be. It's time for people to move on and accept the fact that Bitcoin is not meant to be used as digital cash. It'll only be useful for sending large amounts of money around the world, similar to how it's done with Gold nowadays. With so many cryptocurrencies on the market, scaling Bitcoin is no longer a concern. I'd expect other cryptocurrencies to rise in mainstream adoption, the more Bitcoin's fees increase on the network. Bitcoin will still remain as the "King of Crypto" because no other cryptocurrency will be able to outmatch its level of security and reliability. But altcoins will gain greater usage than Bitcoin because of the high fees. At least, Bitcoin will be here to stay for a long, long time. Just my thoughts

[tsaroz]

Bitcoin fees this time (the bull run of 2020/2021) was one of the lowest you could go with while transacting money. And it depends on what you compare with. It was much cheaper than international bank transfer, western union and even ethereum transactions for most of the time. At the peak of it's price, I transacted some bitcoin for a fee as low as 7500 satoshi ($3) while ethereum required a fee of $5. This fee was cheaper than what I used in last time in 2017. Thanks to the segwit development and adoption. We may need to find cheaper ways to transact if we want to see the prices par $100K.

[Ultegra134]

I don't think the Bitcoin fees overpriced, it still makes sense. The price of Bitcoin is growing and many people are transferring their Bitcoin around the world. So, it makes sense if there is an increase in Bitcoin fees. As long as the increase isn't too significant, I think we can understand why it can rise. The Bitcoin fees aren't regulated by any institution, just accept it if the price can increase at any time.

I'd disagree. Wanted to move a small amount of BTC (Around 0.03 BTC) from my BitGo wallet to Bitstamp. The high priority (2 Blocks) fee, would cost me around $15. I find that an extravagant amount, just to send a few hundred bucks. Had to choose medium priority, (10~ blocks if I am not mistaken). The first time it took 2-3 hours to confirm, the second time it took more than 8 hours.

[sapnu]

I don't think the Bitcoin fees overpriced, it still makes sense. The price of Bitcoin is growing and many people are transferring their Bitcoin around the world. So, it makes sense if there is an increase in Bitcoin fees. As long as the increase isn't too significant, I think we can understand why it can rise. The Bitcoin fees aren't regulated by any institution, just accept it if the price can increase at any time.

That is because of the pump of bitcoin value. Every time bitcoin's price rises up, the fees will follow. The knowledge of bitcoin that is spreading might be the one reason why also we are experiencing this. As many companies adopting the use of bitcoin and also recognizing cryptocurrency, that might be the reason why the value of bitcoin pumps up and even hit new ATH which doubled the value of ATH of 2017, and also why the fees are high.

[cryptopediabd]

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

After all time high price it's looking bitcoin price is overprice sadly. But it is & was the exact value in satoshi we normally pay on transaction costs. When bitcoin price was 10k & we pay 0.0005 btc is worth only 5$. But now we're approximately paying 19$ now. That's why bitcoin lightning wallet stands for. I m waiting until Binance integration with bitcoin lightning wallet.

[Ridwan Fauzi]

Last week I transfered bitcoin to my own wallet its arround $50, but did you know how much fee that I must pay? It is arround $15, that is really annoying. The fees per transaction is really high enough and it will continue as long as bitcoin price increase. Yeah, maybe when bitcoin price touch $100.000 the fees per transaction will be $100, it is not worth for those who just have small money and he want to buy bitcoin for investing.

[error08]

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.

I understand clearly what you're saying but that doesn't justify why bitcoin fees has to increase this much. Many of us shifted our attention to the bitcoin currency as a result of it's low fees and today that can't be enjoyed anymore on a larger scales though. I get it that sometime you can send your transaction with low fees but that doesn't happen often. Just because it's a little bit better than the other payment options doesn't make it an ideal for the miners taking this much to confirm our transaction.

With this rate I don't think bitcoin can be accepted globally, if the charges are this much and other alternative payment system comes out with a cheeper rate then the patronage will change and the new system will get the attention Bitcoin ones have.

One of the flaws of the traditional banking system is it's huge charges, and with the recent developments in bitcoin network, it's slowly heading towards this same flaw.

Bitcoin fees are relatively cheap and expensive at the same time depends on how much you are willing to pay for miners, we call it expensive just because the price of bitcoin increase by over 500% in less than a year, what you expected then?
But there is a way to pay less fee by observing the mempool, don't make a transaction if there is a lot of queues that pay high fees over 100sats/byte.
For example, if I send bitcoin now when bitcoin at $36,840. After check https://bitcoinfees.net/, I will pay a max of 20 sats/byte > BTC0.000056 or $2.060 as the fee, it would be smaller like 1-10 sats/byte if there are fewer unconfirmed transactions on the list.

[MCobian]

It is very natural that Bitcoin fees will increase with the price of Bitcoin rising dramatically, This is also the case for Ethereum which has very high
fees as well. Especially for small investors like myself who are very affected by high Bitcoin fees. Although I agree that the Bitcoin fees cannot be
said to be overpriced, if we look at the volume of Bitcoin transactions that continues to increase because of the skyrocketing Bitcoin price. Therefore,
the solution is I always convert my Bitcoin to altcoins to get cheap transaction fees.

[ilhamsugihamin]

Yes in my opinion it is like that, the higher the price the higher the transaction price, and it is very unprofitable if you only send a few bitcoins and it will be a problem in the future. but if the transaction is in large form, in my opinion, it will still make a profit.

[Sithara007]

To decide whether the transaction fee is high or not, first Bitcoin needs to be defined properly. If you consider Bitcoin as a currency, then the current fee levels are definitely way too high. None of the currencies have a fee of $5 or $10 per transaction. On the other hand, if you consider Bitcoin as an investment asset, then the fee is justified. Most of the mutual funds charge way more than this amount as the entry fee or exit fee (even the annual maintenance fee is around 1%).

[Adamini]

Recently, the handling fee is really high, which makes small players very distressed. Of course, it makes me want to learn the work of miners

[masterrex]

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

IMHO, I believe it's ok for Bitcoin to pay its transaction cost for just $10 dollars for its current price, It was still acceptable since Bitcoin is an old Tech but compare to Ethereum I think it's not Any I just put it into consideration because Bitcoin is much slower compared to Ethereum, I hope the lightning Network will be fixed so that this problem will be solved.

[Abiky]

Bitcoin fees this time (the bull run of 2020/2021) was one of the lowest you could go with while transacting money. And it depends on what you compare with. It was much cheaper than international bank transfer, western union and even ethereum transactions for most of the time. At the peak of it's price, I transacted some bitcoin for a fee as low as 7500 satoshi ($3) while ethereum required a fee of $5. This fee was cheaper than what I used in last time in 2017. Thanks to the segwit development and adoption. We may need to find cheaper ways to transact if we want to see the prices par $100K.

That's certainly true, mate. Fee costs will completely depend on various factors including (but not limited to) market price of the crypto asset and network activity. At times, ETH has faced a greater level of network activity than Bitcoin. This has made fees much higher on ETH than on BTC. There are times where that's not the case, as Bitcoin's ever-increasing prices on the market translates into a higher cost per transaction in terms of Fiat. At least, fees are much lower than they were back in 2017. That's thanks to the integration of SegWit by Bitcoin Core developers. This has also enabled the ability to transfer Bitcoin in an off-chain manner. With the Lightning Network under heavy development, it shouldn't be long before most merchants and business join the game. The LN's benefits of instant transactions and ridiculously low fees will be too hard to ignore by said entities. High fees will no longer become a concern to everyday people, as they'll be able to use the LN for their daily needs.

Nonetheless, Bitcoin's design tells me that fees will only go higher in the future. The designated block reward halving that will take place every 4 years will make Bitcoin's price a lot higher than what it is right now. Additionally, the limited block size of 1 MB on the main Bitcoin blockchain will increase network congestion as it becomes more popular in the mainstream world. It's why fees are going up right now, and will continue to do so unless developers raise Bitcoin's block size. Even with the Lightning Network in place, it'll eventually face the same situation as Bitcoin's main chain due to the network's limited transaction throughput. It seems to me that Bitcoin's fate will be serving as a store of value for the world instead of digital cash for everyday payments. Just my opinion

[Renampun]

For me personally, Bitcoin fees haven't been overpriced...
when the price of Bitcoin / USD rises, it seems that the Bitcoin fee goes up, actually, it doesn't go up, it's just that the value of Bitcoin has increased. when the value of Bitcoin reaches $ 1 million we will definitely see fees that are worth hundreds of dollars.