It is pointless if the BTC fees increases along with rise in BTC price!

[doomloop]

The title is applicable to small transactions and not the big fish category (ex. 1000k, 10k or more)

I have observed many times whenever there is rise in the price it will proportionally increase the fees as well. BTC becomes useless if I want transfer my coffee bill worth $5 or lets say lunch of $50 bucks if I have to pay more than 10-15 USD for single transaction.

It feels like I am literally overpaying for the little transactions.

You’re not wrong, this is a problem we have to face all the time, although I don’t make coffee payments with Bitcoin, but there are other small transactions that make like weekly or even daily that fees are usually high.

We have always faced this when prices goes up, and the most annoying part in this is that at times like this the network kind of gets stuffed up and when you make use of regular fee that’s not priority you will have to wait for a whole day for your transaction to be confirmed. I have stopped complaining about it, because I know the developers are aware of this and have just decide to keep mute about it.

[IShishkin]

Maybe it's possible to improve Bitcoin so that small payments would be verified by small number of miners and big transaction will be processes by all miners?  However, in the second case fees should be higher. 

[eucalyptus]

Lightning Network is a solution but I believe that they will fix this issue in the future. We have the same problem with Ethereum. When price is going up we have to pay high GAS fee and even for swapping we pay very high. I hope new updates will fix this issue.

[IShishkin]

Lightning Network is a solution but I believe that they will fix this issue in the future. We have the same problem with Ethereum. When price is going up we have to pay high GAS fee and even for swapping we pay very high. I hope new updates will fix this issue.

The Lightning Network could be an improvement. However, if 5-10 times more users will join Bitcoin the situation will be the same and blocks will be full. However, in this scenario new users will push up the price of Bitcoin multiple times. So the same number of btc in tx fee will cost much more.

[bryant.coleman]

Back in 2012, when I first got cryptocurrencies in my wallet, the transaction fee for Bitcoin was around $0.01. Now it is almost 500 times that amount. And if the trend continues, within the next 3-4 years we will be paying $100 or $200 for a single transaction. Lightning is not the solution for this. The only real solution is to increase the block size. Miners are going to oppose, but for the greater good this should be done.

[o_e_l_e_o]

You need to pay half from your exchange when you made a little Payment

the transaction fee for Bitcoin was around $0.01. Now it is almost 500 times that amount.

If you are paying this much in fees then you are making a mistake somewhere, or you are using a custodial service or exchange which is ripping you off and pocketing the difference. I have been using bitcoin and making transactions all throughout this fee surge and have never paid anywhere close to $5 or half the value of the transaction in fees. To pay $5 for a standard 200 vbyte transaction you would need to paying upwards of 120 sats/vbyte in fees. I've been making transactions at a tenth of this or less without any issue.

I would suggest you pay more attention to the mempool and learn how to appropriately pick your own fee, as well as making sure you are holding your bitcoin in your own wallet which allows you to set your own fee rather than being charged an arbitrary expensive fee. And of course, use full native segwit.

[gurunanakji777]

Your findings are right for small transactions fees seems quite higher side. If we really want to increase the base of cryptos in common people we certainly need to fix these things otherwise why common people will use BTC where they need to pay huge transaction fees, on the other hand, every time fees are not higher side but in my opinion, it should be fixed apart from this there are some pros and cons for higher fees that are also reliable to some extent.

[GGUL]

Back in 2012, when I first got cryptocurrencies in my wallet, the transaction fee for Bitcoin was around $0.01. Now it is almost 500 times that amount. And if the trend continues, within the next 3-4 years we will be paying $100 or $200 for a single transaction. Lightning is not the solution for this. The only real solution is to increase the block size. Miners are going to oppose, but for the greater good this should be done.

I don't know where you got this information about miners. Miners have always been in favor of increasing blocks.

Who is against the increase-so this is the team of bitcoin developers.

[Rehan Zakir]

Due to the increase in the price of bitcoin. The amount of fees in satoshi will be same. But in the dollars term it is high. Now a days it is very expensive to make a transaction in bitcoin. And due to a huge crowd on bitcoin blockchain its speed slows down as compared to other blockchains.

[Finestream]

That's how it is, we have to face it, it has happened a lot of times already when the market is congested, bitcoin alone will not give us a cheap and fast transaction, things have changes that we have not seen in the past. We need a 3rd party to solve this issue and actually there are present 3rd party system already like the Lightning network but it would not grow if we will not adopt.

For now, if we like to save from fees and want transactions to be faster, we should use stable coins.

USDT itself has a good liquidity, so it will help.

[o_e_l_e_o]

You need to pay half from your exchange when you made a little Payment

Then don't use the main chain for micro payments. Use Lightning for these payments, and keep the main chain for larger payments where you want the added security.

For now, if we like to save from fees and want transactions to be faster, we should use stable coins.

And completely negate all the benefits of using bitcoin by switching to a coin which is not decentralized, not censorship resistant, not immutable, and not immune to being frozen or seized. If you want to use a system with all these disadvantages for the sake of transferring the cost of the fees from yourself back to the merchant, then you might as well just go back to using a completely centralized fiat system.