Bitcoin Transaction Fee

[stompix]

Now that CCP has taken control of all Mining, ASIC/GPU hw, they can do as they wish, they can mandate software, remember that all bitmain asic boxes call home, all on earth. Jack Ma is out, the CCP now controls.

Too bad your entire theory has one flaw, do you know why there is no mining gear coming out as planned despite the enormous profits?
Because both manufacturers lack chips, you know who makes the chips for the miners? TSMC and Samsung and none of them are Chinese!
And don't get me that crap of Taiwan being Chinese as we saw in the Huawei scandal on which side TSMC positioning themselves.

Slowly all the advantages China has against bitcoin are fading away, from owning 90% of the hash rate they went down to somewhere around 60% and there is only one way, down!

[1715221620]

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[1715221620]

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[BITCOIN4X]

Given the high transaction fee, the only option I have to take is to temporarily hold bitcoin in my wallet. Supposedly next week we'll see fee down so that smaller transaction can be made. It doesn't make sense to pay miners too much if the estimated bitcoin is only worth $20-$50. Can only be patient waiting for the fee to come down.

[Hobo66]

Bitcoin transaction fee is now a big issue for low investor. Its increses day by day. Hope it will soon fixed and we will be able to send and recieve bitcoin with low  fee. I will turn back to Btc when it cost low fee.

[ardentvolcanoes]

Bitcoin transaction fee is now a big issue for low investor. Its increses day by day. Hope it will soon fixed and we will be able to send and recieve bitcoin with low  fee. I will turn back to Btc when it cost low fee.

Small time players are really affected of this high fees, what can you do if you only have $50-$100 investment and you'll see that before you can make the transaction you need to pay more or less $20.
You already lose portions of your asset just by sending your coin, for now keeping your Bitcoin to your wallet is the very best thing to do, otherwise you gamble and use other alternative coin for investment,.

[buwaytress]

Took a small withdrawal yesterday evening from a service, using the lowest possible fee, just out of curiosity. Ended up being a 21 sat/byte effective fee, and saw it was approximately 100k in queue of close to 200k. Blockchair estimation. Haven't been that far behind the queue since some time last year!

Will just wait it out, no rush at all. Nice experiment. Didn't think it'd happen again but next adjustment in about a week should start clearing things up.

Well, if you really wanted to save up some BTC you might want to get used to it and make sure you don't really need the money yet because it's a long waiting game. I've tried this before and it's stressing when you really needed the money but now, I'm making plans how to deal with this waiting game while making a low fees trades. It took me a week though to finally received the coins and converted it to fiat.

You see, this is the problem when Bitcoin is in the bull run more people are trading during the ATH that's why the transaction fees is quite high.

Oh yeah, I made the transaction fully prepared to wait, as I do all my txs. I generally even spending from my own wallet do 1 sat/byte fees no matter what, if I don't need the spend immediately. It's been a really long time since I had to wait for days, so am pretty curious to see how long this one takes.

Besides, with RBF it's not a pain to up the fee if needed. Only I can't do anything about this since it's from a service.

[skarais]

Thank you for all, but I don't get much of a solution here other than not making transaction when the fee are too high so I have to hold bitcoin longer than usual. I decided to wait for the transaction fee to come down. I still have enough time to wait for the fee to down.

In your opinion, can the bitcoin transaction accelerator help us here if we want to make transaction with a minimum fee of 30-50 sat / byte at now?
I saw a transaction with a fee of 30 sat / byte received confirmation after using the bitcoin transaction accelerator.

https://blockchair.com/bitcoin/transaction/57913617a3f62f45c7526f99bb3e73396b4d305b1c59997efab70806e86f36c9

I generally even spending from my own wallet do 1 sat/byte fees no matter what, if I don't need the spend immediately.

Are you using static method to broadcast transaction?

[stompix]

Thank you for all, but I don't get much of a solution here other than not making transaction when the fee are too high

Because there is none?
If there would be one everybody would be using it and there would be no high fees in the first place.
No, it's simple, not enough free space, overwhelming demand, huge prices for each tiny byte.

In your opinion, can the bitcoin transaction accelerator help us here if we want to make transaction with a minimum fee of 30-50 sat / byte at now?
I saw a transaction with a fee of 30 sat / byte received confirmation after using the bitcoin transaction accelerator.

That's viabtc, it has limited submission per hour , and again if every pool would offer this feature it will still lead to nowhere as people would still send 300k transactions and only 200k would get confirmed. Plus if all would that, it will be a rat race to submit your tx at 00:00 and bitcoin would turn into a joke, a worse one than doge .

An accelerator is an individual temporary solution which involves a lot of luck, not a global definitive one.

[acquafredda]

During the last 10 days I am heavily testing the Lightning Network (mostly via bitrefill gift cards that give me access to real world amenities). Apart from a difficult channel opening (tx fee was too low), everything is working just fine.
My long-term bitcoin are not affected by this fee mayhem while the LN is allowing me to float on the huge fees.
People should get prepared before fee spikes, not after!

[skarais]

~~~

Hi @stompix, thanks for the simple answer. Now I will just wait for the fee to drop lower and hope that there is no more panic over the news from China.
Actually I want to test how long it will take to get confirmation if the transaction fee is 1 sat / byte. In your opinion, can a transaction that has been broadcast at a low fee (1 sat/ byte) can still be automatically canceled if there is no confirmation for several days?

[stompix]

Hi @stompix, thanks for the simple answer. Now I will just wait for the fee to drop lower and hope that there is no more panic over the news from China.Actually I want to test how long it will take to get confirmation if the transaction fee is 1 sat / byte. In your opinion, can a transaction that has been broadcast at a low fee (1 sat/ byte) can still be automatically canceled if there is no confirmation for several days?

Depends, there are a few still in the mempool for two months, at 1 or 2sat/b
https://mempool.space/tx/69557d75fac0b2f65fbb4f5a5d952b07e87bdc724700fa5ee6099a901a6901b9
so if you keep broadcasting it might survive in all the nodes, blokchaincom for example dropped it and got it back in the pool at 2021-04-11, blockchair has kept it from 2021-03-03 and blockstream has dropped it.
As for getting confirmed, I assumed this one already gave your the answer to your test, I don't see any way for 1sat/b fees to get confirmed in less than another month.

[judas]

They should solve the problem that the fee increases very highly when the price goes to the moon. This is absolutely important for a cryptocurrency to increase its usefulness. Nobody is happy about paying high fees for even low-valued transactions.

[Sihab76]

The amount of gas fees required to transfer Bitcoin and Etherium coins in the current market is extremely difficult for an ordinary trader and investor to afford.  I myself am not able to transfer Ethereum based coins due to excess gas.

[skarais]

The amount of gas fees required to transfer Bitcoin and Etherium coins ~~~

GAS is a feature on the ethereum network to measure transaction fee and please note that there is no GAS in bitcoin transaction as we only have transaction fee that are measured in sat / byte.

~~~
I don't see any way for 1sat/b fees to get confirmed in less than another month.

OK, maybe I won't wait any longer if the transaction fee go down because I will enable the RBF feature when broadcasting transaction.

[OcTradism]

OK, maybe I won't wait any longer if the transaction fee go down because I will enable the RBF feature when broadcasting transaction.

The network has many waiting transactions in the mempool and total size of mempool (vMB) is higher than 250 vMB. If you want to use RBF, you will still have use very expensive fee. It can be 120 to 140 sat/vbyte if you want to have a few more hours of waiting. If you can wait longer, you can use 70 to 100 sat/vbyte.

Mempool

[Kong Hey Pakboy]

Bitcoin transaction fee is now a big issue for low investor. Its increses day by day. Hope it will soon fixed and we will be able to send and recieve bitcoin with low  fee. I will turn back to Btc when it cost low fee.

Yeah, I find it hard to cash out my bitcoin whenever I want to because of the fees that comes with it, good thing that we can convert bitcoins to other coins that have a lower fee. I think that the developers are fixing the issue right now and I am hopeful that they will arrive to a solution soon.

[Sithara007]

What concerns me is the fact that the Mempool continues to get larger with every passing day. Yesterday, it was at 248 MB, and after 24 hours now it is 265 MB. The backlog may take several weeks to clear, even if the mining hash rate recovers to the previous levels. The trends are not looking good. In the last 12 hours, a total of 51 blocks were mined, instead of the normal rate of 72 blocks. That is a decrease of close to 30%.

[Oshosondy]

What exactly is this? Would love to read the article about this if you have reference link then please do share it. 

Yes, it is the reason for the abrupt price surge of the bitcoin transaction fee. The link given below:

Chinese mining pools’ hash power plummets amid regional blackouts

I believe those miners in that region of China are currently back mining again, or quickly taken over by other miners from a different region. The network has also not seen any long delays between blocks, https://www.smartbit.com.au/

Very possible.

[Wind_FURY]

I read BTC transaction fee's could be cut up to 45% once Bitfarms gets their Argentina setup running..

I was quite intrigued by the story so checking it up..
Bitfarms has acquired (not yet delivered) 49k miners with a total hash rate of 5Exa.
Ok, let's ignore the difficulty adjustment, and just for the sake of comparison let's say it will stat tomorrow to mine to bring back the hashrate in correlation to the current difficulty, their entire farm would be able to fill in just 1/10 of the hashrate that is missing.

As for longterm no hashing power would be able to reduce the fee that much unless by some alignment of the plants exactly on the day of the difficulty adjustment farms that would double the hashrate would come online and this would keep on happening every two weeks, which would pe physically impossible after just a few months.

LE:
Actually, I realized where that 45% comes from,

Bitfarms Finds Break-Even Costs in Argentina Is 45% Cheaper Than Québec

That's the cost for the energy used by miners, it has nothing to do with transaction fee.

Will just wait it out, no rush at all. Nice experiment.

What if is an experiment of the Chinese government trying to assess what they need to cripple the network?  
Too bad there is so little information on what's for real happening there.

What's happening is that CHINA controls +66% of mining, and the CCP just took baba/ant/bitmain private, and given that +90% of all asic miners on earth are made in China, it means China owns btc, way more than +67%, because they own the worlds HW, they OWN all the Crypto on earth, and can redeploy it as they wish. If somebody in China decided not to cooperate they can be taken out and shot the same day, seen it with my owns eyes. Asian culture does things for the 'good' of the culture, its 100% homogenous, its not a selfish klusterfuck like the USA.

Now ppl talk about 51%, but China has been over 51% forever, but BTC ppl ignore, well they ignored until it was too late.

Argentina will do nothing to the +67% of mining in China, its just rumor, in the meantime China will continue to ramp-up across the board, as they now control all ALT gpu  miners as well as BTC ASIC clones

Now that CCP has taken control of all Mining, ASIC/GPU hw, they can do as they wish, they can mandate software, remember that all bitmain asic boxes call home, all on earth. Jack Ma is out, the CCP now controls.

Ant, Alibaba, Bitmain, its all the same thing, Jack Ma's holding companys own Alipay as well, as China went cash-less years ago; IMHO China will use the bitmain infrastructure to implement their CBDC, two birds with one stone, take out BTC which leaks YUAN out of China, and use the Free Infrastructure to support the 100% China's new 'temporary' digital cash, with limited life.

China does NOT control ANYTHING. I believe you research and learn about the Game Theory behind Bitcoin, and what makes it work. The Chinese Mining Cartel “can try” to attack Bitcoin, BUT it would be stupid for them to do it because they would kill themselves and lose their investment. If they were honest, they would be rewarded in the most valuable asset in the world. Bitcoin.

[hector3115]

Fees should be reduced over time to attract more traders

[TopTort777]

Fees should be reduced over time to attract more traders

Depends on a trader. If you trade with BTC that worth tens thousands bucks, fees don't bother you much. Plus some pay them only twice, when they deposit and withdraw from exchange. That is why I think number of traders does not affect on the amount of fees. Or look on Ethereum, increase of traders, trades only stimulated fees growth. Completely opposite of what you say.