Bitcoin Transaction Fee

[$ISLM]

I read BTC transaction fee's could be rise up to 10% if Turkey bans mining

[skarais]

I used to put a commission of 20-30 sat/byte and I had to wait several hours to a week... Last week I used a commission of 41 sat/byte and my transaction has not been confirmed for 6 days...
t's scary to imagine how much longer I have to wait for confirmations after the hashrate spike!

Apart from the decrease in hashrate, I think some other thing like the price correction in the last few days have also caused many trader to rush to get a quick confirmation so they pay the miners more. As usual, miners will prioritize transaction with higher fees and this also results in longer network congestion as competition for higher transaction fee is unavoidable.

Look at this, quite a number of transaction are being broadcast with high fee and it seems that some of them are still in a hurry.

[buwaytress]

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.

Then we shall see just how long they can do it, and how effective it can be once difficulty adjusts and miners relocate etc. Haha. Whatever the real picture really is...

So far so good, I have to say, my transaction is still unconfirmed and in fact has even moved DOWN the queue (mempool's gone up about 15k since but my transaction got pushed down 18k spots)... so it does seem like more and more people are paying premium.

3 days. Very fun, let's see how long this goes. I won't even broadcast, just keep an eye on block explorer =D

[Wind_FURY]

I am reading some posts with one-liners in them, and some of those posters might be pretending to be in a signature campaign. I’m not accusing anyone of being a troll, or a bot, but always check through their post history.

[bitterguy28]

During April, I saw a tremendous increase in bitcoin transaction fee. I think there are enough people who want to make fast transaction that they are willing to pay miner more than usual. Quite a few people seem in a hurry to get their turn for confirmation in the next block, so anyone who wants to send a small transaction has to be patient for a longer turn. I hope the mempool can be cleaned up as soon as possible, but if the panic of trader and investor continues then maybe these expensive fee will last longer.

Here are some of the data I collect from https://privacypros.io/tools/bitcoin-fee-estimator/ about bitcoin transaction fee.

Any update now? since Bitcoin down fall to 40,000 level?

Does anyone transact these days?

I am reading some posts with one-liners in them, and some of those posters might be pretending to be in a signature campaign. I’m not accusing anyone of being a troll, or a bot, but always check through their post history.

If you want to observe those? best to Check Off topic section and there are tons of them spamming time after time.

[MAK400]

Currently Ethereum and Bitcoin are both transaction free extra so we are not able to exchange some of our tokens despite our best wishes.  It is difficult to say when the excess gas will be reduced.

[MAK400]

Fees should be reduced over time to attract more traders

The additional fee depends not only on the number of traders and investors but also on the different categories.  The number of Ethereum and Bitcoin users is increasing day by day but the network fee is also increasing.

[Distinctin]

Any update now? since Bitcoin down fall to 40,000 level?

We never know that let's just observe the market, its due for a correction and its' already happening now.
it could fall to $40k as nothing is impossible, but believe that it will bounce back.

read some : https://cointelegraph.com/news/bitcoin-price-relief-move-to-47k-pushes-btc-below-stock-to-flow-trajectory

Does anyone transact these days?

I made a transaction, I paid 0.0003 btc or 15 usd for s single transaction, not worth for micro transactions.

[Bilgent]

It's really annoying to see the fees reaching this high level. And we are not seeing this thing only for Bitcoin. Ethereum, Uniswap and Bitcoin are challenging against each other for the top place as far as I remember. This shouldn't be a problem in the future and people should be able to make their transactions comfortably (without paying high fees for even a small transaction). Transactions also take a long time when there is a high traffic on the network. It is another problem that should be solved.

[Natalim]

It's really annoying to see the fees reaching this high level. And we are not seeing this thing only for Bitcoin. Ethereum, Uniswap and Bitcoin are challenging against each other for the top place as far as I remember. This shouldn't be a problem in the future and people should be able to make their transactions comfortably (without paying high fees for even a small transaction). Transactions also take a long time when there is a high traffic on the network. It is another problem that should be solved.

I know, but you have to get used to it as it is what it is during the bull run, or during there's a panic as the blockchain is pretty much congested. This isn't permanent, let's wait until the market will settle down and we will see a normal fee again, for me $10 or more is not normal, so we have to see lower than that so transacting bitcoin would be affordable for everyone.

[Teslon]

always high bitcoin transection fee who controlling bitcoin please fix it ha ha ha ha 

[sumant]

Bitcoin and Ethereum fees are very high these days. We are giving lots of money through their transactions. There should be charges with their fees.  Fees will down when market goes down. Bnb is great coin and their fees in very low. We hope bitcoin do same thing like bnb. We have very difficult time with bitcoin fees that's why something going to be changed for community support. Bitcoin fees should come 10000 Satoshi something.

[Sithara007]

Bitcoin and Ethereum fees are very high these days. We are giving lots of money through their transactions. There should be charges with their fees.  Fees will down when market goes down. Bnb is great coin and their fees in very low. We hope bitcoin do same thing like bnb. We have very difficult time with bitcoin fees that's why something going to be changed for community support. Bitcoin fees should come 10000 Satoshi something.

The decision making power lies with the miners and they will not agree to lower fee. Why should they, when they are the biggest beneficiaries of such high transaction fee? If someone ask me what is the biggest disadvantage of Bitcoin, then I would say that the biggest negative is that only the miners are able to take the important decisions. 99.9% of the users have no say about the Block Size or other issues. And it's sad, because the high transaction fee has resulted in a lot of users moving towards shitcoins such as XRP and Dogecoin.

[Wind_FURY]

Bitcoin and Ethereum fees are very high these days. We are giving lots of money through their transactions. There should be charges with their fees.  Fees will down when market goes down. Bnb is great coin and their fees in very low. We hope bitcoin do same thing like bnb. We have very difficult time with bitcoin fees that's why something going to be changed for community support. Bitcoin fees should come 10000 Satoshi something.

There’s simply an extreme lack of education about Bitcoin, and the blockchain and how they work. If the newbies knew how they work, just in the introductory level, I believe they would understand why Bitcoin is the way it is, or why the Core developers chose the design-decisions the way the did. It’s not simply “let’s make Bitcoin like BNB”.

[Bitstar_coin]

Small transactions are the worst hit on this high fees problem, the other day I need to transfer $20 worth of btc and the transaction fee is about $10 - $11, very high and ridiculous charges imo,  how is it that 2 of the top project in crypto have high fee's whic scars  away people from it,

[franky1]

There’s simply an extreme lack of education about Bitcoin, and the blockchain and how they work. If the newbies knew how they work, just in the introductory level, I believe they would understand why Bitcoin is the way it is, or why the Core developers chose the design-decisions the way the did. It’s not simply “let’s make Bitcoin like BNB”.

we know you skilled a few lessons

ASICS do not touch transactions. dont calculate transactions. are not burdened by transactions
ASICS do the same job whether the block is full or empty.
transaction numbers mean nothing to asics

cost of mining is based on asic hardware and electric cost. NOT transactions

a tx complexity of validation is less than a couple miliseconds of one standard PC. so the 'cost' of computation is not even 1cent of electric.
if your electric is 6cents/kwh then a block of 2500tx is about couple seconds. so again not even 1 cent


again the transaction fee has no correlation to mining cost.

..
the fee is not about mining. its about auctioning space.
but instead of allowing more space to allow lower fee's
EG
1000tx at $2 =same as 4000tx at $0.50($2k=$2k)

the FAKE plan is 'we need to give more fee's to miners because the coin reward is depleting

again. allowing more transactions give this 'more fees' without stifling usage
the future should not be $4 average now $8 next halving $16next halving $32 next halving
it should be 2500 average tx now 5000tx next halving 10k tx next halving 20k tx next halving

and yes 4tb hard drive in will cover 2500tx (1mb) for 70 years
                                                    5000tx (2mb) for 35 years
                                                    10k tx(4mb) for 17 years
                                                    20k tx(8mb) for 8 years
a 4tb hard drive can handle 10k transactions a block for 17 years. by which time you would have upgraded your pc before then anyway. so its a non issue to cry that 10k transactions are too much

as for bandwidth
a ~ 500mb download a day(1-2node block repeat of 144 blocks + transactions)
=3.5mb every 10 minutes = .35mb a minute = 0.0058mb/s
even the most basic adsl offers more then that. it offers 0.5mb/s
so basic internet offers 100x more then download requirement to get blocks
(its why 12 years of data does not take 12 years. nor 1.2year. nor 1.5month)

as for uploading if your an open peer wanting to participate in the relay network.
average is ~10x that.. so still a 10x buffer..

meaning even on the most basic adsl connection. 8mb per 10min is not a problem
...

and please dont you even dare come back with a rebuttal that bitcoin is designed to work on a XP computer with 500gb hard drive. using dialup.. and saying anything above will kill the network
(as per your mantra in other topics)

.. the core devs have already said 4mb blocks are not a network killer. 4tb hard drives will not kill your debit card
ADSL wont break your twist dial oldy home phone
and devs have already said they will no longer support xp.vista aged systems

so knowing that bitcoin is supposed to function with windows 7+ computing,adsl(devs request) not XP, diaup(your 'conservative' lunacy request)
means you need to stop trying to say that bitcoin needs to be conservative to XP based hardware(per your other comments in other topics) because you beleive stifling(conserving outdated limits) is in bitcoins benefit

we already know that its not in bitcoins benefit. it makes less users want to use bitcoin.
less desire to use the blockchain is what will centralise the network more (common sense logic)
it only benefits the groups in control of sidechains and altcoins that can profit out of bitcoins limitations

again. realise that transaction counts per block do not affect the cost of mining.
if unsure get a ASIC and review its function. and realise transactions do not get processed by asics

in short
we should have moved to 5k plus average tx count per block 4 years ago and be at a 10k tx average block today.. meaning transactions should be ~2-4x less than now

[jesselui]

Wages are very low right now. If there are friends who have a job, they should not miss this opportunity. You can do the necessary operations cheaply.

[bryant.coleman]

Small transactions are the worst hit on this high fees problem, the other day I need to transfer $20 worth of btc and the transaction fee is about $10 - $11, very high and ridiculous charges imo,  how is it that 2 of the top project in crypto have high fee's whic scars  away people from it,

Nowadays it is widely agreed that Bitcoin is not very suitable for making small payments. But that said, the fee levels have come down drastically during the last 2-3 days. Now it is possible to get a confirmation in 2-3 hours, if you pay a fee of around $1 (~20 Sat/Byte). That makes sense, if your total amount is $20 or higher. But if you want to pay for a coffee or a burger, then I would recommend you to use an altcoin, such as Litecoin or Bitcoin Cash. BTW, don't try lower fee, if you don't have a lot of patience. For me, I am willing to wait for 3-4 hours to get a confirmation to my transaciton. But I understand that many of the users are not comfortable with waiting for so long. 

[onecall123]

Small transactions are the worst hit on this high fees problem, the other day I need to transfer $20 worth of btc and the transaction fee is about $10 - $11, very high and ridiculous charges imo,  how is it that 2 of the top project in crypto have high fee's whic scars  away people from it,

Nowadays it is widely agreed that Bitcoin is not very suitable for making small payments. But that said, the fee levels have come down drastically during the last 2-3 days. Now it is possible to get a confirmation in 2-3 hours, if you pay a fee of around $1 (~20 Sat/Byte). That makes sense, if your total amount is $20 or higher. But if you want to pay for a coffee or a burger, then I would recommend you to use an altcoin, such as Litecoin or Bitcoin Cash. BTW, don't try lower fee, if you don't have a lot of patience. For me, I am willing to wait for 3-4 hours to get a confirmation to my transaciton. But I understand that many of the users are not comfortable with waiting for so long. 

Considering the recent surge of BTC Transaction Fees it's better avoid for now, if there have any chance we can minimize the transfer fees using another cryptocurrency such as Litecoin or Bitcoin Cash with lower charges. Higher fees arise basically when the blockchain is crowded. These fees may encourage the miners yet to be sure a major burden to those small transactions.

[buwaytress]

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.

So far so good, I have to say, my transaction is still unconfirmed and in fact has even moved DOWN the queue (mempool's gone up about 15k since but my transaction got pushed down 18k spots)... so it does seem like more and more people are paying premium.

And the transaction finally got confirmed at 9.15 UTC, 25 April, block 60536. So in total just under 5 days for a 9-input spend, miners fee only 21 sats/byte. Ho hum, I was really waiting to see if it'd take a week but if this is the worst that can happen for a super-low urgency tx, then I'm really not worried at all.

Recommended 28 sats/byte now too. Feel a bit let down my experiment ended so soon, to be honest!