Bitcoin Transaction Fee

[Dilerium90]

I can't longer remember the day I used bitcoin to send funds. It doesn't make sense now. There are many other cheap coins, the transaction of which will cost a fraction of a cent. I think the problem of introducing bitcoin as a payment instrument will be in the cost of the transaction.

[1715140060]

1715140060

[skarais]

It looks like the difficulty level adjustment has been fixed and the transaction fee are gradually decreasing. Although when there was an increase in the transaction fee of my asset estimate decreased due to the price correction, so far the transaction fee did not appear to be burdensome enough. Due to personal needs, I was forced to have to move my bitcoin to an exchange at a fee of 41 sat/ byte yesterday although I seemed to be feeling a little rushed after knowing the transaction fee could drop lower today.

The current situation regarding the recommended bitcoin transaction fee at the time of writing.

[stompix]

It looks like the difficulty level adjustment has been fixed and the transaction fee are gradually decreasing.

There has been no difficulty adjustment and it couldn't have been one, this epoch will end somewhere next Sunday or around that date.

What happened was pretty simple:
- mining has resumed in China so we're back to ~144 blocks an hour
- weekend when usually he mempool is depleted naturally

As a note, expect the mempool to go even lower till Monday morning (GMT) time, from now then there will be only increased till next weekend. A lot have postponed doing transactions for +100sat/b but they will gladly pay 50sat/b for it.

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.

Mining resumed completely someone Thursday, combined with the weakened yeah it touched the 20sat/b wall, but it won't go lower, usually, we had even 5sat/b getting confirmed on Sundays but this won't be the case now, too much of a backlog. But if this ** would have gone for the entire 14 days it would have been pretty bad, no matter how you look at it it's a problem and it needs some magical fix sooner or later.

[Wind_FURY]

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

Snip

The point is, Bitcoin’s main value proposition is censorship-resistance, and to secure it in Bitcoin is for the Core developers to make decisions to make the network scale out/maintain decentralization. Because to overshoot security, is better for the future of the protocol than to increase transaction throughput and sacrfice decentralization.

The people/market believes so. Check the prices of Bitcoin, Bcash, and Bcash SV.

OP, fees are currently lower, and might keep going lower. Everyone should start planning their transactions accordingly.

[goldade]

I believe the recent surge in the transaction fees of bitcoin is as a result of the miner's strike in China.  This caused the transaction fees to increase tremendously. 
However, just like many people already mentioned, the miner's have resumed and everything would return to normal.
I'm sure you're beginning to wonder if at this rate of high transaction fees, bitcoin would remain the number one currency for transactions. Well, you should know that this has been rectified and bitcoin would always remain the number one currency in the world.

[Yamifoud]

I believe the recent surge in the transaction fees of bitcoin is as a result of the miner's strike in China.  This caused the transaction fees to increase tremendously.  
However, just like many people already mentioned, the miner's have resumed and everything would return to normal.
I'm sure you're beginning to wonder if at this rate of high transaction fees, bitcoin would remain the number one currency for transactions. Well, you should know that this has been rectified and bitcoin would always remain the number one currency in the world.

I think the issues in regards to high fees have already been resolve. Yeah, I got my withdrawal transaction paying only less than $1, setting on the minimum pay, and finally, it arrives within the day.
That be possible that what happened to the miners in China has a huge impact to the fees. It takes almost 2 weeks which the fees are incredibly high, I have one transaction during that time and it cost $5 but I'm surprised that it never arrives in my wallet until such time that I need to increase it. It could really be disappointing but unfortunately, we have nothing to do and instead of complaining better to wait or to increase the fee.

[buwaytress]

Mining resumed completely someone Thursday, combined with the weakened yeah it touched the 20sat/b wall, but it won't go lower, usually, we had even 5sat/b getting confirmed on Sundays but this won't be the case now, too much of a backlog. But if this ** would have gone for the entire 14 days it would have been pretty bad, no matter how you look at it it's a problem and it needs some magical fix sooner or later.

Yeah, I can imagine someone or someones felt they had to step in -- probably the couple of tests of 50k floors had them spooked. A week or two more of the situation would definitely have set off more panic but I'm still certain the diff adjustment would take care of things eventually (as is how the design foresees).

Short and medium term I do agree a lot of forces would feel there needs to be a fix. Can't get people waiting around days, never mind weeks, for services to pay up on fees.

[blckhawk]

I believe the recent surge in the transaction fees of bitcoin is as a result of the miner's strike in China.  This caused the transaction fees to increase tremendously. 
However, just like many people already mentioned, the miner's have resumed and everything would return to normal.
I'm sure you're beginning to wonder if at this rate of high transaction fees, bitcoin would remain the number one currency for transactions. Well, you should know that this has been rectified and bitcoin would always remain the number one currency in the world.

There's no doubt it was the main reason why Bitcoin transaction fees soar high. I just recently check if everything goes back to normal back it seems not, yes much lower compared before but for me, it was still too high.
If it was really true that everything goes back to normal and the mining was now resumed, I assume that it would take a more couple of days before the fees go back to normal because right now it is still expensive. Perhaps I will just hold it for a moment until it became low.

[Oasisman]

I believe the recent surge in the transaction fees of bitcoin is as a result of the miner's strike in China.  This caused the transaction fees to increase tremendously. 
However, just like many people already mentioned, the miner's have resumed and everything would return to normal.
I'm sure you're beginning to wonder if at this rate of high transaction fees, bitcoin would remain the number one currency for transactions. Well, you should know that this has been rectified and bitcoin would always remain the number one currency in the world.

There's no doubt it was the main reason why Bitcoin transaction fees soar high. I just recently check if everything goes back to normal back it seems not, yes much lower compared before but for me, it was still too high.
If it was really true that everything goes back to normal and the mining was now resumed, I assume that it would take a more couple of days before the fees go back to normal because right now it is still expensive. Perhaps I will just hold it for a moment until it became low.

Well, the tx fees kinda back to normal (considered as normal during these times) I was scanning at the mempool yesterday and I even saw a 20+sat/byte at one point. Currently we're at 30sat/byte. Not that high really because you can set your fees lower than 30sats and gets confirmed not more than 30 mins. If you're not on a rush.
Infact, I recently had a 13sat/byte transaction earlier today and got confirmed not exceeding 30mins. Not really high.

[iphone5s]

I can't longer remember the day I used bitcoin to send funds. It doesn't make sense now. There are many other cheap coins, the transaction of which will cost a fraction of a cent. I think the problem of introducing bitcoin as a payment instrument will be in the cost of the transaction.

The thing that makes people start getting confused about all this, it looks like we are investing in transaction fees instead of the coins. This will make new people who want to learn more will think twice about buying the coins they are going to invest. But I will be thinking a little how long it will end or every year will continue to surprise people.

[Kelvinid]

I can't longer remember the day I used bitcoin to send funds. It doesn't make sense now. There are many other cheap coins, the transaction of which will cost a fraction of a cent. I think the problem of introducing bitcoin as a payment instrument will be in the cost of the transaction.

The thing that makes people start getting confused about all this, it looks like we are investing in transaction fees instead of the coins. This will make new people who want to learn more will think twice about buying the coins they are going to invest. But I will be thinking a little how long it will end or every year will continue to surprise people.

I don't think it was confusing but this how these people are very concerned about the fees. If the fees are so high, this could impact their profit and instead of saving the cost, they'll be paying more.

It was just a few days that the fees are lowered down but if we take a look at it now, it will surprise you back as the fees started to move high again. The situation is going crazy and it feels that the miners are trying to take advantage of the hypes.

[pinggoki]

All of the things that you want to be an instant need a bribe and it is also works on bitcoin transactions. If you want to get a faster transaction then you must pay a huge or big transactional fee, but if you are willing to wait then probably you may avoid those large transaction fees but then remember if you always want fast and comfortable transactions then you may always choose to pay more transactional fees than waiting for so long. Always remember that.

[Iranus]

All of the things that you want to be an instant need a bribe and it is also works on bitcoin transactions. If you want to get a faster transaction then you must pay a huge or big transactional fee, but if you are willing to wait then probably you may avoid those large transaction fees but then remember if you always want fast and comfortable transactions then you may always choose to pay more transactional fees than waiting for so long. Always remember that.

In fact, the fee for a small amount of transaction seems a little higher. But if you think about the large amount, the transaction fee is very negligible. Bitcoin is now being used at the institutional level, being used to pay large amounts (for example, you can use Bitcoin to buy a TESLA car), and these transactions are being done through nominal transaction fees.
So at the present time using Lightning Network for micro payments is the only solution to this problem.

[sapnu]

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.

As we can observe, other than having a higher value right now, the individuals who gets involved in bitcoin is also improving. That can be one of the reason why the transaction fees became much higher than before. If you are just a small time bitcoin owner, it will bring you into disadvantage so you should somehow find a way on how you can make things work regardless of the situation. One effective way to transfer money from bitcoin to someone is through converting it on a certain cryptocurrency that has low transaction fee. If it would still be inconvenient, might as well wait till the money you are transferring is much higher so that the fee would atleast be worth the transaction.

[skarais]

One effective way to transfer money from bitcoin to someone is through converting it on a certain cryptocurrency that has low transaction fee.

Of course this is an effective way to save on transaction fee, but it is of no use if you store your bitcoin in a personal wallet as you will still incur transaction fee when sending them to an exchange. The steps you suggest will be effective if your bitcoin are stored on an exchange. But remember, exchange are not secure wallet for storing your bitcoin in the long term.

If it would still be inconvenient, might as well wait till the money you are transferring is much higher so that the fee would atleast be worth the transaction.

As the price always fluctuating all the time, it is still possible to wait until it is even higher. But the good solution so far is to wait until the weekend as usually the transaction fee will naturally down.

What happened was pretty simple:
- mining has resumed in China so we're back to ~144 blocks an hour
- weekend when usually he mempool is depleted naturally

The situation of China which has restarted mining must be a critical factor and that is good news.

[MinoRaiola]

Bitcoin transaction fee is a matter of course for us. In some countries i hear more and more often that fees should be paid for the bank balance. Some call it negative interest. Imagine 0.5% per month you have to pay for your money in the bank or cash payout 1% ... hodl btc and pay the miner.

[dimonstration]

I believe the recent surge in the transaction fees of bitcoin is as a result of the miner's strike in China.  This caused the transaction fees to increase tremendously. 
However, just like many people already mentioned, the miner's have resumed and everything would return to normal.
I'm sure you're beginning to wonder if at this rate of high transaction fees, bitcoin would remain the number one currency for transactions. Well, you should know that this has been rectified and bitcoin would always remain the number one currency in the world.

Hopefully everything will went well, this past week the fees were too high to consider in doing transactions that there are times that I prefer to be at thrift mode than to do transaction due to fees. Im taking it into consideration before cashing out since its way too high and it somehow help me to save since I can stop myself from cashing out time to time and just hold btc. A cons and pros about this High fees.

[Tomiwa_akin]

using bitcoin now is very costly and anyone wants to use it must be ready to pay the high fees for faster transaction confirmation. it wont continue like that definitely just because of large transactions which need to be priotize base on fees. lightening network is a proxy solution to this. i hope it gets adopted soon.

[Lanatsa]

I believe the recent surge in the transaction fees of bitcoin is as a result of the miner's strike in China.  This caused the transaction fees to increase tremendously. 
However, just like many people already mentioned, the miner's have resumed and everything would return to normal.
I'm sure you're beginning to wonder if at this rate of high transaction fees, bitcoin would remain the number one currency for transactions. Well, you should know that this has been rectified and bitcoin would always remain the number one currency in the world.

Hopefully everything will went well, this past week the fees were too high to consider in doing transactions that there are times that I prefer to be at thrift mode than to do transaction due to fees. Im taking it into consideration before cashing out since its way too high and it somehow help me to save since I can stop myself from cashing out time to time and just hold btc. A cons and pros about this High fees.

You do really need some self-control in that case but on my side I don't really mind much as I can able to hold off my coins and just wait for the right time when the network
isn't clogged anymore for me to make out some transaction.

Its really currently a pain in the ass when you do make out some transfers where fees are on the roof.I cant just afford on paying up $10 or more on a single transaction.

So theres no other choice but for you to wait up for the right time.Some hours of this day where fees did really go down but it did rise up fast after
a couple or hours.

[SaShiRaJaVu]

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!

Thanks for the clarity as i was wondering how long it will take for normal transaction charges to get through which i was doing before the hash rate drop and since there was no clarity regarding that i never made any transactions because i am particularly keen about not sending more money as transaction charges and yet do not want to get stuck without knowing when it will get confirmed and i want to send the coins to gambling sites and if it does not confirm in a specific time period some of the sites will term them as double spent or cancelled transaction and it is a headache to sort that out.