Bitcoin Transactions Fee Are More Expensive Than Ever

[MrcMrc]

The miners are busy making huge profits from the current high fees being paid on the Bitcoin network. This has continued to be the major challenge in the bitcoin network, making it hard for small Bitcoin holders to move their bitcoin around.

[jerry0]

What is the lowest fee that i can set my nano ledger s to send btc now?  I know its in bytes etc... but for example... if you convert that 0.00xx kb to usd... what is the lowest amount to do this?


I don't mind it taking a few hours to go through for example.  It would still cost a few dollars at least right?  No more okay l dollar fee to send btc but it takes a day?

[pooya87]

What is the lowest fee that i can set my nano ledger s to send btc now?  I know its in bytes etc... but for example... if you convert that 0.00xx kb to usd... what is the lowest amount to do this?

I don't mind it taking a few hours to go through for example.  It would still cost a few dollars at least right?  No more okay l dollar fee to send btc but it takes a day?

You can easily calculate it on your own. We can't tell you that because it depends on the size of your transaction.
A normal transaction containing a single P2WPKH input and 2 P2PKH outputs is about 180 bytes and with the current lowest fee rate of 3 sat/byte you have to pay 540 satoshi in total fee which is about $0.3

[jerry0]

If i do that minimum 3 sat/byte... that transaction will take at least a day to go through right?


But is there a way to know the transaction did go through but its still waiting to confirm?  You go on that blockchain site to check the tx history right?


But are people even doing that now or are they sending at least so and so sat/byte?  Like what would you suggest if i want to send btc from nano ledger s to say coinbase.  Like minimum how much sat/byte?  I mean i definitely want it to get to coinbase in few hours.  I don't need it to get there in say minutes or an hour etc.  But why do i keep hearing people say the avg bitcoin fee now to send is like 18 dollars now?  Is it if you pay that much, then your transaction will complete in like 10 minutes or so?

[NeuroticFish]

If i do that minimum 3 sat/byte... that transaction will take at least a day to go through right?

It's hard to tell and it depends on many factors. If, for example, something happens and makes traders send transactions around like crazy, 3 sat/vByte may not get confirmed at all and dropped in some 2 weeks.
But with current mempool conditions, since a few 4 sat/vByte transaction were already processed in the last 24h, with some luck, also 3 sat/vByte may get through in 24h.
I could say, with a safe margin, that there's a relatively good chance that it'll get confirmed at least in the next week-end.

But is there a way to know the transaction did go through but its still waiting to confirm?  You go on that blockchain site to check the tx history right?

That's correct. Shouldn't you make your own separate thread with this kind of questions?

But are people even doing that now or are they sending at least so and so sat/byte?  Like what would you suggest if i want to send btc from nano ledger s to say coinbase.  Like minimum how much sat/byte?  I mean i definitely want it to get to coinbase in few hours.  

In the week days it's pretty difficult to estimate, since the number of transactions and the fees can rise suddenly.
Also most use the fee the wallet is suggesting, which usually over-estimates it, no matter which wallet.

I don't need it to get there in say minutes or an hour etc.  But why do i keep hearing people say the avg bitcoin fee now to send is like 18 dollars now?  Is it if you pay that much, then your transaction will complete in like 10 minutes or so?

With the problems from about 3 weeks ago, last week the fees were exceptionally high.
Before that, there were also periods with pretty high fees.
The current 2 weeks period is unnatural, the blocks are mined faster than normal and the fees are dropping. But normally, since the bull run has started, the fees are not small.
I don't know if it's 18$ though, since I took my time with my transactions (week-ends), I have the inputs consolidated and I didn't have to pay more than 1$ for my transactions. But those who don't know, can easily pay more than 10$ for the same job. And those in hurry, even more.

[dificanovi]

Beforehand, the absolute advantage of Bitcoin was convenient transfer money with cheap fees, but now if you transfer a small number of bitcoins, fees are a real problem. I also own a few cryptocurrencies in my SnapBots wallet. Bitcoin has become increasingly difficult to become a popular exchange currency but still an extraordinary reserve asset!

https://www.coindesk.com/bitcoin-transaction-fees-more-expensive-than-ever

bitcoin is not good for an exchange currency because the costs to be issued are very expensive, this happens because the price of bitcoin continues to increase and there are also traders and even investors who are willing to pay expensive transaction fees so that it is quickly processed.
it's better to use bitcoin as a place to save assets for a long time to get bigger profits so if we want to sell the bitcoins we have, we won't feel disadvantaged by quite expensive transaction fees.

[BreachOfEuphoria]

I logged in to the forum today to try and find a topic about this. I knew i could not be the only person wondering why transaction fee's where so high.
I think this problem with absurdly high transaction fee's is a big problem for Bitcoin. If we want it to be a store of value and we want it to be taken seriously as a currency it's a big problem that fee's are this high. Imagine paying 10 $ credit card fee for buying 16 $ worth of food because the VISA network is congested.
 
I have a pretty big amount of bitcoin sitting in my wallet in an online casino. I can't choose how big/or small a fee i want to pay to withdraw it. It HAS to be 20.000 sats. I could write to support to see if they could make a custom withdrawal but i doubt i can get them to do that.

[NeuroticFish]

I logged in to the forum today to try and find a topic about this. I knew i could not be the only person wondering why transaction fee's where so high.
I think this problem with absurdly high transaction fee's is a big problem for Bitcoin. If we want it to be a store of value and we want it to be taken seriously as a currency it's a big problem that fee's are this high. Imagine paying 10 $ credit card fee for buying 16 $ worth of food because the VISA network is congested.

You misunderstood what value means. In this context it's a tad more than 16$.
Also the analogy with VISA is not very fortunate, for many reasons explained so many times on this forum.
However, you're right: it is a problem for Bitcoin.

I have a pretty big amount of bitcoin sitting in my wallet in an online casino. I can't choose how big/or small a fee i want to pay to withdraw it. It HAS to be 20.000 sats. I could write to support to see if they could make a custom withdrawal but i doubt i can get them to do that.

That's the fee you pay the casino. How much they pay for the network/tx fee and how they keep for themselves, it depends from one such service to another. Centralized exchanges behave the same and some even write that it's the transaction fee, when it's not. It's a withdrawal fee.

[cyriljundos]

Yes i agree . Bitcoin fee is so much,now that the bitcoin price is high the fees are also high. So instead of using bitcoin as a transaction they coverted it to altcoin so that it may cost low fee and probably transact better. If you are btc holder it is okay for you because you tend only to hold and wait for price rise up

[Kelvinid]

Yes i agree . Bitcoin fee is so much,now that the bitcoin price is high the fees are also high. So instead of using bitcoin as a transaction they coverted it to altcoin so that it may cost low fee and probably transact better. If you are btc holder it is okay for you because you tend only to hold and wait for price rise up

It is very unfortunate that the situation goes like this, increasing fees of Bitcoin transaction is really bad. But I was expecting this huge increase as this was also happening in the previous Bullrun. May some people are use to convert BTC to altcoins as it was their choice, that is a smartest idea to save some cost. Have we think that this gonna be happen all the time. I think not coz in the previous days the fees it lowering down.

I don't know if we should be complaining about the huge fees but rather to accept that it soon will come at any moment.
I don't know where to find the solution aside from waiting it to change.

[Newlifebtc]

Beforehand, the absolute advantage of Bitcoin was convenient transfer money with cheap fees, but now if you transfer a small number of bitcoins, fees are a real problem. I also own a few cryptocurrencies in my SnapBots wallet. Bitcoin has become increasingly difficult to become a popular exchange currency but still an extraordinary reserve asset!

https://www.coindesk.com/bitcoin-transaction-fees-more-expensive-than-ever

It is increasing because of the number of subscribers, there are more transactions now that are done with bitcoin so they need to add charges especially for instance transfer

[BreachOfEuphoria]

I logged in to the forum today to try and find a topic about this. I knew i could not be the only person wondering why transaction fee's where so high.
I think this problem with absurdly high transaction fee's is a big problem for Bitcoin. If we want it to be a store of value and we want it to be taken seriously as a currency it's a big problem that fee's are this high. Imagine paying 10 $ credit card fee for buying 16 $ worth of food because the VISA network is congested.

You misunderstood what value means. In this context it's a tad more than 16$.
Also the analogy with VISA is not very fortunate, for many reasons explained so many times on this forum.
However, you're right: it is a problem for Bitcoin.

I can tell you for sure, i don't misunderstand what value means. It would seem less arrogant to tell me i misunderstand if you actually tried to explain afterwards why you think i misunderstand what value means.

In this context it's a tad more than 16$.

You don't really come with any explanation as to why "it's a tad more" in this context.

[kotajikikox]

Beforehand, the absolute advantage of Bitcoin was convenient transfer money with cheap fees, but now if you transfer a small number of bitcoins, fees are a real problem. I also own a few cryptocurrencies in my SnapBots wallet. Bitcoin has become increasingly difficult to become a popular exchange currency but still an extraordinary reserve asset!

https://www.coindesk.com/bitcoin-transaction-fees-more-expensive-than-ever

Wrong , It is not intented for Cheapest fee but for the privacy we wanted that banks cannot provide, you are expecting too much about Bitcoin transacting and you don't consider what is other good purpose of Bitcoin for humans.

And besides this only happens when there is a raging transactions and congestion is happening but in totality ? it always comes back to lowering the fees.

[NeuroticFish]

I didn't intend to be arrogant. But when corporations already store value of billions in Bitcoin, you complaining and coming with an example of 16$ is weak, sorry.
Especially as anybody knows (or I thought they know) that too many small inputs make a transaction big, hence more expensive. That means that withdrawing/putting away values like 16$ are not feasible for HODL/store and it makes more sense to wait until the value gets much bigger (let's say over 100$, imho, to keep it in $, and that by gathering more bitcoin, not by waiting a new ATH), no matter what the transaction costs "now".
Hence, in this context, of storing, 16$ is too small to make sense.

All in all, if you want to use Bitcoin as store of value you don't care almost at all about tx fees because you HOLD, not transfer funds on the daily basis, and when you transfer you do that with bigger amounts at a time and with low priority fee.

[jinxing]

Yes i agree . Bitcoin fee is so much,now that the bitcoin price is high the fees are also high. So instead of using bitcoin as a transaction they coverted it to altcoin so that it may cost low fee and probably transact better. If you are btc holder it is okay for you because you tend only to hold and wait for price rise up

maybe it is a factor when the price of Bitcoin increases, some altcoins can follow behind it.  due to the problem of high transaction fees in Bitcoin, many people convert to Altcoins in advance to reduce transaction fees

[Spack17]

Beforehand, the absolute advantage of Bitcoin was convenient transfer money with cheap fees, but now if you transfer a small number of bitcoins, fees are a real problem. I also own a few cryptocurrencies in my SnapBots wallet. Bitcoin has become increasingly difficult to become a popular exchange currency but still an extraordinary reserve asset!

https://www.coindesk.com/bitcoin-transaction-fees-more-expensive-than-ever

Yeah it was. But now, fees are much higher than ever before as Bitcoin price has reached incredible levels. And there are many people who make transactions on the network also. Transactions are not only expensive but also slow for now.

[jerry0]

Okay im going to send some btc soon.  I want to test a tiny btc deposit to my coinbase address since i never sent one to it just in case.  Then i would send a bigger amount.  If im going to test say a l0 dollar btc transfer from nano ledger to coinbase, you would recommend send with a cheap fee right?  Risky to do this with say 5 sat/kb?  Or should i do more?


Did anyone yesterday sent btc and did cheap fee like 5 sat/kb and it was pretty fast?  Last night i checked mempool and lot of people seem to send with those cheap fees?



I just took a look right now and on mempool it shows


Low priority
35 sat/vB
$2.89


Medium priority
56 sat/vB
$4.63


High priority
91 sat/vB
$7.53



About 12 hours ago or a bit more ago, i remembered the low priority was much lower and so were the other ones.  So basically if you are not in a rush, check this site to see what is the low priority, medium priority and high priority correct?


Im looking at the latest transactions and it seems almost everyone is putting at least 20 sat/vb with the majority of the fees being like 80 sat/vb.  That is normal right when thats how the low/medium/high priority fees look like now?  So that is why i almost see no transaction like last night when many fees were around 5 sat/vb?


Also is there a way to see the transactions without it going so fast like on mempool?  I want to look for people who pay a low transaction fee like say 20 sat/vb or less... and are sending say up to 5000 dollars for example.  Like i just copied and paste this transaction


https://mempool.space/tx/6bc68b7e4b8fda1cf03aac76ec5b9fb1d22eb44a67efd524dc5c6a62c04ded2e


So this person paying

Fee   3,859 sat$2.26
Fee rate   17.2 sat/vB


‎0.08661796 BTC or around 5000 usd.


I see it immediately shows ETA is l0 minutes or l block.  Then a minute later... 20 minutes or 2 blocks.   Im going to see how long it takes for this transaction to confirm.  So after it shows l confirmation on the transaction, its pretty much confirmed right?

[datguyian]

Beforehand, the absolute advantage of Bitcoin was convenient transfer money with cheap fees, but now if you transfer a small number of bitcoins, fees are a real problem. I also own a few cryptocurrencies in my SnapBots wallet. Bitcoin has become increasingly difficult to become a popular exchange currency but still an extraordinary reserve asset!

https://www.coindesk.com/bitcoin-transaction-fees-more-expensive-than-ever

Yeah it was. But now, fees are much higher than ever before as Bitcoin price has reached incredible levels. And there are many people who make transactions on the network also. Transactions are not only expensive but also slow for now.

It is certainly problem that hopefully can be solved in the not so distant future. I am not up to date with the progress of the scaling solutions, but right now using Bitcoin is a pain in the ...