Bitcoin Transactions Fee Are More Expensive Than Ever

[YanBitMoney]

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

[Charles-Tim]

How many times do we need this to be repeated. The sudden huge fee paid lately is as a result of reduced mining hashrates, and if it continues like this, the next 2016 blocks is not even upto 2 weeks again, and the mining difficulty will be adjusted, in which fee will become back to normal.

[btc-room101]

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

There is a long check-list of promises that go all the way back to Satoshi, and 100% of all the promises have turned out to be lies.

There is no shame, the Bitcoin community now simply doesn't care about any of the promises.

There is only one outcome and that is MORE, bring in more fools&suckers and pump it higher, and rip off more people.

The problem of course is the 'greater fool theory', I think the greatest fools are already HOLDING (HODL) bitcoin, and there aren't any new fools.

Why should newbs embrace bitcoin, its not safe, its not private, its not a long-term-store of value, the transaction costs are $30, to send $1; They don't care that billions of been stolen; They dont' care that the USA exchange system is now ran by the IRS. They don't care about anything, other than ripping people off.

The entire promise of BTC was that you were your own banker, now we find out that BTC brings you your own hell, that your life savings can be stolen in 30 days and there is no resolution. The average kid that invests $1k in BTC exchanges by 90% loses all the first month. Fact.


The entire premise of BTC was that it was a F*CK-U to the Federal Reserve Bank FIAT system, now we know that FSB/IMF created bitcoin to prevent the USD from flowing to gold.

How long do you really think this new generation are going to support the BTC dinosaurs? I think astronomic takeoff of DOGECOIN shows you that BTC is kaput.

What's the difference between BTC-CORE management & Federal Reserve Bank management?? Both are of the same cloth.

[YanBitMoney]

How many times do we need this to be repeated. The sudden huge fee paid lately is as a result of reduced mining hashrates, and if it continues like this, the next 2016 blocks is not even upto 2 weeks again, and the mining difficulty will be adjusted, in which fee will become back to normal.

Do you know when? many big mining teams established. Will it help the fee cheaper?

[BitMaxz]

It's due to demand why the transaction fee increased and look at the mempool there are more transactions coming that keeps the fee increase.

And actually, you can manually set the fee how much transaction fee you want to pay it depends on you if you want to pay high or low. If it's stuck then there are some ways to accelerate transactions like the tools from ViaBTC or switch to Segwit wallet because it saves you 50% on fees.

Do you know when? many big mining teams established. Will it help the fee cheaper?

No one knows when will be the transaction fee drop but there are some pool operators who help the community to solve this issue but it's limited.
Like ViaBTC tool here https://www.viabtc.com/tools/txaccelerator which is free or on F2pool but only users who mine on their pool can use their tool to accelerate the transaction(If you paid a low fee).

[btc-room101]

How many times do we need this to be repeated. The sudden huge fee paid lately is as a result of reduced mining hashrates, and if it continues like this, the next 2016 blocks is not even upto 2 weeks again, and the mining difficulty will be adjusted, in which fee will become back to normal.

Do you know when? many big mining teams established. Will it help the fee cheaper?

+67% of all mining is done in CHINA, the fee's go to them, why would they rectify this problem??

The reason fee's went up, is CHINA took regional miners offline in a power cut-off.

The purpose of this site is to remind you that bitcoin would take you places, but we never told you they were good places.

90% of all mining hardware on earth is 'made in china', all hw calls homes for updates, and 'consensus'; Why would they cut there fee's? They'll take the pain level, to just high enough to where people bail, fine tune the rip-off racket that is bitcoin.

All the miners are owned by Ant aka bitmain, if they can shutdown 10% of the grid, and make more money, who wouldn't do that???

[btc-room101]

It's due to demand why the transaction fee increased and look at the mempool there are more transactions coming that keeps the fee increase.

And actually, you can manually set the fee how much transaction fee you want to pay it depends on you if you want to pay high or low. If it's stuck then there are some ways to accelerate transactions like the tools from ViaBTC or switch to Segwit wallet because it saves you 50% on fees.

Do you know when? many big mining teams established. Will it help the fee cheaper?

No one knows when will be the transaction fee drop but there are some pool operators who help the community to solve this issue but it's limited.
Like ViaBTC tool here https://www.viabtc.com/tools/txaccelerator which is free or on F2pool but only users who mine on their pool can use their tool to accelerate the transaction(If you paid a low fee).

50% is still $15 to to transfer $1, on $100, that's still 15% fee for a transaction, so much for buying coffee

You change the default fee's on your wallet to 'minimal', and your transactions never get settled, on my electrum even with 'minimal' in setup I'm told my fee will be $20, to send $1

On the electrum wallet, you don't even get to see the fee's until you confirm the transaction, then you can 'cancel' if your lucky;

It's clear that the wallet software, and the miners, and all the exchanges are all running under the same ownership, orchestrated criminal conspiracy to defraud customers worldwide with high-fee's, why does this sound like a CHINESE business model?? Because it is

The exchanges don't care about fees they just pass off to customer, which is why fee's are so high, because nobody cares;

That's the recurring theme of BITCOIN, is that "NOBODY CARES", nobody cares about anything other than 'HODL", to the moon, ...

The problem is the long-term people have lost touch with reality, and this is destroying the ability to bring in new suckers.

[Vishnu.Reang]

As mentioned in one of the previous posts, the mining difficulty gets adjusted in every two weeks. Right now, a huge backlog is created because on average 3 or 4 blocks are being mined per hour instead of the average 6. Once the mining difficulty gets adjusted, the number of blocks mined per hour will once again increase to 6 per hour and hopefully most of this backlog will be cleared. But it will take some time, because the Mempool size stands at 265.4 MB right now.

[elda34b]

Not as bad as ETH though. Don't worry too much, if you have some ideas then contribute on the GitHub. I guess people forget that Bitcoin is not a company. There are some solutions being prepared, just need to be a bit patient if you don't want to think how to solve it.

[Kong Hey Pakboy]

Well, you can just wait it out and let it go back to normal, the hashrates are reduced so what can we do but just roll with it. Or you can just use other coins to exchange for fiat that has less transaction fees. Also your complaining doesn't do anything because the core developers are doing their best to solve the problem.

[SaShiRaJaVu]

No one knows when will be the transaction fee drop but there are some pool operators who help the community to solve this issue but it's limited.
Like ViaBTC tool here https://www.viabtc.com/tools/txaccelerator which is free or on F2pool but only users who mine on their pool can use their tool to accelerate the transaction(If you paid a low fee).

Hopefully we will see a difference when the difficulty is adjusted around May 4th, i have tried these accelerators in the past but could not find a resolution and if it works then it is well and good.
I made some transactions when the news of the hash rate drop was published and i was lucky enough to move some coins to exchanges but now i am waiting for the fees to drop to make any transaction and i truly believe in store of value until the fees goes down  .

[stompix]

+67% of all mining is done in CHINA, the fee's go to them, why would they rectify this problem??

Use logic, how would the fees go to them if they have stopped mining?
If China had 67% of the rate and has cut of power for half of it it means that instead of getting:

2/3 of the normal reward a day,600 btc and 2/3 and 75 btc in the normal fees, that's 675 they have chosen to get
1/2 of the now daily reward 768 btc plus half of 280 btc in fees, that's a total of ~ 520.

How is losing 155 btc a day, close to 9$ million such a great plan?
Do you know who is pretty happy right now? Foundry USA who have seen their share of the pie increase from 2% to 6% and have already mined in April more blocks than in March.

[lixer]

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

That’s what everyone is facing this time around, I have some coins in my bitcoin wallet that I can’t send out because of how high the fees are at the moment, so I just left them there. A lot of people around me are now moving to Tron, seems like that is the new trend, they are now using it for whenever they want to make transaction, but the problem is that Tron doesn’t have high usage rate like Bitcoin does, you can see stores online that are accepting bitcoin, but I have not seen any for Tron, except just individuals that wants to do peer to peer transactions.

[Rana590]

It is very sad that the transaction fee is increasing day by day. It is very painful for those who do small transactions. A similar situation has arisen in the case of Ethereum transaction also.

[pixie85]

I can hear all those cries of panic from people who don't know what's going on. Oh my god the fee is so high that I can't get my $50 out of the system! It must be a ponzi, right?

Once more, bitcoin is built so that if someone wants to pay a lot for his transaction to pay first he's allowed to. If many people want to pay a lot and start to bid against each other they will make the fees skyrocket for a while but the only losers are going to be them. They will pay a lot because they don't want to wait a few hours and once they're done with their transactions the rest of us will be able to do it much cheaper.

Let them dump their coins and be done with it. Next month they'll buy it all back and pay exchange fees to do it.

[Bilgent]

People are really fed up with the high fee problems. I wonder whether they will solve this problem in the future. I don't think it is an impossible thing to do. They need to make some updates to prevent the high density on the network and a high increase in the price from causing to a big increase in fees also.

[Karartma1]

Why do you need to transact so badly? Do you all have life changing money on the line? Use this crazy fee spike to learn how to properly use the Lightning Network and you will probably thank me later.
You guys want supply and demand to drive the price high but you don't want supply adn demand to regulate the fee market.
If you know how it works, get out of the game and buy doge.

[Hamphser]

Why do you need to transact so badly? Do you all have life changing money on the line? Use this crazy fee spike to learn how to properly use the Lightning Network and you will probably thank me later.
You guys want supply and demand to drive the price high but you don't want supply adn demand to regulate the fee market.
If you know how it works, get out of the game and buy doge.

Lots of viable options actually and its just a matter of self-awareness on how to deal up with those things and wont intent to make out transactions even if you do know that
you would be spending up that much.

When you cant make out such transaction then you can always opt for altcoins in the market which had lesser fees and faster confirmation and if you dont have any choice
or you are completely stuck then it would be better to wait until the entire network normalizes.

[livingfree]

An example is this, a small amount to be transferred but with a high fee. Is this normal to other people or just me?

But it's all due to the network congestion and to get the lowest fees and get a quick confirmation, it's posted there.

but still an extraordinary reserve asset!

It's because bitcoin is serving more popular as a store of value.

[bryant.coleman]

People are really fed up with the high fee problems. I wonder whether they will solve this problem in the future. I don't think it is an impossible thing to do. They need to make some updates to prevent the high density on the network and a high increase in the price from causing to a big increase in fees also.

This is not an issue that popped up all of a sudden, right? During the last 4-5 years, brief periods with very high fees have occurred a lot of times. Most of the experienced users will be having strategies to deal with it, and mostly it will be the less experienced users who will be having issues now. There are several options. If you can't wait for one or two weeks, then either you can use an altcoin such as BCH or use the second layer with Lightning.