Bitcoin Transactions Fee Are More Expensive Than Ever

[Lorence.xD]

Just wait it out, the people that are doing the works behind is doing everything that they can to solve this problem, just hodl on to that bitcoin and wait for the transaction fees to go down. Or maybe you can use other coins to transfer that have a considerably lower transaction fees.

[mezzaluna]

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

One reason that I have saw recently was because of the blocks that was being hashed. Bitcoin is one of the oldest Cryptocurrency and mining now is harder than before. This transactions are also because of the fact that Bitcoin's value is so high that the transaction fee for moving it or transferring it into another wallet is relatively high. The fees are also high when you are trying to cash out your Cryptocurrencies into your own local currency since this local wallets believe that people owning Cryptocurrencies deserve to have taxes.

[Ridwan Fauzi]

The fee problem is always been discussed when bitcoin price meet a huge increase. And yeah, there is no solution for it although we have known about lightning network but the bitcoin user is nog familiar with that.

So as I just thinking that bitcoin is not suitable to be used as mean of payment. Even it is not bitcoin only, this situation can be happen to altcoin, take a look to ETH fee per one transaction, it is getting high as well.

Bitcoin is an asset like gold, you are suggested to make bitcoin as your store of value instead of using it as a payment system.

[Ludmilla_rose1995]

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

I also experienced this kind of problem. However, the solution I did was to exchange my BTC for an altcoin that has a cheap sending fee such as BCH or TRX.

I usually use BCH for sending because it's not only cheap, it's also fast.

[Yatsan]

We ought to understand that everybody is having a difficulty doing transactions as of the moment due to the high transaction fees that are being considered as the process is needed to fully have a success rate on doing the transaction. But this problem will be resolve in no time. It is just that there is a high volume on the transaction demand in the past few days. Small or even big transactions are being affected but barely small ones are having the hardship that they need to fulfill paying high amount of transaction fees to be able to make their transactions successful.

[dark1234]

every transaction with a fee that might be a reason for doing bitcoin transactions if we make transactions with a small amount and this can happen because the price of bitcoin is getting higher but this actually doesn't have a problem because we know this is the effect of the price (value) not the number of bitcoins which is needed to complete our transactions because the amount of bitcoin fees is still as where it was before in each transaction

[Oilacris]

The network is now on normal state.

ETH - https://etherscan.io/gastracker

Low
30 gwei
$1.86 | ~ 16 mins:0 secs

Average
36 gwei
$2.23 | ~ 8 mins:15 secs

High
46 gwei
$2.85 | ~ 30 secs


BTC - https://mempool.space/

Low priority
31 sat/vB ($2.49)

Medium priority
52 sat/vB ($4.17)

High priority
93 sat/vB ($7.46)

A bit high on BTC but it is better compared into previous weeks.

[Ryker1]

The network is now on normal state.

ETH - https://etherscan.io/gastracker

BTC - https://mempool.space/

Well, these are not consistent results and anytime by then it will change, a few hours ago when I was looking at the fee, it was below $1 and I think there is a time that the bitcoin fee will become low. So upon having a transaction or if you wanted to transfer your bitcoin into the exchange, you should always head up on this site, the nempool.space for bitcoin transaction and the etherescan.io for the ethereum. We understand that their price is very volatile and it also affects the fee depend on how many upcoming transactions in the network that cause congestion.

[verita1]

I stopped spending bitcoin when this bull run started due to high fees. It was the best thing I did to be able to hodl my bitcoin. High fees for bitcoin transactions will help its price not fall.
I have seen that people have turned to other coins with lower fees. This problem will open a gap for future solutions.

While writing the post I did not know that the fees in both bitcoin and ethereum have returned to normal.
Thanks, Oilacris. This is good news as well as being timely for all of us who need information for trading.

[AmoreJaz]

The network is now on normal state.

ETH - https://etherscan.io/gastracker

BTC - https://mempool.space/

Well, these are not consistent results and anytime by then it will change, a few hours ago when I was looking at the fee, it was below $1 and I think there is a time that the bitcoin fee will become low. So upon having a transaction or if you wanted to transfer your bitcoin into the exchange, you should always head up on this site, the nempool.space for bitcoin transaction and the etherescan.io for the ethereum. We understand that their price is very volatile and it also affects the fee depend on how many upcoming transactions in the network that cause congestion.

it is really helpful to check those sites first before making a transaction. at least you have idea how much you will be paying once you execute your transaction. and so glad eth network has better fees. is that the effect of their berlin hard fork? i believe, gas efficiencies and security are the main focus of this hard fork.

I stopped spending bitcoin when this bull run started due to high fees. It was the best thing I did to be able to hodl my bitcoin. High fees for bitcoin transactions will help its price not fall.
I have seen that people have turned to other coins with lower fees. This problem will open a gap for future solutions.

While writing the post I did not know that the fees in both bitcoin and ethereum have returned to normal.
Thanks, Oilacris. This is good news as well as being timely for all of us who need information for trading.

if you want cheaper fees, you can really use other networks like tron, ltc, or eos or other cheaper alts. most of these top alts can be found in exchanges, so you can easily transfer your coins using other alts other than btc or eth, if you want to avoid relatively high fees of exchanges.

[ReiMomo]

I guess it is common for to bitcoin that has a high transaction fee when it comes to bull season. I don't even spend my bitcoin for no reason, you can't move it seeing that almost 10% of your holding went to the transaction fee and I guess this is normal and all you have to do is to find a bitcoin wallet that supports reducing the fee that should be enough for the miners and the mempool have an ability to know the current fees.

Expensive? that is not a problem if you can wait for a perfect time upon transferring bitcoin, it takes days before it will be confirmed.

[khaled0111]

a few hours ago when I was looking at the fee, it was below $1 and I think there is a time that the bitcoin fee will become low.

I confirm. I just made a transaction with only 20 sat/vB and it got confirmed within few minutes. mempool.space even suggests 10 sat/vB for a high priority transaction.

we know this is the effect of the price (value) not the number of bitcoins which is needed to complete our transactions because the amount of bitcoin fees is still as where it was before in each transaction

This is not totally accurate. The fee rate for a faster confirmation depends on the network status and not on bitcoin price.

[Kabul]

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.

Im not even noticed about it. Thanks for the information

But I guess with the large usage of bitcoin recently will force the fee to go higher without the effect of low mining hashrate. I've been using binance for months and the fee keeps increase monthly

[CoinFoxs]

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

The fee is same but the price of bitcoin increased in dollar that’s why we all are facing this. If you want transactions with less fee convert your bitcoins in USDT and then make transaction the fee in usdt is very low as compared to transactions in bitcoin or Ethereum.

[lalabotax]

The network is now on normal state.

ETH - https://etherscan.io/gastracker

I'm a little bit surprise right now when clicking the link and see the gwei. It is really low right now. Several days ago, I checked that needed around 600 gwei to send ERC20 tokens. what a funny and right now it is dropped so drastically. Glad to see this.

And about Bitcoin itself, yeah it is decreasing right now. but I am not sure that this will last longer again like this. When suddenly there are many more people who transfer their BTC, the fee will be increasing soon again.

[datguyian]

Well, nobody likes high fees there is no question about it. But it shows how strong the interest in Bitcoin is. Rather have one Bitcoin at $50k with $50 fees per transaction than have one Bitcoin at $500 with $0.50 fees per transaction right? Still, for those who are new to it and want to use it they will hate it right from the start. That's not what we want of course.

[pooya87]

The problem is that the article is looking at a misleading chart and is coming up with a wrong comparison. A single Satoshi back in 2017 was worth between $0.000006 and $0.0002 and that same single satoshi is now worth nearly $0.0006
That means a transaction paying 200 satoshi fee (lets say that is 1 sat/byte) paid $0.04 in 2017 and is paying $0.12 today. That doesn't mean bitcoin transaction fees are at their highest, that means price has growing more than 3 times!
Also if you look at the average block fee (coinbase total output minus reward) you can see that the blocks in 2017 had a massive 10 to 14BTC total while today at the peak they had between 1.8 to 2.2BTC total.

[wack slacker]

Bitcoin transaction fees respond to the users' need to send transactions in the network so costs can vary depending on demand. We need to be patient for our transactions to be confirmed. The fee mechanism of Bitcoin and Ethereum transactions is quite similar.
I placed a transaction in the Ethereum network at GAS = 52 and took over two months to complete my transaction.
The transaction costs on both networks are now significantly reduced, making transactions if you think it is necessary.

[larus]

Thats only true for next block fee. Even next hour fee is much more acceptable

[TangentC]

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

If you ain't rich, you won't be transferring bitcoin.

You should just use Doge for transferring value like the rest of us poor people.