Bitcoin Transactions Fee Are More Expensive Than Ever

[GeorgeJohn]

Bitcoin fees can not be compare with ethereum fees saying bitcoin is expensive yes it's a reality but in comparison some of alternative coins is higher than it,and it comes to my knowledge that bitcoin while is getting fucking expensive through transaction charges is because of the increments in price, I think in due process the fees will return to normal, and from my perspective for the charge to become low its the functions of miner's.

[ILuckyGuyI]

As far as I know, the expensive-fee situation doesn't mean that it will always stay like this. And it must be related to mining. Because when the mining hashrates decrease, it can cause the fees to "go to the moon". 

[MFahad]

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. 

Yeah we should only store bitcoin just like we store Gold 
By the way, the tx fee of bitcoin is still the same in satoshi terms but if you convert it in dollar value then you will find it a bit expensive. As the price of bitcoin increase more, the fee in dollar terms will keep on increasing.

[NeuroticFish]

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

I've just sent a Bitcoin tx at 7.7 sat/vByte. And the fees will keep decreasing, so if you guys have many inputs (faucet money) and relatively small Bitcoin transactions to send, this and (especially) next week-end are to be used. It may worth reading: Transaction fees: send or wait
Make use of the "special offers" instead of crying about the bad days.

[Lucius]

Make use of the "special offers" instead of crying about the bad days.

Some people simply live in the belief that transactions should always be cheap, no matter what the price of BTC is, and about what is going on behind the whole crypto mining process. Therefore, it is difficult to explain to the average user why sometimes you have to pay more, or even how to use the data in mempool so that we do not pay more than we should.

I'm just looking at mempool data and what about those who still pay a few hundred satoshi/byte?

[tranthidung]

Some people simply live in the belief that transactions should always be cheap, no matter what the price of BTC is, and about what is going on behind the whole crypto mining process.

Personally I believe that the fee of Bitcoin transactions should only be considered in either Bitcoin or satoshi units. The fee rate at 1 satoshi/vbyte today can be 100x more expensive in 10 or 20 years later when price of Bitcoin increases 100x.

It is not a fault of Bitcoin for cheap or expensive transaction fees in USD or fiat. If its network still allows patient and wise or knowledgeable people to make transactions at 1 to 10 sat/vbyte. It is acceptable in my opinion.

It is not fair to require cheap transaction fee while you earn a lot of money from Bitcoin, in fiat. The storage cost of gold, diamond in bank vaults are much more expensive than the fee for toilet paper storage (if there is such services or vault).

I'm just looking at mempool data and what about those who still pay a few hundred satoshi/byte?

Mostly from exchanges, services that broadcast withdrawal transactions for customers. The rest (much smaller) are from people who use bad fee estimators.

• Old story. Exchanges get profits from users' withdrawal fees.

[bryant.coleman]

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

I've just sent a Bitcoin tx at 7.7 sat/vByte. And the fees will keep decreasing, so if you guys have many inputs (faucet money) and relatively small Bitcoin transactions to send, this and (especially) next week-end are to be used. It may worth reading: Transaction fees: send or wait
Make use of the "special offers" instead of crying about the bad days.

High transaction fee has been a major issue in the cryptocurrency sector and experienced users know how to deal with it. The problem is that noobs always whine about it without reading the posts here. Durations of high fees seldom lasts more than two weeks. And due to the algorithm used in adjusting the mining difficulty, a two week low-fee period immediately follows this high-fee duration. If you want to pay less fee, then you should take use of this opportunity to merge your smaller outputs. It definitely takes less time than what is required to make a post here in this forum.

[stompix]

Make use of the "special offers" instead of crying about the bad days.

Some people simply live in the belief that transactions should always be cheap, no matter what the price of BTC is, and about what is going on behind the whole crypto mining process. Therefore, it is difficult to explain to the average user why sometimes you have to pay more, or even how to use the data in mempool so that we do not pay more than we should.

But please explain to the average user like me, why should that be taken as a feature?
Are banks charging you 5% extra on Mondays? Is your internet provider offering 18-22 speed packages at 10x times the price?
The only company thing that matches this is Uber with its surcharge and that's because of traffic which everyone in this world defines as a fucking Problem! not a feature to keep people safe limiting the speed to 3 km an hour! Funny how people say use other coins, oh so the solution is to use something that doesn't have this feature built-in!Time for a lot of people to turn honest and face the truth, the small block that will keep decentralization true was a flop!

No matter how much I hate shitcoins I have to admit, the path was not taking either side big blocks or segwit but a combination of two, if you see unfathomable small users paying an extra 50$ every for years on a bigger SSD to host a node I can't see how you think you can achieve LN coverage when the network adoption itself is limited by the same block limit.

But hooray, the fees are going down, we have solved the problem! By killing usage! Insert triumphal march!

[noorammak]

At the time of the posting occurred, Bitcoin's price dropped the most so the demand for Bitcoin from exchanges to personal wallets was huge. That leads to the phenomenon of Bitcoin transaction fees soaring.
Currently, Bitcoin transaction fees are no longer too high. Each Bitcoin costs $ 56k and $ 5 per transaction is really good.

https://privacypros.io/tools/bitcoin-fee-estimator/

[yhiaali3]

This is a really annoying problem. I had a similar thing a few days ago. I wanted to transfer about  65$ bitcoins from an electrium wallet to my exchange account and I set fee around  5$ but the transaction was delayed about a week and it didn't arrive after that. I used the Replace-by - Fee (RBF) feature to increase the fee and I paid  20$ to transfer  65$ Bitcoin!!! This is a lot indeed, which means that I paid about 30% of the bitcoin value to be able to transfer in addition to the delay for a whole week, this is very bad.

[willoweb]

This problem has arisen before, but now, when the price is constantly growing, the commission inevitably rises. This is a market mechanism that has already been established and there is no getting away from it. The way out is the distribution of your cryptocurrency into several segments where a faster and cheaper transaction will be used for small payments, and large acquisitions or other operations will be used with bitcoin. If everyone did that, it would make life easier for the market.

[doctor877]

fees will return back to normal if you are not in a hurry to make transfers. is not as if fees are always high, but we only get broadcast of it being high but its moderate or kind of cheap we wont hear of it. this is sad but i believe very soon fees will be back to the level where it should be.

[datguyian]

fees will return back to normal if you are not in a hurry to make transfers. is not as if fees are always high, but we only get broadcast of it being high but its moderate or kind of cheap we wont hear of it. this is sad but i believe very soon fees will be back to the level where it should be.

Aren't there differences in fees when you use addresses with bech32? Seriously, I haven't done a transaction in BTC in a while because of the fees. Tried to get around it by first converting into another coin and guess what I used, Bitcoin Cash! Hate to say it but right now it's the better alternative for transactions.

[molsewid]

fees will return back to normal if you are not in a hurry to make transfers. is not as if fees are always high, but we only get broadcast of it being high but its moderate or kind of cheap we wont hear of it. this is sad but i believe very soon fees will be back to the level where it should be.

I've never experienced having transactions using bitcoin, but I heard before that the fee of it is much cheaper compared to real hard money or bank transactions. And now surprisingly some rant about bitcoin because of it's expensive fee. I think this problem will be solve if bitcoin posted the daily rate of fees like how country announce every day the rate of dollars nationwide. Hoping too that fee will be back to the level where it should be.

[datguyian]

fees will return back to normal if you are not in a hurry to make transfers. is not as if fees are always high, but we only get broadcast of it being high but its moderate or kind of cheap we wont hear of it. this is sad but i believe very soon fees will be back to the level where it should be.

I've never experienced having transactions using bitcoin, but I heard before that the fee of it is much cheaper compared to real hard money or bank transactions. And now surprisingly some rant about bitcoin because of it's expensive fee. I think this problem will be solve if bitcoin posted the daily rate of fees like how country announce every day the rate of dollars nationwide. Hoping too that fee will be back to the level where it should be.

No the fee for the average transaction right now is not cheaper. It is much more expensive using Bitcoin compared to normal banking transactions. However, for large amounts nothing can beat Bitcoin. I believe you could move $10 billion easily for 50 bucks or so. Don't know the exact transaction fee now but that is definitely cheap.

[ropyu1978]

Maybe there is a block that is being hashed, so bitcoin transaction fees are more expensive than before, I think it's just a matter of time and I'm sure that in the future it will return to normal as before, it's better if you save your bitcoins first, and wait for the time right to make transactions, those of us who have been in bitcoin for a long time don't give up easily, this is only temporary in the future it will definitely be fine ..

[mrongoz22]

It's just a matter of time, my boss, don't be afraid and never back down, because I'm sure bitcoin transactions will recover as before, it will return to normal, temporarily stop transacting, it's just a matter of time, because there are many transactions, so the value of bitcoin transactions go up, be patient and continue to be patient, in the future the transaction will return to normal

[irsykes]

Price increased means more fees. That is what i though in past. I think people don't have any choice rather than face it. If in wallet, maybe we should make it less with fee setting which actually can affect in our transaction, if in exchanges, change to coin with low fees although we pay for trading and withdrawal fees, i think it wouldn't more than if we want to withdraw our bitcoin.

[jerry0]

What is the site that i could check avg fees for sending btc?  I recall someone said its cheaper to send it at the beginning or end of the week and they showed a graph of it... but what site is it from?

[TangentC]

What is the site that i could check avg fees for sending btc?  I recall someone said its cheaper to send it at the beginning or end of the week and they showed a graph of it... but what site is it from?

If you are on an exchange like coinbase that lets you send offchain to another exchange user,
that is the cheapest way to send bitcoin. Usually zero fees.

To view bitcoin average onchain transaction fees:
https://www.blockchain.com/charts/fees-usd-per-transaction

~$18 at the moment