Bitcoin fees are so high right now. What's next?

[blockman]

The fees are really intriguing at this bull run. This also could be the reason why the price of bitcoin has dropped a lot because many transactions have been stuck even with high fees.
But just as the same after the bull run of 2017, the fees have dropped a lot. I think we're going to see cheap fees again if we enter the bear market.

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[fiulpro]

Well the fees have stayed constant but the thing is that the price of bitcoins itself increased drastically therefore it might be wrong by the traditional means but we have to realize that it was indeed the other way around. The payments are getting delayed at most of the wallets, at once it was instant but now it's taking at least 1 day which is honestly something that I hate, but you can always use p2p transactions. This way you would have :-
1. Lower fee , you both can split the network fee
2. Avoid the extra charges
3. Have a chance to get the encashed amount in  cash and at the same time it would be better for the long run.
I do think in the future the lightning network needs to be improved so that it can crater to a bigger audience.

[Gamerholic]

It's time for people to understand that with the rise in the price and popularity of bitcoin, such an effect is inevitable. And you should think about how to divide your funds in cryptocurrency into different assets in order to more flexible their use and, as a result, reduce the load. If things go on like this, then not only the time of the transaction and the commission will bother people, but the fact that due to unrest in the markets while the process of processing payments is in progress, something may change. These are new risks and challenges with which you need to do something, at least have alternative payment methods and so unload the network.

[Digital_Lord]

Bitcoin High Fee show that small investor will no more be able to send bitcoin. Although it almost 50% less than the past but still need some correction.
I strongly believed that in near future fee will be reduced and we will be able to transfer btc wih low cost. We have to just wait for upcoming update.

[khaled0111]

Transactions fees are getting back to normal and the mempool is less congested. According to mempool.space,  a 20 sat/vB transaction (~$2 for a standard transaction with 1 input and 2 outputs) is likely to confirm within the next block.

If the hashrate remains as it is and doesn't drop again (it's currently at 141EH/s) and with the upcoming difficulty adjustment, fees are likely to go down further.

[Ryker1]

Transactions fees are getting back to normal and the mempool is less congested. According to mempool.space,  a 20 sat/vB transaction (~$2 for a standard transaction with 1 input and 2 outputs) is likely to confirm within the next block.

If the hashrate remains as it is and doesn't drop again (it's currently at 141EH/s) and with the upcoming difficulty adjustment, fees are likely to go down further.

Well, perhaps just because we are on the weekend and most likely at this moment, bitcoin fees were slightly down including the queue number of unconfirmed transactions also been followed. That is right, I think it is back now to normal, at this moment I saw it is $1-$3 range fees in the mempool.space. A little bit frustrating last week because I can't able to move my coins because of the high fee, I think that was $20+ above which is really big for the microtransactions purpose. By the way, is the number of miners will affect the transaction fees either will up or down?

[famososMuertos]

The price drop is only a placebo effect rates should be kept in a ratio of 10-20 satoshi regardless of the price of bitcoin.

For those who have ever made international transfers paying 10-20 dollars is still low and cCoupled with immediacy.

It all depends on the niche where you operate, obviously certain users by their trivial habits of use are affected but that doesn't mean that only bitcoin is available to whales.

The rates will always be associated with your urgency (individually in your sensation of expensive or cheap) and the amount you send, send $ 1000 and pay $ 10 is low fee, it may be expensive for you but if you compare it with the traditional banking network it is very, very low.

On the other hand, a common person who send remittances who sends $ 200 is happy to pay a $ 10 fee if you compare it with traditional banking.

So bitcoin will never be only for whales, even today you can send to 1sat, you just have to know the network.
Today* the rate is:
Low priority
17 sat / vB ($ 1.14)

Medium priority
17 sat / vB ($ 1.14)

High priority
17 sat / vB ($ 1.14)
source:mempool:17h:56(*)
^{You could Tranquilize. "Hold" be calm.}

[freedomgo]

Fees now are very cheap, I'll always look at https://mempool.space/ to monitor the fee before I make transactions. Maybe there are days that the fees are really high, but nothing to panic as its normal when the market is congested, and here we are now, back to lower fees and we can enjoy making transactions again, especially in gambling or whatever purpose you'll do.

@famososMuertos,, probably that's the cheapest this month so far.

[dunfida]

Fees now are very cheap, I'll always look at https://mempool.space/ to monitor the fee before I make transactions. Maybe there are days that the fees are really high, but nothing to panic as its normal when the market is congested, and here we are now, back to lower fees and we can enjoy making transactions again, especially in gambling or whatever purpose you'll do.

@famososMuertos,, probably that's the cheapest this month so far.

Same behavior here where i dont like for my transactions to get stuck and on that recent fee rise where it did last a week where fees hitting $20 more which is really a pain in the ass

but now its already normalizing where it do play around 20-30 sats/byte which i can say that its already cheap and best time to make out transactions but if you are really still

after on less dollar cost fee then you would need to wait up even more unless if there's another incident would happen.

[giantrobot]

I personally don't transfer native Bitcoin anymore, it's too expensive. Ethereum isn't much better, so you can't get around the issue using wrapped assets. I've had a lot of success with the lightning network lately, more and more casinos are starting to accept it, and Bitrefill takes it too; which is the most common way I spend BTC.

As for scaling solutions in the works, there are a number of blockchains that offer synthetic Bitcoin, like Metaverse and Terra. But there is still the initial transaction that comes with depositing your BTC in an escrow contract before you are issued the synthetic alternative. So if you're simply trying to avoid the fees for a single transaction, this won't help.

I want to know what leads to such high Bitcoin charges? Which solution is best to pay high fees? When I join campaigns and receive rewards to withdraw money I have to pay a fee. Joining the casino to pay Bitcoin as you say is it illegal?

[Ebede]

Bitcoin prices grew strongly compared to a few years ago, leading to Bitcoin's transaction fees are very high. I was really difficult to trading Bitcoin during this time when I wanted to transfer a small amount of Bitcoin which I had to fee doubled. I hope it will soon be resolved.

Yeah I heard that during 2009 and 2011 when Bitcoin started the fees was not like this, but now the transaction fees of Bitcoin is getting high and higher and traders is fining it very difficult trade because of the charges thats involves, assuming Bitcoin price is low the charges would have become low, so I understand that what is making Bitcoin charge to be increasing is because of it's increments in price.

[bryant.coleman]

Yeah I heard that during 2009 and 2011 when Bitcoin started the fees was not like this, but now the transaction fees of Bitcoin is getting high and higher and traders is fining it very difficult trade because of the charges thats involves, assuming Bitcoin price is low the charges would have become low, so I understand that what is making Bitcoin charge to be increasing is because of it's increments in price.

First of all, back in 2011 we had only a few tens of thousands of active users. The blocks were almost never full, and therefore it was possible to get confirmations by paying zero fee. Now we have tens of millions of active users and therefore the number of transactions are much higher. And secondly, the exchange rate has risen by 10,000x from 2011. So even if the transaction fee had remained the same (in terms of Sat), you would be paying a higher fee.

[indo1]

The best solution at the time was a lightning network. Nowadays the cost of bitcoin in exchange is quite very expensive for me, I always use very cheap alternative coins, such as ltc, or bnb. Yes, it's true it looks like bitcoin is used for the rich only in their transactions. I am not sure bitcoin can lower transaction fees in the future because of its decentralized nature, this is where I decided to always look for cheap and fast coin alternatives.

[Maidak]

It is a positive sign, in the meantime the number of transactions is several times more than usual. It means that the demand for Bitcoin has increased a lot and if you want to complete your transaction in a faster time than others, you have to pay a little higher fee. Alternatively you can use Lightning Network to relieve congestion. At present SegWit system for 1 input and 1 output transactions are up to 30% more economical than old legacy transaction system.

[Vishnu.Reang]

It is a positive sign, in the meantime the number of transactions is several times more than usual. It means that the demand for Bitcoin has increased a lot and if you want to complete your transaction in a faster time than others, you have to pay a little higher fee. Alternatively you can use Lightning Network to relieve congestion. At present SegWit system for 1 input and 1 output transactions are up to 30% more economical than old legacy transaction system.

According to estimates, less than 5% of the Bitcoiners are using Lightning Network on a regular basis. The vast majority of the users find it too complicated to use. The fact that the number of transactions are increasing doesn't surprise me. The user base is expanding with each year, and therefore it is only natural to assume that the number of transactions will also increase proportionately. And the block size hasn't increased ever since Bitcoin was first mined in 2009.

[Ararbermas]

I am very confident that the fees will drop once again in the near future. In fact early this month, just before the recent spike in the fee rate. The optimal fee for confirmation in the next block went to as low as 5 sats per byte. The fees I paid for the transactions were even much lower than Ether's

im pretty sure as well that this fees will gonna back to normal soon or later.. btw i actually make a transact using bitcoin but it makes me worried why it takes days before it reflect ... I use eth also but if you use small amount of fees they will cancel it.. For me i think the best thing to do is to keep this assets while these fee's still high...because it's very unacceptable amount to spend especially only for fees, just imagine 10$-15$. wherein seems like easy to earn that kind of amount.

[ultrloa]

I am very confident that the fees will drop once again in the near future. In fact early this month, just before the recent spike in the fee rate. The optimal fee for confirmation in the next block went to as low as 5 sats per byte. The fees I paid for the transactions were even much lower than Ether's

im pretty sure as well that this fees will gonna back to normal soon or later.. btw i actually make a transact using bitcoin but it makes me worried why it takes days before it reflect ...

It will take days to reflect on your wallet if you set a low amount fees on your transaction and to avoid this better use the recommended on your wallet since it will make your withdrawal/deposit more faster. But if you can't afford the fees taken better use segwit to segwit address for transfering and it could give us more convenient comprare to default addresses.

[Iranus]

snip-
I'm starting to wonder, what's next in stake for Bitcoin? Will fees continue to soar all the way to the moon? Or will they settle at some point? Which short term solutions are developers working on to tackle high fees (besides the Lightning Network)? Also, how long will a transaction with a mid-to-low fee will take to confirm on the Blockchain? Your input will be greatly appreciated.

For Micropayment it seems high to you but if you want to send a large amount to multiple outputs then the fees are still economical than other payment methods. For micropayment, you can use the weekend facilities, as usual, there is less congested at meempool on the weekend. You can keep an eye on meempool.space when the block size is low. If you don't have time then currently it is better to use LN/SegWit for micropayment.

[blockman]

The fees are really intriguing at this bull run. This also could be the reason why the price of bitcoin has dropped a lot because many transactions have been stuck even with high fees.
But just as the same after the bull run of 2017, the fees have dropped a lot. I think we're going to see cheap fees again if we enter the bear market.

Bear market conditions I'm sure will definitely come. The problem is, I'm not sure if bitcoin will be properly correct going back to 2018. I don't think it's possible, transaction fees will probably be as high as in 2018, but cheaper than now, because prices will drop when the bear market arrives.

That's one thing for sure when the bear market gets in. We will see if bitcoin will play the same pattern as 2018 if the bear market comes.
It is inevitable but as long as the market isn't entering on that season, we're sure that we're going to see more from this market as it's still on bullish season.

[coupable]

That's one thing for sure when the bear market gets in. We will see if bitcoin will play the same pattern as 2018 if the bear market comes.
It is inevitable but as long as the market isn't entering on that season, we're sure that we're going to see more from this market as it's still on bullish season.

I don't really expect the price to decrease more (actually about 12 - 16 $). It has been already increased from 6 - 9 $ before the boom. First it was caused by the last halving, then by the large demand for bitcoin with the price rised to 200%. So i expect the fee to stay at this level when the bear market gets in .