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

[Abiky]

If fees become higher is because the people are paying more for their transactions, anyone wants to skip the 170,000 unconfirmed transactions, and the right way is by paying high fees.

The problem right now is we have more transactions than the ones that the network can handle. And that's a real problem because some people like me had to wait 4 days for a confirmation, that isn't cool at all. Even if we pay small fees is a big amount of money for a single transaction.

Of course. But the network congestion will only make matters worse in the long run. If fees continue to rise over time, Bitcoin may end up being used solely by whales and the wealthy, while the "little guy" is left out of the system. SegWit may have helped a bit with fee costs, but it's not a definite solution for long-term scalability. As long as Bitcoin remains popular, we're going to have to deal with high fees for each transaction we perform on the Blockchain. Transactions with low fees are getting confirmed in a week, making it quite troublesome for people looking to settle payments in the least time possible. After all, not everyone is willing to wait a long time for the transaction to get at least 1 confirmation on the network.

Nonetheless, I believe the "Taproot" upgrade will benefit Bitcoin in the long run if it gets approved this summer. It aims to improve scalability and privacy, making Bitcoin a better cryptocurrency for all. While fees could decline as a result of the upgrade, it's still not enough for scaling Bitcoin to millions of users worldwide. The Lightning Network helps but not everyone accepts it as payment method (due to its steep learning curve, and experimental nature). In the meantime, we can use alternative cryptocurrencies like Bitcoin Cash and Litecoin which are faster and cheaper than Bitcoin. As long as fees remain high, Bitcoin will only work as a store of value instead of digital cash for truly "peer-to-peer" payments worldwide. Just my thoughts

[1715049271]

1715049271

[apostoins]

I think that buying BitCoin right now is a bad idea. I price is the highest now, so in the near future, it should be lower. This is happening very often.  can recommend you to buy it when it will become cheaper because if it will become more expensive you will sell it and you will make the difference. I make this with almost every popular cryptocurrency. I think it is an easy way to invest money that you don't need now, so why won't stay only in the bank, but they will make you even more money if you know how the cryptocurrency market works.
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https://uphold.com/en/assets/crypto/buy-btc

[blockman]

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 .

I hope so that the fees would stay but it's better if it will drop just as the normal transactions that we're doing before. But if it won't, we're going to expect higher prices for bitcoin.
That's the counterpart of it, high price means that there will also be high fees.

[Imran232]

For me bitcoin fees is fair enough than ethereum fees. I almost spend $2k+ as a fees in this 6 months. And in this case bitcoin is quite good. Well i also think it is okay because lots of new peoples comes in bitcoin sector they are doing transaction of bitcoin thats why bitcoin needs more powers to doing transaction and miners get their fees from transaction. They gives more power so they deserve more reward. And that could be a reason for bitcoin fees increasing if yes then its quite normal. But comparing to etherem bitcoin is well and good.