Bitcoin transactions is so expensive

[ArthurY]

BTC txs is so expensive again
9 sat/vB what is about 10 usd not will go in the next 26 blocks
Why does it's happens?
Brrrhhh

[1714909266]

1714909266

[1714909266]

1714909266

[Charles-Tim]

What you can imply is that bitcoin transaction fee has been increasing lately, and this is because the mempool is getting congested recently.

https://mempool.space

Medium priority
16 sat/vB
$1.23

High priority
18 sat/vB
$1.39

The fee is still okay for now, but likely it will still increase if the mempool get more congested. If the mempool get less congested, the fee will reduce back to normal.

[tranthidung]

BTC txs is so expensive again
9 sat/vB what is about 10 usd not will go in the next 26 blocks

You missed many days in which you can move your Bitcoin at very cheap transaction fee.

• Check mempool (1 week) there: https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),1w,weight
  
  • Do you see fee rate is very low and mempool is very clear before 6 October (yesterday)?
  • Now, if you want to sell your Bitcoin, you have to accept a bit higher fee rate. If you don't plan to sell your Bitcoin now, please wait for the weekend that usually gives you cheaper fee rate.
• Read details of the charts
  
  • Make your plans for transactions, should be in the weekends.
  • If you are more serious to find as cheapest fee rate as possible, pay attention on hours ^{UTC in the table}.

[Dave1]

Suggestion to use 'Lightening Network' incoming ..

It's Lightning Network (LN).

BTC txs is so expensive again
9 sat/vB what is about 10 usd not will go in the next 26 blocks
Why does it's happens?
Brrrhhh

Not sure which wallet you used as you can adjust it if you feel that you are paying that much. I have been moving bitcoin around in the last couple of days and I would say still cheap, about 1.xx usd and it confirms very fast. Just a caveat though, as the price of bitcoin is going up in the last 5 days, mempool gets congested, maybe you need to time it before you do any transactions.

[joniboini]

Sounds like you have a lot of inputs. You should regularly check out your address and consolidate your txs so you don't have to pay a lot of fees next time. Check out this thread for more info https://bitcointalk.org/index.php?topic=2848987.0.

Suggestion to use 'Lightening Network' incoming ..

If he has a channel already, it might make sense. If not, probably better to wait.

[bL4nkcode]

Why does it's happens?
Brrrhhh

Obviously, because usd/btc increases same as the price which most people always indicate fees in usd.
Lightning is somewhat a solution for lower amounts, also the wallet you're using.

[mk4]

That mostly happens when we're having huge price spikes like what we had recently. Pretty much should be getting used to it by now lol. You don't really need to pay 9 sats/b if you're not in a hurry though, you can go with like 3 sats/b if you're willing to wait a day.

[yhiaali3]

This happens every time when there is a great demand for bitcoin, now bitcoin has started to rise significantly so there is definitely a great demand for bitcoin and this leads to congestion in the network and increase in fees, this rise in fees also occurs when there are problems in mining as it happened since period due to china ban mining.
Although the high fees are annoying, but in my opinion it is also a positive sign that there is a great demand for Bitcoin, and this will necessarily lead to a rise in Bitcoin.

[Poker Player]

Sounds like you have a lot of inputs.

That's what I was thinking. I made a transaction yesterday that I wanted to get confirmed quickly. I paid 16 sat/byte, which is a bit expensive compared to recently, when you could pay 1 sat/byte and have it confirmed relatively quickly, but my transaction yesterday had only one input, so it didn't seem overly expensive to me either.

[Darker45]

Don't do a transaction when the network is busy then...

Such a straight answer and, quite unfortunately, similar to what others are saying. The logic seems very simple. The network is congested so it is expected that the fees will be high due to competition. If you are not willing to raise your fee and remain with the minimum, expect that your transaction will have to wait for a while. So, in simple terms, don't do a transaction when the network is busy. Quite right, but odd and unfortunate and sad and inconvenient.

OP, you might want to finally make use of the Lightning Network, that is, if you have a schedule to stick to. Especially if you are into business, your transactions cannot simply rely on network congestion.

[mk4]

Such a straight answer and, quite unfortunately, similar to what others are saying. The logic seems very simple. The network is congested so it is expected that the fees will be high due to competition. If you are not willing to raise your fee and remain with the minimum, expect that your transaction will have to wait for a while. So, in simple terms, don't do a transaction when the network is busy. Quite right, but odd and unfortunate and sad and inconvenient.

OP, you might want to finally make use of the Lightning Network, that is, if you have a schedule to stick to. Especially if you are into business, your transactions cannot simply rely on network congestion.

Quite a bad recommendation, ain't it? Depending on OP's intentions, just saying "Don't do a transaction when the network is busy" just doesn't fit every situation. But yea, using lightning doesn't fit every situation as well either, as lightning adoption is still quite low that we can barely find services that accept LN payments, what more individual people. Really unfortunately that we're currently stuck with just paying higher fees.

[pooya87]

9 sat/vB what is about 10 usd not will go in the next 26 blocks
Why does it's happens?

Let's see why together.
$10 is currently 18140 satoshi
A regular transaction with 1 SegWit input and 2 outputs is about 180 vbytes.
18140 satoshi for 180 bytes means your fee rate was 100 satoshi/vbytes not 9.

Assuming you did pay 9 satoshi/vbyte that means your transaction size was 1814 vbytes.

In other words the reason is either grossly overpaying or having 18-19 inputs.

The solution is simple, use a wallet software that has a fee estimation that is not broken or consolidate your inputs when fees are already low so that you are not left with so many inputs to spend. If you have big UTXOs you can also choose a wallet that offers coin control so that you don't have to spend all UTXOs and select one or two to cover the amount you want to spend while keeping the transaction size low and improve your privacy.
I suggest Electrum which offers all above options.

BTC txs is so expensive again

With that said, a normal transaction with 1 input and 2 outputs will cost about 0.00001260BTC which is equal to $0.69 and even though we all prefer to pay as little as possible but it is still not called "so expensive".

[mindrust]

BTC txs is so expensive again
9 sat/vB what is about 10 usd not will go in the next 26 blocks
Why does it's happens?
Brrrhhh

It is not expensive, you are poor. If you can't afford to pay $10, you are not eligible to use this special boutique blockchain. Use some other shitcoin blockchain I heard they are cheaper. Use doge or litecoin maybe. Some say bcash is cheap too since nobody uses it.

You are paying $10, because everybody wants to use bitcoin. Because bitcoin is #1.

Bitcoin is like Monaco. Everybody wants to live in Monaco but only the rich can.

[Yamifoud]

Please calm down...
I believe there is a mistake in your transaction. I don't know clearly what you are doing or what particular wallet that you are using because I use to pay $1( sometimes just a cent) to complete the transaction while you pay $10?

If that you are using an exchanger, it was a need for you to use other coins like XRP or Doge for small fees as suggested by mindrust, that certainly you can save a lot. I think you have to look further on your transaction/s and so you can avoid paying high again.

[FulxilCoris]

You are right, BTC fees are very expensive right now, not only that, but ETH is also one of the networks with very high gas fees, I have done the transaction and checked the fee I feel the transaction fee of 2 coins like BTC and ETH is currently very high I can't do a token coin transfer from metamask to the exchange with only $ 31 to do ETH gas fees. And this has made me very uncomfortable. I don't seem to want to use the BTC or ETH network anymore. I am gradually switching to cheaper networks like BNB, MATIC or SOL which is also one of the good trading networks. and make a profit after my current trades.

[pooya87]

You are right, BTC fees are very expensive right now,

You are just repeating the title, that is spam.

I can't do a token coin transfer from metamask to the exchange with only $ 31 to do ETH gas fees.

The biggest shitcoin of all times called ETH has had extremely high fees for a long time now. Bitcoin fees right now are less than a dollar.

I am gradually switching to cheaper networks like BNB, MATIC or SOL

Other shitcoins have bigger problems with scaling and if they are used 10% more their fees would shoot up 2x of what you think bitcoin fees are. Not to mention that if you want to use centralized shitcoins then you should use PayPal instead which is more stable and secure in comparison.

[Charles-Tim]

Don't do a transaction when the network is busy then, that's the reason why the fees are sometimes expensive, and always aim for low priority because it's essentially the same with high priority in terms of speed, the difference sometimes isn't that worrying.

Low priority is essentially not the same as high priority, but that does not mean your transaction can not be confirmed very early with low priority just as high priority when the mempool is not congested at all, but during increasing congestion, high priority could get your transaction confirmed faster. I use medium priority which still make more sense to what you commented.

[batang_bitcoin]

BTC txs is so expensive again
9 sat/vB what is about 10 usd not will go in the next 26 blocks
Why does it's happens?
Brrrhhh

I've done transactions these days and I don't know what expensive you're talking about. I even to use to pay 1 sat per byte up to 10 sats per byte for a quicker transaction.
The equivalent isn't that much compare to the usual transaction that I've done before and if you analyze that we're in the bull run yet the fees are still not that expensive and very affordable.

[Lucius]

It is really sad to see that someone who has been a member of the forum for almost 5 years asks such questions and draws such conclusions - from which it follows that he spent his time entirely on promoting Ponzi/scam schemes. It is even sadder to see some agree with him and use every opportunity to promote various shitcoins as a better (cheaper) option.

You are right, BTC fees are very expensive right now... I am gradually switching to cheaper networks like...

Why switch to cheaper networks when there are altcoins that have no fee at all and have instant confirmation? That would make some sense if you really want to save on fees, it's just a question of whether you're intelligent enough to find such a solution

[Leviathan.007]

First of all, you maybe think paying 10 bucks or more is way too much for a transaction while if you think about transactions larger amount of money this can be reasonable, imagine you pay only less than 10 dollars for a 10 million dollars of money, comparing to the other transaction and payment method, this will still make sense, however, the high fees are temporary and you can always find hours when the network is less crowded and try your transaction with less fee as another option ln can be a good option here if you can use it in your situation.