How long the high transaction fees will last?

[Wind_FURY]

I guess all I can advise you is don't make penny bets if you don't have the funds in the casino for them. You don't want to be paying crazy amounts in fees that will wipe away penny winnings.

Or ask your favorite casino to accept deposits/withdrawals through the Lightning Network. I believe it's not just the best time to start asking, it has now become absolutely very necessary as a Bitcoin-only user.

Nobody knows when the mempool will be less congested. Better do not deposit bitcoin for now on betting sites, you need to also consider how high the withdrawal fee can be on custodial platforms. There are altcoins that you can use instead for now.

The network will be congested as long as the "Ordinals thing" market maintains its incentivization flywheel with new money coming in the system, making it profitable for its participants just like a Ponzi Scheme.

[Maslate]

It's best to monitor https://mempool.emzy.de/ and wait for transaction fees to drop before making a transaction. While this may require some time monitoring the fees, it can give you the opportunity to push through your transaction. Alternatively, if you cannot wait for the fees to drop, it may be best to avoid making transactions for a while to avoid paying high fees.

[Mpamaegbu]

I thought maybe I was the only one facing this high transaction fee and never knew it was general, because I started to notice this high transactions fee since last week Friday when I wanted to transfer 0.001 BTC (#12,976) from my Trust wallet into my Binance account where I could sell using p2p into my local currency, and I notice the fee which is most times between the range of #300 to #500 has skyrocketed to #3000, which was way too high and for that reason, I didn't transfer the funds hoping that by today the fee might have gone down, but only for me to check this morning and noticed the fee has gone too high  4x from #3000 to #10,263 as transfer fee, of which with this current high fee, I don't think I will be touching my Bitcoin anytime soon.

I guess the whole thing took everyone by surprise when it started. For the first time in my transaction history I paid $12 as fee to send out Bitcoin four days ago and that was even after waiting two days for it to abate. It had never happened to me before. Though I would've avoided it if it weren't for the unstable nature of the billing on my wallet. Charges fluctuated between priorities. I chose what was less than $1 only for it to register $12 immediately I sent it out. I felt bad and cheated. Now if I've to send out again while this whole thing lingered, I'm using custom billing to set the charge.

[Jawhead999]

@OP I don't think the transaction fees will be cheap in very soon because there's no implementation yet to stop BRC-20 or maybe it's impossible to stop. I think the current fee will become a new normal, just like Ethereum network.

Or ask your favorite casino to accept deposits/withdrawals through the Lightning Network. I believe it's not just the best time to start asking, it has now become absolutely very necessary as a Bitcoin-only user.

Usually a casino is really slow to updating a new development, this because they're either focus to other sectors e.g. promotion, gambling provider etc. I can't remember which casino have adopt lightning network from someone in recommend it in this forum, I only know the casino was already accept lightning network from the beginning.

[zanezane]

I haven't read the news yet, but it's been several days since the transaction fee has been very high. I checked on https://mempool.emzy.de/ and this is what I see now.

As a gambler, I'm a bit worried if this trend will continue because I have some fraction of bitcoin that I'd like to use for gambling, especially for the NBA playoffs. So for my fellow gamblers, or those who really need to transact with their bitcoin, what are the best things to do now in order to save from fees and avoid having our transactions stay unconfirmed for too long?

Transaction fees for bitcoin have been quite high lately due to the increased demand for block space in the network. This can make it expensive and slow to send Bitcoin transaction, which is also concern for many users like you OP.

You can use transaction accelerator, some mining pools and other services offer transaction accelerator that can help to speed up the confirmation of your transaction. You may have to pay a small fee to use these services, but it can be worth it if you need your transaction to be confirmed quickly. also you can use Bitcoin Lightning Network, if you have access to a lightning wallet and a Lightning-enabled merchatn, you can make transaction instantly and with low fees. If you're not tied to using Bitcoin, you can consider using other cryptocurrencies that have lower transaction fees and faster transaction times, such as Litecoin or Bitcoin cash. You can also report it to costumer service.

Hope it helps!!

[Crypt0Gore]

I thought maybe I was the only one facing this high transaction fee and never knew it was general, because I started to notice this high transactions fee since last week Friday when I wanted to transfer 0.001 BTC (#12,976) from my Trust wallet into my Binance account where I could sell using p2p into my local currency, and I notice the fee which is most times between the range of #300 to #500 has skyrocketed to #3000, which was way too high and for that reason, I didn't transfer the funds hoping that by today the fee might have gone down, but only for me to check this morning and noticed the fee has gone too high  4x from #3000 to #10,263 as transfer fee, of which with this current high fee, I don't think I will be touching my Bitcoin anytime soon.

Yeah same here too, it's disappointing, I tried to move some bitcoin from my wallet to exchange a day ago and I noticed that the transaction fee has increased a lot, at first I thought it was just some congestion on the network until I started seeing some people complaining on the forum about high transaction fee,

Well now I don't think that will be moving my bitcoin out of my wallet any times for now, I just leave it there and hope that the transaction fee get lower in the future and I read that this have happened before, I believe that some solution will come up and things will go back to the way they used to be, hopefully.

[coinerer]

I haven't read the news yet, but it's been several days since the transaction fee has been very high. I checked on https://mempool.emzy.de/ and this is what I see now.



As a gambler, I'm a bit worried if this trend will continue because I have some fraction of bitcoin that I'd like to use for gambling, especially for the NBA playoffs. So for my fellow gamblers, or those who really need to transact with their bitcoin, what are the best things to do now in order to save from fees and avoid having our transactions stay unconfirmed for too long?

All of a sudden, the transaction fees of Bitcoin have increased due to which many people have to suffer. People like you who gamble through Bitcoin are facing many problems.  Bitcoin block confirmations already take a long time.  Now the block conformation has become slower due to increased transaction fees. I went to do a bitcoin transaction last saturday where transaction fee of $4 was supposed to be deducted from my personal wallet but it got rejected after the transaction was pending for a long time. Now trying to do that bitcoin transaction again showing a $19 fee.  Which caused me a lot of suffering

[Artemis3]

I don't gamble, just pay for food and bills, and yet was indirectly ridiculed by certain "miner" in the dev area. This must be a difficult time for those that tried to adopt bitcoin and go for the circular economy. Our financial freedom is being sabotaged by these spammers.

And no, LN is no solution, it sucks actually, very hard.

[Z-tight]

Bitcoin block confirmations already take a long time. Now the block conformation has become slower due to increased transaction fees.

Not really, just that you now have to pay so high for your transaction to be confirmed and added into a block, if you use the fee rate for high priority, you transaction should be confirmed in a few minutes.

I went to do a bitcoin transaction last saturday where transaction fee of $4 was supposed to be deducted from my personal wallet but it got rejected after the transaction was pending for a long time. Now trying to do that bitcoin transaction again showing a $19 fee.  Which caused me a lot of suffering

BTC tx fees are calculated in sats/Vbyte, it is better to represent it in that way. Anyway the reason it got higher is because the mempool congestion has gotten worse since last Saturday, right now this spamming going on in the BTC blockchain does not seem to want to slow down and people who spend BTC on little things like taking a beer in the bar can no longer do so. It is crazy and if it continues, it may be hard to convince people that BTC is still a currency.

[BIT-BENDER]

I advice you to make deposits now for future betting, as it seems that we are going to face expensive transaction fees for quite a time. Probably until we get another trend on cryptocurrency market. Right now NFT on Bitcoin blockchain are killing network and whole idea of Bitcoin. The situation is similar to expensive transaction in Ethereum network and popularity of DEX. That trend started to lose its power when metaverses were announced and people have switched their attention to it. Right now Bitcoin is following Ethereum path imho. So I see two options for you, make deposits now and keep balance on gambling platforms, or wait for months for lower fees.

I also have this feeling too. Any one that’s into gambling and would be playing any game in the nearest future should make sure they do so now.

I think the issues of the transactions fees would still persist for a long time now, and may even probably get worse so it’s best to do the needful now.
Many are speculating that the NFT on bitcoin network would vanish off with time. But I doubt if that would actually be the reality. People are getting more interested in NFT and this interest may grow until there is a crash.

[|MINER|]

The issue with Bitcoin's transaction fees started last week and is still going on, the pressure has increased since last week. Looking at the condition, nothing can be said yet. Since this condition has occurred due to excess transactions, no one can say what amount of transactions are going to happen in the future, so it is not possible for anyone to say how long this condition will continue. And I think that the same thing will be repeated again and again that no one can say for sure how long this situation will continue.

[BITCOIN4X]

Now (as I write) transaction fees are down where the recommended high priority transaction fee is 317 sat/vB. But of course these costs will still increase and will probably be even more expensive if this dust attack continues.



I think hold is a good option right now over broadcast the transaction especially if you don't want to overpay the fees.
So far there have been many similar topics asking and discussing the same problem, but no one can say for sure when this problem will be resolved. Wait and wait, the BRC20 hype may soon fade with time. It's time to hold and accumulate bitcoin on correction.

[Wind_FURY]

@OP I don't think the transaction fees will be cheap in very soon because there's no implementation yet to stop BRC-20 or maybe it's impossible to stop. I think the current fee will become a new normal, just like Ethereum network.

Or ask your favorite casino to accept deposits/withdrawals through the Lightning Network. I believe it's not just the best time to start asking, it has now become absolutely very necessary as a Bitcoin-only user.

Usually a casino is really slow to updating a new development, this because they're either focus to other sectors e.g. promotion, gambling provider etc. I can't remember which casino have adopt lightning network from someone in recommend it in this forum, I only know the casino was already accept lightning network from the beginning.

I believe they will have no choice. They either accept that they ignore their share of the Bitcoin user market, or implement Lightning as soon as possible. Because if some casinos decide that they won't onboard users through Lightning, there are other casinos that definitely will, THEN they get a bigger slice in the Bitcoin user market/become more competitive.

[bakasabo]

Why not just switch off Bitcoin deposits for few weeks? Casinos easily accept other cryptocurrencies with hearth welcome. Of course it will harm their reputation, but it will be in gambler favor after all. Gambler would win (save on fees) from that. Imo, high fees isnt a huge problem for gamblers. A gambler will find a way to make a deposit anyway.

According to https://mempool.emzy.de/ I was wrong when said that high transaction fees will last for long. They already start to decrease greatly. It looks that in a month we would forget about those high fees. In 2 days transaction fees have decreased almost 3 times.

[Aikidoka]

Why not just switch off Bitcoin deposits for few weeks? Casinos easily accept other cryptocurrencies with hearth welcome. Of course it will harm their reputation, but it will be in gambler favor after all. Gambler would win (save on fees) from that. Imo, high fees isnt a huge problem for gamblers. A gambler will find a way to make a deposit anyway.

According to https://mempool.emzy.de/ I was wrong when said that high transaction fees will last for long. They already start to decrease greatly. It looks that in a month we would forget about those high fees. In 2 days transaction fees have decreased almost 3 times.

I think it would be a good idea to switch from using BTC to other alts when withdrawing money. This could help to gradually decrease fees over time. People should avoid sending too many transactions using Bitcoin and instead using the many alternatives available to send their funds. That would definitely help this situation of the high fees.

I believe that fees will gradually decrease from now on, but the speed at which this happens depends on people's behaviors imo.

[stadus]

I believe that fees will gradually decrease from now on, but the speed at which this happens depends on people's behaviors imo.

That's correct, the high priority fee is currently only $4.06, which is a significant decrease from the day I posted this thread, where it was over $20.

I hope this downtrend continues, as some people may be willing to wait for longer confirmation times, but high fees can be difficult to tolerate.

[elevates]

Avoid doing any transactions at the moment with Bitcoin. The transaction fee fluctuations are so high that it is very hard for your transaction to reach on time. This congestion might not go away soon; it might remain for more weeks. Bitcoin transactions getting stuck for a couple of days is quite common at the moment. If possible, use altcoins for placing bets or use lightning network if the casino supports it.

[jrrsparkles]

I believe that fees will gradually decrease from now on, but the speed at which this happens depends on people's behaviors imo.

That's correct, the high priority fee is currently only $4.06, which is a significant decrease from the day I posted this thread, where it was over $20.

I hope this downtrend continues, as some people may be willing to wait for longer confirmation times, but high fees can be difficult to tolerate.

It is getting better now, it fell below 90sats/byte for the last few hours along with the number of unconfirmed transaction which is around 350K that is a good sign but still it has to go down and I see that developers may work something to eliminate these ordinals from bitcoin mempool so if that happens then everything will be back to normal like 1 or 2 sats is enough for transaction to be included in the next block.

[Agbe]

Nobody knows the time when this high fee rate will come down, the fee issue is affecting everyone in all ramifications of life. I made a transaction since on Monday but till now it has not confirmed, it is still unconfirmed and that made me to borrowed from someone yesterday to solve some expenses and now I am to pay back that loan with interest. Really this high fee is affecting me badly. And concerning the gambling withdrawal. As for now it will be very difficult to withdraw and it is not good to keep funds in the gambling account because gambling sites have different issue. So it is better to move the coins from the site to you personal wallet, and keep only the ones that are meant to play gambling and not all the wins. The stories of gambling sites are something else in some time. If they said your can't withdraw because of KYC then another problem will gashout.

[PX-Z]

Im afraid this will not go lower sooner or later, as long the main problem isn't solved or at least removed which i don't think it will possible in the next few months.

As for your problem, i'd better use another altcoin available temporarily for deposits to avoid higher fee and longer time of confirmation.