How long the high transaction fees will last?

[Wind_FURY]

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.

It will go lower. Demand has ALWAYS been variable, and users will either start waiting for cheaper fees to save their coins or simply run out of coins first if they continue paying for high fees.

 

High fees might also be a blessing. It forces people with paper-hands to HODL while demand for Bitcoin goes higher. Who would pay exorbitant fee-rates unless there was high demand for block space. High demand for block space = high demand for Bitcoin to pay for fees = eventually higher price for Bitcoin.

Some people are calling it an "attack"? Thank the "attackers" for making Bitcoin more valuable from an economic perspective.

[Bobrox]

High fees might also be a blessing. It forces people with paper-hands to HODL while demand for Bitcoin goes higher. Who would pay exorbitant fee-rates unless there was high demand for block space. High demand for block space = high demand for Bitcoin to pay for fees = eventually higher price for Bitcoin.

Some people are calling it an "attack"? Thank the "attackers" for making Bitcoin more valuable from an economic perspective.

Seems Bitcoin transaction is not back to normal and delay more than two until three hours later depend on fees transaction, could be positive impact with bitcoin transaction delay will make many people keep holding their bitcoin assets. Since last two weeks not any progress yet when Bitcoin transaction sending will back to normal and small fund not have to pay higher fees for sending Bitcoin.

Indeed good or bad news about bitcoin transaction process delay still dilemma for us exactly holding bitcoin in hardware wallet and not in exchange wallet, how to sell it due transaction delay more than few hours, my last transaction failed because lower fees sending and I need waiting when back to normal again.

[cryptoaddictchie]

High fees might also be a blessing. It forces people with paper-hands to HODL while demand for Bitcoin goes higher.

Thats a positive perspective. However its like being force to hold due to the fees, but bitcoin circulation have been halt for people who dont want to spenf some fees too. Yes it could boost price since many wouldnt not spend for high fees and instead wait for it to decrease. Also a smart move but this will categorize people as holder or investors. Bitcoin is nice to be used if possible in transacting peer to peer like remittance can send easily.

Some people are calling it an "attack"? Thank the "attackers" for making Bitcoin more valuable from an economic perspective.

Im curious if this is really an attack like to fud on bitcoin but rather than an additional application of bitcoin through ordinals which is found by someone. However the utlity of those ordinals somehow vague and only for trading through their dapps. Unless someone could step up and make it more useful instead of an expensive jpeg. Well still early maybe some satoshi like genius could fix the high rate fees and include those ordinals on bitcoin chain without affecting. I believe someone will solve this if not now maybe for quite sometime.

[Rupok]

I think it is better not to trade bitcoin now.  If someone is trading bitcoins now bitcoin fees may also increase.  Bitcoin's high fees are now increasing abnormally.Bitcoin's high free problem started because of Bitcoin transactions.  2023 Bitcoin transactions surpass all years.  For quite some time I have noticed that everyone is worried about Bitcoin High Free.Since last week I have noticed that the mempool congestion has worsened and the pressure has increased.  Since this situation is caused by over-transactions, we should avoid small transactions.  We have never seen such high transaction fees in the past, now block formation has slowed down due to increased transaction fees.

[hZti]

I think it is better not to trade bitcoin now.  If someone is trading bitcoins now bitcoin fees may also increase. 

Please don't just repeat what everyone says again and again. Check for yourself https://mempool.space/de/ . The fees are again at a pretty low level and you can send transactions for a reasonable price again.

I think I heard that the development team already planned an implementation of some new protocols to fix this issue, so it should not occur again.

[iBaba]

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?

I suggest you should hold on, at least for a week or more, if it is not urgent, I have also halted my transactions for now to watch the transaction fees, it has decreased to $4 which I feel it's quite reasonable for me. With the current downtrend we are witnessing, it may likely decrease even further.

[arwin100]

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?

I suggest you should hold on, at least for a week or more, if it is not urgent, I have also halted my transactions for now to watch the transaction fees, it has decreased to $4 which I feel it's quite reasonable for me. With the current downtrend we are witnessing, it may likely decrease even further.

We don't have a choice but to do that since its really painful to transact using bitcoin know since the fee is so high so much better to hold especially if your funds is on your personal wallet. But if you have a balance on your exchange account then we can just simply exchange this to other alts and pick those coin which have less fee since this is the most convenient option we could choose and I believe many already did this to avoid such issues.

[Wind_FURY]

Some people are calling it an "attack"? Thank the "attackers" for making Bitcoin more valuable from an economic perspective.

Im curious if this is really an attack like to fud on bitcoin but rather than an additional application of bitcoin through ordinals which is found by someone. However the utlity of those ordinals somehow vague and only for trading through their dapps. Unless someone could step up and make it more useful instead of an expensive jpeg.

The creation of Ordinals itself, and as is constructed by Casey Rodarmor, isn't an attack. The ability to store data somewhere in the Taproot input script was always there, also the same during pre-Taproot. There was always an ability to store data onchain. But what Ordinals could be, is an attack vector.

Well still early maybe some satoshi like genius could fix the high rate fees and include those ordinals on bitcoin chain without affecting. I believe someone will solve this if not now maybe for quite sometime.

Real scaling? That would mean finding a way to make data that has to be processed by each node smaller and smaller, and therefore making what the network requires from full nodes lower and lower.

[irhact]

Indeed good or bad news about bitcoin transaction process delay still dilemma for us exactly holding bitcoin in hardware wallet and not in exchange wallet, how to sell it due transaction delay more than few hours, my last transaction failed because lower fees sending and I need waiting when back to normal again.

That's very sad, when I first heard of the high cost of transaction on the Bitcoin blockchain, my first thought was that interest has started returning to Bitcoin and more users are now using the network therefore it'll affect the price very soon but after reading and understanding the real reason behind the high fees, it was just sad that this will be happening at this time.

The fees aren't down, they're are still very high. I wanted to send some Bitcoin myself to exchange but the fees isn't letting me do it because I don't see any reason to spend that much amount of  money on just fees when I'm not sending millions of dollars, it's just $100.

[Zlantann]

Indeed good or bad news about bitcoin transaction process delay still dilemma for us exactly holding bitcoin in hardware wallet and not in exchange wallet, how to sell it due transaction delay more than few hours, my last transaction failed because lower fees sending and I need waiting when back to normal again.

The fees aren't down, they're are still very high. I wanted to send some Bitcoin myself to exchange but the fees isn't letting me do it because I don't see any reason to spend that much amount of  money on just fees when I'm not sending millions of dollars, it's just $100.

As people begin to seek other means to transact with Bitcoin the network is gradually becoming less congested and the price going down. I read a news from Coindesk that discussed how Africans are massively using the Lightning Network and stablecoins because of this issue. I don't think anybody that worked hard to earn his coin will be willing to pay such transaction fees. The average Bitcoin transaction fee as of yesterday was 20.34 but today it has moved down 14.05. Yeah, it is not close to the lesser price of 1.957 it was by this time last year but it is gradually going down. It might be beneficial to miners that experienced so many financial challenges that even led to the bankruptcy of reputable mining firms like Core Scientific (CORZ) and Compute North, but it is not good for the community. Nobody knows how long these high fees will last but, certainly, it won't be long.

[Kadotakika]

hey mungkin dari bebrapa kaian ada yg sudah lama menggeluti dunia crypto, apa ada yg sadar di tahun sekarang makin banyak yg ngsecam/nipu dan emang persyaratanya masuk akal atau mungkin malah terbilang rumit,apa kalian gak kasian sama orang yg bekerja mendidikasihkan waktunya unutk ngbounty, dan malah di secam, kan kasian,coba kalian bayangin aja, kalian ada di posisi orang itu, suadah menunggu lama untuk distribusi koinya danitiupun masih tanda tanay apa menghasilkan apa tidak, dan oiya itiupun masih ada peluang tidak lolos dari acara kampanye, dan kau lolos dan sudah mendapan coin dari projec tersebut masih nunggu dan nyari marketnya dimana, dari situ aja kita udah tau sedikit perjuangan mereka para bounty hunter, dan itu masih kalian secam, apa ga kasian, meraka juga kerja mungkin ada yg buat sampingan dan mungkn juga itu pekerjaan utama meraka, dan sedikit banya mereka pasti berahrap untuk mendapatkan hasil dari pekerjaan merka, jadi tolong pikirkan perasaan merea juga.

[Bushdark]

The problem is that we don't really know how long this high transaction fee is going to take but we all know that yhisnhad happened before we should be affirmative that this will reduce in no time. The high network fee in the Bitcoin network had been making a lit of traders and investors that always run Bitcoin transaction on a daily basis to start having a rethink of what could be an alternative for this high fee network. So exchanges had stopped running Bitcoin transaction just because of this high fee issues which I am certain that it will end soon.

[serjent05]

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.

It will go lower. Demand has ALWAYS been variable, and users will either start waiting for cheaper fees to save their coins or simply run out of coins first if they continue paying for high fees.

 

I also think the high fee will resolve itself when people are done with the NFT hype.

High fees might also be a blessing. It forces people with paper-hands to HODL while demand for Bitcoin goes higher. Who would pay exorbitant fee-rates unless there was high demand for block space. High demand for block space = high demand for Bitcoin to pay for fees = eventually higher price for Bitcoin.

Or not?  People might probably find an alternative if the transaction fee is not fixed soon.

Some people are calling it an "attack"? Thank the "attackers" for making Bitcoin more valuable from an economic perspective.

I can say I have a different view.  If the attacker is successful then it does not make Bitcoin any more valuable but rather it proves that Bitcoin has weaknesses that can be exploited.  With that situation, it will never make Bitcoin or any other technology more valuable.

[Issa56]

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?

I was suprised seeing transaction fee very high like that, it really affected lots of people because lot's of people's transaction was delayed for hours and even day's. The transaction fee is going back to normal now. The high transaction fee made most signature managers pay high gas fee just for them to process signature participants payment.

I think it will affect lot's of gamblers but am sure gamblers will definitely look for a way to deposit money to their gambling site, most of them might switch from depositing bitcoin to altcoins, i think that's the only solution currently and if you really want to deposit bitcoin, then you should be able to spend high transaction fee or your transaction will be delayed. But if you are having bitcoin in your gambling site already, I think it's better you just leave it their, and keep on gambling with it.

[carlfebz2]

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?

I was suprised seeing transaction fee very high like that, it really affected lots of people because lot's of people's transaction was delayed for hours and even day's. The transaction fee is going back to normal now. The high transaction fee made most signature managers pay high gas fee just for them to process signature participants payment.

I think it will affect lot's of gamblers but am sure gamblers will definitely look for a way to deposit money to their gambling site, most of them might switch from depositing bitcoin to altcoins, i think that's the only solution currently and if you really want to deposit bitcoin, then you should be able to spend high transaction fee or your transaction will be delayed. But if you are having bitcoin in your gambling site already, I think it's better you just leave it their, and keep on gambling with it.

Honestly, it did really make out that effect on me on which i cant able to pull through or able to make my weekly transactions because of that huge fees which i cant really that afford on using up $20+ or more on moving a transaction and since i do make some minimal amount kind of transfer then it would really be a huge slice into that amount on which i could say that it doesnt have make sense on doing so.

The fees is moving around 400-600 sats per byte on maximum which it do plays around 5-20 bucks per transaction or way more. I didnt see up the max fee on that particular time considering that it is really
decreasing now as of this moment.
It do really sucks if ever this would happen again but i wont really be that get in shocked if this one would be happening in bull run where transactions would be spamming or clooged into the network.
If you are that someone who does have the money or wont bother on paying up some fees  then it wont really be that much of a bothersome but if you are really just like some average
joe like me on which 20 bucks is important then it is really just that a bad thing to make some tx on this particular time. Its better to wait until things turns out to be smooth
and fine once again.

[Kemarit]

As a gambler I think we should look for better options for deposits/withdrawals until the mempool is not congested. Although as we can see right now, it seems that it has been settling down a bit as the whole ordinal inscriptions and Brc-20 fad might died down a bit.

As for the solution, it's up to the core dev to patch the exploit on taproot. There has been noises lately, this has been seen before though, before it turn ugly as what we have seen. So we shall see, everyone seems to be divided, but personally I'm against this ordinals or inscriptions attacking bitcoin.

[DoublerHunter]

The problem is that we don't really know how long this high transaction fee is going to take but we all know that yhisnhad happened before we should be affirmative that this will reduce in no time. The high network fee in the Bitcoin network had been making a lit of traders and investors that always run Bitcoin transaction on a daily basis to start having a rethink of what could be an alternative for this high fee network. So exchanges had stopped running Bitcoin transaction just because of this high fee issues which I am certain that it will end soon.

^Definitely right and that is the right answer.
We can't predict exactly how long these high fees will last, but I think this BTC has experienced similar situations in the past and has eventually come out on the other side. The same goes for the price of BTC you cannot predict it in the market situation. But as far as I remember, it could be less than a week, look at now the mempool.space, the fee was falling down.

[TimeTeller]

The problem is that we don't really know how long this high transaction fee is going to take but we all know that yhisnhad happened before we should be affirmative that this will reduce in no time. The high network fee in the Bitcoin network had been making a lit of traders and investors that always run Bitcoin transaction on a daily basis to start having a rethink of what could be an alternative for this high fee network. So exchanges had stopped running Bitcoin transaction just because of this high fee issues which I am certain that it will end soon.

^Definitely right and that is the right answer.
We can't predict exactly how long these high fees will last, but I think this BTC has experienced similar situations in the past and has eventually come out on the other side. The same goes for the price of BTC you cannot predict it in the market situation. But as far as I remember, it could be less than a week, look at now the mempool.space, the fee was falling down.

Yes, checking today, the fees even for high priority has gone down so much already.
So just check the mempool before you send your transaction so you know how much you need to put as a fee to make it thru.
As we are just relying from these miners, we can only watch the mempool to see where we are now in terms of tx fees.
For now, it is better than the past few days. Hope we will go back again to the usual fees in the coming days.

[PX-Z]

I also think the high fee will resolve itself when people are done with the NFT hype.

Well, NFT hype started last year yet it's still doing it things today. So far in the past few days bitcoin tx reduced from 400k to now 300k which is a good sign but not yet good.

So just check the mempool before you send your transaction so you know how much you need to put as a fee to make it thru.

That's why it's better to use a better/advance wallet for where a vb/sat is shown, fees are dynamic and can be customized manually by vb/sat so the user have fully control of fees it wants to use.

[TelolettOm]

As a gambler I think we should look for better options for deposits/withdrawals until the mempool is not congested. Although as we can see right now, it seems that it has been settling down a bit as the whole ordinal inscriptions and Brc-20 fad might died down a bit.

It should be normal again in the next few weeks, just wait for the time. For now, as some people said that it is better to use altcoins when Bitcoin transfer fee is still high. There are some altcoins that have smaller transfer fees, just utilize them for now.

We can't predict exactly how long these high fees will last, but I think this BTC has experienced similar situations in the past and has eventually come out on the other side. The same goes for the price of BTC you cannot predict it in the market situation. But as far as I remember, it could be less than a week, look at now the mempool.space, the fee was falling down.

Of course, it is difficult to know how long this happens.
However, this high fee problem should be fixed. It will be a serious obstacle for Bitcoin adoption if it won't get a solution.

We already experienced many times about high transfer fees, it won't last a very long time.