Bitcoin network fees are not high is you who can't afford it.

[Odusko]

Hey newbies and OGs, just i quick reminder of the current condition of the Bitcoin network and what it is like with the hike in transaction fees and network congestion.
First, as the title states clearly that Bitcoin network fees are not high but it is you as a holder who can't afford it, the reason being that many newbies and some few old members have mistaken this current network condition to mean a crisis, the reality of things is that, most Bitcoin old term holder are not complaining because they already have experience of how the Bitcoin networks work per time, and if they want to make a transaction they rather just pay high fees and move on rather than paying low fees with long time of waiting because a lot of transaction volumes that have higher fees than yours are already broadcast into the network so it takes long time before getting your transaction confirm.
I hope that a long time from now, most newbies will stop making news from this kind of temporary network congestion, and start focusing more on how to contribute to making the Bitcoin network cleaner and globally adaptable to all, for me I don't see any negativity in bitcoin but rather a lot of opportunity to develop along with Bitcoin as an alternative among another alternatives.

[Odohu]

I don't agree with you on this. Before now, this was not the case with the network fees so it is a kind of crisis in my opinion. We in the Bitcoin community do pride in the fact that Bitcoin offers the most convenient and cheapest means of sending money across borders,  but the recent increase in fees have changed that. Should we pretend about it?

How can someone spend $33 to transfer less than $1k and you think that's not high? In my local currency, you will spend around $0.1 to send that, where then is the advantage of Bitcoin in terms of cost of transaction?

[AbuBhakar]

I can afford it but it’s really considering that there’s tons of blockchain alternatives that cost only less a than a dollar to send a transaction. The current fee is not the typical average so I’m not sure if being affordable is the real issue here.

With this thinking, you are limiting shrimp holder to use Bitcoin because it will be impossible for them to accumulate slowly through DCA by paying this high fee multiple times.

[Odusko]

I don't agree with you on this. Before now, this was not the case with the network fees so it is a kind of crisis in mu position. We in the Bitcoin community do pride in the fact that Bitcoin offers the most convenient and cheapest means of sending money across borders,  but the recent increase in fees has changed that. Should we pretend about it?

Says who?
Have you taken the time to research back on how the Bitcoin network has evolved over time, take a step back and check what the fees were like in 2017-2018 and other subsequent years and even more recently this is not the first time man.
I bet it will be of great favour to our mental state to take network crisis as a global crisis in the financial sector, the reason being that we have experienced similar network crises in our individual traditional banking networks sometimes you pay high fees for cross-border transactions.

[Cantsay]

The message your title is trying to pass to the community is that “Bitcoin is meant for the rich, and those that can afford to pay a high fee, and if you don’t have the resources don’t use bitcoin”.

most Bitcoin old term holder are not complaining because they already have experience of how the Bitcoin networks work per time, and if they want to make a transaction they rather just pay high fees and move on rather than paying low fees with long time of waiting

They didn’t complain openly does not mean that they are happy with it. I don’t think there’s anyone here in the forum that is willing to just go and spend 50x of what they usually spend and still be happy with it, even if they can afford it.

[Zaguru12]

Yes the network congestion itself is just showing a glimpse of probably how the network will be when mining stops and when we have high adoption rate, but the problem remains that people are furious about this high even the longer term holders because this fee is not incurred because of bitcoin alone but because of the shitcoins on the network. It would have been understandable that we are paying this high fees if at all the congestion in the pool is mainly because of high demands of bitcoin but it is not. So I don’t think anyone is happy to pay that amount at this senerio.

How can someone spend $33 to transfer less than $1k and you think that's not high? In my local currency, you will spend around $0.1 to send that, where then is the advantage of Bitcoin in terms of cost of transaction?

The fees haven’t been that too high I will say, the high fees as regularly been hovering around 500sats/vbyte which would amount to around $26 which quite low compare to your estimation. Although I doubt that you can pay $0.1 to transfer an amount worth $1k but it might be your country, even though it is like that it would be internal transaction and not cross boarder transactions because I am sure it will be more than that. As you know bitcoin doesn’t censor between inter or intra transactions that is where the decentralization comes from. It is better to know that using bitcoin transactions now should be when it is at your advantage, if the fiat has better advantage at that certain period of payment then make use of it, that’s why bitcoin is like an alternative to traditional currency

[Odusko]

The message your title is trying to pass to the community is that “Bitcoin is meant for the rich, and those that can afford to pay a high fee, and if you don’t have the resources don’t use Bitcoin”.

Not really,  but then Bitcoin transactions have chains and at any time, the sender can adjust the fees just to get his transaction through faster, so that doesn't mean even low Bitcoin holders can't use such a feature but the same rules apply to all of them.
Just like flying a first class and economy class, the same Aeroplan but different treatment, Bitcoin have given us a classless network, so for that how can I assume that Bitcoin is meant only for the rich, Bitcoin is a development that anyone who takes the time to study it can adapt to the network on a long term base.
I hope this clears things up a little buddy!

[Odohu]

I don't agree with you on this. Before now, this was not the case with the network fees so it is a kind of crisis in mu position. We in the Bitcoin community do pride in the fact that Bitcoin offers the most convenient and cheapest means of sending money across borders,  but the recent increase in fees has changed that. Should we pretend about it?

Says who?
Have you taken the time to research back on how the Bitcoin network has evolved over time, take a step back and check what the fees were like in 2017-2018 and other subsequent years and even more recently this is not the first time man.

The argument is not if this is the first time or not, it is if the network fee is high or not. If you agree with me that majority of the times the network fees was lower than fiat, and that the high network fees that happens sometimes is usually caused by something, then you will also agree with me that the post is wrong.

The message your title is trying to pass to the community is that “Bitcoin is meant for the rich, and those that can afford to pay a high fee, and if you don’t have the resources don’t use bitcoin”.

This is exactly the message the post is conveying even though that may not be the intention. Even some OGs still comfirm that the fee is high as it is impacting negatively on people and those who adopted Bitcoin as means of payment in their businesses.

[pakhitheboss]

Your interpretation of Bitcoin fee in your way is good but don't force the interpretation on other. Those who want to pay high fees woul pay and it is not about the high fee. It is the uncertainty and the volatile situation in the memepool.

If the memepool suggest 37 sat/vB and you process a transaction using it then also there is no guarantee that it will get processed in time. As I said earlier the problem is not high fee the problem is the volatility in transaction fees. You never know when it will straight away jump to 70 sat/vB or 100 sat/vB. I have not seen such amount of volatility in transaction fee until BRC20 came into existence.

[rachael9385]

Although, this is not the first time for such a hike on transaction fees  but come to think of it, isn't it overuse that this is the height of all the previous transactions fees?
During this short period of the transaction hikes, there have been a lot of mistakes just like on the link provided https://bitcointalk.org/index.php?topic=5475177.0
And anyone who make such a mistakes will definitely feel bad, so I am trying to say that this even if an investor have the money for the fees, he or she will still feel bad, it is not about having the coins for the fees.
Even if I have the money for the fees I will feel bad when processing the transactions because there have been days when the fees were not high as it is now.

[Ruttoshi]

OP, you sound as if you are so rich and you use bitcoin everyday, but you should also know that the high fee was the congestion of the mempool by those garbage which led to the cause of alarm. Bitcoin has always been attacked in different forms and bitcoin will still survive. If this was how the fee was initially then I doubt that all us of here will be spreading the good news of bitcoin because so many people will be discouraged to adopt bitcoin. You are only making it look as if using bitcoin is expensive which it is not.

Yes the network congestion itself is just showing a glimpse of probably how the network will be when mining stops and when we have high adoption rate

Yea I agree with you but let's wait till then because by then bitcoin price might have exceeded 6 digits to maybe 7 digits and paying such fee then wouldn't be a problem, and not now that bitcoin price is still 37k+. It shows it is abnormal.

[libert19]

Just because one can afford it does not make this fees alright. It's different feeling when you pay $2 for a transaction and when $15, you know you are paying more, and it's not normal.

[kentrolla]

Right from the title till last line of the post I couldn't find any sense at all. Why would someone pay multiples of what they used to pay as transaction fee and if you are trying to transfer a small amount then the transaction fee is higher than the actual transfer amount and Bitcoin was supposed to be an easy and cheapest way of P2P transfer but we don't expect transaction fees to go higher during bull run like gas and electricity bills which goes higher during winter season.

This has to be fixed we are supporter of Bitcoin that doesn't mean we will support the flaws as well. Sorry there might be different point of view but I feel this doesn't make sense.

[Iroh]

Your topic head is quite amusing. Following your logic, one can say luxurious vehicles like aren’t at all expensive and it’s only the majority of the general population that can’t seem to afford them.
I wouldn’t exactly call what’s going on now in the bitcoin network a crisis but you do you. Also, have you thought of the fact that why long term holders aren’t complaining is because they’re literally holding onto their assets and not having plans to sell anytime soon.
It’s all good the current network fees doesn’t seem high to you. But it’s definitely high for a lot of bitcoin users out there especially those in developing nations.

[Husires]

Complaining about fees may be a reason for devising solutions, and if you are complaining about high fees, there are ways to reduce the fees that you pay, as a transaction with one input may need $3 to be confirmed within 10 minutes, another with 10 inputs may need $20, and so on.
Understanding how Bitcoin works will make you pay the correct fees, which are often lower than choosing random fees, but increasing fees and continuing to rise will really affect the demand and adoption of Bitcoin.

[Winterfrost]

OP, I don't understand why you feel the need to say these things. Even someone who has been holding Bitcoin for a long time agrees that Bitcoin fees are high. If a person holds 1 BTC and wants to send $300 worth of BTC to someone else, and the fee shows $79, do you expect them to proceed? That would be foolish, OP. Yes, the person can afford the fee, but is it really necessary? I consider it a waste of the privilege of holding a substantial amount of Bitcoin. For many, $79 is what they use to regularly invest in Bitcoin weekly, aiming to grow their Bitcoin portfolio. Now, imagine if the person makes transactions every day you expecting them to constantly pay such high fees doesn't seem reasonable.

[DdmrDdmr]

Yep, this case depicts a guy who thought that Bitcoin fees were very cheap and said "Fuck it, fees are so cheap I’m going to spend 83 BTCs on fees just to prove to the world just how cheapsy they are …".

Exceptions aside, fees are indeed not above values seen in the past, but cost is probably best seen in comparison to the amount one wants to send. Clearly sending very small amounts of bitcoin, whilst within normal ranges for many to send, do encounter nowadays high fees compared to the base amount being sent. Fees on TXs that send higher amounts are relatively smaller compared to the base amount being sent, and thus are conceptually easier to digest.

For those who know why the fees are as they are nowadays, there’s also the added conceptual aggravation of fees having steepened not because of a natural set of circumstances like the 2017/2018 FOMO, but because of some abomination someone thought would be fun to base on the Bitcoin Network, flooding the mined blocks with Ordinal related TXs in ranges, as of late, between 40% and 70% of all mined TXs per day.

[Odusko]

Says who?
Have you taken the time to research back on how the Bitcoin network has evolved over time, take a step back and check what the fees were like in 2017-2018 and other subsequent years and even more recently this is not the first time man.

Odohu and others, sorry if the title of the thread has created a misunderstanding or a conflicting overview of the ops and I am sure that was not intentional and I apologize for that, but back to our discussion, and what the aim for this thread is and what it stands to help us unveil in terms of knowledge in term of constructive discussion just as what we are having and will be having subsequently as we progress in this discussion on the bitcoin fees and how best newbies could prepare their mind for future occurrences such as temporary Bitcoin network congestion and high fees and how best to handle this and what possible alternative to using is such situation.
Please 🙏 the basis for this thread is not to create an argument rather but to trigger up discussions that can help our basic knowledge.
Also, I have tried to edit the title a bit to give it a better introduction to what the ops really covers, hope this works well for you guys.
 

Yep, this case depicts a guy who thought that Bitcoin fees were very cheap and said "Fuck it, fees are so cheap I’m going to spend 83 BTCs on fees just to prove to the world just how cheapsy they are …".

Exceptions aside, fees are indeed not above values seen in the past, but cost is probably best seen in comparison to the amount one wants to send. Clearly sending very small amounts of bitcoin, whilst within normal ranges for many to send, do encounter nowadays high fees compared to the base amount being sent. Fees on TXs that send higher amounts are relatively smaller compared to the base amount being sent, and thus are conceptually easier to digest.

For those who know why the fees are as they are nowadays, there’s also the added conceptual aggravation of fees having steepened not because of a natural set of circumstances like the 2017/2018 FOMO, but because of some abomination someone thought would be fun to base on the Bitcoin Network, flooding the mined blocks with Ordinal related TXs in ranges, as of late, between 40% and 70% of all mined TXs per day.

Nice thank you for sharing the link to previous fees, the general notion for this thread is to discuss how best to handle such temporary network issues which is a global financial phenomenon and what best alternatives to use as urgent support or what development is underway to eliminate possible future occurrence,  and what the reality is for anyone who must use bitcoin network, how much fees willing to pay or what time to

[348Judah]

First, as the title states clearly that Bitcoin network fees are not high but it is you as a holder who can't afford it, the reason being that many newbies and some few old members have mistaken this current network condition to mean a crisis.

If you say it is then so be it because people aren't more comfortable about paying high fees while there are other networks with cheaper rates, i don't know how you come about talking in this kind of tone after knowing how this has been affecting alot of bitcoiners seriously.

most Bitcoin old term holder are not complaining because they already have experience of how the Bitcoin networks work per time, and if they want to make a transaction they rather just pay high fees and move on rather than paying low fees with long time of waiting

Could you afford paying $9 all because you want to send $10 maybe you need to consider here that not everyone is a whale or a giant holder who cannot waste time in waiting the confirmation

I hope that a long time from now, most newbies will stop making news from this kind of temporary network congestion, and start focusing more on how to contribute to making the Bitcoin network cleaner and globally adaptable to all, for me I don't see any negativity in bitcoin but rather a lot of opportunity to develop along with Bitcoin as an alternative among another alternatives.

People have to complain because this wasn't how it was before now, maybe you have perform any bitcoin transaction for a very long time and you're not getting to understand the rate at which people are making daily transactions and miners were being served with this benefits.

[Z390]

Are you trying to show off because you can afford the transaction fee? I can also afford it but honestly it's a waste of money,  there is nothing to be ashamed of if you decide to queue using small transaction fee or just abandon the transaction for now and try again another day.

The creator of Bitcoin never stated that this project is for those who can afford it, it's not meant for whales and not everyone will be whales anyway, mind you Bitcoin will be less attractive if newbies are finding the transaction fee to be annoying, there are too many block chain projects that offers cheap transaction fees.

It's right to ignore Bitcoin if the fee is too high, beginners need to accumulate Bitcoin with ease and if transaction fee is what's stopping them they have a good reason to look else where, I already pictured how the next bull market will look like, maybe Bitcoin is made for the whales to only to enjoy, but it's not a cool thing to say.