Bitcoin transaction fees have disappointed me today

[The Cryptovator]

Bitcoin transaction fees have become a topic of discussion lately. A lot of topics have been created about Bitcoin transaction fees. It seems the transaction fees are throwing Bitcoin away from its original goal.

Today I attempted to make a Bitcoin payment on Namecheap. Instead of making transactions from the Ledger wallet, I tried to make them from Binance for a faster transaction since there was a 15-minute time limit. So the transaction and withdrawal fees asked in Binance are 0.0004BTC, which was almost $17 during the withdrawal.

Ok, let's forget Binance withdrawal fees. If I want to make transactions from the ledger, then the transaction has to arrive in 15 minutes. I am pretty sure if I want to ensure the time frame, then I have to spend similar fees, even from Ledger. So it's become hard to pay $17 transaction fees to make a $50 deposit. And by force, I had to use a virtual card that doesn't cost anything (I didn't notice any significant fees) and was an instant transaction as well. It made me believe that we are drifting away from Bitcoin's original goal in some way.

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[coupable]

Ok, let's forget Binance withdrawal fees. If I want to make transactions from the ledger, then the transaction has to arrive in 15 minutes. I am pretty sure if I want to ensure the time frame, then I have to spend similar fees, even from Ledger. So it's become hard to pay $17 transaction fees to make a $50 deposit. And by force, I had to use a virtual card that doesn't cost anything (I didn't notice any significant fees) and was an instant transaction as well. It made me believe that we are drifting away from Bitcoin's original goal in some way.

To some extent what you say is true. If the classical system is able to compete with Bitcoin in terms of transfer speed and fees, then Bitcoin will lose its position.
Bitcoin community is confident that this is periodic and it will pass, meaning that the situation is not permanent as has happened throughout the history of Bitcoin, and this is actually what is supposed to happen. Most of us still believe this, if my estimates are not wrong, given that this is not a new event.

Our assessment of things will not remain the same if the network continues as it is today.

[Nwada001]

The current bitcoin fee rate is forcefully chasing people to abandon using the network as a payment option for those who have made it one of their favourite means of payment for their online purchases. No matter the love you have for the network, you can't ignore the fact that the fee is high and still continue making use of it when there are better and cheaper options out here.
 
For the time being, Bitcoin is not the best option to use and make small purchases; it could only be used as a store of value; you could buy and save it for future use. I mean, for profit-making in the future when the price moves above what you purchased it, but if it's for payment, altcoins are gradually taking over, and the use of the fait system has also been rapidly growing as a payment option as the fee is way cheaper.

[Furious 7]

It seems that we are still going to be very bothered by transaction fees at least in the last few weeks transaction fees are really very inconvenient for me personally.
Fortunately im still very rare to make transactions in bitcoin because my focus is only investment but it is felt or not with the current transaction fees even though I don't use bitcoin too often for transactions but this provides a concern for myself personally.

I cant imagine those who do make transactions that cannot be postponed, especially when used as a means of payment, so this will clearly be very influential.
Regardless of whether this has deviated from what bitcoin should do i dont really want to discuss this but I still feel that this transaction problem will continue to persist for some time to come.

[BenCodie]

There will have to be a solution in the future if Bitcoin wants to continue to prove itself as a viable means of daily trade, payments and transactions. Though at the sane time, this could be a highlight of what the Bitcoin network will look like as a store of value rather than a payment system, and this premium may become the norm for transferring value....Bitcoin might become a network for those of higher net work while those with smaller values will be forced to use other solutions that are more scalable.

It is exciting as it means new opportunity opens in the market, but if is also disappointing as an efficient network is what we hoped for Bitcoin.

There is only one thing to blame right now for the problem; ordinals.

[bhadz]

I believe that this is a temporary problem that we have to deal hardly for now. Before, when we've got some surge in transactions fees we already don't like it. Like for it costs $1-$5 and I think $20 was the peak of it, we're already disappointed with that. And to mind that these were like a few weeks. But now, we're dealing on it for several months and still, we've got still problem that we have face every single day and made us thinking whether we'll do the transaction or not or if it's worth it to pay $5-$20 worth of fee now whether we transact. It's not a problem if we'll be transferring a couple of grand or even hundreds but if you'll have to pay $20 or what not, it's not worth it.

[Adbitco]

I don't know but it's actually frustrating to see that bitcoin doesn't scale through quickly as it was originally planned, currently anyone using bitcoin for payment is like putting himself in a tight corner till the payment got delivered and just imagine in a place when you purchase lots of goods and you were hoping to pay with bitcoin how long would one wait for the payment to get confirmation before leaving the place. Does it mean bitcoin is no longer maintaining it's peer to peer nature?

[Dr.Bitcoin_Strange]

Fee has been so crazy for some weeks now; maybe because you have not done any Bitcoin-related transactions recently, that's why you have not noticed it. In my business, customers are complaining of the high transaction fee of Bitcoin, and some of them have even chosen to pay in another cryptocurrency with a lower fee.

Two weeks ago, I made a $55 dollar payment to someone, and the fee I spent to carry out the transaction was $15, it was not funny, but I had no choice because it was an urgent payment, which was only required to be made in Bitcoin. I kind of felt disappointed that day, but there's nothing I can do.

[panganib999]

Ok, let's forget Binance withdrawal fees. If I want to make transactions from the ledger, then the transaction has to arrive in 15 minutes. I am pretty sure if I want to ensure the time frame, then I have to spend similar fees, even from Ledger. So it's become hard to pay $17 transaction fees to make a $50 deposit. And by force, I had to use a virtual card that doesn't cost anything (I didn't notice any significant fees) and was an instant transaction as well. It made me believe that we are drifting away from Bitcoin's original goal in some way.

To some extent what you say is true. If the classical system is able to compete with Bitcoin in terms of transfer speed and fees, then Bitcoin will lose its position.
Bitcoin community is confident that this is periodic and it will pass, meaning that the situation is not permanent as has happened throughout the history of Bitcoin, and this is actually what is supposed to happen. Most of us still believe this, if my estimates are not wrong, given that this is not a new event.

Our assessment of things will not remain the same if the network continues as it is today.

The thing is that it is periodic, so it will pass but this will resurface again some time in the future, where we got a new generation of bitcoin enthusiasts complaining about bitcoin's slow transaction fees yet again. It has become annoying and depressing at this point honestly. It's like we don't have a say in bitcoin's future, and all that we can really do at this point is deal with all of bitcoin's shortcomings instead of complain about it to the devs until they find a solution.

I know the solution we're looking for that could solve this conundrum's a little major, as it would require an upgrade in the scalability features of bitcoin to help support a larger client base but at the same time, if we're looking at bitcoin and crypto in general as a long term industry and financial venture this is as great a time as any to actually integrate such solutions. We wait a little bit longer and we'll lose credibility and trust from those who waited for so long.

[Dailyscript]

I will not forget when i read the Bitcoin whitepaper and understood that it was made to serve as a means of payment. It was promised to be faster and cheaper. Currently, the opposite is the case. Fees are extremely high, and transactions take longer to be confirmed.

What will be the faith of those who adopted Bitcoin recently if they have to witness what is going on now? Only old users of the Bitcoin network would understand that it is all about the congestion and transaction blocks that are the problem. Definitely, the newbies who are not comfortable spending such an amount on transactions will switch to other networks that can solve their needs. We are gradually looking for other options right now.

[Zaguru12]

Two weeks ago, I made a $55 dollar payment to someone, and the fee I spent to carry out the transaction was $15, it was not funny, but I had no choice because it was an urgent payment, which was only required to be made in Bitcoin. I kind of felt disappointed that day, but there's nothing I can do.

Sadly it is what is, I have been advising since the start of this congestion and high transaction fee saga that bitcoin currently is only suitable for large amount of transaction or rather cross boarder transactions, other than those I will say Find another way. I feel it is the price one has to pay for a decentralized network at the moment. Hopefully the devs will come up with a solution that in my opinion shouldn’t be anything related to censorship of transactions though.

[nelson4lov]

I made a transaction a few days ago for an urgent need and electrum suggested 53 sat/vbyte because fees were low at the time. However, ORDI and SATS shot up 40%+ for the day and fees have since spiked abd the transaction remains unconfirmed. I have been doing bitcoin transaction for a long time and it's just disappointing that the cost of transacting on the chain is on the high side and lightening fast transactions is now a dream rather than a reality.

We often say we want mass adopted for Bitcoin but majority of the masses won't spend $10-$20 for micro transactions of $3-$10. At this point, there's no need blaming Ordinals because a mature network like bitcoin should be able to scale as need be.

[Orpichukwu]

This was one of the things that I was trying to point out in my thread . Some of bitcoin's aim and purpose have been trampled upon .
 
You can no longer use the network when you want it and make your payment unless you are ready to use the second layer or forced to pay a high fee, which could be higher than what you are even paying for. When one experiences such a high transaction fee, where is the joy of using that payment option again?
 
We are gradually losing it unless something is done real quick and the ordinal madness is put to an end. Currently,  altcoins like Doge, LTC, and some others with low network fees and fast transaction fees have seen an increase in transaction volume recently as a result of people diverting their crypto means of payment from bitcoin to something much more affordable.

[coupable]

Ok, let's forget Binance withdrawal fees. If I want to make transactions from the ledger, then the transaction has to arrive in 15 minutes. I am pretty sure if I want to ensure the time frame, then I have to spend similar fees, even from Ledger. So it's become hard to pay $17 transaction fees to make a $50 deposit. And by force, I had to use a virtual card that doesn't cost anything (I didn't notice any significant fees) and was an instant transaction as well. It made me believe that we are drifting away from Bitcoin's original goal in some way.

To some extent what you say is true. If the classical system is able to compete with Bitcoin in terms of transfer speed and fees, then Bitcoin will lose its position.
Bitcoin community is confident that this is periodic and it will pass, meaning that the situation is not permanent as has happened throughout the history of Bitcoin, and this is actually what is supposed to happen. Most of us still believe this, if my estimates are not wrong, given that this is not a new event.

Our assessment of things will not remain the same if the network continues as it is today.

The thing is that it is periodic, so it will pass but this will resurface again some time in the future, where we got a new generation of bitcoin enthusiasts complaining about bitcoin's slow transaction fees yet again. It has become annoying and depressing at this point honestly. It's like we don't have a say in bitcoin's future, and all that we can really do at this point is deal with all of bitcoin's shortcomings instead of complain about it to the devs until they find a solution.

I know the solution we're looking for that could solve this conundrum's a little major, as it would require an upgrade in the scalability features of bitcoin to help support a larger client base but at the same time, if we're looking at bitcoin and crypto in general as a long term industry and financial venture this is as great a time as any to actually integrate such solutions. We wait a little bit longer and we'll lose credibility and trust from those who waited for so long.

It is too early to talk about future generations resembling some sort of stability in Bitcoin's functionality. As you can see, this is subject to many variables at the present time, and in some crises, Fiat becomes closer to it in competition.
This does not detract from the value of Bitcoin, given that everything that happens is circumstantial and determined by multiple factors. There will never be any guarantee for future generations of what will happen to Bitcoin or anything else.
There is a state of anticipation in the community awaiting the next halving. Perhaps this is what people are most patient with now. Even all current development work will be more in-depth to solve more potential problems, which will ensure that Bitcoin achieves its purposes for which it was created efficiently.

[ingiltere]

I hope it's a temporary situation and things will go back to normal. Mempool shows at least $10 fees for low priority transactions. This may be OK for high amount of transactions but it's really a big money for a lot of people. Using the network with this fee is not sustainable. No one pays $10-20 in fees to make a $10 payment.
Is this just because of Ordinals? Or are there other issues affecting the network? I don't really know because I don't follow the Ordinals thing.

[Z-tight]

I will not forget when i read the Bitcoin whitepaper and understood that it was made to serve as a means of payment. It was promised to be faster and cheaper. Currently, the opposite is the case. Fees are extremely high, and transactions take longer to be confirmed.

I don't think that was promised. Yes, it is a payment method and it is secure, but BTC tx's have never been instant, and even if we were able to make 1 sat/vByte tx's before, this isn't the first time the network is congested and fee rate has risen, meaning it is something that we know can happen. Take note that BTC tx's are not taking longer to confirm, blocks are still confirmed ~ 10 minutes on average, if you use a low or medium fee rate, then you have to wait because others are outbidding you for a space in the block, and that's how it has always been.

[HelliumZ]

Bitcoin transaction fees are temporarily high but this problem will not last long. Basically Bitcoin causes such problems due to Network Congestion. There have been many instances in the past where such Bitcoin transaction fees were high but were temporary and the fee rates later dropped. I am not able to do my bitcoin transaction due to this problem, especially I transferred bitcoin at 30Sat/vbyte rate but till now my bitcoin wallet is not confirmed. But in this case I have no choice but to wait till my next transaction fee is reduced.

[AmoreJaz]

Bitcoin transaction fees are temporarily high but this problem will not last long. Basically Bitcoin causes such problems due to Network Congestion. There have been many instances in the past where such Bitcoin transaction fees were high but were temporary and the fee rates later dropped. I am not able to do my bitcoin transaction due to this problem, especially I transferred bitcoin at 30Sat/vbyte rate but till now my bitcoin wallet is not confirmed. But in this case I have no choice but to wait till my next transaction fee is reduced.

i also have the feeling that this is just one of the challenging times in the bitcoin network. as we have seen, we have witnessed these many times, and yet, we go back to normal. normal meaning considerable fees in your transactions.

for now, look for alternative routes on how to avoid such fees. maybe, time to explore your opportunities with other top alts which has cheap fees like LTC, XRP. definitely, you will find something better in today's btc situation.

[taufik123]

The $17 withdrawal fee is pretty decent with Binance is quite expensive for now, especially since Bitcoin deposits on Namecheap are quite long and there are some procedures to do.

https://www.binance.me/en/fee/cryptoFee

A few years ago I also tried using Bitcoin Payments, at that time the fees were still quite cheap, only around $ 1-$ 2 and transaction confirmations were also quite fast.


But if you compare it to now, Bitcoin payments on Namecheap are not worth the $17 fee that must be paid, unless the Domain payment is quite expensive, it will not be a problem.

The problem as you experience is the limit of transaction confirmation that must be done for 15 minutes.
I read some guidelines, that if the transaction is not confirmed for 15 minutes and you have made a payment, you can send a complaint to Namecheap or bitpay support team with payment details made in the form of Transaction ID / Transaction Hash.
Very boring, but when the transaction has already been done, there must be other follow-ups so that Bitcoin can enter the name cheap account.
https://support.bitpay.com/hc/en-us/articles/115003001363

Currently, Bitcoin payments are managed by Bitpay and BTCpay




If you want to make a payment in less than 15 minutes, you will have to pay a fee
396.2 sat/vB is about $24.61, but must make payments via personal Wallet, not from CEX.

https://bitcoinfees.net/

[Darker45]

Probably, in some way. If one Bitcoin user is now avoiding the use of Bitcoin as payment because it is very expensive, then that's telling of Bitcoin's failure in its role as a currency. Well, Bitcoin has different roles now. And it's probably doing great in others. Apparently, the rise of Bitcoin's price is a proof that it remains in high demand despite the exorbitant fees. Anyway, we'll just probably maximize all available means to somehow lessen the fee.