Bitcoin transaction fees have disappointed me today

[OcTradism]

Today I attempted to make a Bitcoin payment on Namecheap.

Namecheap accepted Bitcoin and Bitcoin via Lightning Network in 2021.

Namecheap is now accepting Bitcoin payments
Domain giant Namecheap to accept payments via Bitcoin Lightning Network.

Do they still accept Bitcoin via Lightning Network as payment?
Probably they removed this method because I did not see Lightning Network on their website.

[Richbased]

OP Sorry about the sad experience as this has been a topic of discussion ever since the mempool became congested and transactions experiencing high transactions fees. Just as you said, it is very unfortunate that the high transactions fees seems to be driving Bitcoin away from it's initial objective and as a result also making a lot of Bitcoiners feel disappointed and frustrated with the current development therefore it's developers needs to act fast before it gets to a more complex situation.

[Don Pedro Dinero]

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.

I believe that the use of bitcoin as a means of payment had already been declining in recent years. Nowadays it is used more as an investment and the current fee environment, and even more so if it is prolonged by the more than likely upcoming bull market, will only further strengthen that position. It will be impractical for small payments but will still be very attractive for holding and transferring amounts of several hundred or thousands.

[Churchillvv]

I have been seeing complains every where about the transaction fees and looking from that perspective it seems Bitcoin has failed one of it potentials and goals of its creator.
Does this mean Bitcoin is not long going to be a payment method ? Or is it just for investment purpose, make profit and look for alternatives and get your profits.

Anyways, I'm not yet in the position of making much transaction so i will probably just keep watching till I see a positive result of the transaction fees, if non then I will just keep up with using alts for faster transactions.

[yhiaali3]

This is the hottest issue that is constantly being discussed both on and off the forum because the network situation is getting worse and the fees are becoming unbearably high and may even rise further if quick solutions are not found.

Bitcoin has deviated greatly from the goal for which it was created. I see through the forum and social media that many people have begun to look for other alternative solutions, such as transferring through cheaper networks such as TRON and Binance, and most of them have started holding Bitcoin as a store of value Or hopefully the problem will be resolved in the near future.

[Apocollapse]

It made me believe that we are drifting away from Bitcoin's original goal in some way.

Nope, even Satoshi himself know if Bitcoin could be a collectible or commodity, not necessary to be a currency. Why need to force ourselves to spend for $17 just to use Bitcoin as payment when you have another way to pay it for free or less than $17?

Bitcoins have no dividend or potential future dividend, therefore not like a stock.

More like a collectible or commodity.

Namecheap accepted Bitcoin and Bitcoin via Lightning Network in 2021.

To open a channel you need to make on chain transaction, so either you use on chain or lightning network, the result is same.

[crwth]

That's why a lot of people have decided to do take on a different approach and different cryptocurrency just to use it on everyday stuff because it's getting harder and harder for it to be used on transactions that normally wouldn't use a fee just to do it. It's really hard to have that in mind because you don't want to spend so much on a normal transaction.

It has affected me as well and it made me not want to touch it at all (unless needed to). In a way, it's a good thing to not touch or use my BTC but it's still not going with the goal.

It is quite disappointing.

[Strongkored]

Today tried to send my Bitcoin from electrum to cex and had to pay a fee of around $21 just to send an amount of $50, it was quite disappointing, and I'm sure there will be more and more people who are reluctant to make transactions with Bitcoin unless it's just for trading on the exchange, the fee is indeed will decrease over a certain period but those who need it immediately will still be constrained by what is happening on the network for now.

[CryptoHeadlineNews]

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.

For me, this high cost of transaction fee of Bitcoin is actually driving so many people away from it's use for the past 4 weeks now, because though we have have series of time when the Bitcoin Network was congested, but I don't think never has any lasted this long, of which its getting almost close a month now since the high fee in Bitcoin transaction started heavily, which is actually discourage mostly to newbies getting to use Bitcoin for their first time this period.
I also had similar issue, but instead of my transactions to be executed, it keeps telling me "transaction error, mempool conflict" even when I was willing to pay a high few of $25 just to transfer $85 to my Binance wallet

[traderethereum]

I don't know if this has anything to do with what @OP is looking for. But I think @OP can use other coins to pay his bills on Namecheap.
I found this article on the Namecheap site. @OP can read it later and I hope it helps @OP.

Code:

https://www.namecheap.com/support/knowledgebase/article.aspx/10089/7/how-do-i-add-funds-to-my-namecheap-account-using-bitpay/?_ga=2.91621018.1204020570.1703745754 -633873468.1703745754

I saw from that article that other coins could be used for payments. Apart from BTC, @OP can choose coins that have low transaction fees.
And indeed, those bitcoin transaction fees are now disappointing. Who knows how long it will take for us to see transaction fees return to normal?

[bluebit25]

In recent times, I have been quite limited to using and trading with Bitcoin. Perhaps the purpose of use is not more suitable for small volume transactions, so priority will be given to altcoins, but to be honest, the current problem is not a barrier for me to continue accumulating bitcoin in the long term.
It may not be making many people happy about the cost and speed, but it seems that the stimulation from the surrounding things is bringing excitement to the entire crypto market. Maybe when this period calms down, everything will return to stability.

[naira]

I agree, with high fees making Bitcoin deviate from its original goals, I wonder if this situation continues then the original goal of increasing adoption as legal payment will become increasingly difficult to realize. Of course, this is a concern for many people and they start to think twice, for example paying $20 for a service in Bitcoin but you are charged a higher fee. Doesn't this have a negative impact on our optimism for pushing Bitcoin as a legal payment?

Personally, for the time being I will stop sending Bitcoin until the situation really improves.

In fact, I became suspicious, regarding Ordinal maybe they were part of an agenda to thwart Bitcoin initial goals. Just imagine being a parasite on the Bitcoin network by exploiting the existence of Bitcoin. Isn't being a parasite a disease?

[Bureau]

I have been reading that the high transaction fees issue will fade away in some time. The only problem is that it does go away and again we go back to the normal days for some months. Then again we come across the same path that we had faced a few months back. This is an ongoing problem without any proper solution which is not helping Bitcoin. Now, after reading this post where the traditional payment was used, I also feel that the fees are not justified to Bitcoin's original identity.

[kotajikikox]

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.

this is truly a temporary problem but what OP wanted to impose is why we need to had experiencing such when we can use other sources with minimal if not a total free transactions with almost the same speed?
and besides this has been coming for how many chances each time bitcoin price rose high , this also made more people now understand the uses of altcoin and this brings also small damage to what bitcoin use to be from the creation.
if this will not change , I'm afraid that we will be seeing less users of bitcoin and a diversion to other option that offers the same speed , fees and uses.

[Mame89]

I usually use DCA btc every month and from the proceeds of the signature campaign payments then move them to my ledger. However, the costs are starting to get expensive and we are not fully ready. The best strategy right now is to let it stay on the exchange you're on, and wait for fees to start to normalize. Then move it to your cold storage in increments every month or so. This is the only thing we can do now when Bitcoin transaction fees are very high.

I would like to ask Are ordinals a threat to the current blockchain bloat? Or am I misunderstanding this? Because previously bitcoin was doing fine for years without Ordinal, shipcoin BRC, or whatever they were called.

[NeilLostBitCoin]

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.

If you have other payment options available, I suggest using them instead of Bitcoin. The transaction fee for Bitcoin is quite high, and if you dont want to pay a high fee, it's best to avoid using it for payments. Honestly, even though the transaction fee for Bitcoin is high, it doesn't bother me because I dont use it for my daily transactions. I have several other options for daily transactions, such as credit cards, cash, and e-wallets. As an investor, my point of view on Bitcoin remains unchanged despite the problem in transaction fee.

[Cookdata]

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.

Didn't we all like Ordinals and BRC20 tokens? The community can do it, deep down they know these shits are as good as spamming the network and agitation of the mempool with sudden increases in fees but miners will turn a blind eye and say it's good for adoption because where they are making money is degrading twice in every four years and they will use this to compensate their revenue, this is bad even if we make a 100% profits doesn't mean we have to spend everything later on the fees.

Binance will not think twice about spending anything on the fees because their ways of processing payments favours them. In the space of 15 minutes of waiting, they can have more than 10 request withdrawals or even more and when they process these 10 outputs and it happens to be a segwit wallet address, they will spend less than what they collect from all the users. Let's say they collect $17 each from 10 people, that's $170, they can decide to spend $80 on the fees for the combined transactions to get into the next block and they hold the rest of the money. Most of the time, Binance don't spend money on a single transaction, they combine them to lower fees but isn't that better than sending from a personal wallet that will ask for $30 for the next block.

[BRINIRHA]

Usually every time I do DCA from Cex I will immediately withdraw it to my Wallet. But this time I also feel a little uncomfortable because currently even the BTC withdrawal fee on Binance is also more than $26USD (0.00062 BTC). So this month I prefer to make withdrawals once a month to save on fees.

I hope fees can return to normal but the excitement and growth of BRC-20 seems to continue. Which makes transactions continue to pile up and provokes people to continue to increase transaction fees because everyone wants to get the fastest confirmation on the bitcoin network. I started to wonder. Will later, when Bitcoin adoption becomes greater, the fees will be much greater than now? I think we need a solution. or Lightning Network may be a solution for now.

[milewilda]

Usually every time I do DCA from Cex I will immediately withdraw it to my Wallet. But this time I also feel a little uncomfortable because currently even the BTC withdrawal fee on Binance is also more than $26USD (0.00062 BTC). So this month I prefer to make withdrawals once a month to save on fees.

I hope fees can return to normal but the excitement and growth of BRC-20 seems to continue. Which makes transactions continue to pile up and provokes people to continue to increase transaction fees because everyone wants to get the fastest confirmation on the bitcoin network. I started to wonder. Will later, when Bitcoin adoption becomes greater, the fees will be much greater than now? I think we need a solution. or Lightning Network may be a solution for now.

Its never been that comfortable on making transactions as of this moment specially if you are really having that small amount DCA on which this current fees would really hurt you much specially if you are making
several transactions but if not then it wont really be that much of an issue. It is really just this thig year on which it is really that too often about network congestion whereas these things cant really be that experienced often
before Ordinals existence which im not surprised that people would really be mainly blaming Ordinals for this situation. I have seen about a thread about Ddos- Dont know if its true or not
but its not shocking whose at fault if ever this is true. 

https://bitcointalk.org/index.php?topic=5479520.0

This is why it would be better not to make transactions as of this moment, but if you do have thousands of dollars in worth of Bitcoin then pretty sure that
you wont really be minding with this current high fees. You can definitely afford, i do understand into those feelings on where those small investors or traders who do make
out some small transactions on which this current condition which do really sucks.

[stompix]

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/

Stop using bitcoinfees, that website is garbage
Right now it shows

356.14 sat/vB $21.79 ≤ 20 min.

But there are only 0.16vMB of tractions, that's 1/6 of a block above 125 sat/vb!
A 356sat/vb would put you above that in the top 0.04vMB of the mempool, so top 5%!