Bitcoin transaction fees have disappointed me today

[Lucius]

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.

A simple question for you - why didn't you publish your story in one of those topics - do we need another topic where no one will write anything we didn't already know?

~snip~
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.

You just now realized that Bitcoin is no longer what Satoshi imagined? I would dare to say that it stopped being a long time ago when some realized that they could make Bitcoin a money machine, whether it was miners, owners of crypto exchanges or ordinary people who saw it as a way to profit. Just look at what these ordinary idiots do without any remorse and everything will be clear to you.

The next phase of "killing Bitcoin" is of course the introduction of big players into the game who will play with BTC through ETFs.

[alastantiger]

This high transaction fee and congestion will make you prioritize your transactions. The goal of Bitcoin is not being defeated rather the developers will a solution to the issue. If the transaction is not important the wait. If it is totally unavoidable use fiat or an alternative payment plan. If you must use Bitcoin and can bear the fee but not the congestion use, an accelerator.

[Mr.right85]

This high transaction fee and congestion will make you prioritize your transactions. The goal of Bitcoin is not being defeated rather the developers will a solution to the issue. If the transaction is not important the wait. If it is totally unavoidable use fiat or an alternative payment plan. If you must use Bitcoin and can bear the fee but not the congestion use, an accelerator.

It would be completely wrong and very surprising should someone who is a pro-Bitcoin with the exception of those holders that don’t care to sell even a sat from there holdings not to understand the issues associated with the cost of putting up a transaction on the Bitcoin network at the time. These give value to altcoin chains, fiat currencies and in a way, it promotes hodling.
It’s almost evident that in course of this resent but reoccurring development on the fees, Bitcoin holders seems to hold more with the need to process a high volume of transaction rather than sending transactions on the network in bits and having to pay a heav charge on it.
With this being the case, one might as well benefit from the rises that might occur within the time frame of accumulation and should the market fall, you bare the drop in valuation too.

[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.

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 ,

Last bull run on 2021, we didn't experienced this much. We can only lay it all to the devs as we just have to bear whatever is the situation now.

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.

On times like this, there is no way that we'll not find any alternative to save fees and that's why as long as there are other options that we can use to save fees, we'll use them.

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.

I don't think so, it's just going to happen that Bitcoin won't be ideal for payments but still the best store of value.

[BitcoinPanther]

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.

To think about the situation, we need to know what is the core goal of creating Bitcoin.  I believe it is to remove the trust system wherein a person have to trust the third party financial institution for the transaction.  Does Bitcoin high fees remove that? I think no... but it is getting harder for people to transact in Bitcoin because of the high fees while other form of fiat payment can deliver the job with less frustration.

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.

I don't think so, it's just going to happen that Bitcoin won't be ideal for payments but still the best store of value.

Just a question, how can be a highly volatile entity be the best store of value?

[bettercrypto]

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.

What you are saying is correct; well, in fact, from what I can see from what is happening now, if the crisis continues in such a scenario, maybe the other holders of Bitcoin will think of another alternative that is better, and they will exchange it for Bitcoin so that the transaction fee demanded is low.

Because what is really happening now is not good in reality, and only rich people can hold Bitcoin because they can afford the very expensive fee that is too heavy for most others.

[OcTradism]

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%!

It always shows over paid fee.

Stop using https://coinb.in/#fees too.

Use better fee estimates
https://mempool.space/
https://mempool.jhoenicke.de/#BTC,24h,weight
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

[Tamaperdana]

Bitcoin transaction fees have not seen a significant decline recently. Because I often check the mempool and the transaction fees are always around 4 to 5 dollars. I don't know what was the main trigger, but this is not a good thing for bitcoin investors. Because usually the increase in bitcoin transaction fees does not last as long as it does now. In the last few months bitcoin transaction fees have also increased, but only a few weeks and finally the fees fell again. However, the increase in bitcoin transaction fees that occurred this time took quite a long time.

[pinggoki]

Bitcoin transaction fees have not seen a significant decline recently. Because I often check the mempool and the transaction fees are always around 4 to 5 dollars. I don't know what was the main trigger, but this is not a good thing for bitcoin investors. Because usually the increase in bitcoin transaction fees does not last as long as it does now. In the last few months bitcoin transaction fees have also increased, but only a few weeks and finally the fees fell again. However, the increase in bitcoin transaction fees that occurred this time took quite a long time.

That's why it's the best for us to either wait a bit more so we can see if there's a possibility that it will go down even more, 17 USD is a significant down in the transaction fees for Binance, last I've checked weren't the transaction fees is around 50 USD? I hope that we get to see more significant drop in price soon given that the popularity of ordinals are taking a hit and the flak that it's getting from the community is just too much, maybe they'll eventually cave in to pressure and the people that's benefiting from all of this are going to put an end to all of this, this is one those stuff that lost it's charm because it got overused but I digress, from the looks of the transaction fee right now, it's a waiting game so buy more bitcoin right now to accumulate more and hope for the best.

[KiaKia]

Bitcoin transaction fee has been disappointing me for months now, I always feel somehow when I am about to make some transaction in bitcoin, the first thing that come to mind is checking mempool out to get update on the present transaction fee and if it's not good enough I cancel the idea for another day.

I read where someone said that high transaction fee has nothing to do with bear or bull market, that it depends on how many people are transacting on the network at the time, well I refuse to accept this claim, to make someone who think this day to see reasons, a new bull market must emerge.

My Bitcoin wallet wants $18 per transaction out of the box and I have to always adjust to the numbers I am getting on mempool, the bull market will be more uglier than it is today, fingers crossed. 

[avikz]

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.

It's very unfortunate! Couple of days back I had also open the topic where I had to pay $197 as transaction fee. It's very disappointing to see that Bitcoin has indeed drifted away from its main goal. If these continues, Bitcoin will only remain as an investment and people will start using alt coins to do their daily transactions.

Unless and until the ordinals are completely stopped from the Bitcoin network, I see no way out from this situation anytime soon. There was a discussion where Bitcoins dev were talking about banning ordinals from the network. Does anyone know the status?

[Lucius]

~snip~
Unless and until the ordinals are completely stopped from the Bitcoin network, I see no way out from this situation anytime soon. There was a discussion where Bitcoins dev were talking about banning ordinals from the network. Does anyone know the status?

I think the current status of that operation could be called "complicated", because as far as I understand it, it is not at all simple to remove ordinals without consequences for the blockchain. Except for those who have a great interest in making the whole thing last as long as possible (miners), the majority would very much like the developers to disable ordinals.

There is more about it in this topic -> (Ordinals) BRC-20 needs to be removed

[Essential10]

I have been noticing for some time now that network conditions and high fees are causing a lot of frustration and anxiety among users. Many are calling for immediate action before these problems escalate. Some are even considering switching to alternative networks or platforms if the situation doesn't improve soon. Basically, the rising fees make it difficult for small investors to buy and hold Bitcoin, as they may not have enough funds to justify paying the high fees for each transaction. This may limit their ability to participate in the cryptocurrency market. Self-sustaining bitcoins require regular transactions to move in and out of cryptocurrency wallets. High fees may deter smaller investors from doing so, potentially leading them to keep their bitcoins on exchanges or other platforms, which may be less secure.

[satscraper]

~snip~
Unless and until the ordinals are completely stopped from the Bitcoin network, I see no way out from this situation anytime soon. There was a discussion where Bitcoins dev were talking about banning ordinals from the network. Does anyone know the status?

I think the current status of that operation could be called "complicated", because as far as I understand it, it is not at all simple to remove ordinals without consequences for the blockchain.

The issue of a congested mempool is actively debated within the developer community.It can be confirmed by reviewing ongoing discussions    here.

Among the various proposed solutions two approaches stand out. Firstly,  the implementation of filters for non-standard Taproot transactions. In this case they say that it could be done even without a soft fork. The second approach involves enlarging the block size. in my opinion it would be a worst option which  widens the avenue for spam and is thus less preferable.

[The Sceptical Chymist]

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.

I'm guessing there weren't that many in that subset of bitcoin holders to begin with, much less now when network fees are prohibitively high.  It's so much easier to use litecoin, doge, or pretty much any other altcoin that's accepted where bitcoin is, and that's been the case for quite a while now.

And yet it'd still be nice to send bitcoin to another person or another wallet without having to pay such crazy fees.  This stuff has popped up several times in the past few years, but for whatever reason I don't remember the problem lasting this long.  Hopefully network congestion or whatever's launched network fees into the stratosphere will work itself out to the point where the average person who doesn't want to pay 20% (or however much) of a transaction to the miners can send bitcoin again.  It sucks when it's like this!

[tbct_mt2]

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.

Bitcoin can be used for many use cases and payment is only one of its use cases. I honestly feel nothing is bad if I can not use bitcoin for my payment. Because I have bitcoin but my financial life and daily expense, payments are not depended on Bitcoin. I can use other methods to pay my expense, cash, bank transfer, stable coins and altcoins.

Bitcoin in my plan, is my storage of savings and investment. I only use it for payment if transaction fee is cheap for me because I don't want to lose too many satoshi for transaction fee. Satoshi will have its value increasing with time and I want to save as many satoshi as possible.

[Nrcewker]

This transaction fees have really annoyed many daily traders to be honest. We have two options while sending the Bitcoins. Either we have to wait for longer time in order to get Bitcoins or else we have to use pretty expensive fees to get the Bitcoins quickly in the wallet. Both things really don’t favour at all towards a normal trader. Nevertheless we can’t really do anything about it. We need to wait till the blockchain or mempool is less congested in order to do the Bitcoin transactions or else we need to convert it into another coins and send/receive it.

[ultrloa]

This transaction fees have really annoyed many daily traders to be honest. We have two options while sending the Bitcoins. Either we have to wait for longer time in order to get Bitcoins or else we have to use pretty expensive fees to get the Bitcoins quickly in the wallet. Both things really don’t favour at all towards a normal trader. Nevertheless we can’t really do anything about it. We need to wait till the blockchain or mempool is less congested in order to do the Bitcoin transactions or else we need to convert it into another coins and send/receive it.

Nope we have three option rather and that is to exchange it with coins which have lesser fee which I think the main option done by majority want to escape such huge fee what currently have by bitcoin.

I really feel how OP got annoyed about it since instead of transferring directly using bitcoin we are been bothered by this huge fee that we need to take and its painful in our wallets to always pays such amount. That's why some people just forget to use BTC for a while since they prefer to hold it or just go with their favorite altcoins since this could give them a temporary convenience.

Base on mempool fee still high https://mempool.space/ but I think this is reasonable for people who want to transfer a huge volume and they should use the recommended fees base on what figures given.

[bhadz]

I don't think so, it's just going to happen that Bitcoin won't be ideal for payments but still the best store of value.

Just a question, how can be a highly volatile entity be the best store of value?

What do you describe Bitcoin? Do you hold it as an investment? If so, then you're considering it as a store of value. Or, this is my take about Bitcoin for being the best store of value because this is what I've got. The other store of value, I don't have them and that's why it is the best for them. Thus, we're in a Bitcoin forum that makes every person here anticipate that they're also in Bitcoin but we've got different thoughts of how it is for being the best or not.

[taufik123]

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%!

It always shows over paid fee.

Stop using https://coinb.in/#fees too.

Use better fee estimates
https://mempool.space/
https://mempool.jhoenicke.de/#BTC,24h,weight
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

So those sites that provide information about bitcoin gas fees like that are just junk sites.
My mistake is indeed not to compare it first.
I also use Mempool.space, and yes thanks for the warning.

Nope we have three option rather and that is to exchange it with coins which have lesser fee which I think the main option done by majority want to escape such huge fee what currently have by bitcoin.
-snip-

Day traders actually don't really care about using Bitcoin or not, because they trade in a wide variety of coins.
To make withdrawals can indeed exchange with coins that have cheap fees such as TRX, or use Fiat with different networks such as BSC, Arbitrum, TRON, Polygon etc., it will greatly save for the problem of withdrawal fees.