Bitcoin transaction fees have disappointed me today

[EarnOnVictor]

You are able to make the withdrawal eventually as explained because you understand the system very well and you also have the resources that helped you to make the right judgments when you needed it. But it is not the same with everybody, especially those who have their Bitcoin in a wallet and must pass it through the right channels which will never be instant no matter the wallet used.

Well, it is not new, the system has been defeated by a lot of flaws that need fixing. It is ever money for miners now and they will never want a change. Even if this mess stops now, it will resurface later again due to how the system is. Bitcoin is not that good cryptocurrency for payments anymore, those altcoins have taken that from it and there is an urgent need for the narrative to change, or else, you will hardly see people using Bitcoin for payments any longer but only for investments and trading. This situation is so discouraging.

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[blapaz]

I believe that stating that Bitcoin will be used as a currency, and that the current high fee problem is temporary (if nothing changes), is merely wishful thinking. What I observe (though I may be mistaken) is that the fees have decreased because usage has temporarily decreased.

Bitcoin's value may persist and even increase because it is perceived as an artifact.

In the dev mailing list, I did read that some were suggesting the removal of the feature that enables ordinals or even banning them entirely (!!).

We have no control over these matters; things may change, but I don't see any changes that would enable Bitcoin to be used as it was originally intended.

[bettercrypto]

You are able to make the withdrawal eventually as explained because you understand the system very well and you also have the resources that helped you to make the right judgments when you needed it. But it is not the same with everybody, especially those who have their Bitcoin in a wallet and must pass it through the right channels which will never be instant no matter the wallet used.

Well, it is not new, the system has been defeated by a lot of flaws that need fixing. It is ever money for miners now and they will never want a change. Even if this mess stops now, it will resurface later again due to how the system is. Bitcoin is not that good cryptocurrency for payments anymore, those altcoins have taken that from it and there is an urgent need for the narrative to change, or else, you will hardly see people using Bitcoin for payments any longer but only for investments and trading. This situation is so discouraging.

I agree that in this day and age, it is not a good idea to make Bitcoin a payment mode in any business today because of the bitcoin fee it is currently showing in its bitcoin network, which is already too expensive, and it is not practical anymore, to be honest.

That's why it's a crisis right now for everyone who has holdings of Bitcoin. If this is what's happening, it's not a good thing because if this expensive fee continues, maybe eventually the community in the field will look for another alternative investment. This is the crypto industry.

[wtsimis]

Because of Bitcoin's high transaction fees, many small transactions are not possible. Due to which small traders are not able to transact through Bitcoin. On the one hand the fees are high and sometimes it takes a long time to complete the transaction. This is taking Bitcoin away from the original purpose of Bitcoin. Until Bitcoin transactions are faster and fees are lower, Bitcoin may not be viable for small businesses.

[Bushdark]

Because of Bitcoin's high transaction fees, many small transactions are not possible. Due to which small traders are not able to transact through Bitcoin. On the one hand the fees are high and sometimes it takes a long time to complete the transaction. This is taking Bitcoin away from the original purpose of Bitcoin. Until Bitcoin transactions are faster and fees are lower, Bitcoin may not be viable for small businesses.

The high transaction fee had made little transactions with little fee not to be confirmed. If the high transaction fee keep increasing like this, it is going to affect many people that are always trading Bitcoin. There are many obstructions the high Bitcoin fee had caused to Bitcoin traders and it had made many to be dishearted and confused. I am not really happy about the nature of the Bitcoin market hoping things is going to be resolved very soon.

[FinneysTrueVision]

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.

The transaction just has to be broadcasted and detected by their system within 15 minutes. It is not necessary to be confirmed in that time because sometimes there is more than 15 minutes in between blocks.

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.

I was curious about this as well so I did a test by topping up $1 to my account and BTCPay only had onchain BTC as an option but BitPay does create a lightning invoice if you select a lightning wallet, like Blixt, from their options. I was afraid BitPay would ask for KYC but all they asked for was an email — you can use a burner email if you want — and my transaction was completed within seconds.

[macson]

bitcoin fees are not stable so you have to check again, a few hours ago i checked the mempool and the "low priority" bitcoin fee reached $20 and now the fee has dropped quite a bit so try to always update it and send your bitcoin at the right time.

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.

This is the problem, i'm sure the lighting network was created to be an alternative in the future when bitcoin transactions are booming, to be honest, this fee issue will hinder bitcoin adoption, i can't wait to see the best breakthroughs from the great developers out there for immediately resolve the fee fee problem that is currently attacking bitcoin.

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.

ordinal is a leech, when the ordinal project will close, it will be good news lol.

[KingsDen]

Sincerely, if bitcoin has to compete with other payment methods, bitcoin will fit very well, but with this condition of the mempool, bitcoin payment is obviously the most annoying presently. We have known that this is temporal as it is one of the activities of bitcoin. But this time around, it has persisted more than expected. As I saw this topic, I remembered what a friend wrote to me that bitcoin has mared his Christmas as he has alot of bitcoin in the mempool while he is not enjoying his Christmas as he wished.

I am optimistic that from next year things have to change because if this continues till the upcoming bull run, obviously bitcoin network will be a complete mess. I beg the miners to shuttle their sword and stop spamming the network for a temporal gain.

[riverdip]

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.

you are making sense i agree !

this is why i use LTC for small top ups to namecheap

[BenCodie]

bitcoin fees are not stable so you have to check again, a few hours ago i checked the mempool and the "low priority" bitcoin fee reached $20 and now the fee has dropped quite a bit so try to always update it and send your bitcoin at the right time.

It has been consistently above 100 sats/vbyte for a while. Unfortunately, no signs or news as to when this will be resolved. Quite annoying!

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.

This is the problem, i'm sure the lighting network was created to be an alternative in the future when bitcoin transactions are booming, to be honest, this fee issue will hinder bitcoin adoption, i can't wait to see the best breakthroughs from the great developers out there for immediately resolve the fee fee problem that is currently attacking bitcoin.

It is, though the problem is that you are stuck in the lightning network until you pay the transaction fee to close the channel. So really, this is not the greatest solution to the problem. It just helps for those who are making frequent payments between the same party.

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.

ordinal is a leech, when the ordinal project will close, it will be good news lol.

It is, and I also look forward to where there is a new development that regulates this part of Bitcoin, or when miners decide to opt out of it. Though for the moment, miners would be making a killing out of it...so I am sure there is no effort or motivation on their part to fix the problem at this point in time.

I still wonder who/where the origin of the blockchain traffic is....if this is intentional and not retail (highly doubt it's retail) then I still think miners have an involvement in the creation of all of these ordinal transactions.