bitcoin fees and how we accept its volatility

[AbuBhakar]

from this it can be concluded that changing bitcoin fees should not be an obstacle to bitcoin adoption.  For those who transact Bitcoin with small amounts, it's a good idea to pay attention to the time because you will definitely find the best time to process your Bitcoin transactions.

Yeah, Sending transactions in advance with low fee works well on me. I usually use my Bitcoin on gambling purposes by the time the transaction fee is high. I usually set my transaction fee to lower rate and just wait it to confirm after 2 to 3 days when Bitcoin fee slow down.

The fee is now stable to 50sat/vB in average which is good but I doubt this will continue on weekdays since Bitcoin ordinals hype is still active until now due to the Bitcoin highly speculated ETF approval that makes Bitcoin chain still popular for traders that wants to have a hype profit.

[1714821716]

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[wtsimis]

Transaction fees on the Bitcoin network are affected by factors such as network congestion and block size. Navigating Bitcoin fees requires a similar understanding of cryptocurrency market dynamics. Many times users balance their fees by approx. But accepting bitcoin inherent volatility is critical to its ecosystem. However, due to the volatility of these Bitcoin fees, many small businesses are unable to transact through Bitcoin.

[mv1986]

from this it can be concluded that changing bitcoin fees should not be an obstacle to bitcoin adoption.  For those who transact Bitcoin with small amounts, it's a good idea to pay attention to the time because you will definitely find the best time to process your Bitcoin transactions.

Yeah, Sending transactions in advance with low fee works well on me. I usually use my Bitcoin on gambling purposes by the time the transaction fee is high. I usually set my transaction fee to lower rate and just wait it to confirm after 2 to 3 days when Bitcoin fee slow down.

The fee is now stable to 50sat/vB in average which is good but I doubt this will continue on weekdays since Bitcoin ordinals hype is still active until now due to the Bitcoin highly speculated ETF approval that makes Bitcoin chain still popular for traders that wants to have a hype profit.

I don't know when and why this ordinals hype gets another push again. It seems to be coming in waves most of the time, but what triggers these waves is what I don't understand. If anyone has a clue, I would like to get a glimpse of what is going on and why so many ordinals are being pushed onto the blockchain or broadcasted.

Setting a limit for the transaction is good if you have the time to wait for the transaction to be confirmed, but it is painful if you have to send something now and it is stuck in your wallet. I think it can make sense these days to have some liquid crypto in a coin different from Bitcoin. Once the fees are high, swapping is also expensive.

[nelson4lov]

Well there were plenty of Ordinals mints and inscription going  on in December and couple with the fact that it was a festive period contributed. The Ethereum network experience high fees several times during the holidays so it wasn't surprising to see on bitcoin. I'm kinda gutted because I paid more than twice the current fee 32 sats / vB for a 1-week old transaction that wasn't getting any confirmations because fees were at 100+ sats/vb.

The lowest I have seen Bitcoin transaction fees get to in recent times is around October 2023.

[oktana]

Yes, I think it start somewhere around the second week of December. The highest transaction fee you saw was just $20? I saw $80 if I’m not mistaken. I’m fond of using trust wallet so I checked there constantly and I noticed seeing $80, and sometimes it was lower. It was later that it dropped to $30, and then lower and lower to where we have it today. I know you set make the fee settings manually, but the fact that $80 transaction fee was shown by default, that’s unbelievable.

[serjent05]

from this it can be concluded that changing bitcoin fees should not be an obstacle to bitcoin adoption.  For those who transact Bitcoin with small amounts, it's a good idea to pay attention to the time because you will definitely find the best time to process your Bitcoin transactions.

But in business and finance a delay in transaction due to whatever reason may cause millions of losses.  The fluctuating transaction fee is one of the hindrances of Bitcoin adoption.  Imagine having our transaction pending for days due to a fee surge,  it can incur us penalties and possible deal failure due to the delay caused by the unconfirmed transaction.  It isn't a good idea that we have to time sending transactions with Bitcoin just to have a cheaper fee.  Users of Bitcoin deserve to be able to send their BTC anytime without worrying about the possible fee surge.