What's up ?

[kotajikikox]

From what I know, bitcoin’s transaction fees depend on how much transactions are waiting to be confirmed so if there are many who wants to sell their bitcoin then many are also waiting to get their transactions done.

It's part of the story. Another part is more important, how many people want to pay expensive transaction fee even their transactions are very small. By paying expensive transaction fees, they convert their small bitcoin value to dust. If there are more people like this when mempools are congested, transaction fee will be expensive. If there are less people like this, transaction fee will less likely be very expensive, just higher a little bit.

Mempools are congested because many people still decide to make a transaction with their bitcoin the thing is only most rich people can afford to do this.

This is why the transaction fees are getting higher. The richer people are willing to pay more but another richer person could and would pay with a higher fee so of course now everyone is suited to follow that.

Those with not much funds now have been left behind.

[Belarge]

Mempools are congested because many people still decide to make a transaction with their bitcoin the thing is only most rich people can afford to do this.

This is why the transaction fees are getting higher. The richer people are willing to pay more but another richer person could and would pay with a higher fee so of course now everyone is suited to follow that.

Those with not much funds now have been left behind.

The higher transaction fees are mainly triggered by the whales in the market, they know everything and they're also running smoothly when it involves their crypto activities. We have congested memepool and this can be as a result of the steady rise in the system. We have transactions fees that's simply based on the trader, either to selects a cheap network or go for high ones. Every category of trader or investor have their set and they will likely possibly utilized them.

[davis196]

What is up with Bitcoin transaction fee since two days ago now?

Since the value is dumping in the past days I expect the transaction fee to keep its low as well.

Or this has something to do with the massive sell off? Can massive sell off be thr reason behind the transaction fee spike?

Also is there any transaction booster that still works today? Like ViaBTC?

Are there any other boosters that are free like ViaBTC? Because this is the most talked about, I don't know any other. Thank you.

The "massive sell off" means that more traders/investors are moving their BTC, which means more transactions in the blockchain, which causes the transaction fees to go up. So the answer is yes, but I couldn't call this "a massive sell off". This is more like selling pressure, which pushes the price down, because the selling order are more than the buying orders on the markets right now. Maybe it's caused by FUD(even though I don't see any big FUD news) or maybe it's caused by the expectations of many traders, that the BTC price will drop after the halving, so they are selling now, in order to buy at a lower price in the future.

[Z390]

zz this happened when I wanted to send a small amount of bitcoin.
Transaction fees suddenly hike to 150 sats/byte from 34 sats/byte and it keeps rising now.
Any clue what is going on with this abnormal spike?

One thing is very clear though, there was no Runes when Bitcoin transaction fee surged so high some months ago, at the time we all agreed that its Ordinals, and now we have Runes too, and from the view of the runes community I see that its making good money from their fans.

There is nothing we can do about this than to wait it out, I made few Bitcoin transactions myself and I couldn't afford the minimal requested amount by my Bitcoin wallet, I had to use a smaller amount and the transaction hooked for hours.
I got tired of waiting so I went on ViaBTC and use their transaction booster, at first I thought it won't work but to my surprise it doesn't take more than thirty minutes the transaction went through, so far ViaBTC is still very reliable, if anyone is facing problem they should consider using a booster like ViaBTC.