Why bitcoin transactions fees gone high and will be be increasing day by day?

[Maus0728]

The reason for the increase in transaction fees have been stated already and that's basically all there's to the reason why bitcoin transaction right now is so expensive, just wait it out though, that pressure in transaction fees will eventually settle down, the craze behind the halving hasn't died down yet so make this times as an opportunity for you to save up in fiat so when the time comes that all the hype's gone and the price goes down which will happen eventually, you can buy a lot of bitcoins with that money that you've saved up.

Regarding the whales, I don't think that they can spam the network unless they do want to do it, they've got the most to lose when the market is chaotic.

[darkv0rt3x]

You guys think the fees will ever go down back to what they were before the runes crap and before the halving? I mean, would we go back to fees as low as 30sats/vByte or something like that?

This is insane to pay over 100 sats/vByte. This was never intended to be te Bitcoin network. Cheap transactions for everyone purpose is rapidly going down the drain! (

[Franctoshi]

When the mining rewards has been cut into another halve due to Bitcoin halving that just took place and miners now get lesser rewards for the work they do , What do you expect them to do to cover up their expenses on electricity bill, is for the miner to increase their transactions fees ,and this I kind of believe at the moment have caused this increasing rate we are witnessing in the transaction fees lately.

[darkv0rt3x]

When the mining rewards has been cut into another halve due to Bitcoin halving that just took place and miners now get lesser rewards for the work they do , What do you expect them to do to cover up their expenses on electricity bill, is for the miner to increase their transactions fees ,and this I kind of believe at the moment have caused this increasing rate we are witnessing in the transaction fees lately.

The network didn't need the crap to increase fees. They would increase yes, but at a different pace, probably!
I don't understand how people still get along with this crap in the blockchain!

[InfinityExists]

If you want to know the cause, you can read about Runes.

They are tokens similar to BRC20 or so. Their transactions are making the network congested. Also Ordinals are part of the reason that we should not neglect.

Yep, that's at least where I'm running into high fees.

[coolcoinz]

You guys think the fees will ever go down back to what they were before the runes crap and before the halving? I mean, would we go back to fees as low as 30sats/vByte or something like that?

This is insane to pay over 100 sats/vByte. This was never intended to be te Bitcoin network. Cheap transactions for everyone purpose is rapidly going down the drain! (

It is insane and that's why they'll eventually run out of money to spam.

The market will self-regulate. You don't want to pay 100, I don't want to pay 100 and obviously most people don't want it too because it was 3 times more yesterday.
If you don't want to pay that much don't do it. You can pay 80 and get it confirmed in less than 6 hours, but you can also wait it out and get even lower price.

The fees will depend on how many people decide to spam the network but historically these attacks never lasted for very long. In May 2023 we were at 200, so higher than we are today and a month later it was back at 16.

[darkv0rt3x]

You guys think the fees will ever go down back to what they were before the runes crap and before the halving? I mean, would we go back to fees as low as 30sats/vByte or something like that?

This is insane to pay over 100 sats/vByte. This was never intended to be te Bitcoin network. Cheap transactions for everyone purpose is rapidly going down the drain! (

It is insane and that's why they'll eventually run out of money to spam.

The market will self-regulate. You don't want to pay 100, I don't want to pay 100 and obviously most people don't want it too because it was 3 times more yesterday.
If you don't want to pay that much don't do it. You can pay 80 and get it confirmed in less than 6 hours, but you can also wait it out and get even lower price.

The fees will depend on how many people decide to spam the network but historically these attacks never lasted for very long. In May 2023 we were at 200, so higher than we are today and a month later it was back at 16.

Yeah, I'm waiting and counting on that! I have an LN node that I want to keep alive and want to open more channels and eventually close some other channels but with these fees, I don't think so! lol. Patience is key, I guess!

[_BlackStar]

-snip-

The fees will depend on how many people decide to spam the network but historically these attacks never lasted for very long. In May 2023 we were at 200, so higher than we are today and a month later it was back at 16.

High transaction fees are annoying - but one doesn't need to use bitcoin as a means of payment as long as there are alternatives like altcoin. This is not the time to move bitcoin from one wallet to another - unless they can afford expensive transaction fees. Personally I tend to use altcoin for a while if I need to send someone a payment - while I'll hold bitcoin longer until transaction fee come down.

I agree with you - waiting is the solution, otherwise you will have to pay dearly for every transaction broadcast. That's how the network works to compensate miners who have currently received a cut of rewards after the halving - but I'm sure transaction fees will come back down.

[darkv0rt3x]

-snip-

The fees will depend on how many people decide to spam the network but historically these attacks never lasted for very long. In May 2023 we were at 200, so higher than we are today and a month later it was back at 16.

High transaction fees are annoying - but one doesn't need to use bitcoin as a means of payment as long as there are alternatives like altcoin. This is not the time to move bitcoin from one wallet to another - unless they can afford expensive transaction fees. Personally I tend to use altcoin for a while if I need to send someone a payment - while I'll hold bitcoin longer until transaction fee come down.

I agree with you - waiting is the solution, otherwise you will have to pay dearly for every transaction broadcast. That's how the network works to compensate miners who have currently received a cut of rewards after the halving - but I'm sure transaction fees will come back down.

Niet shitcoins here! Shitcoins are what the name implies! Shit!

I will patiently wait for the fees to go down. This won't last forever. Those shitcoiners will eventually run out of money to keep going with the crap!

[Volimack]

As far as I understand if the volume of transactions increases the amount of fees may increase. Data space is limited in each new bitcoin block so generally speaking the more transactions the network requires bitcoin miners to process the higher the fee as one goes, so does the other. Bitcoin is the most popular of the virtual coins released so far. Its value has increased at an incredible rate due to increased investment.

[AHOYBRAUSE]

It truely is super annoying and unpleasant.
Right now I need 2 transactions to finally go through and there is not ETA when this might happen.

Every time you think the situation relaxes a little bit 2 hours later there are 20000 new transactions on top of your which already had over 40k on top to begin with.
This happens every time and yet nothing is done to prevent this. If bitcoin is supposed to be the "future" then I don't know, transactions taking days and weeks to confirm unless you pay 100$ or more for it to go through doesn't sound so futuristic to me.
 
Sure there is btc lightning but who actually uses this? Signature campaign payments are done isn regular btc. If the fee situation doesn't get solved at some point the whole signature campaign thing here is doomed if we only stay on btc only.