Are High Fees Actually good for Bitcoin? My take after paying $24 to move $100

[Sammye3]

Last week I had to pay 42 sat/vB - about $24 to consolidate some small UTXOs. I was angry.Then I thought about it differently.

Is this a true story or you're trying to raise controversies? Because I can't seem to understand how you would pay $24 transaction fee to consolidate some "small" UTXO like you mentioned, was it on an exchange or a wallet?

When feesSo my question is If we want Bitcoin to be above what it is currently, and used by a billion people, shouldn't we STOP complaining about $5 fees and start admitting high fees are a sign of success?💪

In some sense, higher transaction fee shows that many people are competing for block space, and that in it's way shows that bitcoin adoption is growing but would that be fair to everyone? High transaction fees would discourage smaller transactions, because it would be unfair to pay a $5 transaction fee for a $20 transaction.

[Call_Me_Guru]

You are mostly wrong. Ordinals didn't exist in 2020–2021, but January 2023. Bitcoin fees weren't consistently at $0.10 during that bull market. They averaged over $60 at their peak in April 2021. Also know that high fees don't clean up dust UTXOs, they make them harder to spend. If a UTXO is worth $100 but costs $200 to move, it's effectively stranded. Consolidation happens when fees are low, not high.

Yes, Satoshi intended fees to replace the block subsidy as miners' main incentive, but that doesn't mean high fees are are good. There's a difference between a healthy fee market that secures Bitcoin and one that prices ordinary people out. Stop confusing expensive block space with successful adoption. We've seen how chaotic they could be in the past.

[Patrol69]

I think you have made a Bitcoin transaction without checking the mempool, which is why you have incurred such a large transaction fee due to making a transaction when there is a high mempool. There is no need to be in such a hurry when making a transaction, always observe the mempool and when you see that the mempool is normal, that is, if you make a transaction now, you will incur a very small transaction fee, then make a transaction. Even if I make a large transaction, I will never give $ 20 or $ 24 for each of my transactions, if necessary, I will temporarily suspend my transactions. Still, I know why I feel that there may be something wrong with your calculation because such a high transaction fee should not be normal.

[Majestic-milf]

You won’t find a lot of users who joined in forum from 2015 in our local board so don’t limit your audience to the OGs. That being said, I find it hard to believe you spent $24 on fees, especially after reading your other topic.

Baba fit dey find attention bad or e don turn adviser after e enter the shit but me sef no believe that cock and bull story. This user don dey trend for negative reasons and I no go surprise to see say soon enough e matter go cast.