Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Rehan Zakir on April 24, 2021, 12:46:12 PM
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During April, I saw a tremendous increase in bitcoin transaction fee. I think there are enough people who want to make fast transaction that they are willing to pay miner more than usual. Quite a few people seem in a hurry to get their turn for confirmation in the next block, so anyone who wants to send a small transaction has to be patient for a longer turn. I hope the mempool can be cleaned up as soon as possible, but if the panic of trader and investor continues then maybe these expensive fee will last longer.
So, i suggest you if you are a small trader then use other block chains then bitcoin block chains. There are many other block chains that are still very cheap for making transactions.
(https://i.imgur.com/UgkOeaG.png)
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We can see that transaction fee in bitcoin so high.we saw in april it's transaction fee will increase.So I told that maney treader and investor are face this expensive fee.So I told that it's the bearish seasone for cryptocurrency market. Otherwise we thinks that USA president joe Biden said, The one who earns more will pay more tax.
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Currently Bitcoin has increased the amount of gas fee extra. In such a situation we have nothing to do but wait. If Bitcoin's gas fee is normal again, then you can trade Bitcoin.So wait patiently Bitcoin gas will be normal.
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Bitcoin is going through a transition phase from a mode of payment currency to a store of value where coins like user uusdc xrp nano hbar. Coins that have super low transaction fees yet offer liquidity taking over the role of a mode of payment asset
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Last few months, Bitcoin transaction fees touched to the sky with competition of Ethereum network but now transaction fees for Bitcoin is comparatively low. I haven't made any transaction of Bitcoin in the last 5 months to avoid such huge transaction fees for my small transaction but i can't avoid ERC20 token transactions. BTW, we can hope in the upcoming days, we will find lower transaction fees for Bitcoin transaction fees. We don't have alternative way than wait.
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Sometimes serious commissions can occur in Bitcoin from time to time. What strikes me is that after the Berlin update, commissions in the ethereum have decreased significantly. Yesterday I wanted to transfer btc from a wallet to the exchange. When I saw the commission the network wanted from me, my mouth was open.
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I am not anymore updated with the transaction fees involved in the Bitcoin network. Seems I am more preoccupied with the more shocking gas fees in the Ethereum network. Now, we know that most of us here are using both Bitcoin and Ethereum especially those involved with bounty hunting, so maybe it can help if there can be an updated comparison chart in these two for the cost involved in the transfers. There is no question that transaction costs can be affecting the earnings we are getting in cryptocurrency and though we are wishing this is not the case we can't close our eyes to the realities in the industry we are in.
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Currently Bitcoin has increased the amount of gas fee extra. In such a situation we have nothing to do but wait. If Bitcoin's gas fee is normal again, then you can trade Bitcoin.So wait patiently Bitcoin gas will be normal.
Yes,I agree. I think we should wait, because high gas fee is the big problem now. Don't do transaction with high cost , you will lost alot. I think the team of bitcoin and alcoins will have good solution, that's my opinion.
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The advice you give is certainly effective for everyone. In fact, large investors are often willing to pay higher fees for faster transactions, which is why small investors have to face big problems, which is not desirable in any way. Therefore, small investors should reduce their use of Bitcoin wallets and use other wallets such as BNB, including Trust Wallet.
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The advice you give is certainly effective for everyone. In fact, large investors are often willing to pay higher fees for faster transactions, which is why small investors have to face big problems, which is not desirable in any way. Therefore, small investors should reduce their use of Bitcoin wallets and use other wallets such as BNB, including Trust Wallet.
the same situation is observed with dissatisfaction with the erc20 platform. Everyone talks about bad Ethereum, but nobody talks about bad Bitcoin because of the high fees. I believe that this is a huge nonsense, because given the popularity, demand and high cost of Bitcoin, you cannot expect low transaction costs. But if you look into the future and assume that Bitcoin will be used as a means of payment, then buying a cup of coffee in a cafe, paying for transactions will really be too expensive.
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Fees of almost all coins are so high this is true and i hope that soon the fee system is going to correct and we can pay the low fee. This time the ETH gas fee is also so much high and this is not good for the crypto lovers.
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I made a little guide a few months ago - Simple tips to save on bitcoin transaction fees (https://www.altcoinstalks.com/index.php?topic=184469.0)
The increase in the last few weeks was caused by the problems that miners from China had encountered. It seems they are (almost) back to normal capacity.
Just remember that the Bitcoin protocol automatically adjust mining difficulty every 2016 blocks (approximately 2 weeks) to bring the block time to 10 mins on average. The next adjustment will be happening in about 2 days. Expect fees to be lower by then.
Fees of almost all coins are so high this is true
I doubt that. Can you name me coins that has high transaction fees other than BTC and ETH?
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I try not to use Bitcoin to make payments, I only accumulate and use it for trading. Bitcoin is more suitable as an investment asset and for trading. For payment, I use coins with a low transaction fee, it is more convenient and faster.
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Big investors do not worried about transaction fees they just want quick transactions but on the other hand, the small trader doesn't not like high transaction fees. I believe most of the small traders invest in bitcoin to store it as an asset otherwise they do not want to pay high fees. Nowadays small traders love to use the Tron network and Binance Smart Chain because of less transaction fees.
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I try not to use Bitcoin to make payments, I only accumulate and use it for trading. Bitcoin is more suitable as an investment asset and for trading. For payment, I use coins with a low transaction fee, it is more convenient and faster.
indeed, the principle is if bitcoin is used as a payment only because of innovations that are constantly being updated to make it easier, but on the other hand it can also be of no use at all because the changing value fluctuations make it difficult to determine the right price.
I more agree with the way you treat bitcoin, only for trading, of course it is more usable as intended so far bitcoin is used. Of course, it is even better as a very profitable investment. Especially at this time bitcoin is indeed being upgraded so it is indeed very good for investment.
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If your transaction is not urgent then you can wait a while. Because after a few days, I hope that the free bitcoin transaction will come down a lot. So in my opinion there is no need to deal with such a high fee at present. If you wait a while, the fee will come down a lot.
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During April, I saw a tremendous increase in bitcoin transaction fee. I think there are enough people who want to make fast transaction that they are willing to pay miner more than usual. Quite a few people seem in a hurry to get their turn for confirmation in the next block, so anyone who wants to send a small transaction has to be patient for a longer turn. I hope the mempool can be cleaned up as soon as possible, but if the panic of trader and investor continues then maybe these expensive fee will last longer.
So, i suggest you if you are a small trader then use other block chains then bitcoin block chains. There are many other block chains that are still very cheap for making transactions.
(https://i.imgur.com/UgkOeaG.png)
I think we can do nothing, jut wait or you can choose other coin with another smart contract platform, not ERC20 platform. We all know ERC 20 is so high gas fee. I see many projects already migrated to BSC, waves and TRON.
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On these type of situations we need to make only the most important transactions.The rest of us have to wait for it to return to normal. This happens temporarily. After a while it will return to normal.Demand of Bitcoin is also high in these days.
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Bitcoin transactions are much higher at the present time than at other times. Currently I am very much concerned about Bitcoin's transaction fees. At present, since Bitcoin transactions are much more fee, it is better not to trade coins at this time if you do not need a large amount. When the transaction fee will be similar again, you will not have to pay extra gas for transactions. If you want, you can do bitcoin transactions in a few days. Hopefully, then gas fee will come down a lot.
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I believed it is reasonable enough for every Bitcoin enthusiasts to continue to endure with the high cost of transactions while paying with high fees, the high cost of electricity consumed by mining equipment is partly responsible for it, improvement in scalability issues of Bitcoin will drastically reduce the high cost of transaction, and invention of low electricity consumption equipment will also reduce the cost.
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We can see that transaction fee in bitcoin so high.we saw in april it's transaction fee will increase.In such a situation we have nothing to do but wait. If Bitcoin's transaction fee is normal again, then you can trade Bitcoin.So wait patiently Bitcoin transaction will be normal.
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We can see that transaction fee in bitcoin so high.we saw in april it's transaction fee will increase.In such a situation we have nothing to do but wait. If Bitcoin's transaction fee is normal again, then you can trade Bitcoin.So wait patiently Bitcoin transaction will be normal.
I think all investors and trader waiting the gas fee be normal again, it's so high.
I just waiting the project team ha avoid solutions for high gas fee.
Because I'm bounty hunter and trader, Im suffering , cannot do transaction because very expensive.
Maybe several member here suffering too.
Let's see and wait the crypto progress now.
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During April, I saw a tremendous increase in bitcoin transaction fee. I think there are enough people who want to make fast transaction that they are willing to pay miner more than usual. Quite a few people seem in a hurry to get their turn for confirmation in the next block, so anyone who wants to send a small transaction has to be patient for a longer turn. I hope the mempool can be cleaned up as soon as possible, but if the panic of trader and investor continues then maybe these expensive fee will last longer.
So, i suggest you if you are a small trader then use other block chains then bitcoin block chains. There are many other block chains that are still very cheap for making transactions.
(https://i.imgur.com/UgkOeaG.png)
Due to the high cost of Bitcoin, small traders are getting confused to use it.Those small traders for extra cost are going to invest on other coins instead of investing on bitcoin.However, I think that if this is the case, then the rate of investment on Bitcoin in the future may be a little lower because if it is used by rich people, then small traders do not want to do it.
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During April, I saw a tremendous increase in bitcoin transaction fee. I think there are enough people who want to make fast transaction that they are willing to pay miner more than usual. Quite a few people seem in a hurry to get their turn for confirmation in the next block, so anyone who wants to send a small transaction has to be patient for a longer turn. I hope the mempool can be cleaned up as soon as possible, but if the panic of trader and investor continues then maybe these expensive fee will last longer.
So, i suggest you if you are a small trader then use other block chains then bitcoin block chains. There are many other block chains that are still very cheap for making transactions.
(https://i.imgur.com/UgkOeaG.png)
Due to the high cost of Bitcoin, small traders are getting confused to use it.Those small traders for extra cost are going to invest on other coins instead of investing on bitcoin.However, I think that if this is the case, then the rate of investment on Bitcoin in the future may be a little lower because if it is used by rich people, then small traders do not want to do it.
To date, the investment inflow of funds into Bitcoin has noticeably decreased, at the same time, the position of Ethereum in the cryptocurrency market is only improving. According to some researchers, many investors have switched from Bitcoin to Ethereum and therefore we have such results to date.
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I can see btc cannot be the future of money if it stay unscalable in the near future BTC LN is already here but some test showed its not well secured yet I hope this can fix soon to enable LN very soon in terms of payments, ETH if successful in the most anticipated eth 2.0 will definitely challenged btc in terms of fees.
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Fee is not a problem anymore at this time because some other chains can provide us a much cheaper transaction fees like the Binance smart chain, XRP, Doge and many other coins with lower fees. I actually have a horrible experience sending Bitcoins to another wallet and the fee is not fair anymore because I sent $70 and the fee is like $20. 😅
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Big traders do not mind paying high fees as they want their transactions instantly. If we keep in mind the current Bitcoin value the fee is quite higher that a small trader avoids transacting in BTC. If the fee is bearable we can see more adoption of BTC in the future. Yes, its better for a small trader to use other blockchains like Tron and BSC as it is quite cheaper and faster as compared to BTC blockchain.
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I believed it is reasonable enough for every Bitcoin enthusiasts to continue to endure with the high cost of transactions while paying with high fees, the high cost of electricity consumed by mining equipment is partly responsible for it, improvement in scalability issues of Bitcoin will drastically reduce the high cost of transaction, and invention of low electricity consumption equipment will also reduce the cost.
I think , there are several projects have migrated to other smart contract platforms. like TRC20, waves and BSC.
Even though fees are so high, I have invested in BSC platform.
It is cheaper and There is several good projects at there.
Im waiting Ethereum team has good solution and I also do trading in BSC coin.
Because We want to get profit every day, not only waiting and waiting gas fee goes down.
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For projects, this is the right decision to move from a more expensive to a more stable platform for work. Quite a few companies have already switched from the ether platform to BSC, which is now becoming a very popular platform.
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The biggest hurdle in cryptocurrency now is gas fees. Because it is not possible to do any kind of cryptocurrency transaction for gas fee. This is because of the fact that gas fees are incurred when it comes to transactions and people are expressing their grief over the transaction in the most unfortunate way due to the huge amount of gas fees. In this way, cryptocurrency gas fee will become the biggest problem in a few days.
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Bitcoin and also the ETH transaction fee is so high its true and i hope in future the fee is going to be low in the market becasue the new projects are almost go to the TRX and also to the BNB wallet becasue of low fee.
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The increasing of bitcoin will also increase the transaction fee and there is nothing we can do, just pay the fee if you want fast transaction but if you are not in hurry then you can pay it low just expect the long transaction process.
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There is no need to worry if Bitcoin transaction fees increase because it doesn't really matter as well as valuable assets that must be protected because basically these Bitcoin traders do not focus on shipping costs.
What they focus on is the security of their assets in Bitcoin, such as creating a new wallet with a new Phrase or Private Key to make it safer when transferred. So, for the sake of security, the Bitcoin transaction fee is ignored bytrader and investors.
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Gas fees have risen sharply in recent days. Earlier gas fees were much lower but now the amount of gas fees is so high that no transaction can be done in cryptocurrency. Thus, if the amount of gas fee in the cryptocurrency is too high, then the cryptocurrency will be threatened because if the transaction cannot be done, it can be a serious problem.
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Currently the amount of gas fee is so high that it is unthinkable. Because it costs more than the token that I transfer, which is why cryptocurrency transactions are almost closed. Because if the amount is spent then no one will be able to do the transaction because the cost is double what the asset will get.
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The transaction fee is much lower than before. A few days ago, however, it was seen that no one could sell any coins due to high transaction fees. Even then, Ethereum's transaction fees were so high that no token on the Ethereum platform could be sold. Compared to that, the transaction fee of Binans Smart Chain platform is very low. Now that the price of Bitcoin has gone up, the transaction fee has gone up.
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If your current transaction is not very important then of course I will tell you to refrain from current transaction. When bitcoin's transactions will be free and normal, you can trade from bitcoin if you want.Although at present bitcoins transaction free is much more normal. You can still trade if you want.
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Patient to wait, do that until hard fork or use another coin/ network for transactions. This time BSC become alternative and we should use it before the price go high. Another method is use fiat pairs coin not coin pairs coin, meaning investment, do it use long term period and never foerget stop loss.
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Big traders do not mind paying high fees as they want their transactions instantly.
Basically, all traders should mind the number of transaction fees. They just have no choice because it should take a long time to wait for lower transaction fees. Big traders must consider the potential profits to earn if the transaction can be faster, that's actually the reason. Personally, I will also do the same if the transaction fees can be worth the profits. However, if it is likely to be not worth it, I prefer to wait for a weaker transaction fee.
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Well, all the charges schedule depend on the Exchange as if there is some exchange charging low fees but they provide BTC price low and there are exchanges who charge high but provide BTC price at a good selling rate.
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Yep, Bitcoin transaction fees are quite high nowadays. I am still keeping my Bitcoin on Segwit wallet because it spends expensive fees to send to exchanges. However, I have planned to send it to exchange once the price of Bitcoin can return above $50K. If it really happens, I will send my Bitcoin, I don't care even if the price of transaction fees is very expensive. As long as it is worth selling, I will send it with any number of transaction fees.
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High fees is a major problem in crypto market. Small traders are the main sufferer of this system. Some platforms are taking illogical fees which is sometimes becoming beyond the capacity. Your suggestion for using other platform is good but it is not possible to maintain all the time. So the fess should be logical. Platforms should decrease their high fees. It will encourage the traders to use the platform more which will ultimately increase the trade volume. This effect will finally positively affects the income of the platforms.
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Ethereum gas fees have been much lower for some time than before, but in some cases etherium gas fees are still higher. Ethereum network is much more fee when it comes to swapping tokens at Uniswap. In this case, many small investors and traders do not want to swap.
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Transactions are now much more free than at other times. In this transaction, we can never say that the normal transaction is fee. Because we have seen in the past that Bitcoin transactions are fee. Now that Bitcoin transactions are much more fee, it is better not to trade from the Bitcoin platform at present.
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When we are about to make a transaction and the cost suddenly rises high, of course it will be a disappointment in itself for us. However, if the transaction can be pending first, then we should wait for the price of the transaction fee to go down first, but if you are forced to transact with a large fee then just do it.