High fees is a never ending story?

[SamReomo]

I use exchange wallet and directly sell or convert to stable coins before withdrawing to bank account, for using bitcoin as transaction awhile need more patience with slowly transaction process and take higher fees for sending.

I would never recommend you to use exchange wallet for receiving your signature payments. I used to do that but a mixer named Sinbad was seized by SEC and all those members who had used their exchange's wallet got warning notification from the exchange.

I faced that issue myself for few days and later on I decided to use my own personal wallet for receiving of payments instead of going with an exchange's wallet. That's why I will never recommend anyone to use an exchange's wallet for receiving of funds.

[0t3p0t]

27 sat/vB
$2.38
29 sat/vB
$2.55
30 sat/vB
$2.64
This is the current fees which is slightly lower compared to what we have six hours ago and it's quite normal. But even though it cost me around 3 dollars for the transaction I don't mind using exchange wallets as what others did because of the fact that my signature campaign is a mixer I don't want to have trouble with the weekly rewards as exchanges might detect it as suspicious transactions since I personally do not know where that funds come from. 

[TomPluz]

There is always the tug of war between our wish for Bitcoin to go bullish and its corresponding increase in transaction fees as there will surely be network congestion when BTC market is getting hyperactive. We can be happy that Bitcoin is breaking new records from time to time in terms of price but we ca also be sad to see the fees skyrocketing especially these days. According to this Ycharts site, the Bitcoin Average Transaction Fee (I:BATF) is 13.30 USD/tx for Apr 16 2024. And it is quite high for a cryptocurrency transaction but it is find if you are sending  Bitcoin worth at least $1000 maybe but definitely not for small transactions much more like buying some groceries or a cup of coffee. And with this reality alone, I am not wondering why BTC is carving its reputation more like a store of value rather than a usual currency you can use to buy anything you want. With the way it is right now, I don't see a viable solution for this problem in the near future.

[Stompix]

Showing the Bitcoin fee movement in dollars is quite irrelevant, at least for any analysis. The price of Bitcoin can only indirectly affect the fee, and only if it causes an increase or decrease in the number of transactions.

The value in $ is what people care about when buying something.
Do you think somebody would care if they paid 10,000 sat/vb if that's 1 cent?
People still think in $, you buy stuff that's priced in $ so you will think about how much of that you spend transferring it, if Bitcoin reaches 700k do you think anyone would say, oh, it's just 10 sat/vb let me pay 40sat/vb for it as I got used to it or will they say that no way in hell are they paying $100 to buy something a visa card charges zero and doge a quarter of a cent?

Anyhow, sat/vb or USD per tx, fees are still lower by both metrics right now compared to December, on chain usage other than ordinals is simply dead, I hope some migrated to LN, but I'm still waiting for true signs of this.

For example, the current fee is a modest 232 sat/vB and the current value of Bitcoin has no significant effect on it.

I don't get this one...

[taufik123]

That is the main issue that affected the network again, it congested that we have seen above 100 sat/vB transaction. And the timing of the developer pushing for Rune Protocol, he can't deny that he is doing this to disrupt the network again as what he did with his BRC20 ordinals . So this will cause another friction on the Bitcoin core dev side, as there could be Bitcoin enthusiast that says that they are not doing anything to prevent this or close the exploit that the BRC20 and Rune developer has found on in the code. Nevertheless, if we have endured the high fees before, I think we can live with it right now and let it die a natural death in the next coming months.

But I don't know, many claims that Rune Protocol would be better, even though a few years ago the bitcoin network was indeed disrupted with ordinals and BRC-20.

Bitcoin is open source and anyone can develop the project, but if the development of a new network is very burdensome for the Bitcoin network, of course the community has the authority to remove it.

But is it entirely doable, as technological developments are getting better and there may be a major way out so that the Bitcoin L2 network does not significantly disrupt the main network so that there is no surge in transactions that will bring the network to a standstill.

[Baofeng]

That is the main issue that affected the network again, it congested that we have seen above 100 sat/vB transaction. And the timing of the developer pushing for Rune Protocol, he can't deny that he is doing this to disrupt the network again as what he did with his BRC20 ordinals . So this will cause another friction on the Bitcoin core dev side, as there could be Bitcoin enthusiast that says that they are not doing anything to prevent this or close the exploit that the BRC20 and Rune developer has found on in the code. Nevertheless, if we have endured the high fees before, I think we can live with it right now and let it die a natural death in the next coming months.

But I don't know, many claims that Rune Protocol would be better, even though a few years ago the bitcoin network was indeed disrupted with ordinals and BRC-20.

Bitcoin is open source and anyone can develop the project, but if the development of a new network is very burdensome for the Bitcoin network, of course the community has the authority to remove it.

But is it entirely doable, as technological developments are getting better and there may be a major way out so that the Bitcoin L2 network does not significantly disrupt the main network so that there is no surge in transactions that will bring the network to a standstill.

It's just another protocol, so I don't think it will succeed. And it's just an obvious thing that this developer is trying to do again. Either way, it is disrupting the main network so what can do you or who can you define them that is a breakthrough as far as Bitcoin L2 network goes?

It will still be look that way, BRC-20 or ordinals or Runes, the same effect on the network. And for average joe Bitcoin investors, it's not like we wanted to see the fees going up again.

[dwyane36]

It will still be look that way, BRC-20 or ordinals or Runes, the same effect on the network. And for average joe Bitcoin investors, it's not like we wanted to see the fees going up again.

I think that regular users and those who are not interested in ordinals hate those who create all this hype around ordinals and consequently provoke an increase in fees in the Bitcoin network. The only ones who can be happy about it are the miners because they earn even more because of it.

[KingsDen]

Nevertheless, if we have endured the high fees before, I think we can live with it right now and let it die a natural death in the next coming months.

We have endured the high fee before and we are also living with it. But seeing it dying naturally is something I don't think will happen any moment. How will the mempool congestion be something of the past? Are core developers able to displace ordinals and how are they going to do that? I would just want to know a little about how this is going to be.
If the fees are still high now, I wonder what will happen if BTC makes $100k and there will be alot of selling pressure.

[Aanuoluwatofunmi]

It wont be funny that when some of us discover on what we called to be high fees is nothing compared to what other crypto network or fiat system charges, and moreover, this is not something that may last long concerning bitcoin and we cannot predict if any development will occur in finding a permanent solution to it, if we really understand the value of bitcoin, we will realized that the transaction fee is nothing to worry about.

[Gurujebs]

It wont be funny that when some of us discover on what we called to be high fees is nothing compared to what other crypto network or fiat system charges, and moreover, this is not something that may last long concerning bitcoin and we cannot predict if any development will occur in finding a permanent solution to it, if we really understand the value of bitcoin, we will realized that the transaction fee is nothing to worry about.

Let's be honest for once, the fees asked by some crypto chain are very ridiculous. There was a time ethereum do ask for $100 to execute a smart contract call, even now if you check the ethereum Explorer, the asking fee for contract execution and some transaction can go as high as $10 which is very high compared to fiat transactions you are talking about.

Bitcoin is not different from this but where I love Bitcoin network is that the fees only fluctuate when the mempool is congested and sometimes when the inscription are much on the network due to ordinals transactions.

[Stompix]

It wont be funny that when some of us discover on what we called to be high fees is nothing compared to what other crypto network or fiat system charges,

It won't be funny when you realize it's the opposite!
Most banks here offer you a free account with free interbaking transactions, I pay exactly zero for an instant transfer to a friend in another town and his account gets credited in seconds, basically, he can give me a call while going down the stairs and by the time he arrives at the ATM next to his house he already can withdraw, again, with zero fees.
Only a few banks still charge 1 euro for cash deposits or maintenance fees depending on what extra services you have.

Unlike some cryptos banks haven't stayed by 2000 standards and have improved quite a bit, of course not in all countries but at least in Europe you simply can't find fault with fees and time.

[taufik123]

-snip-
It will still be look that way, BRC-20 or ordinals or Runes, the same effect on the network. And for average joe Bitcoin investors, it's not like we wanted to see the fees going up again.

I don't know what the Bitcoin network will be like when the Rune Protocol comes into existence and it will be a memecoin Protocol for Bitcoin and more NFTs that own memecoins.

Now the lowest transaction fee is at 10 sat/vb and the highest is 79 sat/vb, but I hope it doesn't give a bad congestion effect like in the last few months before when ordinal and BRC-20 appeared.

[dkbit98]

It's just another protocol, so I don't think it will succeed. And it's just an obvious thing that this developer is trying to do again. Either way, it is disrupting the main network so what can do you or who can you define them that is a breakthrough as far as Bitcoin L2 network goes?

Rune protocol is not my thing.
I think that Bitcoin sidechain implementation would fix most problems we have today with fees, and this could also give us much better privacy for bitcoin.
There are people who are against this and they want to keep bitcoin as it is now, but that could make it unusable for most people in future.
I don't think Lightning Network will ever be adopted enough, and I always hear people complaining about it.

[LUCKMCFLY]

-snip-
It will still be look that way, BRC-20 or ordinals or Runes, the same effect on the network. And for average joe Bitcoin investors, it's not like we wanted to see the fees going up again.

I don't know what the Bitcoin network will be like when the Rune Protocol comes into existence and it will be a memecoin Protocol for Bitcoin and more NFTs that own memecoins.

Now the lowest transaction fee is at 10 sat/vb and the highest is 79 sat/vb, but I hope it doesn't give a bad congestion effect like in the last few months before when ordinal and BRC-20 appeared.

Well, it can be Said that for some people it can be somewhat Expensive , I think that if a New Network is created where the Effect of fees is minimized , not bad , then People will be more Willing to operate more. with Bitcoin , sometimes Almost 7 usd Because it harms the People , and Almost leaves it without priority because it takes a Long time for the transaction to Arrive , so Everything has its price, but in another aspect, as the Improvements are Coming , it is speculated that Bitcoin can reach over $100k and if this happens I don't want to imagine how Much the Transaction Fees will be , even if the BTC fraction is the one that Moves, because it always Turns out to be the Biggest problem all the Time , and that makes many people feel self-conscious About Moving some Btc.

[Faisal2202]

I think you should use wallet like Electrum, I'm not saying Trust wallet is bad but they are not free to use like to customize fees like you want and even if they might have updated that, they don't allow coin controls features and with this, you can't spend an outputs singularly and when they are joined together, it will make you pay more. The more the inputs you add together the more fees you will likely pay.

I can't agree more with you, I have used Electrum Wallet and I am well aware of the pros and cons of Electrum Wallet in compared to Trust wallet, as a matter of fact, I also suggest people to use electrum, but I have my own reasons due to which I was using TW and might be using for sometime. Shifting to Electrum overall is a little hard for me haha its looks funny but its the same feeling that we get when shifting from one home to a new one. So I don't want to leave the old one completely. hehe I hope you understand.

The only time that we might see fees in that range is going to be in bear market, that's the only time Bitcoin don't get demand and the lesser the demand, the less activity the Chain becomes and the less fee people pay for transaction, gradually on it own it will reduce to that level but not now in this bull run. Ordinals are also contributing to the increase in the fees.

You are right to some extent means we might see fee going to 1sat/vb in bear market but not because the demand is very low, and speaking of demand only, it is not going to decrease in future as it will be adopted in a lot of countries till 2028. Plus the value in dollars per sat is also going to increase overall. Which means even if the fee goes to 1sat/vb the dollar value will be higher than before due to inflation and the deflation factor of BTC price.

Halving is the main factor that will increase the price of tx more and more. Currently we are already seeing an increment and in future like after 1 or 2 months we will see where the tx fee will set there limits like what the average fee rate will be.