Re: Transaction fee has gone up by 10x during the last two weeks
I have noticed that the transaction fee has gone up tremendously during the last two weeks. I am using Blockchain.com wallet, and until two weeks back I was paying somewhere between 1-3 Satoshi per byte for my transactions. But now the default fee in Blockchain.com has increased by more than 10 times, to around 40 Satoshis per byte. And I checked bitcoinfees.earn.com as well, and according to it, the fee needed for instant confirmation is around 220 Satoshi/byte.
I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?
I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?
Life was good until May 14, then:
What happened on May 14th? Well this:
Bart anyone? Or just table top mountain? Its when it moved from 7k into 8k. And now its suspiciously back to 7k. One would think the 7k was genuine while the 8k was hyped. But what would i know, this belongs to Speculation.
So while there is a lot of traders having fun, the Bitcoin network is saturated once again. Why, i wonder, none of the exchanges has tried Lightning? If not for the whales, at least for the casual users or those who do small day to day trading such as in Localbitcoins when used in hyperinflation countries, where the people only trade the bare minimum, enough for the week or even for that day just for basic needs.
For the time being there is nothing else to do but wait until this storm ends. I'm sure miners will enjoy these week bonuses...