Post
Topic
Board Bitcoin Discussion
Re: How high can the transaction fees become?
by
Kelward
on 17/11/2023, 20:11:06 UTC
Have there been made any calculations how high the transaction fees for bitcoin main network could get in the future?
You can check mempools there. The first website is more easily to use but if you need some advance, use the second website.
https://mempool.space/
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

Quote
I currently have my BTC stored on a MultiSig cold wallet, which can't be connected to a lightning node. Do you think it's a better idea to move them to a lightning wallet like on electrum for example before the transaction fees get too high? I want to avoid paying a big amount just for one transaction in the main network
You can use Lightning Network in Electrum wallet but you have to open your channel.

Basics of the Lightning Network
Electrum Lightning Network walkthrough
The Lightning Network FAQ
[Complete] A fortnight of lessons on the lightning network
Overview of lightning network nodes owned by forum users

Will be good to go through these links that you shared about lightening networks, it'll be really helpful to learn them, but I'm stock in my comfort zone and still paying the high fees. A member in my local board shared ViaBTC and how it works, yet here I am not taking advantage of any of these.

Guess I have to overcome my laziness and try one of these methods to bypass this crazy high transaction fees that we're experiencing now. It's really painful when we have to pay so much fees for a relatively small transaction
 

I know that the congestion is caused by too many transactions in the mempool, but nobody knows for certain how long we'll be faced with these high fees. Best to leave procrastination and embrace lightening network to minimize overspending.