Post
Topic
Board Bitcoin Discussion
Re: How high can the transaction fees become?
by
ZAINmalik75
on 18/11/2023, 01:08:33 UTC
Have there been made any calculations how high the transaction fees for bitcoin main network could get in the future?

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
That's a good idea. I did not give it a thought, but in my opinion, you should. It is not that the fees are going to touch the sky soon; they are just temporary spikes due to the ordinals and other manipulation by the bad actors of the market, which will be solved soon, but it is best for you and all of us to follow this idea.

Because to setup the lighting network, we do have to pay the current fee, so if we want to avoid that, we should setup one when the fee comes down. Actually, in my opinion, I don't think fees are going to come back at the normal rate anytime because the ordinal problems are increasing day by day. Today I just checked the volume of Ordinals transactions, and it was ATH since its inception.

I was stunned for a moment, but if it keeps increasing, then it will be best for all of us to move to LN nodes before the halving because, after the halving, the price might become double what it is now.