I've made a transaction and that fees made me crazy, I've lost what's being required by the mempool with the highest priority. I am aware of it but I have to do the transaction and cost me a lot honestly. And to see that the transaction fees dropped a lot, I should have been more patient and did my own transaction when the fees are a bit low than earlier.
This is why I always send my transaction with a custom tx fee that is adjusted manually. I lowered the fee to my desired amount and just enabled RBF just in case the situation needs me to confirm the transaction asap.
While I see people that are trading ordi are happy with their gains because of the pump that it has got and those that are doing margin trading. I don't know if they are aware of what it is doing to the network of Bitcoin and making the fees too much this time. Anyway, I know that this is temporary and still believing that we will see the lowest possible fees ever again.
These people don't care about the Bitcoin network, what they care is that they are getting profit from their trades. I also think that the Bitcoin developer will do something about this problem. If this continues, then more likely we will see many Bitcoin users look for alternatives. Only Bitcoin holders is not affected by this network fee hike because they are not moving their coins anyway.
You have to check the change in the transaction fee of the Binance which is considered as the top most and trusted exchange in the current market.They had increased from 0.00025 to 0.00045 when the bull market was up in the bitcoin price.Later now they increased their own transaction fee to 0.0006 which is almost 26.2$.
The binance exchange should consider about the margin traders who use to transfer 20-30$ to their wallets,do they think the traders will afford to pay 26$ for the transaction of 20-30$.This was more fishy and the huge liquidity based Binance should consider the fee for the margin traders.Because the market is mostly with the margin traders as compared to the whales.
For these transfers and withdrawals, it's always there written on how much the fees are and if it's with Binance, it's always that fix price for the withdrawals. Anyway, it's from Binance and everything seems to be okay for me and I just want to express what has happened when I paid a fee that much. This is not the first time but the other times were in altcoins that has that much fee but I was to recover it in profit though.The binance exchange should consider about the margin traders who use to transfer 20-30$ to their wallets,do they think the traders will afford to pay 26$ for the transaction of 20-30$.This was more fishy and the huge liquidity based Binance should consider the fee for the margin traders.Because the market is mostly with the margin traders as compared to the whales.