Post
Topic
Board Bitcoin Discussion
Re: Excessive Bitcoin fees
by
Synchronice
on 12/04/2024, 13:55:57 UTC
Have you tried checking bitcoin's transaction fees today and if I remember correctly the transaction fees are around 40$ per transaction?
No way, transaction fees weren't that high today, during the time I posted, it was around 6-7 dollars but just right now it's up to $20 based on average native segwit transaction of 140 sat/vByte.
$40 is also still affordable for some people. If transaction fees $100 or something like that and will stay that way for more than two weeks, I think then there will be a major decision made about Bitcoin's block size or other solutions but I think that people just move on altcoins and don't use Bitcoin for daily transactions.

Nevertheless, for me this is just another temporary hiccups to all of us and we should bear with it. This won't last long as we have seen last year and then gradually back to like 6-10 sat/vB (in my view this is bearable to most Bitcoin enthusiast).
High fees are bad for Bitcoin. Mempool is getting spammed by ordinals and normal users are not able to use Bitcoin. So frequent high fees are not temporary anymore, it has become a habit, it's already unstable, one day you wake up and fees are low, another day you wake up and understand that you can't move your coins because fees are out of this world.