What is going on with the insane bitcoin transaction fees?

[sitm1914]

I want to kick over an order to a vendor but I'm seeing transaction fees as high as $25 or more. Is this a bug with my wallet manager (Electrum) or are other people seeing these super high transaction fees?

I'd love to put in an order with autogen99 but these fees are insane!

Thanks!

 

[luckyrabbit]

I have no clue what the cause is, but I noticed the same thing with Mycelium. Even had a transfer get stuck over 24 hours after choosing too low of a fee and ended up paying $25 to an accelerator to make sure it went through. Definitely not planning on using that wallet for a while...

 

[sitm1914]

I have no clue what the cause is, but I noticed the same thing with Mycelium. Even had a transfer get stuck over 24 hours after choosing too low of a fee and ended up paying $25 to an accelerator to make sure it went through. Definitely not planning on using that wallet for a while...

Sounds like you are already aware of this but for others -- make sure your wallet software supports Replace-by-fee (RBF). This will allow you to change the amount of fees you spend if you need to do so.

 

[Road Hog]

Sounds like you are already aware of this but for others -- make sure your wallet software supports Replace-by-fee (RBF). This will allow you to change the amount of fees you spend if you need to do so.

RBF not gonna lie, I dated one back in the day.

I lost interest in learning more about crypto back in the winter of 2017, sadly. I’ve been using the first generation Trezor hardware wallet ever since (considering it’s the only thing I know, and I’ve lost money trying others from just being stupid). I probably would have been better off with a Ledger nano, but whatever. At one point in the past year or so I noticed I had two btc wallet accounts on my Trezor, Legacy and a Segwit, I had always used the Legacy until one day I noticed the fees were high af. So I transferred my funds to the Segwit and the fees were less. I’m not sure if it was just a matter of timing or combo of both or what, but it saved me some coin! I think. All I know how to do (since 2017) is lose coin so don’t take any advice from me. I guess it’s like everything else. Went to a gas station the other day and got a honey bun and a nutter butter and the shit was like almost $8! Wtf

 

[LatsDoodis]

Ordinals. People claim it slows the network and causes more confirmations and more congestion. It has become prohibitive to me.

 

[sitm1914]

Keep in mind that each block only has a limited size so essentially people are always "bidding" to get something in that block. That's why a lot of wallets show a reduced price if you can wait 10+ blocks.

Bitcoin TX rates have gone through the roof. I actually prefer XMR (Monero) for the added transparency.

The last time I checked BTC TX fees, they were like 10-15% of the total order price. WOW

 

[82Xskc]

from what little research i've done so far it's because someone figured out how to make bitcoin into an nft inside the bitcoin blockchain. while this sounds absurdly stupid on the face of it, it adds extensibility to the bitcoin token by allowing you to attach additional data to a given transaction. the additional data could, theoretically, be used for making partial payments with automatic withdrawals executed according to the terms of a "smart contract". in retrospect, that sounds like a security nightmare. watch for it.

on the other hand, the fact that the rbc-20 or whatever token reached a $600 million market cap without attracting mainstream attention does say something about the viability or desirability of the new tokens. this isn't something that everyone told his friends about hoping they'd be dumb enough to buy into. this is something enthusiasts (the knowledgeable people) are pouring their money into. the fact that executing so many transactions on the btc network slowed it to a crawl and set prices near record highs does go to show the profound weakness of bitcoin's blockchain, however. it lacks the extensibility to be a parallel currency (which we all forget is the only reason for bitcoin to exist, it's worthless as a purely speculative investment vehicle).

 

[82Xskc]

Keep in mind that each block only has a limited size so essentially people are always "bidding" to get something in that block. That's why a lot of wallets show a reduced price if you can wait 10+ blocks.

Bitcoin TX rates have gone through the roof. I actually prefer XMR (Monero) for the added transparency.

The last time I checked BTC TX fees, they were like 10-15% of the total order price. WOW

monero is where the smart crypto geeks have already gone. bitcoin is mainly still accepted because it's the only currency 90% of crypto bros know how to purchase.

bitcoin is less secure than cash or even a credit card given that transactions on the bitcoin ledger is public. i saw a reddit post years ago from someone claiming to work for coinbase who said that coinbase does transaction analysis tracing back every trade 3 times in search of illicit financial transactions.

 

[sitm1914]

monero is where the smart crypto geeks have already gone. bitcoin is mainly still accepted because it's the only currency 90% of crypto bros know how to purchase.

bitcoin is less secure than cash or even a credit card given that transactions on the bitcoin ledger is public. i saw a reddit post years ago from someone claiming to work for coinbase who said that coinbase does transaction analysis tracing back every trade 3 times in search of illicit financial transactions.

Exactly. I had a huge time consuming argument once with someone over Bitcoin fungibility. I made the argument that bitcoins are not truly fungible because the paper trail can easily lead to "tainted" bitcoins. There is this whole "washing" argument but I basically said to just use XMR and forego all that BS.

 

[Dr-Octagon]

, it's worthless as a purely speculative investment vehicle).

What I've said since it became the new kid on the block. I avoided it as long as I could too. Lol

 

[Izzyhuahua]

Yeah, the transaction fees are ridiculous right now. I just got back here after a few years away and plan to renew my donor status. Trying to wait a few days to see if the tx fees level out so I can make a more meaningful donation.

 

[timyboy]

Yeah, the transaction fees are ridiculous right now. I just got back here after a few years away and plan to renew my donor status. Trying to wait a few days to see if the tx fees level out so I can make a more meaningful donation.

DBG now accepts ETH I see, incase you haven't bought any coin yet or convert.

 

[Izzyhuahua]

DBG now accepts ETH I see, incase you haven't bought any coin yet or convert.

Thanks! I did not know that. I'll go that route today.

 

[sitm1914]

FYI -- I just found out that Overly Attached Girlfriend (30 years old now) and girl in front of burning house (now graduated college) each got over $400,000 for NFTs of their original memes.

What a wild world -- whether you are shocked how old they are now or how much you can get for an old meme with NFTs, you really have to appreciate the business acumen of both.

I still think NFTs are a joke but I'm open to changing my perspective.

I'll say this much -- I hate bitcoin's premise, but I can't deny I've been wrong consistently. It's already at $45k a coin and will probably hit $100k by 2025. Every fiber in my being says that Bitcoin represents absolutely nothing but the evidence has proven I'm wrong on some fundamental level.

It reminds me of the Tulip Mania in the Netherlands in the 1630s. At the base of reality, everything revolves around networks and perceptions. If something is perceived to have value, it does.

Ask yourself why a Banksy art piece can go for so much -- the perception of value and basically huge goodwill value in the Banksy name. He did something different and unique, it caught on and now he's a legend.

As far as bitcoin is concerned -- it feels like a huge ponzi scheme that just consumes terawatts of energy causing further global warming -- yet it keeps going up and up after crashing numerous times.

I need someone smarter than me to break down the whole bitcoin phenomena because my "book education" does seem to mesh with the reality of the situation -- or maybe I'm not as smart as I think

 

[VastDrink]

on the other hand, the fact that the rbc-20 or whatever token reached a $600 million market cap without attracting mainstream attention does say something about the viability or desirability of the new tokens. this isn't something that everyone told his friends about hoping they'd be dumb enough to buy into. this is something enthusiasts (the knowledgeable people) are pouring their money into. the fact that executing so many transactions on the btc network slowed it to a crawl and set prices near record highs does go to show the profound weakness of bitcoin's blockchain, however. it lacks the extensibility to be a parallel currency (which we all forget is the only reason for bitcoin to exist, it's worthless as a purely speculative investment vehicle).

Whole lotta words just to say “im salty I didn’t buy in and missed 30% gains”

 

[alixjones2018]

All this is way over my head--I wanted to pop back on to say fees yesterday and today were back in line with what I would say was normal--comparing to old school MSBs. Maybe it was demand over the holidays?

 

[82Xskc]

It reminds me of the Tulip Mania in the Netherlands in the 1630s. At the base of reality, everything revolves around networks and perceptions. If something is perceived to have value, it does.

Ask yourself why a Banksy art piece can go for so much -- the perception of value and basically huge goodwill value in the Banksy name. He did something different and unique, it caught on and now he's a legend.

As far as bitcoin is concerned -- it feels like a huge ponzi scheme that just consumes terawatts of energy causing further global warming -- yet it keeps going up and up after crashing numerous times.

I need someone smarter than me to break down the whole bitcoin phenomena because my "book education" does seem to mesh with the reality of the situation -- or maybe I'm not as smart as I think

The tech geeks were initially on board with bitcoin but within the first couple of years the top experts in the security and cryptography field were saying bitcoin is garbage. the mere existence of meme coins (e.g. doge) should serve as a stern warning. doge is literally a clone of bitcoin that uses a dog as its logo to snidely signal "bitcoin is worthless". the fact that doge has any value whatsoever tells you how irrationally fleeced the bulk of the crypto bro market is. I've also noticed that you never see, say, microsoft stock owners buying bots or just desperately shilling for others to buy MSFT stock. that kind of hocking of a commodity is a solid indication you're dealing with a ponzi scheme rather than an investment vehicle.

basically, bitcoin became obsolete the day it was used to purchase a pappa john's pizza at a price of 10,000btc. although the pizza purchase claim is misleading because an intermediary party accepted the btc and paid for the pizza in traditional currency. what happened in this case was that purchasing a mainstream market good was proof of concept that parallel currencies were a viable concept outside of buying darknet drugs and guns. but the limitations of bitcoin from its inception meant that some of the competing currencies (e.g. proof of stake with eth) would render bitcoin obsolete. bitcoin maintains market dominance simply because it's become the face of cryptocurrency.

when valve (steam games) refused to accept btc as payment when bitcoin appeared to be going mainstream, i found it especially telling. valve claimed btc was too volatile to accept. yet, steam should have been the ideal market for transacting in btc. steam even went so far as to implement the first widely used nft system (steam gems) that could be exchanged directly for cash value. yet, they saw bitcoin as a poor investment. very telling.

 

[82Xskc]

*author's edit

content removed.

 

[jb1655]

I am having a massive problem with a btc company right now. Don't know if I should mention their name but they have been holding my money hostage since November. Won't let me send to another wallet or give me a refund. When I called customer service they actually laughed at me. I hope all the digital currency companies get flushed down the toilet. I only use vendors now with old fashioned payment methods which severely limits my purchases.

 

[timyboy]

You need to get a cold wallet and start doing P2P