Bitcoin fees have spiked again, $20 USD for 1 confirm transactions!

in blocktrades •  7 years ago  (edited)

Please be aware that bitcoin transaction fees have spiked again, delaying a number of bitcoin transactions sent from our site in the past 13 hours (in other words, we have sent transactions that haven't yet confirmed after 13 hours).

I once again repeat my recommendation to use Doge, Litecoin,or ETH if possible if you are ultimately trying to get to your native fiat currency. A similar recommendation applies if you are trying to buy from our site: if you are in a hurry to make a purchase, right now I would suggest paying with something other than bitcoin until the congestion on the network subsides.

Current fees for bitcoin are here: https://bitcoinfees.earn.com/:

The fastest and cheapest transaction fee is currently 490 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 110,740 satoshis.

For current BTC price of $18,111 USD (price from coinmarketcap), that is:

0.00110740*18111.6 USD = $20.05

for a "median" size transaction, but bear in mind that your transaction can easily be 50% larger (in which case you pay 50% more, that is $30 USD).

Please note that if you're waiting on a bitcoin transaction from us, it will arrive (we pay a fairly large fee to make this happen), but you can likely expect delays.

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So....what kind of delays are we looking at? 48 hours? 72 hours?

I submitted a SDB to BTC transaction yesterday and it still has not processed. (I didn't think to check the blog postings before sending since I never had reason to do so in the past).

I understand if things are going sideways, I'd just like to know if an ETA is possible.

Thanks!

I can't say for sure. In the past, it's been up to 3 days maybe as the worst case, IIRC.

Thank you very much for the reply!

I believe the mining difficulty was re-targeted last night, making it more difficult. Prob has led to a dip in number of miners and thus fees going higher. They may still push higher even, talked about it a bit here:

Now it's quite obvious that Bitcoin is broken transaction-wise #WAITCOIN
https://steemit.com/bitcoin/@rockwellontherun/from-the-makers-of-bitcoin-waitcoin

Bitcoin is now something which is for big organizations or individuals with millions of dollars...

ETH cost I find still high because we can't choose how much GAS the sender should use and blocktrades uses a greater amount of gas when sending eth..

Personally I prefer Dash at this moment as the transaction fees is very small.. my last transaction I convert 4SBD to Dash and the fees were 0.11 SBD which I find reasonable for this small amount of transaction... and moreover Dash is on a run and as price of Dash keep increasing, holding the coins sounds profitable...

What about Bitcoin Cash... do you have any plans to add Bitcoin Cash as a currency in blocktrades.us

why not just send to bittrex or so, sell or buy any coin for btc or buy a coin you like with btc and then transer? only 0.0001% or so, works best to me

Yeah that is a thing that need to be sorted out for bitcoin future. Imagine bitcoin at $100,000 then the normal fees would be 100$. It means not for minnows.

  ·  7 years ago (edited)

Do U see it go up to that mark of 100K? Why not? Imagine asking this kind of question a year ago about possible future price over 10K. :)
But I think it will plunge down to 15000 or even less before it spikes again to break the psychological resistance of 20K.

I am not selling my btc below 100k
Even after 100k I will sell 10% of my holdings

It wont hit 100k.

Wat a nice update, can I get the application

Lightning will put these worries to rest.
https://lightning.network/#intro

What is the advantage of using doge, lite, or eth if i want to get to my native fiat currency? And how?

Sorry cryptonoob here. I have so much to learn. :D

The transaction fees for these are much smaller, especially for DOGE coin. So you can trade for DOGE coin, then sell it on an exchange where you can get native fiat currency. If you do a search in blocktrades tag on steemit, you can find posts that describe the process in detail.

Dogecoin is also one of the few ways to get rich while STILL being able to be allowed to heaven!


https://steemit.com/fun/@rockwellontherun/bible-the-best-reason-to-buy-dogecoin

Doge all the way! Hodling my 50,000 doge!

  ·  7 years ago (edited)

That is some splendid news! I shall try that method with doge coins. Thanks so much @blocktrades. More power to us all!

@yukimaru using doge is a bit risky. Cause its price dumps often and pumps often. I would suggest using a more stable currency like litecoin. Low fees, relatively stable and tends to go up instead of down.

Oh thank you @littleboy for the wonderful advice. I shall check out tutorials on how to use those coins for fiat currency. More power to you and more advices too! :)

@blocktrades please we really want to know how long it it take to fill this order below

Screenshot_20171220-105949.png

kindly answer @blocktrades so I can clear this chat. I have sent you an email, message via memo and I don't know how to reach you better.

Hey i did not quite understand when you made the transaction 2017-12-20 right ?

Even the store of value argument won't work if this keeps up... Half of Americans don't have $500 free. Imagine you're an average Joe who just wants to put $100 in every few months to store the value. $20 to transfer to wallet, $20 more to transfer to an exchange once you need the money again. Right off the bat you need it to increase by 40% just to break even... Soon the maximalists will argue that it was never meant to be a currency OR store of value, but just a speculative coin for rich people to bet on.

If you don't like it don't use it. :)

Nobody likes $20 fees and only a couple people per second are "using" it, which is kind of the problem.

The only new ATHs BTC is likely to ever put in at this point are in the number of unconfirmed transactions and the fees to transact.

The hike in bitcoin transaction fee is alarming. Is so annoying that you pay so much to get your bitcoin confirmed. People are getting smart and buying eth or other alt coin for fiat exchange to reduce transaction fee.
Thanks @blocktrade for the infomation.

Thanks very much for this post! I have already saved money by sending STEEM to my other wallet via LTC. Also, saved time.

if this is not fix son btrash will take over

Can hardly wait for the lighting network to be ready.

It can be tested already using this web wallet: https://htlc.me

Thanks @blocktrades for sharing this important news.

$20!!! Good Golly Ms. Molly!

Dear @blocktrades how long it takes for the confirmation of bitcoin transactions? I have purchased some bitcoins through blocktrades using SBD but i haven't received it yet to my bitcoin wallet. And it is still showing unconfirmed transaction on blockchain.info In this case whom should be contact? I have no idea.

  ·  7 years ago (edited)

Getting tired of seeing bitcoin as #1, it’s an old technology that is surpassed by almost every other alt. These fees are ridiculous and so are the clowns investing into this dinosaur.

I'm starting to reduce my btc investment in my crypto portfolio. Altcoins is the future

Definitely!

20$ is too much, it must be 10$ not more

Will blocktrades support bitcoin cash if not already?

BCH pushing up and BTC network getting clogged again! Looks like a deja vu :(

I avoid bitcoin at all costs. I find loopholes through litecoin usually.

Great post

That is so sad about these high BTC fees. Glad you also have ETH. Also perhaps add PIVX. I would live to be able to use that feature from Blocktrades.

Bitcoin is shitcoin..... @blocktrades you should add credit card feature.. so we can directly buy steem...it will greatly help us...Thankyou

no fiat

thanks for the info and advice sir @blocktrades

so basically any transaction under 100+ dollar is useless at the moment or at least not worth to make

You're off by an order of magnitude there...

I use Doge coins to transfer money around web.Very fast transactions,and stable price. :)

from what I understood it's 20 USD FOR 1 BITCOIN......if I transfer 0.01 bitcoin, the value will be about 0.20 USD...Some comments here are just confusing .....Other thing: I know it's not related to the subject....but we are creating a group of autistic adults in Portugal....and this steem account will support it....if you could at least follow us so that you have access to our posts in the future it would be great....and if, in the future, you would see any good post from us and upvote it even with a small percentage of you SP it would be even greater....all the best.

Nope I just posted a transaction through blocktrades.us with BTC HUGE mistake. Its been 3 hours I have zero confirmations but my fee was almost 200$ I wish I had read this article earlier =-( and my targeted purchase is sliding out of the range I wanted to get my feeeeeeet wet at grrrr

Unfortunately, no. Miners keep track of the amount of fee per byte, so just the size of the transaction is important and not the amount transferred. This keep Bitcoin from getting used like in the past to buy things or transfer without intermediaries because who wants to pay 20$ fee for transferring 20, 10 or just 5$? It is absurd.

This is extremely bad for the entire crypto world. Bitcoin is always what the news talk about and this high transaction fees are lowering the credibility of all the currencies. While the price and network clogging of Bitcoin keeps increasing thanks to outstanding new media coverage, the loss of what made Bitcoin incredibly useful, namely decentralization and low fees, will be very hard to compensate for. A lot of services that accepted Bitcoin as payment in the past are dismissing this possibility and it is more unlikely than before that they will gain again trust in the crypto economy after they failed with using Bitcoin, nowadays relegated to mere speculation. I still try to keep the optimism with Steem breaking new records but overall it's hard since the future of crypto as intented with their original purpose doesn't seem so bright...

@blocktrades, i need help...!!! l'm always post something but i'm never give a Good Vote... help me pleasee :'(

i loveee youuu @blocktrades ^_^

Can't wait until this bitcoin lightning network is finished. Should make BTC a better coin to pay for things and not only use it as a store of value :)

Lightening network is the creation of corporations and banksters. Lightening network is the end of decentralised Bitcoin :-(

Good things take time.

You're right

I wouldn't be so confident about LN at least until its alleged scaling potential is actually demonstrated on testnet.

Caper bang..
Beu panyang bacut kakutem koment kavote.
Bek lagee lem pap.
Lon perlee kah vote.
Bagah aju beh.
Thanks you so much

bang @bolang loen paya loen khem loen baca komentar droen karna komentar droen sungguh amazing, awak nyan tengoeh di bahas BITCOIN tengoh melonjak lajue, tapi droenueh neu teumunak neyue ,,, tapi bg bolan droen tetap aman, sebab coment droen ujong terimoeng geunaseh. memang ureung aceh tetap aceh , yang tros berkarya pantang menyerah, Thanks.

Putra bitcoin nyan ile?

  ·  7 years ago (edited)

BITCOIN nyan lage sejenis inventasi saham akan tetapi koen investasi saham, leupah that bereh alias Good inventasi BITCOIN , sinuek bitcoin nyan mencapai puluhan juta. menyoe tanyoe hana peng bek coba2 jak investasi Bitcoin, salah2 euntuek rogoe theuh alangkah lebeh Good geutanyoe ta posting content mantoeng, ta minta aman dan untoeng.
Thanks you so much

Oe puluhan juta.
Lon pikee tarusan juta hay.
Jadi yg juet bitcoin nyan khusus bank nyoh ?
Sebab nyan umpung peng

Sorry for the question.. can I still place preorder for steem power delegation. Because the limit shows zero.

That's a lot of fees pheww but thanks for keeping us update :)

Shared on the Twitter with a recommendation for people to check out BlockTrades.us:

https://twitter.com/BarryDutton/status/943164489725284352


I've tagged you a few times over the months there also. Have a good day!

Maybe add Bitcoin Cash as an option on @blocktrades?

Hey sir. @blocktrades
You wrote a wonderful article. Regarding this is a very informative post. Some common man not knowledge about crypto and its a best way to share this idea.
@blocktrades always post nicely and related block @ crypto is useful.
Keep shared for steemians . Stay blessed

If anyone wanna learn about business should look for this kind of post .Thanks for this post. @blocktrades

Thats why people should convert btc to other coins before sending it until fees will be balanced.

Hi blocktrades i sent 0.182 sbd to you but i forgot to include the memo for a transaction d7d3fa7a-270c-4375-818f-7b29bb963b7a thats the memo plz i would be glad if you could help rectify the situation

I understand scaling safely is a very important issue, but thees fees are outrageous. The average person is lucky if they can buy 20 dollars worth of Bitcoin, let alone pay a 20 dollar fee.

I know an ATM owner and feel bad for him because it has to be hard explaining to new customers why the fees are so expensive and that it's out of his control.

Having said all of that, I do wonder how many of the transactions are spam?

I really enjoyed this article and think that this is an important issue so iv'e posted a link at https://honeybadgerdaily.com/ I hope that you don't mind. Cheers!

Steem/SBD is going to replace Bitcoin.

Thank for sharing🙂

less the one month ago i wait for 2 days for a transaction. This is not the future...

That is crazy.

Thank you very much for the info.

Are you going to add more coins to the current ones you offer? In particular, I am thinking of Ripple?

Thanks to information.

Thank you for the prompt responses on email and great information here!

thanks @blocktardes

Sorry for the question; Does the fee increase with time

Hopefully that improves

Hello - I used your service to sell to Bitcoin and the transaction is still unconfirmed. Can you help?

11 hours ago Transfer 137.898 STEEM to blocktrades ec68b8a4-2c3d-4409-8981-1e71d78ed9e7

https://blockchain.info/tx/6bbac1cdf5eb0bed03f38adbcc731f303ce492753349b9bef8ea0b356399165d

https://blockchain.info/address/1hTYK8iPuHWgMAntgdc8s1YA8kTJknMCe

Thank you.

  ·  7 years ago (edited)

I don't think blocktrades could help since it is not an internal "issue". 🙂
Make sure your "receive" wallet (whatever currency it is) is available before selling/sending. In the Philippines, our coins.ph send/receive and all other services became UNAVAILABLE since last week but I have nothing to worry about because our coins.ph always notify us (by email) on what's going on unlike WirexApp I heard nothing.

Thanks for letting us know about the higher fees for BTC transactions. Bitcoin fees have gotten a bit out of hand lately. I would probably use something like Litecoin or Eth instead. For buying things on your site, I think I rather use Steem/SBD as there are no transaction costs usually associated with them.

Thanks for updating us

I've read your post and I've seen the activity on blocktrades yesterday. when I want to rent sp from steem or sdd to see a deposit of 0 and I'm sure most likely @blocktrades now has a very solid user. and we are always waiting for your repair servicing you ..

Bitcoin: A Peer-to-Peer Electronic Cash System. Or what I call Bitcoin Cash ;)

The growth rate is unsustainable. If this goes on, BTC will be unusable for any payment - 20 USD for confirmation? What is waiting for us? Maybe some hard fork could help

that hardfork has already happened , its called bitcoin cash.

Bitcoin is really becoming less of a currency and more a store of value. Digital gold.

Thanks for the advice @blocktrades ..it helps alot

I sent SBD over an hour ago , when will it process @blocktrades

  ·  7 years ago (edited)

You live and learn. I used to trade crypto quite a lot, and so I just went with BTC without thinking. Thanks for the info. I'll know next time.

Very beautiful,post more like this @crazy3 vote up and follow me maybe

good analyze and update information @blocktrades. Thanks for sharing.

Thanks for the updates.

A bit off topic and I don't know of you'll even see this amongst all the replies you must get, but I wanted to thank you for the encouragement and support you've shown me on here with your upvotes and indeed the support you give to many of us starting out. So:

Thank you! 😊

i can't imagine this is it real?

Did anyone else ( I'm sure they did or will ) see that bitcoin cash hit $8500 for about a second after it was up on coinbase? Hmmmmm. Who made a few million on that one?

Hello, I made a mistake trying to convert 274 steem to bitcoin on blocktrades.
When I transferred steem to blocktrades I copied and pasted the memo and accidentally Highlighted "memo:" as part of the memo #.
If you look in my steemit wallet , you'll see what I mean.
Can you or anyone offer a solution/advice?
Thanks

I've refunded

Awesome, Thank you very much!

  ·  7 years ago (edited)

Our coins.ph services in the Philippines are UNAVAILABLE since last week so I am hodling my coins (DOGE/LTC/DASH/BCH/BTC) in different wallets and might try remitano.com for ETH and/or pinoybitcoinexchange.com for ETH/DASH/LTC (for fiat/Peso). 👍😊

I wanted to buy 20$ of btc just to say that I own some and when I went to transfer it from binance to my wallet I experienced instant regret.

Ridiculous

This is fundamentally bullish for BCH. Laugh all you want and call it a shitcoin, but BCH fulfills the original purposes of Bitcoin. The Powers that be don't want Bitcoin to be used as a currency but traded as a commodity. Wake up guys!

As a minnow my Christmas is in a mess now damn...All my small crypto money to fiat will be chewed up in bitcoin fees.....damn.....!!!

Bitcoin transaction fees are insane.

Thanks for update
More than 20 hours passed and I did not get any confirmation yet
Do you think the delay will be more than 24 hours from now !!

It's certainly possible.

Thanks for reply
I did another transaction from SBD To Bitcoin today
Let us wait and see

any luck yet ?

Nothing yet
I have 2 transactions from SBD To Bitcoin
48 hours and 24 hours passed and no confirmation yet!!

good news, Thank you for the information.

That is the issue my transaction doesnt confirmed yet. Such trouble when the price of BTC go down :(

That's why I went to using DOGE for general storing of little amounts of crypto and transferring them. When STEEM will be more widespread and usable on more services I will definitively transfer most here, let's keep growing...

I wish I read this prior to withdrawal. Now my SBD is stuck in limbo.

unlucky for me, our fiat (philippine peso) can only be exchanged none other than btc. I'm waiting for my blocktrades transaction to be confirmed. Thanks a lot for the information.

Even the store of value argument won't work if this keeps up... Half of Americans don't have $500 free. Imagine you're an average Joe who just wants to put $100 in every few months to store the value. $20 to transfer to wallet, $20 more to transfer to an exchange once you need the money again. Right off the bat you need it to increase by 40% just to break even... Soon the maximalists will argue that it was never meant to be a currency OR store of value, but just a speculative coin for rich people to bet on.

etting tired of seeing bitcoin as #1, it’s an old technology that is surpassed by almost every other alt. These fees are ridiculous and so are the clowns investing into this dinosaur.

from what I understood it's 20 USD FOR 1 BITCOIN......if I transfer 0.01 bitcoin, the value will be about 0.20 USD...Some comments here are just confusing .....Other thing: I know it's not related to the subject....but we are creating a group of autistic adults in Portugal....and this steem account will support it....if you could at least follow us so that you have access to our posts in the future it would be great....and if, in the future, you would see any good post from us and upvote it even with a small percentage of you SP it would be even greater....all the best.

Can't wait until this bitcoin lightning network is finished. Should make BTC a better coin to pay for things and not only use it as a store of value :)

Already passed more than 15 hrs. Still btc with zero confirmations.

Thank you for the wonderfull post.Such post helps us to keep updated related to bitcoin:)

Please Check My opinion regarding bitcoin and their myths:-https://steemit.com/bitcoin/@sanketshelatkar/what-i-think-about-bitcoin-and-its-biggest-myths

nice post and pic
Dont forget to upvote follow & resteem
@nurdinnakaturi

Thanks for the update, I thought the fees were starting to skyward.

Thanks for the advice @blocktrades ..its helpful I think

upvote and following you. Thank you.

Very beautiful,post more like this @crazy3 vote up and follow me maybe

Thank you so much for this post and valuable information! I appreciate it immensely! :)

Good read! I mean with BTC prices skyrocketing I think it makes more sense to try cloud mining because of higher returns. https://hashflare.io/r/7487B9DC 10% OFF voucher: 7487B9DC

Is bitcoin sustainable with all these high fees?? I'm beginning to think that these miners are worse than banks........

it has nothing to do with the miners, its some of the bitcoin core developers that got shit between the ears

I got hit with the $15 transitions fee about 4 days ago. At least I did it then and not now when it's at $20. Bittrex is making a killing right now off of these fees. Well played Bittrew, well played...

Yes , very good.

I think BitCoin is extremelly close to its limits technologically wise.

The only thing saving it is the confidence the people have in it. Most alt coin are superior by far, and it is beggining to show.

Let's wait with our fingers crossed.

I have yet to make a transaction but heard the fees are rising....that's crazy! I am a newbie but think this will hurt Bitcoin. Thanks for the updates.

the world market is wondering how to react to this situation, whether it will carry it further or it will have to wait backwards

  ·  7 years ago (edited)

Thank you very much for the useful information @blocktrades . The transaction fees are so expensive now :(

hey @blocktrades , i vote for you to be witness ,but i havent seen you in my profile to thank for this , cuz friend of your told me you will definetely do it :D

The fees for bitcoin are stupid. I was going to invest like $20 into bitcoin and the fees to transfer it to an exchange were higher than the amount of coin I bought! Ridiculous...