Bitcoin Transaction fee's goes all time HIGH
All transactions that take place over the Bitcoin network require a miner fee to be attached in order to incentivize the network to process the transaction. Since the network can only process a limited number of transactions per second, transactions with a higher miner fee are prioritized over those with a lower miner fee.
But what's worse this time is that there are only 20k transactions in the mempool yet fee's have skyrocketed. I made a post few days ago where I complained about high fees. Since, then it has rose by almost 20%.
The Bitcoin network congestion can vary and can increase the time it takes for a transaction to be confirmed. This can cause wait times of hours or even days for transactions with an insufficient miner fee attached. To avoid delays users are paying higher and higher fee's which is somehow creating problems for small users/investors.
I was just trying to make a $10 transaction and found that 57% of the $10 is dedicated towards transaction fee's which is ridiculously high.
Now that SegWit2x plans are delayed it is even more worrisome. All these high fee's will kill the small investors and may even discourage them for using BTC as their main currency. There's strongly a need for an update and putting stop into this sanity.
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Perhaps with the hardfork announcements a lot of people are looking to sell and get back into the other cryptos. The network fee is demand driven.
Nope. There's no load on the mempool. If people were to sell the price would have dropped by now. mempools is standing at only 20,000 pending transactions.
While we have seen days where pending transactions in the mempool were almost 50k-82k and the fee's were in 1.5-2.5 range.
Two factors: Bitcoin price increase + Miners greed (somehow justified).
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Some similarity seems to be present here:
https://shapeshift.zendesk.com/hc/en-us/articles/115000418010-Why-is-the-BTC-miner-fee-so-high-
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Bitcoin transaction: 5$ fee and 30 minutes long.
Steem transaction: 0$ fee and instant.
Yes, but you can not use steem for every other purpose. Steem is only for steemit.
You have got a point but I still think it has a better transaction system.
Of course it has a better transaction system. But that's not the point.
If companies had steemit accounts there would be no problem.
good post bro i like your post
Thanks for the info.
This is the problem with bitcoin loyalty. So I am now using Ether as well. And I will continue to search for other digital currencies to use in Steemit and other transactions I do. Good job bringing this up here. Thank you and wish you more luck @ghayas!
Thank you for the kind words.!
Always welcome, my friend...
a serious problem for me :(
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Crazy, the fees will go higher soon, I see coins like litecoin will now gonway up 🤑
ya. there's no comparison. Altcoins are like 1000% lower with Transaction fees.
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