At least hold until after the SegWitx2 split on the 16th, then at least you get "free" coin - of questionable value - off the new fork.
-Stoic Joker
Segwit2X has been canceled.
IIUC the cost in satoshis per transaction hasn't changed. It's just that with the rise in the coins value the # of satoshis the transaction cost are worth more. So technically we've always paid the same...it's just more noticeable now.
-Stoic Joker
That's not (entirely) correct. You could always customize the amount of satoshis per byte you paid with your transaction, and there used to be a time when you could set the fee to 0 and still get your transaction included within a few blocks because there was extra space for it. But now that blocks are full, you have to pay more satoshis per byte to get your transaction included or else risk having your transaction stuck in limbo for days.
That said, it is true that the increasing value of each BTC is making the fees more noticable in USD amounts. Even if you only paid 1 satoshi per byte on a regular ~220 byte transaction, that's still about 1.5 cents at today's current price.
Back when I first got into Bitcoin toward the end of 2015,
I sent a test transaction to Renegade after he sent me what was then just a few dollars worth of BTC (now worth almost $200! Wish I had kept it...). I paid 5 sat/byte for that transaction, which at the time was less than 1 cent. But now
the recommended fee is 300 sat/byte to get your transaction included quickly.
To further illustrate the point: Just for fun back in 2015 I gave a friend $1 worth of BTC for Christmas (the low value was an inside joke) to try to get him interested in cryptocurrency. It failed to pique his interest. With the value of BTC going up so much this year (by my calculations that $1 gift is now worth about $22.50), he has finally taken an interest in crypto, and asked me how to access the funds I gave him. But it would cost ~$5 in transaction fees for him to do anything with it so I've told him not to bother.
That's about $5 to send a transaction at current prices. And if you have a bunch of small amounts in different addresses, which is the recommended way to do it for privacy, transactions can easily be over 1,000 bytes (or over $20 in fees to send a transaction). And if you try to pay a lower fee, you could be waiting days before your transaction finally goes through, if it ever does.
-Deozaan
it's ironic that it's so user-un-friendly, considering the opposite was the intention.
Was that covered here in this thread -- how that changed
-tomos
Yes.
https://www.donation....msg394988#msg394988In a nutshell: The Bitcoin "Core" developers refuse to increase the blocksize limit from 1MB to anything larger even though people and developers and businesses have been clamoring for an increase for years. So the blocks are at full capacity. Which means if you want your transaction included in the blockchain, you need to compete with others for the limited space in each block. The only way to incentivize a miner to include your transaction over others is by paying higher fees than others. But everyone else is also trying to pay higher fees than everyone else so they can get their transaction included, so the fees just go higher and higher. Meanwhile more and more transactions are being added to the backlog. So if you intentionally try to get away with paying a low fee, you could be waiting days for your transaction to clear (the backlog tends to catch up over the weekend). And even if you pay what your software deems a decent fee, but for some reason fees skyrocket due to sudden increased demand (making miners consider your fee to be a comparatively "low" fee), then you could be waiting days for your transaction to clear anyway.
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It's easy to see why, since it was tangential to this thread. It actually had nothing to do with Backup4all.