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[AudraMiller]

Those that are in charge of the transactions and so on, are referred to as the miners. However, with the high prices that we are seeing for bitcoin at the moment, one would imagine that there will be a lot of transactions that are taking place at the moment in order to maximize the profit they are seeing from these good prices that we are seeing. However, with this large traffic comes mining difficulties that have to be offset with higher transaction costs and slower confirmation times.

At the moment an article has shown that the bitcoin transaction fee can be as high as 13%, which is close to the all time high of 18% that was seen in the latter part of 2011. In fact, according to this article, it seems that the optimum fee for any bitcoin transaction is currently sitting at around 11 dollars! This is a very high fee, and equates to roughly 80k satoshi!

What do you guys think about this? Is the high price of bitcoin really worth it then if there is such high transaction fees to make use of it? Doesn't it offset the profit that we are making?

 

[Niftyicon]

I agree that the high transaction fees is not putting bitcoin in a favourable spot in my books presently. I hope things adjust soon.

 

[Wisdom01]

The transaction fee is damn high and that is the reason people are now using other crypto currency for transaction , i just hope the price falls back

 

[mahdi304]

the fees are definitely high but i still send my transactions at about 11 sats per byte which gets around 0.20 ish dollars (before the huge price increase) because i wasn't really in a hurry and they got confirmed in around 24 hours

 

[Wisdom01]

the fees are definitely high but i still send my transactions at about 11 sats per byte which gets around 0.20 ish dollars (before the huge price increase) because i wasn't really in a hurry and they got confirmed in around 24 hours

What wallet are you using to send the transaction because its obvious the fee is really disturbing, and i have been using another coin

 

[mahdi304]

What wallet are you using to send the transaction because its obvious the fee is really disturbing, and i have been using another coin

trust wallet, and yeah i don't mainly use bitcoin either i go for litecoin whenever i have that option

 

[Josemendez]

trust wallet, and yeah i don't mainly use bitcoin either i go for litecoin whenever i have that option

Based on your experience with litecoin , how well have you earned with it considering that the price do not rise easily that much .

 

[mahdi304]

Based on your experience with litecoin , how well have you earned with it considering that the price do not rise easily that much .

i have both made some profits and lost some with litecoin but to be fair i don't keep large amounts of litecoin lying around it's either relatively small amounts or i most likely will turn it into cash

 

[sixseight]

If the fee is not decreasing anytime soon i think a lot of investor would move their investment to other cryptocurrency with lower fees, not good for Bitcoin

 

[mahdi304]

If the fee is not decreasing anytime soon i think a lot of investor would move their investment to other cryptocurrency with lower fees, not good for Bitcoin

investors could keep their bitcoin in their trading/exchange accounts so they wouldn't have to deal with the withdrawal fees so i don't think that's gonna affect it that much unless they're buying huge amounts in which case a small fee like that wouldn't really matter

 

[Josemendez]

i have both made some profits and lost some with litecoin but to be fair i don't keep large amounts of litecoin lying around it's either relatively small amounts or i most likely will turn it into cash

Well , why prefer litecoin that may not rise well as Ethereum and Bitcoin ? . To me it is even better to invest on new coins with less than $1 value , so that you earn when they rises

 

[Toolmoney]

Well , why prefer litecoin that may not rise well as Ethereum and Bitcoin ? . To me it is even better to invest on new coins with less than $1 value , so that you earn when they rises

Could you suggest any coins that may be good investment in the nearest future and that is very less than $1 now, I know dash is one of them but it looks like it will never even hit the $1 threshold

 

[bitforex22]

Could you suggest any coins that may be good investment in the nearest future and that is very less than $1 now, I know dash is one of them but it looks like it will never even hit the $1 threshold

you can try stellar currently sitting at 8 cents ( 8% up in last 24 hours , and certainly having the potential to reach a dollar in next few years to come

 

[mahdi304]

Well , why prefer litecoin that may not rise well as Ethereum and Bitcoin ? . To me it is even better to invest on new coins with less than $1 value , so that you earn when they rises

i do invest in different coins but i still perfer litecoin just because i like it to be honest but that's not a really good reason but it also has extremely low transaction fees (for example i can make a transaction with a total fee of 0.002$ if i remember correctly and it gets confirmed in less than 10 minutes)

 

[Josemendez]

Could you suggest any coins that may be good investment in the nearest future and that is very less than $1 now, I know dash is one of them but it looks like it will never even hit the $1 threshold

I will suggest lead token , xrp , bnb , tron and 1up. You may decide to focus on XRP and Lead token as they have shown signs of future rise .

 

[Wisdom01]

trust wallet, and yeah i don't mainly use bitcoin either i go for litecoin whenever i have that option

Alright i thought it was bitcoin you used for the transaction that was why i was curious to know after seeing the amount you spent for bItcoin transaction

 

[mahdi304]

Alright i thought it was bitcoin you used for the transaction that was why i was curious to know after seeing the amount you spent for bItcoin transaction

if your talking about the 0.2$ transaction i mentioned yes but the last time i made a btc transaction was about 2 weeks ago and it took about 24 hours to get confirmed

 

[Josemendez]

if your talking about the 0.2$ transaction i mentioned yes but the last time i made a btc transaction was about 2 weeks ago and it took about 24 hours to get confirmed

The only reason for this is the high congestions experienced in bitcoin transactions within these past few weeks the price of bitcoin has been rising .

 

[Reznov]

the good thing "i guess" is that a lot of decent hardware for a very good price has been released, so that might contribute in something positive and help in the profit

 

[Wisdom01]

if your talking about the 0.2$ transaction i mentioned yes but the last time i made a btc transaction was about 2 weeks ago and it took about 24 hours to get confirmed

I guess since its two weeks ago am very sure the transaction feels was still much better than now that its very high , and it takes time to confirm