1. #1
    Igor_1965
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    blockchain fees skyrocketed in the last 4 days

    I used to be able to send a payment for under $5, and for under $1 if I didn't mind waiting 4-6 hours.

    Now the cheapest fee is $6 and largest $10-12...anyone saw this coming?

    More importantly, is this the new norm, or temporary? It's not going to grow further is it?


  2. #2
    Shifty
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    Bitcoin fees are crazy these days. Been using Ethereum if the book allows it. Today my Ether fees were only 60 cents. Confirmed in 5 minutes.

  3. #3
    Kaabee
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    Bitcoin fees are tied to how many unconfirmed transactions there are. Right now there are a lot. 125,000+. Whoever pays the most gets to jump the line. If the backlog clears then fees go back to normal
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    Sam Odom
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    Confirmed

  5. #5
    PharaohUB
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    Gotta love it. 10% fees to get bitcoin. $10 to send bitcoin. Lose 10% (on "current market price") +$10 to receive bitcoin. I live in Tennessee and I will be 100% onshore once we're up and running. I'm tired of this shit.

  6. #6
    Crusherrr
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    Quote Originally Posted by PharaohUB View Post
    Gotta love it. 10% fees to get bitcoin. $10 to send bitcoin. Lose 10% (on "current market price") +$10 to receive bitcoin. I live in Tennessee and I will be 100% onshore once we're up and running. I'm tired of this shit.
    Sounds like you're doing it wrong.
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  7. #7
    PharaohUB
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    Quote Originally Posted by Crusherrr View Post
    Sounds like you're doing it wrong.
    Please tell me where you are getting bitcoin without paying fees. Even apps like crypto.com which act like they have no fees, will bake 5-10% fees into the transaction.

  8. #8
    BetterBizness
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    If you are swapping into other crypto like Bitcoin Cash or Ethereum do you still pay the same fees?

  9. #9
    ARCHIVADO98
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    Quote Originally Posted by Kaabee View Post
    Bitcoin fees are tied to how many unconfirmed transactions there are. Right now there are a lot. 125,000+. Whoever pays the most gets to jump the line. If the backlog clears then fees go back to normal
    has this ever happened before, 125+ unconfirmed in one time?

  10. #10
    Dr. Fager
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    Over 100,000 transactions currently backlogged in Blockchain, fees will continue to increase.

  11. #11
    ARCHIVADO98
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    Quote Originally Posted by Shifty View Post
    Bitcoin fees are crazy these days. Been using Ethereum if the book allows it. Today my Ether fees were only 60 cents. Confirmed in 5 minutes.
    what books accept ethereum?

    what good books I mean?

  12. #12
    ARCHIVADO98
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    Quote Originally Posted by Dr. Fager View Post
    Over 100,000 transactions currently backlogged in Blockchain, fees will continue to increase.
    so it was 125 and now 100

    why do fees continue to increase?

    or is there threshold and if more than 10 or 20k are backlogged fees never go down? like in marketplace supply and demand?

  13. #13
    Dr. Fager
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    Probably is 125,000 since I last read. As the number increases the miners can be more selective in picking off the higher fee transactions, at least that's how it was explained to me. Lower fee transactions at bottom of queue?

  14. #14
    Fishhead
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    Good info here, thanks
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  15. #15
    Dr. Fager
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    Here's an article that suggests the rainy season in a section of China is to blame for the backlog. LOL
    https://news.bitcoin.com/mempool-clo...-transactions/

  16. #16
    littlekona
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    if you send transactions make sure they are only with 1 input 1 output... lower fees still go through fine within an hour or so like 180 SATs or so in cases like this. Also props to Heritage as they are the only book that in some cases they add with zero confirmations BOL too but not as often from my experience
    Last edited by littlekona; 10-30-20 at 06:32 PM.

  17. #17
    Ghenghis Kahn
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    The high fees are mainly due to Chinese BTC miners lowering hash rate.

    They say it's due to the seasonal rain but who really knows.

    BTC has a scalability problem.

  18. #18
    TheMoneyShot
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    Quote Originally Posted by PharaohUB View Post
    Please tell me where you are getting bitcoin without paying fees. Even apps like crypto.com which act like they have no fees, will bake 5-10% fees into the transaction.
    Gemini. They will send 10 Bitcoin transactions for FREE every Calendar month. The issue is... yes... they could block your account if you are sending straight to a sportsbook. They also pay top dollar to send your transaction on the first block. So if the going rate is $18.00... they will pay it 100% for you... FREE. The highest fee they ever paid for mine... I believe it was $26.82

    To purchase Bitcoin... anything over $200.00 is around 1.49%
    Last edited by TheMoneyShot; 10-30-20 at 08:36 PM.

  19. #19
    Optional
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    Quote Originally Posted by ARCHIVADO98 View Post

    so it was 125 and now 100

    why do fees continue to increase?

    or is there threshold and if more than 10 or 20k are backlogged fees never go down? like in marketplace supply and demand?
    It's purely supply and demand.

    When the network is busy, people keep increasing their send fee to get first in line.

    The longer the backlog remains, the higher fees people keep using.


    Hopefully it will get back to a more normal demand soon.

    Most books who take Bitcoin also take other crypto currencies. The best solution is to use one of the others really as they are all designed to cope with high demand better than Bitcoin is.

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  20. #20
    Kaabee
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    90 minutes and counting without a block. Not exactly what's needed

    1:51 between blocks. Probably one of the longest in last few years
    Last edited by Kaabee; 10-31-20 at 02:03 PM.

  21. #21
    bfl1000
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    The fees at blockchain.com are crazy but you can customize it.
    Next time I will customize it to a lower price to see how long the transactions take.

  22. #22
    themike78
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    It's actually cheaper and quicker to send with the old fashioned money transfer companies than bitcoin now. If this keeps up bitcoin will be useless.

  23. #23
    Shifty
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    Quote Originally Posted by ARCHIVADO98 View Post
    what books accept ethereum?

    what good books I mean?
    Bookmaker and Betonline.

  24. #24
    Igor_1965
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    Rain, really

  25. #25
    littlekona
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    Books should cover miners fees like they used to cover P2P fees. Then it would not matter to players plus keeps their business rolling faster deposit credits = more profits

  26. #26
    bleedblue
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    The $5-15 in blockchain fees is nothing in comparison to what I consistently lose in market value buying/selling. Coinbase is 1.5%

    What are people using these days? Iíve considered Paxful but probably not worth the time and effort to try and save the $150/$10k

  27. #27
    mrpapageorgio
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    Quote Originally Posted by bleedblue View Post
    The $5-15 in blockchain fees is nothing in comparison to what I consistently lose in market value buying/selling. Coinbase is 1.5%

    What are people using these days? I’ve considered Paxful but probably not worth the time and effort to try and save the $150/$10k
    Buy through pro.coinbase.com, then you're only charging .5% for trading under $10k and it drops the more you buy/sell through it.
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  28. #28
    raiders72001
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    Quote Originally Posted by ARCHIVADO98 View Post
    what books accept ethereum?

    what good books I mean?
    Betcoin accepts many cryptos.

  29. #29
    raiders72001
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    Quote Originally Posted by BetterBizness View Post
    If you are swapping into other crypto like Bitcoin Cash or Ethereum do you still pay the same fees?
    fees are different for each of those.

  30. #30
    ARCHIVADO98
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    Quote Originally Posted by Kaabee View Post
    Bitcoin fees are tied to how many unconfirmed transactions there are. Right now there are a lot. 125,000+. Whoever pays the most gets to jump the line. If the backlog clears then fees go back to normal
    Website to see number of baglog transactions please?

  31. #31
    Optional
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    Quote Originally Posted by ARCHIVADO98 View Post

    Website to see number of baglog transactions please?
    https://bitcoinfees.earn.com/

    Scroll down under the graph of pending transactions and it will tell you exactly how many Satoshis per byte you should set your fee to for optimal speed/cost right now.
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  32. #32
    reppin_the_847
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    PharaohUB, I was thinking the same thing since onshore online should be up & running in my area pretty soon. That being said, I think Uncle Sam will be fast to quickly withhold his cut for any payout over $600 so there is that aspect to be aware of.

  33. #33
    littlekona
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    fees back down. not like months ago but $1 miners fee or so on 1 input 1-2 output trans confirming pretty quick the last few days

  34. #34
    TheMoneyShot
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    Did the miners take a day off? lol nothing is getting confirmed

  35. #35
    ARCHIVADO98
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    Quote Originally Posted by TheMoneyShot View Post
    Did the miners take a day off? lol nothing is getting confirmed
    Its the opposite!!! AS BUSY AS THEY WERE SINCE 2018 june

    https://www.coindesk.com/bitcoin-tra...-fees-hashrate

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