Bitcoin fees have spiked again, $20 USD for 1 confirm transactions!
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.
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.
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
I wouldn't count on it.
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!
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
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