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Topic: $0.85 transaction fee is absolutely ridiculous! - page 10. (Read 24262 times)

legendary
Activity: 1232
Merit: 1091
I would rather see an option to set the fees on most TX's.  That would make people understand the right place for a fee to be, too small and the TX never gets confirmed, too high and why bother sending the money in the first place.

I make use of the Core client, and there already is an option that gives me a rough recommended fee calculation. I personally don't use that option, but look at the recommended fee displayed by https://bitcoinfees.21.co where I add a 10% premium to make miners pick up my transaction.

most of us will look at some transactions and know that there is no reason to even bother moving a tiny amount because it will get eaten up in fees.

Correct, but in some cases you can't avoid transacting with smaller amounts. In this case it would be handy to make use of an online wallet service (for small amounts only) that allows you to transact free and instantly with others that make use of the same service. That's also the reason why certain faucets only pay out to Coinbase and Xapo accounts -- it allows them to bypass transaction fees as they operate within the ecosystem of the services in question.
legendary
Activity: 1190
Merit: 1024
Continue from above.

The last 3 txs have taken between 4 hours and 1.5 days, despite paying a high fee.

This is the trick with removing any governing authority from the system.  There are numerous reasons that decentralized service is awesome, but you have also taken to a lawless city when you are dealing with Bitcoin.  This is combined with the fact that the slow blockchain of a few weeks back scared everyone and now they are willing to pay higher fees to become more attractive to the miners.
hero member
Activity: 966
Merit: 506
I would rather see an option to set the fees on most TX's.  That would make people understand the right place for a fee to be, too small and the TX never gets confirmed, too high and why bother sending the money in the first place.  There is a happy place that most of us have found when it comes to fees and most of us will look at some transactions and know that there is no reason to even bother moving a tiny amount because it will get eaten up in fees.  
 
sr. member
Activity: 1022
Merit: 280
it is really frustrating..for me!! can you help me with letting me know that i have to pay 1 mbtc from coinbase !! each time i made any transaction. Sad
i dont know why it so high... is it only the coinbase charging or it is same for all other house???

thnx in advance


other people are paying similar fees too

Coinbase's fees probably don't go all for the transaction and include some tax of custody of funds, but the actual transaction fees never are below 0.0006 BTC recently

As a site owner of any kind, I would allow the clients some leeway in the fee's, while at the same time, every outgoing TX would be a smart contract.  Coinbase fee are now almost a dollar for any transaction and is quite high.

If the client sets the fee too low and the funds are still orphaned after thirty days the transaction is nulled and the balance is returned to the site, clients would quickly learn the right fees then.  No site owner can let hundreds of tiny TX's float back and forth without some control.
full member
Activity: 826
Merit: 105
it is really frustrating..for me!! can you help me with letting me know that i have to pay 1 mbtc from coinbase !! each time i made any transaction. Sad
i dont know why it so high... is it only the coinbase charging or it is same for all other house???

thnx in advance


other people are paying similar fees too

Coinbase's fees probably don't go all for the transaction and include some tax of custody of funds, but the actual transaction fees never are below 0.0006 BTC recently

As a site owner of any kind, I would allow the clients some leeway in the fee's, while at the same time, every outgoing TX would be a smart contract.  Coinbase fee are now almost a dollar for any transaction and is quite high.

Ya it is true that the transaction fees is very high but i think if you wanted to do business now then you can go for ETH for your clients payment as the transaction is fast and low cost.
hero member
Activity: 560
Merit: 500
it is really frustrating..for me!! can you help me with letting me know that i have to pay 1 mbtc from coinbase !! each time i made any transaction. Sad
i dont know why it so high... is it only the coinbase charging or it is same for all other house???

thnx in advance


other people are paying similar fees too

Coinbase's fees probably don't go all for the transaction and include some tax of custody of funds, but the actual transaction fees never are below 0.0006 BTC recently

As a site owner of any kind, I would allow the clients some leeway in the fee's, while at the same time, every outgoing TX would be a smart contract.  Coinbase fee are now almost a dollar for any transaction and is quite high.
newbie
Activity: 72
Merit: 0
Continue from above.

The last 3 txs have taken between 4 hours and 1.5 days, despite paying a high fee.
newbie
Activity: 72
Merit: 0
Am I the only one realizing that ~$1 fee to make a transaction is absolutely insane and defeats one of the core benefits of using bitcoin for daily transactions.

This is getting insane and is completely uncalled for, or am I wrong?

No, you are not wrong. Plus, you cannot even be sure of confirmations. I am avoiding using BTC at the moment due to that.
hero member
Activity: 756
Merit: 503
Crypto.games
it is really frustrating..for me!! can you help me with letting me know that i have to pay 1 mbtc from coinbase !! each time i made any transaction. Sad
i dont know why it so high... is it only the coinbase charging or it is same for all other house???

thnx in advance
It's not just Coinbase. Everyone else pays almost as much or sometimes more, no matter the wallet.
It all depends on your transaction size. If you have many inputs(the fund comes from not just 1 address) then you'd really pay more because the transaction size would be higher.

If you knew how to calculate your own fees, then you'd be able to set the fees you want but mind you, that'll turn the usual confirmation of minutes, to hours and sometimes even days.
At this point all online Bitcoin services like casinos or exchanges should have an option for batch withdrawals that would cost only 10k sat to users. It's ridiculous to demand from your customers to pay 1.5 mbtc per withdrawal, if someone wants to withdraw 15 mbtc, which is worth $36, they are forced to pay 10% of the transacted amount, while fiat banks charge from zero to just a few percents.
Batch withdrawals and for 10ksat, with the current fees as it is? That'd be tricky. Players are given options on how much they're willing to pay for tx fees, depending on how long they're prepared to wait.
Which casino is demanding for 1.5 mbtc per withdrawal by the way?(if you don't mind me asking)



legendary
Activity: 3024
Merit: 2148
At this point all online Bitcoin services like casinos or exchanges should have an option for batch withdrawals that would cost only 10k sat to users. It's ridiculous to demand from your customers to pay 1.5 mbtc per withdrawal, if someone wants to withdraw 15 mbtc, which is worth $36, they are forced to pay 10% of the transacted amount, while fiat banks charge from zero to just a few percents.
newbie
Activity: 39
Merit: 0
Absolutely ridiculous but i guess this is a just a normal fee because the bitcoin price is increasing rapidly and rich almost 2500$ in the market so no doubt that the transaction fees will also increase but its really ridiculous having a almost 1$ transation fees every time.
legendary
Activity: 1232
Merit: 1005
it is really frustrating..for me!! can you help me with letting me know that i have to pay 1 mbtc from coinbase !! each time i made any transaction. Sad
i dont know why it so high... is it only the coinbase charging or it is same for all other house???

thnx in advance


other people are paying similar fees too

Coinbase's fees probably don't go all for the transaction and include some tax of custody of funds, but the actual transaction fees never are below 0.0006 BTC recently
newbie
Activity: 11
Merit: 0
it is really frustrating..for me!! can you help me with letting me know that i have to pay 1 mbtc from coinbase !! each time i made any transaction. Sad
i dont know why it so high... is it only the coinbase charging or it is same for all other house???

thnx in advance
legendary
Activity: 1232
Merit: 1005
Well, since I paid $75 to send a $2100 wire transfer earlier this week, I would have been happy to pay $.85 - if only they accepted Bitcoin. Sad

Depends where are you transferring to. May be free or almost free(for example: SEPA to SEPA), may be really expensive or even impossible(like if you want to send money to Iran or North Korea to buy some illegal weapons)
hero member
Activity: 980
Merit: 523
I sent btc to my posw wallet 5 days ago and still pending from blockchain.info ... paid extra miner fees when it warned me it would be slow if I didn't with a popup message, I figured 24 hours but 5 days?

it is what it is ... cryptoland   Shocked

same stuff, i sent 0.04 almost 4 days ago and still unconfirmed, but iused on purpose a lower fee less than 1/3 to see how much it would take on average to confirm a lower fee transaction, but i think it's random

i was hoping to use the accelerator but it's full, there is no way now to get the money back and send them again with proper fee, still waiting for them to implement replace by fee feature directly in core(and not with the patch...), so we can at least correct fee..
Oh this is brilliant to judge the lower fee transaction time, this is a good idea so that in future if you are required to make a transaction so you will be already aware of the confirmation time of it with respect to the fee and it will be easy for you to select the fee schedule according to the priority.
sr. member
Activity: 296
Merit: 250
CryptoTalk.Org - Get Paid for every Post!
I slowly began to leave BTC for high fees, and I'm looking for a different altcoin alternative
Yeah, to be honest right now tons of people are leaving bitcoins just because it is too expensive right now to use it. The fees are ridiculous for quite a while right now, if you want to send small transactions it is just impossible to do as you would pay more for the fees than the actual transaction is. I try to use bitcoins as least as possible right now, because it is just losing money at this point.
hero member
Activity: 756
Merit: 503
Crypto.games
I'm sure I sent a transaction recently with over a $5 fee for a $23 transaction and it didn't confirm for over 2 days! That's not viable if you ask me!
https://blockchain.info/tx/b9d4df05b03232463b8d06a65f2db8e73f2254e2b39b8f35b91fd148b3b717aa
331 sat/byte shouldn't have taken over 2 days? That's just.? Anyway, You probably had 3 - 5 inputs hence the big transaction size.

As for me, I try to avoid using more inputs. Sending with just 1 or 2 inputs is best. I just send the rest when the amount I'm sending and the fee I'd be paying is reasonable.
And 5$ for 23$ or even 100$ is definitely not.

Well, since I paid $75 to send a $2100 wire transfer earlier this week, I would have been happy to pay $.85 - if only they accepted Bitcoin. Sad
Wow. That's quite a pricey transfer. I sent $2000 recently as well but was only charged $14. Thank goodness.

hero member
Activity: 741
Merit: 500
CryptoTalk.Org - Get Paid for every Post!
For me i sent a $200 trnasaction and had to pay a $20 fee Huh Angry


you probably received lots of dust payments before you decided to move the coins.

not advisable, when you use bitcoin
member
Activity: 80
Merit: 10
Bitcoin chick
Well, since I paid $75 to send a $2100 wire transfer earlier this week, I would have been happy to pay $.85 - if only they accepted Bitcoin. Sad
copper member
Activity: 2940
Merit: 4101
Top Crypto Casino
I don't do any outgoing transaction using Bitcoin because of this. Unless I am sending 1 BTC wich in this case I just don't care to pay 0.001BTC Well not always as I tend to be greedy with this now. I use LTC or ETH. Receiving BTC I exchange with LTC or ETH. 0.002 LTC for fees is more than acceptable
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