Topic: $0.85 transaction fee is absolutely ridiculous! - page 13. (Read 24262 times)

I am also think that as now the price of bitcoin rise higher so the miners have to get a lower quantity of satoshis which they were asking an year ago. The rate of bitcoin is now very better even in lower fees they will earn a high profit and can fulfill their needs.

https://bitcoinfees.21.co/
The fastest and cheapest transaction fee is currently 420 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 94,920 satoshis.

Network is filled with transactions and everyoe wants quick transation, so everyone pays high fees. You shouldn't make transactions like 20$ with bitcoin. You must know fee is not 5%, it is fixed price for any amount of bitcoins you send. So if you would send 2000$ worth of BTC fee would exactly same. Which is 0,05%.

Well yeah this also could be an option but here a question arises in my mind that why will the bitcoin do so ?
I am not sure that it will be working on such a strategy because it will result in becoming the users low and the Bitcoin will never like the number of its users to become low because it will directly affect the price of the Bitcoin.

I used a fee of just over a dollar the other day for only like $20 worth of bitcoin. What the hell that's 5% a little bit defestibg one if the main purposes of using Bitcoin. What is actually going in ?

Yes i agree, that could solve the problem, and i think it would be only fare solution. Because its not same when you transfer 10 dollars and pay 1 dollar fee, and when you trading bitcoin on big amount, let say 1000+ dollars and pay same fee, its kinda stupid right? But anyhow i hope they will fix wait period for transaction to be accepted.

I think those people who will do international transactions or any bigger transaction will not leave bitcoin as it is still lower for them and they are happy with that.
By the way your suggestion is also better. If percentage is kept as a fees for transactions then the problem may solved.

Tell that to your 1MB blocksize friends.

What is happening ? Coinbase just upped their transaction fees to 0.0008 BTC which makes it now at 2$. How are we supposed to pay such a high fees only to use a small amount of bitcoin ? Is there anything in the future except for price falling that will be done to reverse this ?

Well ING really works great for money transfers.

Not only they make instant transfers with 0 fee but just last week I've got an update from them saying I will not be charged anything to withdraw cash from any atm in my country no matter what bank owns it.

Already a lot of people are bypassing moneygram wester union by creating a bank account with a card in the country they work and then send the physical card home to relatives so they can use it when they want.
My neighbor is sending money like that from across the world instantly with 0 fees.

Are you using blockchain? Blockchain is getting up of transaction's fee it because of the bitcoin price is increasing too but if this will continue maybe they find another wallet that has low fee's or either fee on every transaction that being made. How if you will send 1 bitcoin or more then its be more ridiculous of the transaction fee.

If this will be the price for any transaction nobody will use it.
The price should be a percentage of the amount of currency being transferred.

Fair enough. I just know from what I see on my site, that a large portion of my members are people from countries where it is close to impossible for them to have the ability to actually purchase bitcoin and so they come to my site to earn it. A small amount of bitcoin is a big deal to many people and when I have to deduct 10% of their earnings to pay them now, it just makes it that much more difficult for them to actually acquire it, let alone use it for anything. I am fully aware of most of what other people are saying in this thread, but I also feel for the people who simply want to be a part of the bitcoin community and are finding it more and more difficult to find a reasonable entrance. As many have stated, bitcoin is like gold, it is an investment and no longer has value when it comes to making day to day purchases. I guess that's what alt coins are for now. But still, I would absolutely love to see the bitcoin devs look to make it more usable. There is no denying that the more real life applications bitcoin can be used for, the more worldwide adoption we will see, and the higher the price will go. So, my opinion is that we should be looking to resolve the issues it does have rather than ignoring them, as it will do nothing but benefit the bitcoin community and make it more valuable in the long run.

Circle is just about everywhere in the world. There's not many people that can't use it but there's lots of places in the world that you can't walk into a bank and get cash for Bitcoin (like everywhere) and there's lots of places in the world without internet service.

Not everyone is aware of Circle, especially newbies that weren't around when they stopped accepting bitcoin and we stopped talking about them.

For micro transactions, sure. But for international money transactions, it is still affordable compared to what the banks charge.

I would rather keep the decentralization of BTC than have bigger blocks (my opinion).

These are all great, and I do use some of these services....but it's besides the point. I would still like to have the opportunity to send and receive smaller transactions, and I don't understand why that is unreasonable to expect. I receive advertising revenue in bitcoin and the fees make it so I have to earn a much more significant amount before withdrawing now. I also pay my members in bitcoin and now I either have to pass down the fees to them or force them to utilize transactions off the blockchain. Pretending like it's not a problem affecting the bitcoin community and overall usability of bitcoin only serves to allow devs to ignore it until it gets so ridiculous even you are fed up with it. Why not admit it's a problem and make it known that the issue should be addressed BEFORE it actually starts to drive YOU crazy? I will never understand why people refuse to acknowledge a problem until it directly affects them. Why not have a little foresight and at least acknowledge an issue before it directly affects you? Or you know, just call everyone else crazy and shove a bunch of other payment services in their face they are already aware of. And yes, I am aware you didn't directly call people who want lower transaction fees for smaller transactions crazy but your post is a bit condescending nonetheless. You also ignore the fact that there are millions of people who do not have these alternative services available to them and a small amount of bitcoin is a huge deal to them, yet it is essentially unusable for those people at this point. But fuck them, right?

Well bitcoin has risen tremendously, it is but in ratio that this is appropriate. It is way under the percentage of common service charge .

i cannot add more. great post !

yes, i make free bank transfers for free and they are instant. ING bank has this feature and many others.  Also, the money are in safe; not afraid of a shit hacker/craker. also, the withdrawals are free or charge.

if you make a SEPA transfer it can reach to the receiver faster than a BTC transaction   

Since you all seem so worried about spending money for transferring small amounts I have this for you:

PayPal Money Cash Transfer - cost $0

You do not need the person’s, name, account number, or routing number.  All you need is a person’s email address.  However, to transfer to a person using PayPal they must also be a registered and active PayPal user.  All personal transfers (not for goods and services) are free.  The following are free services: register for an account, add money from your bank, send, receive, and request money.  You can also electronically transfer funds from your bank account.  You will pay a fee only if the transfer is for goods and services.

Transfer Funds Using ING DIRECT People to People Money Payment - cost $0

ING Direct Electric Orange Bank Account is amazing.  The P2P (People to People) money transfer feature is one such advantage.  If you are an Electric Orange account holder you can electronically transfer funds to any person who has any US bank account. You can even schedule a transfer on a future date up to 364 days in advance.  After opening an account at ING Direct, all you will need is the name, account number, and routing number. If someone is hesitant to give you that information kindly remind them that those numbers are printed on every check they write.

Bluebird by American Express - cost $0

Bluebird is very similar to PayPal, but offers some attractive benefits. First, and formost there is a way to fund your account with credit cards by buying Vanilla Reload credit cards.  This is a huge benefit because if you buy the cards ($3.95) from Office Depot you can get 5 Ultimate Rewards points per dollar with an Ink Bold credit card. Bluebird allows you to send money electronically to friends and even to send them checks (without a fee).  If you want to maximize credit card rewards then sending money via Bluebird is definitely the way to go.

Here are more free ways to send money but you will need to research them yourself (I can't do everything for you lazy bitches):

Google Wallet

Square Cash

Chase QuickPay

Venmo

Popmoney

Amazon Payments

Last but not least, the one every bitcoiner loves to hate:



Circle let's you send money to anyone, worldwide, without a fee and they get the money in minutes. I use Circle to send money to my daughter at college behind a clickable image in a text and she gets it almost immediately, no confirmation time delay, and No Cost To Send. Anyone that badmouths Circle and says bitcoin is better has never used Circle.

Well then we should support the fee increase if it is going to be good for the end user. The main feature of the Bitcoin for which most of the people love and adopt it is the faster transaction and lower fee. So, if the transactions are not faster anymore it will be discouraging situation for the users. If a little increase can give good results I appreciate.

That is why the altcoins are booming, because they improve bitcoin deficiencies.That is why altcoins are booming, because they improve the shortcomings of bitcoin.q,That is why the altcoins are booming, because they improve the lack of bitcoin