$0.85 transaction fee is absolutely ridiculous! - page 16.

HITTI2

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Quote from: CoinTasker on May 05, 2017, 04:22:48 AM

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?

vapourminer

legendary

Activity: 4354

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what is this "brake pedal" you speak of?

i didnt pay attention once and sent a 10 USD fee on a 160 USD transaction. using core. DOH!

did make in the next block though Grin

i pay more attention now and currently use ltc whenever possible.

live and learn Roll Eyes

JatiAnom

jr. member

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Quote from: moviebuff777 on May 20, 2017, 09:13:08 AM

It sounds like bitcoin isn't going to be used for small transactions anymore. That takes away some of the use of it but could open the door for cheaper altcoins to be used for small transactions.

Bitcoin is no more an innovative payment network and a new kind of money.
it more like an investment asset,
just like 'i cant go to wallmart and pay with gold bar I owned"

aakashsangwan

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PUGG.io

Quote from: Winner on May 20, 2017, 08:45:40 AM

Quote from: chixka000 on May 20, 2017, 08:22:13 AM

Unconfirmed transaction every friday to sunday is crazily high. I dont know if there is a manipulation happening but i just cant stand to it. We need to solve this kind of problem

Well, the transaction fee is not the real issue since anyone could put whatever transaction fee with their transaction.
I typically send my transactions with a 0.0001 BTC fee so that's around $0.19 if I had to get it calculated in USD.

$0.19 is not that much compared to most posts within this forum that complain on their fees being $1 or more.

My transactions get confirmed without any issues, I just accelerate my transactions and most get confirmed within 24 hours or less.

Wow, you are extremely lucky as compared to others, who pay higher fees than you and still their transaction takes more than two days to get confirmed or maybe more than that.

moviebuff777

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Quote from: CoinTasker on May 05, 2017, 05:48:49 AM

Quote from: ice18 on May 05, 2017, 05:40:47 AM

I think this is not too ridiculous considering bitcoin is in its all time high value at this moment and continue to rise day by day, you can customize the fees in some desktop wallet like mycelium if you want but expect it may take time to confirm from 1-4 days..

So, if BTC was currently valued at $20,000 you wouldn't have a problem paying $10 for every transaction you make, no matter how much was being transacted? The problem I am really seeing is that it's becoming impossible to make smaller transactions for daily purchases. At this point we can forget about using bitcoin as an every day currency because it's cheaper to buy things like a cup of coffee with a debit card or cash. It makes it less usable in the real world and I can see it detracting companies and investors from developing new tools, apps, and solutions because it's no longer cost efficient.

It sounds like bitcoin isn't going to be used for small transactions anymore. That takes away some of the use of it but could open the door for cheaper altcoins to be used for small transactions.

Tyrantt

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Need some spare btc for a new PC

Quote from: Winner on May 20, 2017, 08:45:40 AM

Quote from: chixka000 on May 20, 2017, 08:22:13 AM

Unconfirmed transaction every friday to sunday is crazily high. I dont know if there is a manipulation happening but i just cant stand to it. We need to solve this kind of problem

Well, the transaction fee is not the real issue since anyone could put whatever transaction fee with their transaction.
I typically send my transactions with a 0.0001 BTC fee so that's around $0.19 if I had to get it calculated in USD.

$0.19 is not that much compared to most posts within this forum that complain on their fees being $1 or more.

My transactions get confirmed without any issues, I just accelerate my transactions and most get confirmed within 24 hours or less.

I've been given a recommended fee of 0.0002 by blockchain.info wallet and my transaction got stuck and of course I had to use the accelerator but would you imagine if everyone lowered the fees they're paying and massively started using accelerators. That doesn't have to be all that bad, maybe that will get miners to lower the fees and maybe it will just clog the blockchain even more.

At all, the fees are crazy high, it's getting ridiculous. Are we going to be paying 0.001BTC fees when bitcoin price jumps even more?

Winner

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Quote from: Wipro on May 20, 2017, 08:51:58 AM

Quote from: Winner on May 20, 2017, 08:45:40 AM

Quote from: chixka000 on May 20, 2017, 08:22:13 AM

Unconfirmed transaction every friday to sunday is crazily high. I dont know if there is a manipulation happening but i just cant stand to it. We need to solve this kind of problem

Well, the transaction fee is not the real issue since anyone could put whatever transaction fee with their transaction.
I typically send my transactions with a 0.0001 BTC fee so that's around $0.19 if I had to get it calculated in USD.

$0.19 is not that much compared to most posts within this forum that complain on their fees being $1 or more.

My transactions get confirmed without any issues, I just accelerate my transactions and most get confirmed within 24 hours or less.

May I know which wallet you are using? Because here I am using coinbase wallet. It consumes 0.00059 btc as fees for the transaction. It's getting confirmed in 40 minutes but fees seems to high for me. If you let me the wallet you are using. Then I will able to save some amount from the high fees I am using.

Wow that's a pretty high transaction fee, YoBit is around 0.0005 for me and the transactions are really fast because of that high minimum transaction fee limit. It makes a bunch of sense that Coinbase has a large transaction fee because they want people to be able to get their money moved as fast as possible.

I use Multibit Classic, it's a pretty old Bitcoin client and the transaction fee is automatically set at 0.0001 BTC, I am pretty sure that I did not ever send a transaction from that Bitcoin client with a fee over 0.0002 BTC.

Quote from: stompix on May 20, 2017, 08:52:17 AM

Quote from: Winner on May 20, 2017, 08:45:40 AM

Quote from: chixka000 on May 20, 2017, 08:22:13 AM

Unconfirmed transaction every friday to sunday is crazily high. I dont know if there is a manipulation happening but i just cant stand to it. We need to solve this kind of problem

Well, the transaction fee is not the real issue since anyone could put whatever transaction fee with their transaction.
I typically send my transactions with a 0.0001 BTC fee so that's around $0.19 if I had to get it calculated in USD.

$0.19 is not that much compared to most posts within this forum that complain on their fees being $1 or more.

My transactions get confirmed without any issues, I just accelerate my transactions and most get confirmed within 24 hours or less.

Yeah right..
If you find a slot in the blocks mined by viatbtc.
Or if viabtc mines a block.

If they will be unlucky for 24 hours your transaction would end up in the bin like all of them

And what will happen if everybody would be using the accelerator?

Viabtc works pretty well, I like to use it because the people there know what they are doing.

To answer your question, if everyone decided to use Viabtc then some people could just make direct contact with the popular miners on here instead of going through the website and waiting in line.

VitorPl4y

member

Activity: 95

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This is what Bitcoin is turning into. It is no longer possible to use it to send micro-payments with ease. For this, it is better to use an altcoin like LTC. I just hope our community can do something about it, otherwise it will be difficult to make Bitcoin accepted by the masses.

stompix

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Blackjack.fun

Quote from: Winner on May 20, 2017, 08:45:40 AM

Quote from: chixka000 on May 20, 2017, 08:22:13 AM

Unconfirmed transaction every friday to sunday is crazily high. I dont know if there is a manipulation happening but i just cant stand to it. We need to solve this kind of problem

Well, the transaction fee is not the real issue since anyone could put whatever transaction fee with their transaction.
I typically send my transactions with a 0.0001 BTC fee so that's around $0.19 if I had to get it calculated in USD.

$0.19 is not that much compared to most posts within this forum that complain on their fees being $1 or more.

My transactions get confirmed without any issues, I just accelerate my transactions and most get confirmed within 24 hours or less.

Yeah right..
If you find a slot in the blocks mined by viatbtc.
Or if viabtc mines a block.

If they will be unlucky for 24 hours your transaction would end up in the bin like all of them

And what will happen if everybody would be using the accelerator?

Wipro

hero member

Activity: 924

Merit: 512

Quote from: Winner on May 20, 2017, 08:45:40 AM

Quote from: chixka000 on May 20, 2017, 08:22:13 AM

Unconfirmed transaction every friday to sunday is crazily high. I dont know if there is a manipulation happening but i just cant stand to it. We need to solve this kind of problem

Well, the transaction fee is not the real issue since anyone could put whatever transaction fee with their transaction.
I typically send my transactions with a 0.0001 BTC fee so that's around $0.19 if I had to get it calculated in USD.

$0.19 is not that much compared to most posts within this forum that complain on their fees being $1 or more.

My transactions get confirmed without any issues, I just accelerate my transactions and most get confirmed within 24 hours or less.

May I know which wallet you are using? Because here I am using coinbase wallet. It consumes 0.00059 btc as fees for the transaction. It's getting confirmed in 40 minutes but fees seems to high for me. If you let me the wallet you are using. Then I will able to save some amount from the high fees I am using.

Winner

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Look ARROUND!

Quote from: chixka000 on May 20, 2017, 08:22:13 AM

Unconfirmed transaction every friday to sunday is crazily high. I dont know if there is a manipulation happening but i just cant stand to it. We need to solve this kind of problem

Well, the transaction fee is not the real issue since anyone could put whatever transaction fee with their transaction.
I typically send my transactions with a 0.0001 BTC fee so that's around $0.19 if I had to get it calculated in USD.

$0.19 is not that much compared to most posts within this forum that complain on their fees being $1 or more.

My transactions get confirmed without any issues, I just accelerate my transactions and most get confirmed within 24 hours or less.

chixka000

hero member

Activity: 910

Merit: 500

Unconfirmed transaction every friday to sunday is crazily high. I dont know if there is a manipulation happening but i just cant stand to it. We need to solve this kind of problem

DoublerHunter

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Activity: 2590

Merit: 644

Quote from: Amph on May 20, 2017, 01:45:34 AM

Quote from: mrsray on May 20, 2017, 12:06:45 AM

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 sendthem again with proper fee, still waiting for them to implement replace by fee features directly in core(and not with the patch...), so we can at least correct fee..

That is a lesson for you, based on my experiences i used to put high recommended fee in my transactions so it can be confirmed within 10 mins and get another confirmation in the few minutes after the first confirmation. The fee right now is getting higher and higher because of the unconfirmed transaction and i think the only thing that we can do is to embrace and adjust the usual fees that we are putting.

Amph

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Activity: 3206

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Quote from: mrsray on May 20, 2017, 12:06:45 AM

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..

Dabs

legendary

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The Concierge of Crypto

The point has been made about high value transactions and the relatively small percentage of the transaction fee.

It is unfortunate that, high or low, the tx fee is based on the size of the transaction in bytes, not in value (or dollar or fiat equivalent).

In other words, don't send anything less than $10 or else the fee is too high, but if you're a newbie just testing the waters, then as part of the experience you'll have to wait; and hopefully you learn.

As well, you might try looking at the alt coins, almost any other altcoin functions very similarly but won't cost you as much to send any value transaction, most all other altcoins will confirm very quickly even with the default fees usually some 0.001 or other low value.

Here is another transaction: $247,506.91 and the tx fee was $58.41. It confirmed in a block in about 6 minutes after the tx was broadcast.

You have to pay a fee high enough and well, $58 may seem expensive, but that's about the cost of a wire transfer these days for both receiver and sender. It doesn't happen in 6 minutes though.

mrsray

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I ❤ Mastern✿des

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

noictib

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Quote from: CoinTasker on May 05, 2017, 04:22:48 AM

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?

I think the fees is not limited in the limit of 0.5$ to 1$ , here I found that the transaction fee needed to about 2$ ( according to the current price of the Bitcoin ) which is really high if we compare in the last two.weeks , because here with the transaction charge of 200+sat/byte is not much sufficient to confirm the transaction , Here in the normal condition we need to pay atleast 250sat/byte ( which will depend upon the numbers of the input and output of the amount of the Bitcoin that you want transfer ) .
And I think we should not go to back here to pay the high fee , because the high fee making the miners network and community strong by economically and that will be results into the improvement in the technology of the Bitcoin indirectly .

Kanapka

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Quote from: GenTarkin on May 19, 2017, 11:24:47 PM

show me any other financial means of moving $1900 worth for only $0.85 globally .... it doesnt exist.

yes, but newbies that still are testing the waters may get scared with the transaction fees

I think most will start only with play money, then will put amounts in the order of thousands and more, if they can afford

jekjekman

sr. member

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Quote from: GenTarkin on May 19, 2017, 11:24:47 PM

show me any other financial means of moving $1900 worth for only $0.85 globally .... it doesnt exist.

It is good for the high players in sending big volume of bitcoin though but the real commotion here is that even you are sending $1-$10 worth of bitcoin you will have to pay fees almost the same of sending big amounts just to be receive by the recipient in time, so sending small amount of bitcoin to others with a high fees will kill the small players.

Nahl

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i sent 0.05 btc with fees 0.003 btc with hoping that my transactions would not stuck just like many people have but seems it doesn't solved the problem because over than 2 days there still unconfirmation and since i'm in bitcoin this is the bad situations for me and it is certainly annoying

Topic: $0.85 transaction fee is absolutely ridiculous! - page 16. (Read 24225 times)