Topic: $0.85 transaction fee is absolutely ridiculous! - page 17. (Read 24262 times)
show me any other financial means of moving $1900 worth for only $0.85 globally .... it doesnt exist.
And my latest transaction: $27,780 USD.
Transaction Fee: $8.62
Transaction Fee: $8.62
first of all that's a nice chunk of coinage, i wish i could have that much tbh :|
In your case paying a 0.03% fee on your transaction if i'm correct with my calculations on a $28k transaction, having the security and peace of mind knowing that your account won't get frozen or anything of that sort is still a great deal.
However if you just sent $10 and the transaction size is the same size as your transaction and paid a $8 fee, that would be a 80%+ fee...
Personally I actually damn wish that bitcoin transaction fees are going down. I now have to pay fees on the Xapo web wallet and coinbase which used to be free. The bitcoin price is high + high transaction fee just doesn't work...
And my latest transaction: $27,780 USD.
Transaction Fee: $8.62
Transaction Fee: $8.62
The largest amount of dollar-value of BTC I ever transferred was some $4000, and that was well before the current scaling problem(s) hit us. Lately, in my trx of, say, a few hundred dollars, I have been paying around $0.75 - $1.00 per address (call it some 500 - 600 Satoshi), it is easier for me to just count the addresses than do the math...
Only once did I have to wait around for a confirmation when "over-paying", and it was the third block following that did confirm in that case.
But, you make one great point by showing fees for LARGER trx. I too would pay up to make my large transaction SO DESIRABLE to the miners that it would (probably) be confirmed at the first possible moment.
I sent .00095 which equates right now to i think more than $1 and it has already been 3hrs and it is not yet confirmed which is for me really is ridiculous. Fees really affect the transaction nowadays fvck
For me this is "normal" fee, because everything have a fee today and I simply don`t watch on that anymore. If you want to finish things faster you need to pay, that is the system, more money you have more faster and better things are waiting for you.
I`m using xapo wallet, and I received mail couple days ago, from now on xapo have fees as well, it was good but now we can choose to pay more or less for fee.
I`m using xapo wallet, and I received mail couple days ago, from now on xapo have fees as well, it was good but now we can choose to pay more or less for fee.
Can somone explain to me how to estimate how much bytes is one trasaction? Is there like average atm? Or bytes variate a lot?
https://bitcoinfees.21.co/
What fee are you using most of the time?
It depends on how many inputs will be used. Back then it's easy to see how many inputs will be used in your transaction by clicking the review on the legacy wallet of blockchain but now you can't because the new one doesn't let you. As of now i'm always using a fixed fee of 0.0004 for a 250 byte transaction but seems like it's still not enough because my transaction is still stuck after a day. Thinking of increasing my fees on my next transactoins. https://bitcoinfees.21.co/
What fee are you using most of the time?
Get a wallet where you can set custom fees of your choosing and you will be alright. The low/average/expedited options won't do the trick, you would need to input your own numbers.
This is not fair I guess. Finding another wallet is not the something which will resolve the issue. It is about the future of the Bitcoin, if people use to find more and they offer the better than that of the Bitcoin then the BTC will be left behind. The reason why people preferred the BTC was because of its low fee. 
I recently paid $11 for a $20k transaction. I still think that's not too bad. I also paid $24 for a $50k transaction about an hour ago.
On a big transaction it might not matter much, but that doesn't change the problem high fees cause for small transactions. The amount of money you send has nothing to do with the fee you pay. I can show you a $550 transaction with $27 fee, and at 231 sat/byte it's not even enough to confirm fast.needless to say the days of making paper wallets of .1 BTC and handing them out to people are gone with these fees.
When Bitcoin was worth $200, a 0.1 BTC paper wallet was a nice $20 gift, and could be spend without fee at all (if the coins had matured enough to have medium priority). Now 0.01 BTC is (almost) $20, but it requires $1 on fees. And another $1 when the receiving party wants to spend it.Quote
I'm using what I believe will be bitcoin's replacement, XEM, for cold storage wallets
This one (and many other altcoins) goes up by many (dozens of) percents per day. You don't need cold storage to make a quick buck there.But I think the rise of alts is mainly caused by Bitcoin's limitations. Everybody still wants Bitcoins, but it's much cheaper and faster to use altcoins.
You are not wrong, but this seems to be perfectly appropriate at the present time because Bitcoin prices have soared, so fees also increased. If you do not want, you can transactions with a smaller fee but the transaction speed will be very slow, it may take a few days to complete. You need to accept this to make your transactions more convenient and quick, not only you but everyone else, so hopefully it will be fixed in the future.
I don't think you just hand out paper wallets with 0.1 BTC to people. You could, but unless they trust you, they will verify on the blockchain that the paper wallet address has an amount in it, or just sweep it immediately on their mobile wallet.
needless to say the days of making paper wallets of .1 BTC and handing them out to people are gone with these fees. I'm using what I believe will be bitcoin's replacement, XEM, for cold storage wallets, though I generate the addresses with the Nano client. I only use BTC for transfer between exchanges because exchanges only trade altcoin pairs with BTC at this point. It's crusty, outdated, and lagging behind because of internal politics. Time to move on. You can call the fees "fair" and maybe they are, but that's just the big mining interests talking.. some of us see the future and it's a future where BTC is being dethroned for not changing fast enough to meet up with changing needs of the market. Adapt or die. Of course the biggest interests are always the slowest to adapt and change, so I don't expect exchanges to switch from BTC to something else for altcoin pairing until that something else has been trading above BTC in market cap for months.
You're using XEM for cold storage because thee is nothing else you can do with that.
Nothing.
No matter how many coins pop up that call themselves 2.0 3.0. 9999.0 in the end all you can do is look at them on your wallet and hoping that the next pump comes on poloniex before the dump.
Marketcap means 0. Userbase means 100%.
needless to say the days of making paper wallets of .1 BTC and handing them out to people are gone with these fees. I'm using what I believe will be bitcoin's replacement, XEM, for cold storage wallets, though I generate the addresses with the Nano client. I only use BTC for transfer between exchanges because exchanges only trade altcoin pairs with BTC at this point. It's crusty, outdated, and lagging behind because of internal politics. Time to move on. You can call the fees "fair" and maybe they are, but that's just the big mining interests talking.. some of us see the future and it's a future where BTC is being dethroned for not changing fast enough to meet up with changing needs of the market. Adapt or die. Of course the biggest interests are always the slowest to adapt and change, so I don't expect exchanges to switch from BTC to something else for altcoin pairing until that something else has been trading above BTC in market cap for months.
And my latest transaction: $27,780 USD.
Transaction Fee: $8.62
Transaction Fee: $8.62
I recently paid $11 for a $20k transaction. I still think that's not too bad. I also paid $24 for a $50k transaction about an hour ago.
Tell me that's ridiculous.
Nope, it is fair amount what you paid for $20k and $50k. If you transfer the same amount in any other method means a bank or western union or else any other third party company they will charge more than what you paid. I still ok for this fee for huge amount transaction. Tell me that's ridiculous.
I recently paid $11 for a $20k transaction. I still think that's not too bad. I also paid $24 for a $50k transaction about an hour ago.
Tell me that's ridiculous.
Tell me that's ridiculous.
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?
This is getting insane and is completely uncalled for, or am I wrong?
Bitcoin prices are rising dramatically, which makes the amount of money you pay for transactions grow faster, which is proportional to the bitcoin value. So, this is not really crazy, I suppose it's perfectly normal. Not just you, we all have to accept that.
Very true. However lets not deviate from the fact that we are all pissed off because of it. Perhaps in the future, well at least I hope, fees will be of consistent value regardless of transaction size/value of bitcoin... the low fees are one of the reasons that bitcoin is gaining so much traction with the general population now-a-days. Well, fees and Japan, Trump etc.
But it isn't free. All this talk about transaction fees and what they should be just shows how the modern financial systems makes everyone dumber. Somehow because it shows zero fees on a European bank transfer you imagine the bank buildings cost nothing and everyone there works for free? Everyone else pays for your free transaction.
No need to attack me on this. We barely have bank offices anymore, most of it goes online. It simply means transactions are completely automated which makes the cost per transaction very low.But if you insist on putting a fee on each transaction, you can look at what banks charge businesses. When I make a SEPA withdrawal from kraken.com, I pay 9 cents (0.00005346 BTC) fee.
How much does it cost to open a European bank account? Or how much do you have to leave in it? What kind of identification and contact details do they request from you?
Here internet banking is the most common payment method for bills.The cost of a bank account varies per country and per bank. It used to be free (AKA the bank was happy to get you as a customer), some still offer free bank accounts, but most charge a few euro per month. That includes internet banking and a debit card for ATMs or to pay in shops.
We don't have a minimum balance required on bank accounts. The bank does require a legal form of ID to get an account.
today I pay $2 with bitcoin,
pay $4 for transaction fee ...
greaat
pay $4 for transaction fee ...
greaat
You're not supposed to do that, but you can, if you want to.
so bitcoin is not "an innovative payment network and a new kind of money" anymore
That is a very short sighted view of bitcoin. What if Henry ford had that attitude when he was creating the automobile?
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?
This is getting insane and is completely uncalled for, or am I wrong?
Many have doubted it for having a big amount on fees and I think it have grown a lot since the price of bitcoin started to platform on the $1000 value mark fees are really getting annoying and has getting pretty worst in the nerves of other users but can we really hate bitcoin because of that kind of fees or we just not seeing the great benefits it does? but can we really rebuke them for having the fee's increase? but still we are still gaining from bitcoin because of the value has increase to a great distance.
I don't know what you think it is. But it has never been what you describe. It is its own network and currency. Which is still cheaper than wire transfers and faster than clearing checks.
I often read this reasoning. Is it an American thing? Who uses wire transfers and checks?Within Europe I can pay anybody by bank without any additional fee.
I'm not American. I imagine a lot of non-Americans use wire transfers and checks. I use a check to pay for my rent, but I could easily just use a debit card for that too.
How much does it cost to open a European bank account? Or how much do you have to leave in it? What kind of identification and contact details do they request from you?
I, too, am not an American, but we need a lot of identification to transfer money to a bank and the operation is much more expensive than transfers of bitcoins. Therefore, bitcoin is certainly better in this regard.
I'm also not an inhabitant of America and it's more convenient for me to use bitcoin. At the moment, this is almost the only cheap way to transfer money from one country to another.
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