$0.85 transaction fee is absolutely ridiculous! - page 19.

Yakamoto

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Quote from: Casy on May 17, 2017, 05:00:36 PM

Quote from: CoinTasker on May 05, 2017, 03:22:48 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?

The bitcoin network is just having a lot of pending transactions at the moment. It's annoying for anyone, but it's always an up and down. Let's hope that this load will reduce again.

It will likely take a fairly long while for the load on the blockchain to reduce again since we had the spam attack, now everyone is sending their transactions back and forth, and if I saw correctly there's now 200k transactions that are unconfirmed right now.

It might take a long time, and I mean a very long time, for some of those transactions to get confirmed. I don't think they'll be gone anytime soon.

iluvpie60

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Quote from: btcforall777 on May 17, 2017, 04:45:07 PM

Quote from: Bitcoinpro on May 17, 2017, 02:28:00 PM

Quote from: ozaeri on May 17, 2017, 09:46:40 AM

Just wait until the fees reach 100$ because the issue keeps getting ignored as users claim its still cheap or its not meant for small transactions.

The reality is bitcoin won't survive without a solution to further scaling so stop saying its not meant for small transactions or that the fee is cheap as if there isn't any problem when there clearly is.

No one ever used to back me up when i called for lower fees

No one used to back me up for anything Cheesy

Times have changed everyone wants lower

fees now aye!

It wont take $100 fees for devs to change or the market to react. It wont take $50. If they double we will be up the proverbial creek.

If we see 2 dollar fees nobody is going to buy anything less than 50 dollars for most part with btc. That is where you will lose normal people. Why the hecknwould a normie want to pay a fee to get into bitcoin from fiat then also pay a fee when buying. To any average person that is insane. Poor people in other countries basically cant use btc right now either. 1 dollar fee in usd over there is like their whole day of work.

Btc is going to lose a lot of the normal people it used to benefit. No reason for me to sell something in btc right now and make someone else pay a dollar fee. Better off using something else and converting into fiat right away. Much cheaper.

Casy

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Quote from: CoinTasker on May 05, 2017, 03:22:48 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?

The bitcoin network is just having a lot of pending transactions at the moment. It's annoying for anyone, but it's always an up and down. Let's hope that this load will reduce again.

btcforall777

full member

Activity: 235

Merit: 250

Quote from: Bitcoinpro on May 17, 2017, 02:28:00 PM

Quote from: ozaeri on May 17, 2017, 09:46:40 AM

Just wait until the fees reach 100$ because the issue keeps getting ignored as users claim its still cheap or its not meant for small transactions.

The reality is bitcoin won't survive without a solution to further scaling so stop saying its not meant for small transactions or that the fee is cheap as if there isn't any problem when there clearly is.

No one ever used to back me up when i called for lower fees

No one used to back me up for anything Cheesy

Times have changed everyone wants lower

fees now aye!

It wont take $100 fees for devs to change or the market to react. It wont take $50. If they double we will be up the proverbial creek.

CoinTasker

sr. member

Activity: 294

Merit: 252

Quote from: Bitcoinpro on May 17, 2017, 02:25:56 PM

$1 in fiat dosnt sound that bad $1 in Bitcoin does tell me how

how that works Cheesy

Bitcoinpro

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Activity: 1344

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Quote from: ozaeri on May 17, 2017, 09:46:40 AM

Just wait until the fees reach 100$ because the issue keeps getting ignored as users claim its still cheap or its not meant for small transactions.

The reality is bitcoin won't survive without a solution to further scaling so stop saying its not meant for small transactions or that the fee is cheap as if there isn't any problem when there clearly is.

No one ever used to back me up when i called for lower fees

No one used to back me up for anything Cheesy

Times have changed everyone wants lower

fees now aye!

CoinTasker

sr. member

Activity: 294

Merit: 252

Quote from: dave3 on May 17, 2017, 10:32:29 AM

I used to have problems getting my transactions confirmed. Somebody suggested this website to me that's been a big help.

https://bitcoinfees.21.co/

Awesome! A very much needed tool in these ever so dark times. Thanks for sharing...I'll be using this!

Bitcoinpro

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Quote from: CoinTasker on May 05, 2017, 03:22:48 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?

$1 in fiat dosnt sound that bad $1 in Bitcoin does tell me how

how that works Cheesy

CoinTasker

sr. member

Activity: 294

Merit: 252

Quote from: Dabs on May 17, 2017, 09:37:25 AM

Well, now you are aware. And plenty of us here are idiots. About 90%.

haha Touché. P.S. I'm diggin' the SN

ralle14

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Quote from: 7jaka7 on May 12, 2017, 12:18:22 PM

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.

Mike Mayor

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Quote from: Wendigo on May 17, 2017, 09:44:12 AM

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.

Yes I noticed that too. For so long the fees have been the same so it's been built into most app wallets like indiesquare and has low medium high priority. Now we must use custom options. Even in high it's not that high so they need to change this though I'm sure it will be taken out and not used anymore since the fees are changing too often a custom option seems the best bet over all.

dave3

sr. member

Activity: 344

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I used to have problems getting my transactions confirmed. Somebody suggested this website to me that's been a big help.

https://bitcoinfees.21.co/

Since then, I usually check that website first to see what sort of transaction fee I need to include. I usually don't mind if it takes a few hours to confirm, so I can get by with something a little lower. But when it's 5+ or 10+ hours, I start getting nervous.

I just did two transactions tonight, and paid a 0.0005 fee (about $0.90), and had it confirm within an hour or so, despite 200K unconfirmed transactions.

It sucks, but that's just the way it is right now. At this point in time, bitcoin isn't for small transactions. There have been some small things that I've paid for with paypal that I would have normally used bitcoin for, because the transaction fee isn't worth it.

If bitcoin doesn't want the small transactions, something else will probably take its place (for the small transactions). But for larger stuff, and store of value, of course bitcoin is still king. It's the gold of cryptocurrencies.

GetClams.com

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Quote from: strugmo on May 17, 2017, 10:19:57 AM

I've had three transactions stuck in purgatory for days. On several recent occasions when the price was surging or testing a new high, this has happened to me. My normal, small transactions get stuck. When the fervor dies a little, the fees usually drop again and the smaller transactions with smaller fees go through.

I have always liked the sort of egalitarian nature of Bitcoin. Anyone could visit faucets and such and build up some satoshi and get started. A sort of level playing field. But this fee issue, if unchanged, will end that. There have always been two kinds of people using Bitcoin... those who count satoshi, and those who don't. If the fees keep going up, Bitcoin will be left for the latter.

The question is how high will fees go before the negatively impact the market? How how long will it take to fix it. I think we are at the tipping point.

strugmo

newbie

Activity: 58

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I've had three transactions stuck in purgatory for days. On several recent occasions when the price was surging or testing a new high, this has happened to me. My normal, small transactions get stuck. When the fervor dies a little, the fees usually drop again and the smaller transactions with smaller fees go through.

I have always liked the sort of egalitarian nature of Bitcoin. Anyone could visit faucets and such and build up some satoshi and get started. A sort of level playing field. But this fee issue, if unchanged, will end that. There have always been two kinds of people using Bitcoin... those who count satoshi, and those who don't. If the fees keep going up, Bitcoin will be left for the latter.

btcforall777

full member

Activity: 235

Merit: 250

Quote from: Wendigo on May 17, 2017, 09:44:12 AM

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.

When you withdraw from an exchange there is not thing you can do about it. Except wait! This sucks.

ozaeri

member

Activity: 84

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Just wait until the fees reach 100$ because the issue keeps getting ignored as users claim its still cheap or its not meant for small transactions.

The reality is bitcoin won't survive without a solution to further scaling so stop saying its not meant for small transactions or that the fee is cheap as if there isn't any problem when there clearly is.

Wendigo

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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.

Dabs

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The Concierge of Crypto

Well, now you are aware. And plenty of us here are idiots. About 90%.

DoublerHunter

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Quote from: Schuyler on May 17, 2017, 01:58:07 AM

I think those who are increasing the fees are just trying to push the limits and see how far they can go before everybody gets really mad and decide to act against them forcibly. Even if the number of transactions are growing by the day, so are the unconfirmed ones. Increase in transaction fees are ok but only up to a certain extent where it is still cheaper than most other conventional ways to do transactions.

Yeah, 0.85 USD transaction fee is very cheap for me because it is not like in the paypal that can cost you more and also if you didn't take that average fee then you will not be able to send or receive bitcoin in a short period of time and it might take you a lot of days before you get the amount. 0.85 USD transaction fee is still the cheapest that i pay for a transaction.

Schuyler

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Activity: 518

Merit: 500

I think those who are increasing the fees are just trying to push the limits and see how far they can go before everybody gets really mad and decide to act against them forcibly. Even if the number of transactions are growing by the day, so are the unconfirmed ones. Increase in transaction fees are ok but only up to a certain extent where it is still cheaper than most other conventional ways to do transactions.

Topic: $0.85 transaction fee is absolutely ridiculous! - page 19. (Read 24268 times)