Larger block sizes or transaction in lower fee altcoins seem to be the main ways to mitigate that.
Although the price appreciation is a double edged device lowering relay fees doesn't really do much for speed but does reduce the cost.
Topic: $0.85 transaction fee is absolutely ridiculous! - page 2. (Read 24224 times)
I never use bitcoin for small transactions. Sometimes, fees reach 3$ and that's not acceptable for transactions under 100$.
Well that's the price we need to take due to the price increase of bitcoin, sometimes it's too harsh when we do lots of transaction ,i hope such issue will fix soon. 
I never use bitcoin for small transactions. Sometimes, fees reach 3$ and that's not acceptable for transactions under 100$.
Right now it is costing around $3 for a 60 minute transaction (https://estimatefee.com/) ---> that is WAY more expensive && WAY slower than a credit/debit card transaction.
The solution is easy: bigger blocks. Instead of doing that 2 years ago, it's still being debated and surrounded by FUD.Meanwhile, miners earn $10 million per day, that's a lot of money leaving the Bitcoin system to pay for electricity. And the higher fees get, the more miners benefit from small blocks.
To be fair, it's not way slower than a credit card transaction. Those take months to settle, and they can be reversed during that time. A BTC transaction that gets confirmed in 1-2 days is much faster at settling than credit cards.
We already got a short-term solution: Segwit. It's a 4x block size limit increase and all you need to do to enjoy considerably cheaper fees is to upgrade to a Segwit-compatible wallet. The reason this has been debated for years is because letting the block size grow uncontrolled will make it increasingly difficult for users to enforce consensus rules by running a full node. They'll then need to trust services to do it for them, eliminating the "trustless" nature of the protocol.
The ideal way to scale would be use off-chain (but trustless) methods like the Lightning Network. Sidechains are another way. Atomic swaps into other cryptocurrencies are another solution. In the future we might also be able to use Zk-SNARKs to boostrap nodes much faster (vs. downloading the whole blockchain). Thin blocks, IBLTs..... there are lots of possibilities. But they take time. We can't throw out the baby with the bath water.....
Not in my country. I go into the store, swipe my card, and leave with my product almost instantly. I don't even notice a confirmation time, and if there is one ---> it's seconds ---> not minutes, and certainly ---> not days. However, if I went into a coffee shop to purchase a cup of coffee with bitcoin, it would cost twice as much as it should, considering the fee, and I'd already be tired and needing another cup by the time the transaction confirmed.
The solution is to get away from the antiquated blockchain technologies which got stuck in the past, and start adopting the newer technologies which are capable of adapting to the ever evolving point-of-sale networks.
As the price of bitcoins keep increasing, the fees in dollars will keep rising as well. That's why I don't see altcoins going anywhere. They will always be around due to the lower fees and many with faster block times. Only make bitcoin transactions when you plan to send large amounts of money.
I agree with all of you guys, but just imagine this, this guy said that $0,85 were expensive on March of 2017, now we are almost on November, and $2,50 is so expensive for us. Just imagine what can happen to bitcoin when the price of a Minimum fee's transaction gets to $5, the whole market will collapse because only a reduced people could send and receive bitcoins because of the high fees that it will have.
This is possible guys, just pay attention to it.
This is possible guys, just pay attention to it.
In the last transactions I made in Xapo, I was charged a fee of around 0.001 BTC by sending 0.05 to another adress, which is equivalent to almost $6.00 and I thought it was a normal rate. How much should a fair rate be supposed to be?
I agree with all of you guys, but just imagine this, this guy said that $0,85 were expensive on March of 2017, now we are almost on November, and $2,50 is so expensive for us. Just imagine what can happen to bitcoin when the price of a Minimum fee's transaction gets to $5, the whole market will collapse because only a reduced people could send and receive bitcoins because of the high fees that it will have.
This is possible guys, just pay attention to it.
This is possible guys, just pay attention to it.
I don't follow your logic. The important thing to recognize is that fees are part of the protocol: that means that they must necessarily be denominated in BTC. You guys keep talking about the rising price of fees, but what about the rising price of BTC?
If the price of BTC rises, so will the costs of fees, since they are denominated in BTC. If you want Bitcoin to go to the moon, you can't have it both ways!
Also, I paid a transaction last night that paid $0.12 in fees despite high congestion on the network. It confirmed within a few hours. Do you realize that with $0.12 in fees, one could transfer millions of dollars via BTC? The price of BTC has gone up 3000% in the past 2+ years, yet from where I stand, fees are still quite cheap.
I agree with all of you guys, but just imagine this, this guy said that $0,85 were expensive on March of 2017, now we are almost on November, and $2,50 is so expensive for us. Just imagine what can happen to bitcoin when the price of a Minimum fee's transaction gets to $5, the whole market will collapse because only a reduced people could send and receive bitcoins because of the high fees that it will have.
This is possible guys, just pay attention to it.
This is possible guys, just pay attention to it.
In the last transactions I made in Xapo, I was charged a fee of around 0.001 BTC by sending 0.05 to another adress, which is equivalent to almost $6.00 and I thought it was a normal rate. How much should a fair rate be supposed to be?
I am relatively new to this, but aren't these rising transaction fees becoming more and more of a problem now that bitcoin becomes more popular?
With the price of bitcoin rising expect the transaction price to get bigger too ,that is a natural progression and there is nothing we can do about it,hope there will be a solution in the future,if not it wont be that low cost transaction like we once was proud about like bitcoin transaction is almost free rather than the conventional banking system,but as we go further the things are changing on that aspect and we have to deal with it. 
I agree with all of you guys, but just imagine this, this guy said that $0,85 were expensive on March of 2017, now we are almost on November, and $2,50 is so expensive for us. Just imagine what can happen to bitcoin when the price of a Minimum fee's transaction gets to $5, the whole market will collapse because only a reduced people could send and receive bitcoins because of the high fees that it will have.
This is possible guys, just pay attention to it.
This is possible guys, just pay attention to it.
I agree, the transactions fee are too high, and will only go up. Segwit will go some way to fixing this but with mainstream adoption this is only a band aid. This is something that concerns me and could be the downfall of Bitcoin. I would like to think that the Devs will come up with something long before then. The only problem there is the disagreement between the Devs who then create another fork such as Cash and Gold which fail to takeoff as well as the original
Right now it is costing around $3 for a 60 minute transaction (https://estimatefee.com/) ---> that is WAY more expensive && WAY slower than a credit/debit card transaction.
The solution is easy: bigger blocks. Instead of doing that 2 years ago, it's still being debated and surrounded by FUD.Meanwhile, miners earn $10 million per day, that's a lot of money leaving the Bitcoin system to pay for electricity. And the higher fees get, the more miners benefit from small blocks.
To be fair, it's not way slower than a credit card transaction. Those take months to settle, and they can be reversed during that time. A BTC transaction that gets confirmed in 1-2 days is much faster at settling than credit cards.
We already got a short-term solution: Segwit. It's a 4x block size limit increase and all you need to do to enjoy considerably cheaper fees is to upgrade to a Segwit-compatible wallet. The reason this has been debated for years is because letting the block size grow uncontrolled will make it increasingly difficult for users to enforce consensus rules by running a full node. They'll then need to trust services to do it for them, eliminating the "trustless" nature of the protocol.
The ideal way to scale would be use off-chain (but trustless) methods like the Lightning Network. Sidechains are another way. Atomic swaps into other cryptocurrencies are another solution. In the future we might also be able to use Zk-SNARKs to boostrap nodes much faster (vs. downloading the whole blockchain). Thin blocks, IBLTs..... there are lots of possibilities. But they take time. We can't throw out the baby with the bath water.....
Right now it is costing around $3 for a 60 minute transaction (https://estimatefee.com/) ---> that is WAY more expensive && WAY slower than a credit/debit card transaction.
The solution is easy: bigger blocks. Instead of doing that 2 years ago, it's still being debated and surrounded by FUD.Meanwhile, miners earn $10 million per day, that's a lot of money leaving the Bitcoin system to pay for electricity. And the higher fees get, the more miners benefit from small blocks.
I am relatively new to this, but aren't these rising transaction fees becoming more and more of a problem now that bitcoin becomes more popular?
I mean where will it end, right now it's about 2.60 $ and still takes over an hour to be confirmed. Isn't bitcoin disqualifying itself with that?
I mean the whole point was to make fast and cheap transactions, now the recent development is heading into a completely different direction. As stated above, it's unattractive to use for daily business, small amounts, and even quick transfer.
I mean where will it end, right now it's about 2.60 $ and still takes over an hour to be confirmed. Isn't bitcoin disqualifying itself with that?
I mean the whole point was to make fast and cheap transactions, now the recent development is heading into a completely different direction. As stated above, it's unattractive to use for daily business, small amounts, and even quick transfer.
The fees currently which are around $0.7 or so is really high but only for smaller transactions, for +$100 and more paying $1 USD isn't extremely excessive or unheard of, I agree this limits BTC as a currency for micro transactions and live expenses payment.
This will probably be solved soon, I am not with making a fundamental change in bitcoin, but just a solution that will lower the stress in the network, I still want bitcoin to be bitcoin.
You are wrong friend. I wanted to sell around 45 dollar worth of bitcoin yesterday, and recommended transaction fee was 1 dollar for 80 sat/B if i am not mistaken. And they said it will take 1+ hours. It took around 12h for my transaction to be confirmed... Other time before that i paid 3 dollars for 90 dollars worth of bitcoins, and it took around 6 hours to transfer. Price is too high for speed they offer. It is simple as that.This will probably be solved soon, I am not with making a fundamental change in bitcoin, but just a solution that will lower the stress in the network, I still want bitcoin to be bitcoin.
I agree the price is higher than and it use to be one if the things people like to show off about bitcoin. They went on about how it was free to make transactions. Now it's so costly. It's still better then credit cards and banks so the extra amount is ok. Paying for something with Bitcoin online can be quite annoying since they only leave a 15 minute window to pay in.
The fees seem to be getting higher for Bitcoin over the past year. This is one of the reasons why Bitcoin won’t be good for a method of payment at businesses. People will not want to pay high fees for small purchases.
There will need to be some altcoins that will have to be used as a form of payment and Bitcoin will primarily be a store of value/investment or possibly a way to send money a long distance quickly.
The second reason why Bitcoin isn’t good as a payment method is that the value rises so quickly that everyone will want to just hoard it rather than spend it.
The fees currently which are around $0.7 or so is really high but only for smaller transactions, for +$100 and more paying $1 USD isn't extremely excessive or unheard of, I agree this limits BTC as a currency for micro transactions and live expenses payment.
This will probably be solved soon, I am not with making a fundamental change in bitcoin, but just a solution that will lower the stress in the network, I still want bitcoin to be bitcoin.
You are wrong friend. I wanted to sell around 45 dollar worth of bitcoin yesterday, and recommended transaction fee was 1 dollar for 80 sat/B if i am not mistaken. And they said it will take 1+ hours. It took around 12h for my transaction to be confirmed... Other time before that i paid 3 dollars for 90 dollars worth of bitcoins, and it took around 6 hours to transfer. Price is too high for speed they offer. It is simple as that.This will probably be solved soon, I am not with making a fundamental change in bitcoin, but just a solution that will lower the stress in the network, I still want bitcoin to be bitcoin.
I agree the price is higher than and it use to be one if the things people like to show off about bitcoin. They went on about how it was free to make transactions. Now it's so costly. It's still better then credit cards and banks so the extra amount is ok. Paying for something with Bitcoin online can be quite annoying since they only leave a 15 minute window to pay in.
Right now it is costing around $3 for a 60 minute transaction (https://estimatefee.com/) ---> that is WAY more expensive && WAY slower than a credit/debit card transaction. It's actually not a very sound platform to be utilized as a means of exchange ---> maybe a store of wealth, if you're not afraid of the bubble, but it's not a suitable platform to engage in everyday commerce.
The fees currently which are around $0.7 or so is really high but only for smaller transactions, for +$100 and more paying $1 USD isn't extremely excessive or unheard of, I agree this limits BTC as a currency for micro transactions and live expenses payment.
This will probably be solved soon, I am not with making a fundamental change in bitcoin, but just a solution that will lower the stress in the network, I still want bitcoin to be bitcoin.
You are wrong friend. I wanted to sell around 45 dollar worth of bitcoin yesterday, and recommended transaction fee was 1 dollar for 80 sat/B if i am not mistaken. And they said it will take 1+ hours. It took around 12h for my transaction to be confirmed... Other time before that i paid 3 dollars for 90 dollars worth of bitcoins, and it took around 6 hours to transfer. Price is too high for speed they offer. It is simple as that.This will probably be solved soon, I am not with making a fundamental change in bitcoin, but just a solution that will lower the stress in the network, I still want bitcoin to be bitcoin.
I agree the price is higher than and it use to be one if the things people like to show off about bitcoin. They went on about how it was free to make transactions. Now it's so costly. It's still better then credit cards and banks so the extra amount is ok. Paying for something with Bitcoin online can be quite annoying since they only leave a 15 minute window to pay in.
today 28th Oct bitcoin price being 5800 usd I am trying to transfer some bitcoin it will cost me 42$ for 3.5 KB transfer
Bitcoin is not currency its just for miners or may be investment
Bitcoin is not currency its just for miners or may be investment
This is why I think that bitcoin won't be serving us for daily transactions in near future. In order to support daily transactions in near future, a coin must have a reasonable fees, fast transaction and most important of all, big coin cap (21 Mil isn't going to serve any good for daily transactions). I would safely say that bitcoin is going to be our digital gold.
Bitcoin is divisible, so 21 million coins is not a problem, but everything else agrees with my own thoughts. Yes, it look more and more like digital gold, good for investment etc., much more convenient than physical gold, but unsuitable for daily payments. Maybe higher level solutions like Lightning Network can change this...
It should be borne in mind that bitcoin provides an opportunity to get very large profits only on the growth of prices and the high price for commission is justified. You can use other currencies with less commission, but do not receive such profit.
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