Topic: $0.85 transaction fee is absolutely ridiculous! - page 22. (Read 24225 times)

PayPal could never be better. I mean, it's reversible and they can hold your funds.

As for alts, well, I don't know. It's possible, but the discrepancy in market capitalization or total value is too wide a gap at the moment.

Basically these high fees should never happen in the first place - Maybe in the distant future, but not now. It's just a sign that Bitcoin's development has stalled. The devs are focusing too much on other updates.

One of these days, the bubble will burst and the runner-up alt will eventually take the first place.

I totaLLY agree with OP.
Bitcoin fees are going out of control and it's really time to move to another currency. Almost every other "altcoin" is better than Bitcoin.

Even paypal is better as a payment service.

Would rather pay a $1 fee than a bank wire fee of up to $20 to $50 to send funds.

Not to mention it is faster than sending a wire if you use a right fee amount.

I own a micro cache website.

Users who use my service are usually users who work on micro-earning sites. Hard working people who're doing what they're doing for X or Y reason.

Imagine yourself being in a country that isn't developed or simply isn't a high TIER country.

Earning $1 per day in some countries is considered as a good salary. If those people need to pay 10-80 cents to send $1 they earn, something isn't right.

Bitcoin wasn't meant to become a monopolized virtual currency. Currently it is. People are literally forced to move to alternative currencies, due to lower sending costs + speed.
Bitcoin was meant to help users move value, escape economic tyranny and be able to buy a coffee while paying for 1 coffee, not 2, due to high tx fees we see currently. Plus, the speed is "meh".

"Faucets" were a great attraction to users who were new to bitcoin. They still are.
I found bitcoin through faucets. Now I run 10+ websites which pay users in bitcoin and pay up to $7.000 per month. Not including microcache site's numbers.

I pay ~2% on fees, due to Ledger Nano S (Cold storage) & ongoing transaction fees.

So, please. When you talk, make sure you're not talking in general, because there's a community of more than 1 million people which is invisible and no one talks about them.

Bitcoin is expensive to send.

I agree with you dabs. But it is totally ridiculous when I send $2 with $2 fee since there are many spamming transaaction in the blockchain system. That is why they call bitcoin is gold. Gold can only use for saving and investing purposes

If it costs you about $0.60 to send $170,000.00 to someone else, or anyone else, I'd say that's a pretty good deal. The problem is that it could cost you that same $0.60 to send $6 to someone too.

That's both the strength and weakness of bitcoin.

Absolutely, if you are earning, you need to accept some fees/charges. I transferred some BTC and I was charged approx., 1.34%. Its quite decent unless you try to compare with BTC/USD.

The fee is high but as long it is useful to some people then bitcoin will keep being used, at the moment bitcoin is used more as an investment vehicle than a currency so the fees are not so detrimental to the price but eventually this will become a factor as more people use bitcoin.

Last time I check it was 164K unconfirmed transaction and 82BTC fees for miners, they still get another 25BTC for every block included on blockchain, pretty good business obviously moreover current price at higher peak. I don't know if some people trying to send spam transaction with low fees or it is real transaction but the block size cannot afford so many transaction. But, we do know that miners have good time right now.

I've been trying to get more money flowing from my Bitcoin account to my other accounts and the transaction fee only allows me to make a few transactions before the price of it gets very expensive.

I am not that surprised that Bitcoin has an expensive transaction fee because it was pretty much known from day 1 that the transaction fee was going to get large. Nobody should spend Bitcoin if they think that Bitcoin's transaction fee is just too large to spend.

Bitcoin is going to be a victim of the miner's greed as some altcoin like XEM (my preferred choice with catapult coming) or ETH takes over the throne. If exchanges ever start pairing directly with other cryptos and bypassing BTC, it will no longer be required to trade altcoins.

How long can we sit around with an ever rising number of unconfirmed transactions before the market decides we need a better solution?

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?

I think the fee is rather expensive for people who do bitcoin transactions every day. But the fee is also reasonable if you send bitcoin in large quantities. Because I personally prefer to be exposed to the fee is quite expensive in order to get a quick confirmation, rather than just using a small fee but requires a long time of confrimation. Thank you

I sent a transaction last night of 2 BTC and paid 0.0001 in TX fees which was valued at 0.18$ lol. Fortunately with the help of a transaction accelerator I managed to get it confirmed this morning so all is good and I didn't leave my money stuck in limbo  It's definitely possible to try to put in very low fees but maybe I just got lucky.

Correct me if I am wrong, but from what I have been reading, is that the miners are cherry picking the higher fee transactions and leaving the lower fee transactions to sit for days or never.
For new people that are not knowledgeable on how bitcoin works, it could lead to frustration and non adoption.

What are you saying ? How is it normal ? What do you mean by amount paid for cash ? Not everyone buys into bitcoin when it was 1000$/BTC or lower. If I am trnasacting with btc today, then I am spending that dollar amount it is today.

Because the value of bitcoin is so high, the cost of what we pay for is so high, however, that is quite normal. It may be higher than it was in the past, but compared to the amount you paid for cash, it was much lower. So do not regret it.

I don't like this either... The more price grow higher are transactions fees and one of main reasons I use bitcoin are low transactions fees (instead of 2.4% + 30c lol)

Bitcoin has never meant to be for daily transactions since it has been designed.

I think other coins should become popular to meet such demand, sooner or later. Maybe Litecoin