$0.85 transaction fee is absolutely ridiculous! - page 23.

erpbridge

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Quote from: DoublerHunter on May 12, 2017, 04:14:12 AM

Quote from: ufaiz50 on May 11, 2017, 10:54:20 PM

for transactions that are small in value under $10 is a bit ridiculous but everytime I do a transaction I charged a fee $0.2 or $0.5 and if you see from the side of the big holder that's small fee compared to the others.

In fact that amount of fee is very cheap compared to the traditional remittances that we currently have. Bitcoin is still affordable and its cheap is still low and the transaction is fast so we don't need to worry because it is still up to us on how much fee we will put on a transaction.

Not always true. I usually buy gift cards online through sites like Gyft. I pay close to 10-20$ per card when buying, and get charged that fee of 5%. If I was to pay through paypal or something, then I would be paying no fee. It would be the merchant paying it in that case.

BawsyBoss

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Quote from: OROBTC on May 11, 2017, 10:43:31 AM

...

Stupidity, greed and stubbornness is a terrible combination. Unfortunately that is what the miners & developers are both showing with being unwilling to sit down together and get the scaling problem(s) fixed.

I am continuously amazed that such smart people don't understand that they are putting all of Bitcoin at risk, or certainly scaring off many new people with their silly antics to make a little moar money now at the expense of making much more later. They are all thinking like Goldman-Sachs banksters.

Ugh.

* * *

Would SW and BU be compatible if both were implemented? Serious question, as I have no idea.

The problem isn't that miners and developers are greedy or stubborn. The fact that this became a problem with them is what shows a significant weakness in the system which must now be fixed. A weakness in bitcoin means a weakness for the miners and developers as well. If the fees become too much to bear, they will also lose out in the long run since the fees would mean less people using bitcoin, which means miners and developers get paid less, which leads to less development and solving of issues, and so on.

DoublerHunter

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Quote from: ufaiz50 on May 11, 2017, 10:54:20 PM

for transactions that are small in value under $10 is a bit ridiculous but everytime I do a transaction I charged a fee $0.2 or $0.5 and if you see from the side of the big holder that's small fee compared to the others.

In fact that amount of fee is very cheap compared to the traditional remittances that we currently have. Bitcoin is still affordable and its cheap is still low and the transaction is fast so we don't need to worry because it is still up to us on how much fee we will put on a transaction.

ufaiz50

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for transactions that are small in value under $10 is a bit ridiculous but everytime I do a transaction I charged a fee $0.2 or $0.5 and if you see from the side of the big holder that's small fee compared to the others.

Faiyz

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Dijual

Quote from: JustMissed on May 11, 2017, 10:41:45 PM

Quote from: Trading on May 11, 2017, 10:37:24 AM

This fee policy is going to backfire.

It's destroying the ability of bitcoin to be a normal mean of payment, including for small transactions. It's absurd to pay a fee of 20% on a small buy of 5 bucks.

We can't just explain it on technical grounds. There is here a human decision to postpone for days transactions with fees below 0.5-0.75 USDs.

Alt coins miners/developers/investors are loving this policy.

Soon, we'll see changes on major markets/retailers that use bitcoin.

Of course, this will hurt bitcoin and its price. Miners will pay for their greediness because of more competition by alt coins.

Carry on, miners, then you'll pay with all of us because of its outcome.

I cant agree more with this, it will hurt in the long run, Tx's should be mined in order not greed.

To my analysis this happened just once right? the over payment or transactions and the taking so long for confirmations to come. Well i agree that those are too much for small transactions but what if the transaction fees would depend on how much u are transacting but just for maintainance reasons off course or temporary because that too is hard to process if different transactions on each transactions. Because maybe the fees would be the same for every transactions soon after they solve this problem.

JustMissed

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Quote from: Trading on May 11, 2017, 10:37:24 AM

This fee policy is going to backfire.

It's destroying the ability of bitcoin to be a normal mean of payment, including for small transactions. It's absurd to pay a fee of 20% on a small buy of 5 bucks.

We can't just explain it on technical grounds. There is here a human decision to postpone for days transactions with fees below 0.5-0.75 USDs.

Alt coins miners/developers/investors are loving this policy.

Soon, we'll see changes on major markets/retailers that use bitcoin.

Of course, this will hurt bitcoin and its price. Miners will pay for their greediness because of more competition by alt coins.

Carry on, miners, then you'll pay with all of us because of its outcome.

I cant agree more with this, it will hurt in the long run, Tx's should be mined in order not greed.

mrcash02

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Quote from: jorneyflair on May 11, 2017, 10:51:00 AM

Why so many people think that 0.85$ is such a ridiculous fee?
After all, you need to remember that when you use banking system, maybe you dont really have to pay big commision ( usually, it is so low that you cannot even spot it ) but the transfer is going to be made during the regular work day, not in time of the weekend.
Blockchain works pretty much 24/7 thanks to decentralization, and also because there are thousands of miners who are willing to confirm the transaction: for their own profit.

And this is why I think you cannot tell that this kind of fee is so expensive, after all someone has to get some income from confirming those transactions, where mining is currently something really hard to make yourself profitable on.

It must be interesting for all parts, and if there are many people complaining about the fees prices, it's not being good for all... People are here to avoid paying high fees for banks to make transactions, especially online transactions, so it's worthless to have the same or similar service here that you have at banks. The real problem is that fees don't stop increasing, even worse.

CoinTasker

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Quote from: jorneyflair on May 11, 2017, 10:51:00 AM

Why so many people think that 0.85$ is such a ridiculous fee?
After all, you need to remember that when you use banking system, maybe you dont really have to pay big commision ( usually, it is so low that you cannot even spot it ) but the transfer is going to be made during the regular work day, not in time of the weekend.
Blockchain works pretty much 24/7 thanks to decentralization, and also because there are thousands of miners who are willing to confirm the transaction: for their own profit.

And this is why I think you cannot tell that this kind of fee is so expensive, after all someone has to get some income from confirming those transactions, where mining is currently something really hard to make yourself profitable on.

An $0.85 fee isn't ridiculous if you are sending a larger amount of BTC, but when you are sending $1-$5 in BTC and have to pay 20%-50% fees, that is absolutely ridiculous. It's a scalability problem and makes BTC less ideal for day to day transactions.

jorneyflair

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Why so many people think that 0.85$ is such a ridiculous fee?
After all, you need to remember that when you use banking system, maybe you dont really have to pay big commision ( usually, it is so low that you cannot even spot it ) but the transfer is going to be made during the regular work day, not in time of the weekend.
Blockchain works pretty much 24/7 thanks to decentralization, and also because there are thousands of miners who are willing to confirm the transaction: for their own profit.

And this is why I think you cannot tell that this kind of fee is so expensive, after all someone has to get some income from confirming those transactions, where mining is currently something really hard to make yourself profitable on.

OROBTC

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...

Stupidity, greed and stubbornness is a terrible combination. Unfortunately that is what the miners & developers are both showing with being unwilling to sit down together and get the scaling problem(s) fixed.

I am continuously amazed that such smart people don't understand that they are putting all of Bitcoin at risk, or certainly scaring off many new people with their silly antics to make a little moar money now at the expense of making much more later. They are all thinking like Goldman-Sachs banksters.

Ugh.

* * *

Would SW and BU be compatible if both were implemented? Serious question, as I have no idea.

Trading

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Nothing like healthy scepticism and hard evidence

This fee policy is going to backfire.

It's destroying the ability of bitcoin to be a normal mean of payment, including for small transactions. It's absurd to pay a fee of 20% on a small buy of 5 bucks.

We can't just explain it on technical grounds. There is here a human decision to postpone for days transactions with fees below 0.5-0.75 USDs.

Alt coins miners/developers/investors are loving this policy.

Soon, we'll see changes on major markets/retailers that use bitcoin.

Of course, this will hurt bitcoin and its price. Miners will pay for their greediness because of more competition by alt coins.

Carry on, miners, then you'll pay with all of us because of its outcome.

carlfebz2

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Quote from: lionheart78 on May 08, 2017, 05:27:54 PM

Quote from: carlfebz2 on May 07, 2017, 02:32:00 AM

Quote from: CoinTasker on May 05, 2017, 04:11:04 AM

Quote from: freedomno1 on May 05, 2017, 03:48:28 AM

No your right but for some reason I feel this post will be entombed in posterity for and looked on as the before times someday.
In other words either this fee will be seen as really cheap someday in the future presuming we can't consensus or someone will smile and remember the olden days when fees were this high for a bit ^^.
The joke is now were looking like banking ... limited amount of txns ...

That's exactly right, in many instances it's actually more expensive than using the bank.

In Coinbase, I went to send myself .01 BTC and the fee was 0.000542 BTC which is currently $0.86

Seconded, Ive been using coinbase for a year as far as I remember since I do really love to make transfers without any fees but now they are imposing fees which I do really understand but considering on the amount of fee I really see it that its already high.It might be $0.86 small for some but for me I consider it big but I don't have no choice but to pay-up in able to transfer funds.

It is expected. Those who are giving a free transfers will definitely imposed a transaction fee because fee is not a dust anymore. It cost them hundreds to thousands of dollars a day so they need to implement something like transaction fee to avoid such losses and make their company bankrupt. We had our local exchange site to implement transaction fee, worst they even implement a processing fee above that transaction fee since they charge a minimum of 80k satoshi and maximum of 120k satoshi depends on how fast we want our transaction to be confirmed.

I do know what local exchange you are mentioning which they do really had an option to choose what would be the size of your tx fee depending on how fast it would be confirmed and I would say its really high almost 2$ as far as I remember which is a lot already for me that's why I always chose to select the medium one when I'm not in a hurry but overall fees are really a big thing for now on bitcoin world.

arklan

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Quote from: btcforall777 on May 09, 2017, 06:53:27 PM

I would think that the devs will adjust fees in a future fork. Not a big deal in the long run.

that... is not how bitcoin works. at all. not even remotely.

btcforall777

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I would think that the devs will adjust fees in a future fork. Not a big deal in the long run.

Bitcoinsummoner

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I think paying even $1 for every transaction or sending high amount of bitcoin still small fee compare to other plat form of payment outside like paypal payment honestly i experience of sending my usd to other paypal account asking for high fee mostly i am paying always $5 if the receiver is too far from y places.
And i think they should also relay in country before they are give the asking fee.

arklan

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Quote from: BawsyBoss on May 09, 2017, 02:08:09 AM

Quote from: arklan on May 08, 2017, 10:35:42 AM

Quote from: BawsyBoss on May 08, 2017, 03:04:18 AM

As someone who has been out of the bitcoin scene for a while and is just now coming back, is there any other reason besides change in price of BTC making transactions so expensive? Also, what is the popular consensus on proposals such as SegWit? I keep seeing a lot of controversy regarding it.

lack of block space. there isn't enough room to include all transactions, so the fee to get included in quickly goes up. and the number of waiting transactions just grows.

as to segwit... yea, controversy. i don't think there really is a concensus. three sides, as i see it. those who want segwit, those who want bitcoin unlimited, and those who are sick of the debate entirely and want to just get on with something, anything, to solve the problem.

oh, and subgroups of "anything BUT segwit" or "anything but BU!" of course too.

Sorry to sound ignorant, but what exactly is BU? I have only ever heard of segwit when it comes to deciding for the future of bitcoin. What would make either side "win out" or be implemented over the other, assuming we eventually get to that point? Does it require a majority of miners or nodes to move forward with one option or such? Who would implement these proposals into the core?

BU = Bitcoin Unlimited. i'm not totally clear what they propose, but they're developing/have developed their own bitcoin client (i think) that will run with a different set of rules, i THINK using a dynamic system to increase blocksize. i'm not sure when this would be activated, but i've seen others posting that there's something around 30% support for it.

segwit is the proposal by Bitcoin Core, the devs of what was originally the satoshi client. it will activate at approval of 95% of nodes. (might be 95% of miners? i'm not sure) or ...some other way like a user activated soft fork or something.

BawsyBoss

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Quote from: arklan on May 08, 2017, 10:35:42 AM

Quote from: BawsyBoss on May 08, 2017, 03:04:18 AM

As someone who has been out of the bitcoin scene for a while and is just now coming back, is there any other reason besides change in price of BTC making transactions so expensive? Also, what is the popular consensus on proposals such as SegWit? I keep seeing a lot of controversy regarding it.

lack of block space. there isn't enough room to include all transactions, so the fee to get included in quickly goes up. and the number of waiting transactions just grows.

as to segwit... yea, controversy. i don't think there really is a concensus. three sides, as i see it. those who want segwit, those who want bitcoin unlimited, and those who are sick of the debate entirely and want to just get on with something, anything, to solve the problem.

oh, and subgroups of "anything BUT segwit" or "anything but BU!" of course too.

Sorry to sound ignorant, but what exactly is BU? I have only ever heard of segwit when it comes to deciding for the future of bitcoin. What would make either side "win out" or be implemented over the other, assuming we eventually get to that point? Does it require a majority of miners or nodes to move forward with one option or such? Who would implement these proposals into the core?

quzai

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Yep i find it rediculous too, i don't think this way new people to crypto will start using btc anymore..

lionheart78

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Quote from: carlfebz2 on May 07, 2017, 02:32:00 AM

Quote from: CoinTasker on May 05, 2017, 04:11:04 AM

Quote from: freedomno1 on May 05, 2017, 03:48:28 AM

No your right but for some reason I feel this post will be entombed in posterity for and looked on as the before times someday.
In other words either this fee will be seen as really cheap someday in the future presuming we can't consensus or someone will smile and remember the olden days when fees were this high for a bit ^^.
The joke is now were looking like banking ... limited amount of txns ...

That's exactly right, in many instances it's actually more expensive than using the bank.

In Coinbase, I went to send myself .01 BTC and the fee was 0.000542 BTC which is currently $0.86

Seconded, Ive been using coinbase for a year as far as I remember since I do really love to make transfers without any fees but now they are imposing fees which I do really understand but considering on the amount of fee I really see it that its already high.It might be $0.86 small for some but for me I consider it big but I don't have no choice but to pay-up in able to transfer funds.

It is expected. Those who are giving a free transfers will definitely imposed a transaction fee because fee is not a dust anymore. It cost them hundreds to thousands of dollars a day so they need to implement something like transaction fee to avoid such losses and make their company bankrupt. We had our local exchange site to implement transaction fee, worst they even implement a processing fee above that transaction fee since they charge a minimum of 80k satoshi and maximum of 120k satoshi depends on how fast we want our transaction to be confirmed.

Tyrantt

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Well yes it can be high but remember that the price of the bitcoin has gone up too so the fees will probably proportionally rise as well, but fees are optional, right? You can always lower the amount a little if you don't need that transaction to be confirmed asap.

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