This is why altcoins like XEM are gaining popularity. They were designed from the ground up with their own code to correct bitcoin's weaknesses. Use much less electricity, coin is not inflationary, is capable of handing more than 3000 transactions per second versus bitcoin's 3-5, fee is 1XEM for up to 20,000 XEM and another XEM every 10,000 after that. Messaging system, better scaling, and adoption by Japanese banks.
If you don't like that one, pick another one with fast transaction times like DASH, or even LTC with segwit. Only use BTC when you have to deal with converting to fiat.
https://www.youtube.com/watch?v=4BJERtsnDa8
Topic: $0.85 transaction fee is absolutely ridiculous! - page 24. (Read 24225 times)
Still nowhere near wire transfer transaction fees which can go as high as $4.50 to $76.00.
Imagine paying a $76.00 wire transfer fee to move $900.
That's how much some charge to move $.
Bitcoin is cheaper than that when it come to the fees but we need to take into account that services like paypal also exist and while I have not used paypal in a while I suppose the fees of paypal are way better than that, so if bitcoin wants to become the most used currency online then it needs to be better than the competition in almost every way. Imagine paying a $76.00 wire transfer fee to move $900.
That's how much some charge to move $.
I just made a 668 bytes transaction and it took 25 minutes to confirm despite a very high 0.00120067 BTC fee (6 confirmations after 40 minutes). That's nearly $1.90. Larger blocks are urgently needed. Guess I've been saying that for years....
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.
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?
You are not wrong, it is true bitcoin transaction fees is expensive for small amount of transaction This is getting insane and is completely uncalled for, or am I wrong?
and it is weakness of bitcoin be used for money and daily transaction,
many people offered solution for this problem include segwit but it is still debating all of comunity
if this problem can be fixed, it will be the next currency in internet.
PayPal's currency conversion rates and a wire transfer's fees are still much more expensive than current Bitcoin fees. I do admit the fees are much higher than they were before, at a couple of cents. But with recent community growth and the community refusing to figure out what exactly they want, the blocks are becoming more and more cramped.
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.
Still nowhere near wire transfer transaction fees which can go as high as $4.50 to $76.00.
Imagine paying a $76.00 wire transfer fee to move $900.
That's how much some charge to move $.
Imagine paying a $76.00 wire transfer fee to move $900.
That's how much some charge to move $.
I am starting to doubt in the will of the mining community and their incentive upgrade bitcoin. Who would want to kill the goose that lays the golden eggs?
High transaction fees are everything miners ever wanted. Why Bitmain allowed SegWit for LTC and in the meantime they are blocking it for Bitcoin?
Because they are hypocrites and BTC tx fees were much higher than LTC's!
What if larger blocks would lead to a much higher price? Miners could lose 10-15% of their current income (coming from fees), but their main income (coming from block rewards) could double (or more)!High transaction fees are everything miners ever wanted. Why Bitmain allowed SegWit for LTC and in the meantime they are blocking it for Bitcoin?
Because they are hypocrites and BTC tx fees were much higher than LTC's!
Many altcoins are now inreasing by 10-50% per day. A lot of money flows into cryptocurrencies, and it doesn't reach Bitcoin because Bitcoin has reached its limit on transaction volume.
Why can't miners see the bigger picture here? 14 Bitcoin per block at $1500 per Bitcoin, or 13 Bitcoin per block at much higher prices?
Yes, I agree you, that fee is very high. I realized that bitcoin isn't good for low transactions but it's best for high transactions, there is no doubt.
I was charged $1.8 for 15dollar transaction yet it took over 9hrs to transfer the $15 to an address. I was ashamed of myself for introducing Bitcoin to my friends.
This is out of reality to my mind, I don't need so high fee for 200$ and higher. Which wallet do you use? Mostly all wallet shows recomended fee. Also use transaction accelerator in future and it will help you a lot to get confirmation quickly. 
Back in the days, 10 satoshi / byte can get your transactions cofirmed within the next block or two, and that is within 30 minutes and that is in 2015. However, even if we pay 85 sats / byte, our tx would still be considered as low priority and will be moved at the bottom of the block to allow txs with higher fees to be squeezed and to pass. This is absurd, and to think that some mining farms are including tx with 25 sats / byte is what makes it more conplicated. I honestly don't comprehend as to what is happening right now, but the fees are indeed fucked up.
I was charged $1.8 for 15dollar transaction yet it took over 9hrs to transfer the $15 to an address. I was ashamed of myself for introducing Bitcoin to my friends.
I am starting to doubt in the will of the mining community and their incentive upgrade bitcoin. Who would want to kill the goose that lays the golden eggs?
High transaction fees are everything miners ever wanted. Why Bitmain allowed SegWit for LTC and in the meantime they are blocking it for Bitcoin?
Because they are hypocrites and BTC tx fees were much higher than LTC's!
High transaction fees are everything miners ever wanted. Why Bitmain allowed SegWit for LTC and in the meantime they are blocking it for Bitcoin?
Because they are hypocrites and BTC tx fees were much higher than LTC's!
Yes it's now become a problem to me. While I am sending a payment of 0.1 BTC I say to myself "Who care about the fees it's just a small fees" But when I am sending small amount like 0.01 BTC I say the opposite "F**k this fees man it's like near 10%, it's just silly"
When I introduced Bitcoin to some friend, I was refering at the cheap cost, now they start to use bitcoin, they tell me "is it whan you call cheap fees?" lol
When I introduced Bitcoin to some friend, I was refering at the cheap cost, now they start to use bitcoin, they tell me "is it whan you call cheap fees?" lol
I paid a $2-$3 fee for a transaction as low as $10. It was because I had received transactions of a value lower than $2 and hence the transaction size was huge. Paying a fixed fee of 0.0001 BTC doesn't work now and with the rising price, I wouldn't be surprised if I would need to pay $10 in the coming days. I simply would use xapo or wait for 1-2 days for each transaction.
I still prefer BTC to PayPal or Payza as the fixed fee gets ridiculous for smaller transactions. In BTC, it's the TX size that matters.
This is right, I had something similar happen to me the other day with the difference the recommended fee was something like ten dollars, I was able to move it for an amount way lower than that but the surprise of seeing a fee so high makes me think we need segwit activated as soon as possible. I still prefer BTC to PayPal or Payza as the fixed fee gets ridiculous for smaller transactions. In BTC, it's the TX size that matters.
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 ...
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 $0.86
I posted this just 2-3 days back. If the price goes to 5000$ then the transaction fees will actually be close to 2 dollars. No one will then use bitcoin for sending anything less than 20-30$ as they will eventually be paying fees as much or more than paypal and other systems.
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?
I guess yes, if you just make a small amount to transfer I guess that is bad news, making this fee every transactions you made is so badly insane, what if you just going to send just $1 for the task you ask for then it is like paying him a couple of it.This is getting insane and is completely uncalled for, or am I wrong?
some of the group wants to congest the blockchain unconfirmed transactions, because the limited transaction volume for confirmed, them and miners take the advantage. in order to get your transaction confirmed faster, you need to pay more fee in it.
Is this the only reason why they want to congest the system? There may be more to it than meets the eye. What if some of these people have made their investment in alts? If Bitcoin goes down as a result of technical issues, then the alts can benefit out of it.
they wanna benefit some specific altcoins, such as doge, lite with less transaction volume. bitcoin is too major and the core still standing up.
some of the group wants to congest the blockchain unconfirmed transactions, because the limited transaction volume for confirmed, them and miners take the advantage. in order to get your transaction confirmed faster, you need to pay more fee in it.
Is this the only reason why they want to congest the system? There may be more to it than meets the eye. What if some of these people have made their investment in alts? If Bitcoin goes down as a result of technical issues, then the alts can benefit out of it.
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