Topic: $0.85 transaction fee is absolutely ridiculous! - page 25. (Read 24262 times)

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.

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.

aaand there goes the last bit of civility in this thread.

Why, you're the idiot that doesn't know how mining works.

Yes, too high, the market tends to use large transaction, small transactions should be avoid.

All these other cryptos will also run into scalability problems. Dogecoin transactions are cheap today because no one really uses those. If it's heavily used, it will run into same problems that Bitcoin does. We will need to find a good solution implemented on Bitcoin and then other cryptos.

I think of bitcoin as a bank draft, or money order, or cashier's check. Guaranteed funds that you can see go into your account within seconds, feel good about in a few minutes, and clears in about an hour or less (provided you or they paid the fee.)

If the tx was to you and you need to spend it, then there is CPFP.

If the tx was sent by you, and you need it to confirm, then RBF.

You don't pay your latte by money order. But bitcoin can still be used for daily transactions. Anything you buy from a retail or online store still has to be processed and shipped to you.

Don't be stupid.

Nope, you're not the only one.

That's why I think people have pumped dogecoin, because it is still so cheap to send transactions on and the confirmation times are wayyy better than bitcoin. And ethereum as well, right now it only takes like 0.0004 Ether to send a transaction, compared to 0.0005 BTC, not to mention bitcoin's price is higher than Ethereum's price by a factor of 15x right now.

Right now I've already moved onto dogecoin to fund my dice sites, it's easy and simple. Hopefully bitcoin transaction fees can get down although it seems unlikely considering it has skyrocketed over the past few months.

With the amount of energy being used to mine all the crypto currencies,electric companies have to start another price category because of the amount of units used to mine these coins,in fact is a total waste of global energy  and if the fees would increase people will always find an alternative to start dealing rather than using bitcoin.

That is correct, all transactions should go through the blockchain, and we can't escape paying transaction fees unless as you said can use some online wallets which they will pay the taxes. Apart from coin base, XAPO also pays the transaction fees, and their transactions are quite faster, so I use them for my routine transactions. Since BTC prices are going up and fees are higher for small transactions, so Bitcoins are no more attractive to do smaller transactions.

Bitcoin was designed to have high transaction fees. The standard of 50 btc was set as an initial reasonable reward but the reality of financial reward is set by a different standard. Business (just like MasterCard, Visa, and banks transactions) fees will be set by the company based on the financial incentive they require to remain in business. That incentive is mensurate and can be calculated by including all factors relating to maintaining the business plus a reasonable profit margin. Equipment repair, replacement, employee cost, utility costs, land leases, business licenses, etc. are all included in the calculation.

Adoption rate, current number of users, number of transactions per block, btc price, operating cost of competing systems like MasterCard, are all immaterial to the business mining bitcoins. All they know is they need to meet their costs to stay in business. Sure those things will effect the cost of mining (like more people making transactions will mean a smaller fee for everyone) but the company doesn't care. All they care about is making X amount per block or they're not going to stay in business.

If you want to see a crazy high transaction fee just wait until public utility companies realize they can charge more for Bitcoin mining usage rates.

Utilities can and do use following rate structures:

Simple (or Fixed) Rate
Tiered (or Step) Rate
Time of Use (TOU)
Demand Rates
Tiered within Time of Use
Seasonal (4 Seasons)
Weekend / Holidays
Any combination of the above

I can see a day where global electric companies add a new category called: Cryptocurrency Mining Rate.
If they do you will look back at a dollar fee with a gleam in your eye because those were the good old days.

If you're putting your transaction through the blockchain then you're going to be paying something close to the same in order to get it confirmed in short order. Some services like Coinbase pay it for you, but that's because they can afford to due to the exchange portion of their website. Beyond that, you're not going to be paying much less, and chances are you'll end up paying more, if you try to pass by the blockchain using other services.

Eventually, as BTCcore devs hoped, the fees will stabilized as demand slows down.

well that depends on the service you are using to do the actual transaction you can do it for alot less using some services

How do you expect to overcome this problem with the strenght of the community? The problem is not mental, but is technical. Thus, the only solution is the technical precautions will be taken.

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.

Unless the price of bitcoin crashed or the issue with scalability was never resolved I don’t see how the fee could be seen as cheap in the future, the fee is very high at the moment especially for those that live in countries where minimal wage is very low.

If you're using BTC to send your buddy $2, the transaction fee seems high but if you're a business sending $25k at a time, then it's ultra cheap.  BTC is getting worse for micro transactions.

So by your point you expect the bitcoin's price to drop in the future? I thought the whole point of bitcoin was no fees at all.. Bitcoin was meant to be the day to day used currency but my view is changing everyday. I hope devs can come up with something which can fix these transaction lag issues.