$0.85 transaction fee is absolutely ridiculous! - page 26.

d5000

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Quote from: QuestionAuthority on May 06, 2017, 01:59:11 PM

Read this thing that the inventor of Bitcoin wrote: https://bitcoin.org/bitcoin.pdf

And then tell me where it says transactions are supposed to be free or cheap. If it's there, I'm not seeing it.

The problem is: The lower the fees, the higher the adoption rate. The masses wouldn't come if the fees are too high. And even worse: There could be cheaper competitors.

But as I already said above: It's not the miners' fault, it's the users that initiate the spiral that leads to higher fees.

QuestionAuthority

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You lead and I'll watch you walk away.

Read this thing that the inventor of Bitcoin wrote: https://bitcoin.org/bitcoin.pdf

And then tell me where it says transactions are supposed to be free or cheap. If it's there, I'm not seeing it.

p0int_scale

newbie

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I like to set my transaction fee to about 0.0005, but it does take like 6 hours or less to have the transaction verified.

d5000

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Decentralization Maximalist

All people whining about the high fees should realize that it's not miners that set the fee threshold, it's the users.

If the blocks are full, then it's the same if the "threshold" to get a fast confirmation is 40 satoshis per block or 250 - not all transactions will get confirmed, but in the "40-satoshi-scenario" all users would pay less. So the more people start to race for high fees to get fast confirmations, the higher the fee will be.

So it's actually a good idea to pay the lowest possible fee (only if you're really in a hurry for a confirmation you should pay the recommended fee) and use RBF/CPFP/double spending if it doesn't get confirmed.

The weekend is a excellent opportunity to do low-fee transactions.

Meowth05

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Yes i already notice this transaction fee this is almost 1 dollar and that is really too much for a fee but there are also bitcoin wallets that only has a small fee and i see also a high or low fee depend if the transaction was fast or not.

LuanX3

hero member

Activity: 756

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I actually paid more than $0.85 on a transaction. I paid about 1mbtc which is roughly $1.5. Which is really ridiculous when the transaction only involves small amounts but you need it confirmed in the next few hours. That's the world we live in now and without a solution, bitcoins might lose users.

Harlot

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A .85$ transaction is actually a fair amount if your transaction is on a considerably a big amount. Because if what you are sending is maybe around 10$ below a .85$ transaction fee is a big amount. You must maximize your transaction fee with what you are sending. Also considering other transactions fees of money transfers like Bank to Bank online transfers a .85$ is way cheaper than what banks are charging us which I believe the lowest I know is 3$.

khufuking

sr. member

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I really think fee is totally normal it also depends on how much you transfer . I paid around $1.5 couple of days ago to transfer $200+ i think it is totally fine and normal fee i got my transaction confirmed in less than hour and that was at the start of BTC rise with a lot of other transaction going . I could have spent half that if i wanted and i would get it confirmed in 5-12 hours maybe . So it is all on you and how fast you want it done i guess

lemonade09

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Activity: 98

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Yes i didnt notice the fee many times im doing a transsction but really 0.86$ is really too much for a fee i see this fee apply when sending bitcoin in differrnt platform or wallets but i can see that if you can same wallet it doesnt take too much fee and also it has a fast transaction that it will make.

jakelyson

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Quote from: CoinTasker on May 05, 2017, 03:22:48 AM

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?

If you are sending large amount, then 1$ is very cheap fee. But if you are sending small amount, that is quite large. But it is true that the increase in fee is insane. When I am making transaction just early last year, I can still send with 30satoshi per bytes. But right now, you'll use 210 satoshi per byte and it will.still take half a day to confirm.

crazyivan

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Well, this is why I always use custom fee which does make me wait for a bit more, sometimes even a day or two, before transaction gets confirmed but it is what it is. I hope future updates will resolve this.
Also, always make sure to plan ahead and move as large BTC quantity as needed.

Amph

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Quote from: DoublerHunter on May 06, 2017, 12:45:42 AM

$0.85 transaction fee is just a small fee because if you compare it to the banks or any remittances you can get a minimum of around $1-5 fee for every transaction (based in the rate of the remittances here). When i do transactions in blockchain, it charges me for the lowest of $0.42 and the maximum fee that i put is around $1, it is okay for me because higher fees means faster confirmation.

not true that banks charge you more, i don't pay anything with my bank for any kind of movements, desposit withdrawal from atm or transfer of any kind, the only time i need to pay is to send money abroad

on abroad transaction bitcoin is very good compared to any bank, in fact they usually charge 25 euro or more for a transfer, with bitcoin you are there wiht 3 euro at worst

DoublerHunter

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$0.85 transaction fee is just a small fee because if you compare it to the banks or any remittances you can get a minimum of around $1-5 fee for every transaction (based in the rate of the remittances here). When i do transactions in blockchain, it charges me for the lowest of $0.42 and the maximum fee that i put is around $1, it is okay for me because higher fees means faster confirmation.

TastyChillySauce00

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Quote from: CyberKuro on May 05, 2017, 06:34:13 PM

Quote from: CoinTasker on May 05, 2017, 03:22:48 AM

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?

It's inevitable since bitcoin has reached new ATH this week and so many people attracted to buy and sell their bitcoin which caused flood transactions to blockchain. Over 140K unconfirmed transaction is a new ATH as well, since people in hurry to get their transaction to be confirmed, higher fees make it possible but I do agree it is so expensive, so it's better not to move my bitcoin anywhere at this point.

You may probably miss the train of pumps, you just let your bitcoin stay in your wallet without doing anything whereas bitcoin's price now is at its peak in my opinion. There's reason why the unconfirmed transactions are rapidly increasing because those people thinking to make a profit out of this chance, swimming against wave will bring only lost.

CyberKuro

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Quote from: CoinTasker on May 05, 2017, 03:22:48 AM

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?

It's inevitable since bitcoin has reached new ATH this week and so many people attracted to buy and sell their bitcoin which caused flood transactions to blockchain. Over 140K unconfirmed transaction is a new ATH as well, since people in hurry to get their transaction to be confirmed, higher fees make it possible but I do agree it is so expensive, so it's better not to move my bitcoin anywhere at this point.

ethan_nx

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As for a dice site owner, the fees suck too. I have nothing constructive to say, just that curret scaling stalemate is the most frustrating thing I have ever experienced with Bitcoin.

Over 140,000 unconfirmed transactions right now, network fees skyrocketing... - this is a result of a divided community that cannot agree on a solution to the problem. Somehow, the "separation of powers" between developers, miners and node operators and users seems to fail. Especially that the only real power is shared between miners and developers, making everyone else as not much more than spectators.

I still hope to see this scaling issue solved at some point, rather sooner or later. But let's be realistic, half of the efford of BU supporters and Core supporters is wasted on accusations. Segwit needs 95% support to activate - can you see this happening anytime soon? BU needs 75% support - it can happen much sooner, but what then? Will it really solve the scaling issues or just open a huge Pandora's box?

The thing is - we (Bitcoin users, node owners, service operators) have nothing to say and no way to help solve it. And no other way to "vote" than just speak up.

Damn it, developers, users and miners - unite!

arklan

legendary

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damn, i hadn't been aware fees had gotten to these kind of levels.

sig campaign earnings will cost a fortune to spend...

FasTroy

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Quote from: dragonusa9 on May 05, 2017, 02:25:44 PM

well now really different from Xapo though, they charged you for 0.00050331($0.778) for outgoing transaction
i dont really think ridiculous about it, cause the bitcoin price is at the peak right now

I used xapo for a long time until now, and never pay for fees. All transactions fees paid by xapo team. By the way 0.85$ for one transactions maybe is too much for many peoples. But as you said, bitcoin price is at the peak right now, So it's beign normal as i think.

BossBee

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Quote from: CoinTasker on May 05, 2017, 03:22:48 AM

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?

Dash has already solved this problem along with bitcoins other major flaws of governance, block size, and funding which are highly crucial aspects that are over looked in a lot of the crypto world. Why do you think Dash is where it is? For its 'anonymity'? lol Its the superior coin made for high volumes of daily transactions. South America is heavily adopting it for its ease of use over bitcoin and as time rolls by the benefits will only become more apparent.

For the uninitiated Dash has no real comp in the currency sector. LTC claims to strive to be the silver standard (2nd place) and that mentality will only produce that result at best. Monero, barley having a gui wallet, claws at the heels of Dash with anonymity as its only hope of even being in the same conversation. As BTC is caught in its own internal strife, Dash is building and gaining more and more momentum to dethrone it in one way or the other.

Hydrogen

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$0.85 transaction fee is still 5 times cheaper than what people would pay if they used a wire transfer service.

Its less than the 4% sales tax americans will pay in many transactions.

Not much more than the $0.20 gas tax americans pay when they buy gasoline.

Most smokers and alcoholics will pay much more in tobacco and alcohol excise taxes than they ever will in bitcoin transactions.

Topic: $0.85 transaction fee is absolutely ridiculous! - page 26. (Read 24281 times)