I also fear if the bitcoin transaction fee keep on increasing, then how are we gonna use it as a day to day currency ?
In an hypothetical scenario, if we need to buy first from one local shop and then to another, while spending fees at each step, then this would not help in the mass adoption of bitcoins by common people.
Topic: $0.85 transaction fee is absolutely ridiculous! - page 28. (Read 24225 times)
I don't see a problem. Bitcoin is not going to be used to buy lattes, its more like the crypto version of holding gold. What we need is a good altcoin to take over the function of currency for daily use whether its ETH, XEM, or some other one. Stop making small transactions and use it as a store of value instead.
If you think that is true, then you have strayed very far away from what Satoshi Nakamoto really wanted to make Bitcoin for. He made Bitcoin to eliminate the trust system that banks rely on (no need for a middle man to deal businesses). He made Bitcoin to replace banks (and their fiat ecosystem), not to replace gold (not as a store of value — investment).
I think in line with the rise in rate of Btc, it is appropriate.
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'm thinking what if bitcoin's price skyrocket then we could be crazy if we discovered our old transaction, well there is no difference between PayPal and bitcoin if we're still paying ~$1 fee to make a transaction since PayPal charges $1 fee though at least PayPal faster than bitcoin, well I'm not a big fan of PayPal but I'm just thinking that bitcoin is not suitable for small transaction, I also heard that coinbase finally charges the fee, what about xapo are they still free? or any free wallets out there? This is getting insane and is completely uncalled for, or am I wrong?
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?
This is getting insane and is completely uncalled for, or am I wrong?
Treble.
People already think it's ridiculous since few months ago, but there's nothing much we can do other than support SegWit/BU activation and pay lots of things in one bitcoin transaction to save fees.
I question the validity of any statement that claims to know satoshis intent when developing bitcoin.
Bitcoin: A Peer-to-Peer Electronic Cash System - by Satoshi NakamotoThanks for the link, I'll definitely read through that when I have time. Is it widely accepted common knowledge that this doc is legit written by Satoshi?
I question the validity of any statement that claims to know satoshis intent when developing bitcoin.
Bitcoin: A Peer-to-Peer Electronic Cash System - by Satoshi Nakamoto 
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?
This is getting insane and is completely uncalled for, or am I wrong?
It is not insane if the fees are below one dollar but what is happening now is that the miner fees per bitcoin transaction is much more than one dollar and is nearing two dollars. WIth bitcoin continually rising up the miner fees are also going up but the sad part is even if the price of bitcoin will go down the miner fees will not go down. It is just sad and I dont know how much fees are we going to pay one year after.
Yes, it is unprofitable to use for small purchases and it was intended for large transactions or investing in the future.
I question the validity of any statement that claims to know satoshis intent when developing bitcoin. Unless of course someone provides proof to validate said statement.
I don't see a problem. Bitcoin is not going to be used to buy lattes, its more like the crypto version of holding gold. What we need is a good altcoin to take over the function of currency for daily use whether its ETH, XEM, or some other one. Stop making small transactions and use it as a store of value instead.
I actually completely agree with this statement, but I question anyone who claims bitcoin was never intended to be an every day digital currency. I think that's exactly what the intentions were. Just my opinion though.
I don't see a problem. Bitcoin is not going to be used to buy lattes, its more like the crypto version of holding gold. What we need is a good altcoin to take over the function of currency for daily use whether its ETH, XEM, or some other one. Stop making small transactions and use it as a store of value instead.
Yes, it is unprofitable to use for small purchases and it was intended for large transactions or investing in the future.
I don't see a problem. Bitcoin is not going to be used to buy lattes, its more like the crypto version of holding gold. What we need is a good altcoin to take over the function of currency for daily use whether its ETH, XEM, or some other one. Stop making small transactions and use it as a store of value instead.
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?
At the present time, the BTC transaction fee is slightly higher so that small transactions can be carried out. Hopefully, it will be improved in the future with the strength of the community.This is getting insane and is completely uncalled for, or am I wrong?
improved means getting more ridiculous than ever? not likely going to happen though. the higher the value the higher the transaction will be. you will only notice that its getting bigger is you convert it to USD but i think its just as it is as before.
It is indeed absolutely rediculous.
Miners earn $120,000 per hour from Block Rewards, and on top of that they get $10-20,000 in fees. Give or take $3 million per day.
What we need, is bigger blocks, so Bitcoin can grow. If this ever happens, I expect the price to go up a lot. Bitcoin can't handle more users without more transactions.
Miners earn $120,000 per hour from Block Rewards, and on top of that they get $10-20,000 in fees. Give or take $3 million per day.
What we need, is bigger blocks, so Bitcoin can grow. If this ever happens, I expect the price to go up a lot. Bitcoin can't handle more users without more transactions.
I think it is timely now to increase blocks to processed since there are already delays in transaction happening now. Pays also bigger and this charges the OP saying is really expensive adding to that the btc price is also increasing in value.We want a btc transaction that is fast,reliable and secure. Hope this is addressed by the consortium.
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?
At the present time, the BTC transaction fee is slightly higher so that small transactions can be carried out. Hopefully, it will be improved in the future with the strength of the community. This is getting insane and is completely uncalled for, or am I wrong?
http://coincap.io/
Average Fee
$1.61
https://btc.com/stats/unconfirmed-tx
The current best transaction fees 199 Satoshis/byte | 0.00199 BTC/KB
0.00199 = 3.19 USD
https://bitcoinfees.21.co/
Which fee should I use?
The fastest and cheapest transaction fee is currently 200 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 45,200 satoshis (0.75 USD).
Where did you get the "because fees are still $0.4-$0.5"?
Average Fee
$1.61
https://btc.com/stats/unconfirmed-tx
The current best transaction fees 199 Satoshis/byte | 0.00199 BTC/KB
0.00199 = 3.19 USD
https://bitcoinfees.21.co/
Which fee should I use?
The fastest and cheapest transaction fee is currently 200 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 45,200 satoshis (0.75 USD).
Where did you get the "because fees are still $0.4-$0.5"?
the numbers you are quoting are fee per byte not fee.
if you don't do Address reuse and don't receive a lot of dust inputs from things like faucets and microjobs then your wallets stays clean of dust and when you want to spend bitcoin your transaction size will be about 220 byte (give or take). and with a 199 Satoshis/byte fee your total fee would be 43780 satoshi and that is $0.7 with the current $1600 (my calculation was with a lower bitcoin price because I forgot to check the current price of today! and $1600 was reached today)
in any case it is still not $0.85 and not $1 and not $1.61 or $3.19
Well, if the world was perfect I'll be dating Taylor Swift.
Coincap shows average fee in USD for latest block, when I posted that it was $1.61.
If fee start to be a problem people can always move to litecoin for those particular transactions, there's pleanty o room for growth there, fees are still very low.
Where did you get the "because fees are still $0.4-$0.5"?
Maybe he's using the web wallet from blockchain. The wallet sometimes suggests you to send a miner fee of 0.00027 btc ($0.45) I stopped trusting their recommended fees because sometimes my transaction size could be above 500bytes. http://prntscr.com/f4d4tp
I think this is not too ridiculous considering bitcoin is in its all time high value at this moment and continue to rise day by day, you can customize the fees in some desktop wallet like mycelium if you want but expect it may take time to confirm from 1-4 days..
So, if BTC was currently valued at $20,000 you wouldn't have a problem paying $10 for every transaction you make, no matter how much was being transacted? The problem I am really seeing is that it's becoming impossible to make smaller transactions for daily purchases. At this point we can forget about using bitcoin as an every day currency because it's cheaper to buy things like a cup of coffee with a debit card or cash. It makes it less usable in the real world and I can see it detracting companies and investors from developing new tools, apps, and solutions because it's no longer cost efficient.
compared to other similar times (meaning when there is a big spam attack going on and mempool is as big as 70 MB) then no fees in bitcoin have not gone up it is still around 200-220 satoshi per byte but fees in USD have gone up because the same 200 satoshi is worth 50% more now!
but compared to other times when there is no spam attack and mempool is a normal ~2 MB and fees are 50-100 satoshi per byte then yes fees in both bitcoin and USD have gone up.
I mean, I completely understand that as the value of BTC rises, so does the value of a fee that is constant. But I was under the impression thee fees had been rising as well. Thanks for the clarification.
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