Topic: $0.85 transaction fee is absolutely ridiculous! - page 29. (Read 24268 times)
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..
Bitcoin prices are rising dramatically, which makes the amount of money you pay for transactions grow faster, which is proportional to the bitcoin value. So, this is not really crazy, I suppose it's perfectly normal. Not just you, we all have to accept that.
Are you saying the actual fee in BTC has not changed at all, only the price of BTC? I actually don't know if that's true or not and am very curious. I thought the fee in BTC had also risen, no?
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.
Bitcoin prices are rising dramatically, which makes the amount of money you pay for transactions grow faster, which is proportional to the bitcoin value. So, this is not really crazy, I suppose it's perfectly normal. Not just you, we all have to accept that.
Are you saying the actual fee in BTC has not changed at all, only the price of BTC? I actually don't know if that's true or not and am very curious. I thought the fee in BTC had also risen, no?
Use the lowest one where the lower bound for the block time is still 0.
Yep i find it rediculous too, i don't think this way new people to crypto will start using btc anymore..
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.
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?
Bitcoin prices are rising dramatically, which makes the amount of money you pay for transactions grow faster, which is proportional to the bitcoin value. So, this is not really crazy, I suppose it's perfectly normal. Not just you, we all have to accept that.
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
You are not wrong but you are not right either! because fees are still $0.4-$0.6 (mostly because price has gone up a lot)
and if you ended up paying anything more than that, it means your transaction had a lot of outputs to spend and that is what caused your transaction size to grow 2 or 3 times in size compared to a normal 220 byte transaction and you as a result ended up paying 2 or 3 times more fee than normal fee.
I am not saying fees have not gone up. I am more pissed off about higher fees as the next guy but it is not $1.
and if you ended up paying anything more than that, it means your transaction had a lot of outputs to spend and that is what caused your transaction size to grow 2 or 3 times in size compared to a normal 220 byte transaction and you as a result ended up paying 2 or 3 times more fee than normal fee.
I am not saying fees have not gone up. I am more pissed off about higher fees as the next guy but it is not $1.
Where are you getting a $0.4 transaction fees? I'm not going to lie, I find that absolutely ridiculous as well. Fees should be a fraction of a cent if you ask me, but hell what do I know.
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
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?
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 ...
You are wrong because fees are still $0.4-$0.5
and if you ended up paying anything more than that, it means your transaction had a lot of outputs to spend and that is what caused your transaction size to grow 2 or 3 times in size compared to a normal 220 byte transaction and you as a result ended up paying 2 or 3 times more fee than normal fee.
I am not saying fees have not gone up. I am more pissed off about higher fees as the next guy but it is not $1.
and if you ended up paying anything more than that, it means your transaction had a lot of outputs to spend and that is what caused your transaction size to grow 2 or 3 times in size compared to a normal 220 byte transaction and you as a result ended up paying 2 or 3 times more fee than normal fee.
I am not saying fees have not gone up. I am more pissed off about higher fees as the next guy but it is not $1.
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"?
$0.85 is not that much, most of my recent txs were above $1, and it could go way higher if your tx is of large size.
You're not the only one having a problem with this. Some want to increase max block size to reduce confirmation/fees, some want to push most txs off-chain (Lightning Network/Sidechains).
But don't expect changes anytime soon.
You are not wrong but you are not right either! because fees are still $0.4-$0.6 (mostly because price has gone up a lot)
and if you ended up paying anything more than that, it means your transaction had a lot of outputs to spend and that is what caused your transaction size to grow 2 or 3 times in size compared to a normal 220 byte transaction and you as a result ended up paying 2 or 3 times more fee than normal fee.
I am not saying fees have not gone up. I am more pissed off about higher fees as the next guy but it is not $1.
and if you ended up paying anything more than that, it means your transaction had a lot of outputs to spend and that is what caused your transaction size to grow 2 or 3 times in size compared to a normal 220 byte transaction and you as a result ended up paying 2 or 3 times more fee than normal fee.
I am not saying fees have not gone up. I am more pissed off about higher fees as the next guy but it is not $1.
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?
Jump to: