$0.85 transaction fee is absolutely ridiculous! - page 3.

1Referee

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Quote from: HTracer on September 01, 2017, 06:39:42 AM

After August game with switching hash power and spamming, mempool looks better. Chances are tx fees edge down soon.

Everything is just temporarily. If you look at the mempool charts, it's perfectly visible that these spam attacks are being displayed in waves - they pop up, slow down for a while, pop up again, slow down again, etc. In that regard, the fees will continue to bounce up and down - never think that they are gone just because the fees have decreased. As long as whatever entity thinks it can justify blowing money like water to choke the network with rubbish transactions, they will continue to do this. Most of us are well aware of how deep the pockets of those behind Bitcoin Cash are - it's a shame that they account for such a large percentage of the total network hashrate on the legacy chain...

seattletu

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High charges secure the network by somewhat remunerating miners for hashing equipment costs. As of not long ago, most miners were repaid by the "block appropriation", however this will be sliced down the middle at regular intervals. Hence the charges are probably going to develop, not recoil on the off chance that we need a similar level of security.

Bitcoin charges are ascertained and paid in Bitcoin, therefor, if 1 Bitcoin is worth more dollars/yen/euros, the expenses will likewise presumably be higher.

In any case, there is much to consider here. The "expenses" are not settled, they boost miners to organize your exchange over different exchanges (eg "spam"). Before, free transactions were conceivable on the off chance that you were eager to hold up, however this is not basic now in light of the fact that there is considerably more interest for space in each block and there is a ton of spam exchanges. Note: there is no assurance that an excavator will acknowledge an exchange, paying little respect to the "charge" advertised. The thought is that on the off chance that you hold up sufficiently long and there are sufficient contending miners (decentralization), somebody will in the long run acknowledge it.

HTracer

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After August game with switching hash power and spamming, mempool looks better. Chances are tx fees edge down soon.

ReLieD

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Quote from: CoinTasker on May 05, 2017, 04:22:48 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?

Those were the good days . Now the fees are like 4 USD and so. So making small transactions with Bitcoin is like the worst thing to do.

Carlsen

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Quote from: Chyton on September 01, 2017, 01:34:02 AM

This is why I think that bitcoin won't be serving us for daily transactions in near future. In order to support daily transactions in near future, a coin must have a reasonable fees, fast transaction and most important of all, big coin cap (21 Mil isn't going to serve any good for daily transactions). I would safely say that bitcoin is going to be our digital gold.

That is exactly where we are heading at the moment.
And the main investors are only starting to put money in the bitcoin currency.
To them the fees are not of any concern, because they buy and sell large amounts.
I suppose that one day another cryptocurrency might have to take the place of digital money, while bitcoin will be our digital gold.

stompix

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Quote from: Chyton on September 01, 2017, 01:34:02 AM

This is why I think that bitcoin won't be serving us for daily transactions in near future. In order to support daily transactions in near future, a coin must have a reasonable fees, fast transaction and most important of all, big coin cap (21 Mil isn't going to serve any good for daily transactions). I would safely say that bitcoin is going to be our digital gold.

Why do you think the cap is 21 million coins?
Look at it as the cap being 2100 trillion satoshi. Are those enough units for you?

That's 300 000 units for every living person of this earth. I guess we can pretty much use it.
And besides, nothing is stopping us to create an even small denomination. One nakamoto being 1/1000 of a satoshi.

Chyton

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This is why I think that bitcoin won't be serving us for daily transactions in near future. In order to support daily transactions in near future, a coin must have a reasonable fees, fast transaction and most important of all, big coin cap (21 Mil isn't going to serve any good for daily transactions). I would safely say that bitcoin is going to be our digital gold.

NeuroticFish

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Quote from: ?? on ??

I just paid $5.50 twice ($11.00) to send $50 two places. I purchased via Coinbase. I was excited because Coinbase was way cheaper than the atm I been using. But I can't deal with 5.50 each transaction

Any suggestions so I don't get killed with these fees?

PLEASE ADVISE! :/

Most online services have quite fixed transaction fees, which makes them sometimes too big and sometimes (very seldom) not big enough to get the transaction done.
The solution is, as always, local wallet. Keep your money on your computer, use a good wallet like Electrum or Bitcoin core and you'll have full control.
You will also learn / understand what you are paying for and you'll be able to adjust the transaction fee to suit your needs best.

spatifilium

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Yesterday I paid a fee 0.0005BTC Huh

increasingly beginning to use some altcoin and increasingly avoid using BTC
Think about using altcoin debit card, in the long term it is more profitable

stompix

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Quote from: raoulsergia on June 29, 2017, 09:48:39 PM

Quote from: Novun on June 29, 2017, 11:15:02 AM

Is it bad? I mean Paypal is 3.4% and Skrill is 1.9%. Other e-wallets have similar fees as well. The fee in Bitcoin is only going to go down. The technology is only going to get better but the e-wallets are only going to get worse. Even in the current state Bitcoin is quite good, not to mention a year from now.

paypal the fees is more than 3.4% because it is actually hidden
if u check the currency converstion rate, it is almost $1 or $2 less than actual exchange rate
paypal takes this as hidden charge

then they charge 3.4% as paypal fees

with btc all the txn will confirm within 20 minutes as long as u put the correct fees

remember miners are stilling with heavy worth of mining machines and electricity working to solve the txns
if you give them 0.0001 txn fee they are not going to do
as a rule always add minimum 0.00086 to all txn as fees

everywhere there is inflation, from tax to electricity charges... dont try to undercut miners and expect ur btc txn to confrim quickly

First.
What if there is no conversion in your paypal funds?
If you do a usd to usd withdraw deposit transfer whatsoever?

Secondary.

Quote from: Sithara007 on June 29, 2017, 10:20:32 PM

Not just the miners, but the exchanges are also looting the users. Yesterday, I paid a fee of BTC0.0015 to transfer some of my coins from an exchange wallet to Localbitcoins wallet. And Localbitcoins deducted another BTC0.0007 as the "deposit fee". WTF is this deposit fee?

Saw that yesterday...
And I said a big FY and much more.
Bye bye localbitcoins!!!
They can stick their fees where they want , I'm not going to use their service , ever again.
of course, not such a big loss for them as I only used them twice this year.

Sithara007

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Not just the miners, but the exchanges are also looting the users. Yesterday, I paid a fee of BTC0.0015 to transfer some of my coins from an exchange wallet to Localbitcoins wallet. And Localbitcoins deducted another BTC0.0007 as the "deposit fee". WTF is this deposit fee?

raoulsergia

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Quote from: Novun on June 29, 2017, 11:15:02 AM

Is it bad? I mean Paypal is 3.4% and Skrill is 1.9%. Other e-wallets have similar fees as well. The fee in Bitcoin is only going to go down. The technology is only going to get better but the e-wallets are only going to get worse. Even in the current state Bitcoin is quite good, not to mention a year from now.

paypal the fees is more than 3.4% because it is actually hidden
if u check the currency converstion rate, it is almost $1 or $2 less than actual exchange rate
paypal takes this as hidden charge

then they charge 3.4% as paypal fees

with btc all the txn will confirm within 20 minutes as long as u put the correct fees

remember miners are stilling with heavy worth of mining machines and electricity working to solve the txns
if you give them 0.0001 txn fee they are not going to do
as a rule always add minimum 0.00086 to all txn as fees

everywhere there is inflation, from tax to electricity charges... dont try to undercut miners and expect ur btc txn to confrim quickly

Novun

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Is it bad? I mean Paypal is 3.4% and Skrill is 1.9%. Other e-wallets have similar fees as well. The fee in Bitcoin is only going to go down. The technology is only going to get better but the e-wallets are only going to get worse. Even in the current state Bitcoin is quite good, not to mention a year from now.

raoulsergia

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Quote from: Eternu on June 29, 2017, 09:08:38 AM

Quote from: rickbig092 on June 29, 2017, 04:24:12 AM

The fees currently which are around $0.7 or so is really high but only for smaller transactions, for +$100 and more paying $1 USD isn't extremely excessive or unheard of, I agree this limits BTC as a currency for micro transactions and live expenses payment.
This will probably be solved soon, I am not with making a fundamental change in bitcoin, but just a solution that will lower the stress in the network, I still want bitcoin to be bitcoin.

You are wrong friend. I wanted to sell around 45 dollar worth of bitcoin yesterday, and recommended transaction fee was 1 dollar for 80 sat/B if i am not mistaken. And they said it will take 1+ hours. It took around 12h for my transaction to be confirmed... Other time before that i paid 3 dollars for 90 dollars worth of bitcoins, and it took around 6 hours to transfer. Price is too high for speed they offer. It is simple as that.

80 sat / b is very low. for that fee, 12 hours is the correct time.

to send it with fastest speed, you need to set the correct fees.
the average fee now for fastest txn 360 sat/byte which will confirm in 10 minutes

for some txns (larger ones) with several address i have paid over 0.01 btc to get it confirmed fastest. it happens in 2 minutes

as always use the fees suggested here: https://bitcoinfees.21.co/
any of the green ones are fine,
but for the fastest in the bottom they mention the recommended fees you have to set it as per that

like all business btc also has txn fees, its not free but worth it for many reasons , transfer huge amount has a big fees with banks or even credit cards charge international conversion fees.
its crazy.. in the process u dont even know how much they take from you because all the fees are hidden and all you see is the final conversation rate

btc must try to lower the crazy fees at the moment to acceptable level

Eternu

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Quote from: rickbig092 on June 29, 2017, 04:24:12 AM

The fees currently which are around $0.7 or so is really high but only for smaller transactions, for +$100 and more paying $1 USD isn't extremely excessive or unheard of, I agree this limits BTC as a currency for micro transactions and live expenses payment.
This will probably be solved soon, I am not with making a fundamental change in bitcoin, but just a solution that will lower the stress in the network, I still want bitcoin to be bitcoin.

You are wrong friend. I wanted to sell around 45 dollar worth of bitcoin yesterday, and recommended transaction fee was 1 dollar for 80 sat/B if i am not mistaken. And they said it will take 1+ hours. It took around 12h for my transaction to be confirmed... Other time before that i paid 3 dollars for 90 dollars worth of bitcoins, and it took around 6 hours to transfer. Price is too high for speed they offer. It is simple as that.

rickbig092

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The fees currently which are around $0.7 or so is really high but only for smaller transactions, for +$100 and more paying $1 USD isn't extremely excessive or unheard of, I agree this limits BTC as a currency for micro transactions and live expenses payment.
This will probably be solved soon, I am not with making a fundamental change in bitcoin, but just a solution that will lower the stress in the network, I still want bitcoin to be bitcoin.

Taskford

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Quote from: NikS13 on May 05, 2017, 05:25:22 AM

Yep i find it rediculous too, i don't think this way new people to crypto will start using btc anymore..

It is. And what pissed me off is higher transaction fees yet very long confirmation time. Huh

taxmanmt5

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Quote from: ppaul15 on June 11, 2017, 07:52:33 PM

thats normal because of the bitcoin price fluctuation. here in my country the fee in every transaction is almost 4dollars and that sucks big time . last march its only 0.5$ fee. but its worth it if your transaction will be completed asap.

Even here, I also experienced that I pay almost $4 for my transaction, the transaction is so fast because in just few minutes I received the coins especially in coinbase I use that most of the time but I was shocked now that it requires fee.
We hope it will.be resolve by the blockchain soon having high fee.

Vishnu.Reang

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Quote from: jaberwock on June 20, 2017, 12:54:50 AM

For example, Bitcoin transfers costs 0.0015($3.9) on BTC-e but Litecoin transfers only 0.001 LTC, or around $0.05 at current price.

They should reduce the fee now, as the number of unconfirmed transactions have gone down, and the minimum fee needed for immediate confirmation has decreased significantly. Else these exchanges must give us the option of setting up our own withdrawal fee amount.

erpbridge

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Quote from: 1Referee on June 19, 2017, 06:18:34 AM

Quote from: erpbridge on June 19, 2017, 05:46:07 AM

I would like Coinbase to allow me to set the fees, instead of charging me 2.5-3$ of fees on every transaction.

That would be an ideal option for basically every exchange, but exchanges will likely not do so any time soon. The point is that the withdrawal fees account for a fair share of their general income, and thus will not give up on that so easily. If they ever end up going to decrease their withdrawal fee, then you can bet on it that they will compensate this 'loss' in income by increasing other types of fees slightly. Result is still that the customers ends up paying for it.

But how is that ?

I can see the fees they paid on the blockchain. Are you saying they pay that fees for 2-3 transactions and charge each one separately ?

Well I feel it might be earning them more money, but it also scares away people from using them.

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