$0.85 transaction fee is absolutely ridiculous! - page 4.

jaberwock

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Quote from: Remainder on June 20, 2017, 12:40:07 AM

Quote from: Russlenat on June 19, 2017, 11:37:22 PM

Quote from: Sithara007 on June 19, 2017, 10:24:46 PM

Quote from: bartolo on June 19, 2017, 09:44:15 PM

It looks like fees could go down again in the coming days. Today I sent a transaction with 50sats/byte fees and it was confirmed in few hours. Now there are around 15000 unconfirmed transactions. Last week if I´m not wrong there were around 50000 - 60000.

I really doubt whether the exchanges will agree to lower the fees, even if the minimum fee needed for confirmation goes down. Exchanges such as Bitstamp and Coinbase have profited a lot from the increased fee (they are keeping 25% to 50% of the withdrawal fee to themselves). They have no reason to lower the fee as of now.

25% to 50% withdrawal fee is to high and this is the way of those exchange site to make profit for themselves because you cannot withdraw your bitcoin in instant due to this fee and you are loose already, you should trade your bitcoin and alt-coin then to recover the fees.

Yes that's true! that's why you should trade your bitcoin and altcoin to increase your earning or you invest it for a long term.

Not for increase long term gains, but for escape the high fees that are being charged for Bitcoin withdraws.

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.

Remainder

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Quote from: Russlenat on June 19, 2017, 11:37:22 PM

Quote from: Sithara007 on June 19, 2017, 10:24:46 PM

Quote from: bartolo on June 19, 2017, 09:44:15 PM

It looks like fees could go down again in the coming days. Today I sent a transaction with 50sats/byte fees and it was confirmed in few hours. Now there are around 15000 unconfirmed transactions. Last week if I´m not wrong there were around 50000 - 60000.

I really doubt whether the exchanges will agree to lower the fees, even if the minimum fee needed for confirmation goes down. Exchanges such as Bitstamp and Coinbase have profited a lot from the increased fee (they are keeping 25% to 50% of the withdrawal fee to themselves). They have no reason to lower the fee as of now.

25% to 50% withdrawal fee is to high and this is the way of those exchange site to make profit for themselves because you cannot withdraw your bitcoin in instant due to this fee and you are loose already, you should trade your bitcoin and alt-coin then to recover the fees.

Yes that's true! that's why you should trade your bitcoin and altcoin to increase your earning or you invest it for a long term.

Russlenat

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Quote from: Sithara007 on June 19, 2017, 10:24:46 PM

Quote from: bartolo on June 19, 2017, 09:44:15 PM

It looks like fees could go down again in the coming days. Today I sent a transaction with 50sats/byte fees and it was confirmed in few hours. Now there are around 15000 unconfirmed transactions. Last week if I´m not wrong there were around 50000 - 60000.

I really doubt whether the exchanges will agree to lower the fees, even if the minimum fee needed for confirmation goes down. Exchanges such as Bitstamp and Coinbase have profited a lot from the increased fee (they are keeping 25% to 50% of the withdrawal fee to themselves). They have no reason to lower the fee as of now.

25% to 50% withdrawal fee is to high and this is the way of those exchange site to make profit for themselves because you cannot withdraw your bitcoin in instant due to this fee and you are loose already, you should trade your bitcoin and alt-coin then to recover the fees.

Sithara007

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Leading Crypto Sports Betting & Casino Platform

Quote from: bartolo on June 19, 2017, 09:44:15 PM

It looks like fees could go down again in the coming days. Today I sent a transaction with 50sats/byte fees and it was confirmed in few hours. Now there are around 15000 unconfirmed transactions. Last week if I´m not wrong there were around 50000 - 60000.

I really doubt whether the exchanges will agree to lower the fees, even if the minimum fee needed for confirmation goes down. Exchanges such as Bitstamp and Coinbase have profited a lot from the increased fee (they are keeping 25% to 50% of the withdrawal fee to themselves). They have no reason to lower the fee as of now.

bartolo

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It looks like fees could go down again in the coming days. Today I sent a transaction with 50sats/byte fees and it was confirmed in few hours. Now there are around 15000 unconfirmed transactions. Last week if I´m not wrong there were around 50000 - 60000.

1Referee

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Quote from: stompix on June 19, 2017, 01:05:52 PM

The fee they charge is so small compared to their other revenue they don't really care about.

Actually, they do. It's not just pocket change anymore after hundreds, perhaps close to a thousand withdrawals on a daily basis that add up to a decent amount every month.

Quote from: stompix on June 19, 2017, 01:05:52 PM

Actually they are paying quite a few satoshi extra when they send out coins just to have a first block confirmation.
If they would care that much about fees they would pay the minimum.

I quite often have experienced exchanges that bundle transactions, and just pay a fraction of what the combined withdrawal fee value of these transactions would add up to. I only had one occasion where I had to wait for 2 blocks to get my transaction confirmed, but that wasn't a big deal.

bitcoinmasterlord

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

Quote from: PinkB on June 19, 2017, 04:37:54 AM

Coinbase fucked me!! its transaction fee almost .0008BTC, really i am feed up. its time to leave coinbase wallet. i am using coinbase wallet only one reason.because it is free for coinbase to coinbase transaction.

It is actually 0.0011 as I pointed above. I don't hate coinbase, but transactions from localbitcoins for example has a fees of around 0.0005. I would like Coinbase to allow me to set the fees, instead of charging me 2.5-3$ of fees on every transaction.

How the Bitcoin rate increase like that the transaction fee also increase. If you pay a high fee, your transaction will get confirm very quickly. If you pay the low fee, then your transaction will take a long time to confirm. $0.85 is not a big amount if you do one decent amount of BTC transfer. But for regular traders, this cost will effect on their bankroll.

Wendigo

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Quote from: vohoanghiep5555 on June 19, 2017, 01:10:29 PM

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?

I think the transaction fee of $ 0.85 is not much and it does not matter how long it takes to complete a transaction

When the fee is 20%-50% of the total funds being moved it's unacceptable and ridiculous. For example it costs 10$ to buy a 8$ game off Steam. This is just insane. I barely move any BTC around these days because I don't want to eat the shitty fees.

vohoanghiep5555

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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?

I think the transaction fee of $ 0.85 is not much and it does not matter how long it takes to complete a transaction

stompix

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Blackjack.fun

Quote from: Argon2 on June 19, 2017, 04:37:15 AM

Paid a 7 dollar fee on a 8500 USD transaction, that's cheap. Use an altcoin for coffee ☕️.

Nobody is accepting altcoins for coffee.
And if does he probably is a few thousands km away.

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.

The fee they charge is so small compared to their other revenue they don't really care about.
Actually they are paying quite a few satoshi extra when they send out coins just to have a first block confirmation.
If they would care that much about fees they would pay the minimum.

Quote from: erpbridge on June 19, 2017, 04:09:52 AM

Too bad that Coinbase increased the minimum set fees on their platform to 0.0011 BTC which is around 3$ in transaction fees. Now it simply doesn't make sense to use bitcoin for anything less than 100$ , because i would be paying the same fees as using an option of paypal.

Bitcoin is going to become a victim of it own success this way.
Everybody was using because cheap fees then not so cheap fees then nobody using it for payments....
Let's hope segwit will have an impact once it will finally be implemented.

1Referee

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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.

erpbridge

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Quote from: PinkB on June 19, 2017, 04:37:54 AM

Coinbase fucked me!! its transaction fee almost .0008BTC, really i am feed up. its time to leave coinbase wallet. i am using coinbase wallet only one reason.because it is free for coinbase to coinbase transaction.

It is actually 0.0011 as I pointed above. I don't hate coinbase, but transactions from localbitcoins for example has a fees of around 0.0005. I would like Coinbase to allow me to set the fees, instead of charging me 2.5-3$ of fees on every transaction.

PinkB

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Coinbase fucked me!! its transaction fee almost .0008BTC, really i am feed up. its time to leave coinbase wallet. i am using coinbase wallet only one reason.because it is free for coinbase to coinbase transaction.

Argon2

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Paid a 7 dollar fee on a 8500 USD transaction, that's cheap. Use an altcoin for coffee ☕️.

erpbridge

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Too bad that Coinbase increased the minimum set fees on their platform to 0.0011 BTC which is around 3$ in transaction fees. Now it simply doesn't make sense to use bitcoin for anything less than 100$ , because i would be paying the same fees as using an option of paypal.

spatifilium

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price BTC has grown and fees are in Satoshi remained the same, but it only results that people are beginning to increasingly use altcoin as a means for the transactions, faster and cheaper

VitorPl4y

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Although I do agree that people should not spend a bunch of money just so they could send a small transaction and have it confirm in less than 24 hours, the people that spend a large amount of money on a transaction like that should know that they don't have to spend over $0.30 on a transaction.

Superzpay

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Quote from: Kizaki on June 12, 2017, 08:41:31 AM

Lol this kind of fees are still low compared to some complainers out there and me too i am experiencing bigger fees than what you experience,i got about 5$ fees when i sent off $2000 worth of bitcoins to blockchain from my local country wallet

You paid a higher fees because you transact a high amount of bitcoins. If you will send that amount of money through any other payment method then you will have to pay a more high fees so for you that is not a high fees but that is a lower fees.

NikS13

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Bittrex fee is like 6 dollars, thats just too much man..

Shenzou

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Quote from: LuanX3 on June 14, 2017, 12:31:41 PM

Quote from: spngebob on June 14, 2017, 12:17:42 PM

Quote from: raoulsergia on June 12, 2017, 05:36:26 PM

If U cant afford the fees, use altcoins... simple trick

Monero = 10 cente fees
Litecoin = 25 cents

Two are best for fast and low cost effective solution

It's not trick and it is not solution.
I don't want to use alcoins. I want to use bitcoin, as the matter of fact i started with whole bitcoin thing because of bitcoin, not altcoin.
I remember a year and a half ago it was normal to send transaction and pay 10-15K satoshi fee.
What the hell went wrong?

Me too, I would not use altcoins just for saving on fees. That's ridiculous.

I also remember that. It was fine to put just 0.0001 btc as fees and it will confirm within the day. I guess the number of people using bitcoins has significantly increased and the network is not keeping up.

That is the problem there many poeple coming to the bitcoin, and they are putting a lot of presure on the network so miners need to prioritaize the transactions that have more fees, and i think that the more time goes by more people will come, so this needs to be solved in order to limite the fees that go out.

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