$0.85 transaction fee is absolutely ridiculous! - page 5.

LuanX3

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Quote from: spngebob on June 14, 2017, 11:17:42 AM

Quote from: raoulsergia on June 12, 2017, 04:36:26 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.

spngebob

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Quote from: raoulsergia on June 12, 2017, 04:36:26 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?

Dabs

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Quote from: LoyceV on June 14, 2017, 08:31:01 AM

Quote from: malami on June 11, 2017, 04:21:03 PM

I can't believe anyone still tries to rationalize and defend these high fees. Do we have to wait until it gets to $100 per transaction before people say enough is enough?

I found one for you: 283.51 USD fee for 16 kB.

We're now at the point where sending 1 mBTC requires almost 1 mBTC in fees.

Let me show "the poor addresses" from the Bitcoin Rich List:

Balance	\|	Addresses	\|	% Addresses (Total)	\|	Coins	\|	$USD	\|	% Coins (Total)
0-0.001	\|	10429459	\|	57.4% (100%)	\|	2,030 BTC	\|	5,473,171 USD	\|	0.01% (100%)

This means 57.4% of all funded Bitcoin addresses have a balance that is too low to use! These addresses hold "only" 0.01% of all Bitcoins, but more than half of all Bitcoin balances are now useless!
More than $5 million dollars became worthless. And while miners earn more than that per day, many people simply can't use Bitcoin anymore. Once they're gone, I don't think they'll come back.

I think you're right. Those $5 million dollars worth of dust are practically gone. I'd guess those were forgotten or left over or something. While the number of addresses is staggering, they could belong to the same people or same entities, but the total worth, as we can clearly see is just 2030 BTC.

raymond541

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Activity: 821

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transaction fees now really problem for small amount sender.blockchain now charging $2 fees for every transaction which is really high for who want to sending under $100.fees now seems like business Blockchain.info stop their multi send option.you can now send 1 wallet to 1 wallet.
I see every block have 90% transactions are under $100 transaction.people are loosing their hard working money.if block size not increase bitcoin will fall in big trouble.

hajimasan

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Activity: 882

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Now after january 2017 I had very less transaction and so what what did are of bulk amount about of ranging from $200 to $300 because we have to pay a very high amount of transaction fees and that's the main disadvantage of bitcoin now because we have to use bitcoin in our daily dad to day life and if we have to pay such a high amount of transaction fees the we will loss interest in bitcoin because paying such a high transaction fees is not up of every common man.

See this is my yesterdays transaction :
Value when Sent : $256.66
Transaction Fee : $5.76

So earning $5 need lots of hard work itself and if we are to pay such hard earned money as transaction fees then the beauty of bitcoin is longer there and we would simply love to continue with our traditional fiat currency. I think there is need of solution for such problems. because when it is said the bitcoin is for everyone then we should have low transaction fees and not everyone could afford to buy or transaction bulk amount and neither we require to transact such amount in our daily life so there must be some solution for this of problems in bitcoin because we all know that bitcoin is a good cryptocurrency so being a good crypto it should be user and common man friendly.

LoyceV

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Quote from: malami on June 11, 2017, 04:21:03 PM

I can't believe anyone still tries to rationalize and defend these high fees. Do we have to wait until it gets to $100 per transaction before people say enough is enough?

I found one for you: 283.51 USD fee for 16 kB.

We're now at the point where sending 1 mBTC requires almost 1 mBTC in fees.

Let me show "the poor addresses" from the Bitcoin Rich List:

Balance	\|	Addresses	\|	% Addresses (Total)	\|	Coins	\|	$USD	\|	% Coins (Total)
0-0.001	\|	10429459	\|	57.4% (100%)	\|	2,030 BTC	\|	5,473,171 USD	\|	0.01% (100%)

This means 57.4% of all funded Bitcoin addresses have a balance that is too low to use! These addresses hold "only" 0.01% of all Bitcoins, but more than half of all Bitcoin balances are now useless!
More than $5 million dollars became worthless. And while miners earn more than that per day, many people simply can't use Bitcoin anymore. Once they're gone, I don't think they'll come back.

KeyGenKing

sr. member

Activity: 323

Merit: 259

Quote from: BitcoinPricingtool on June 13, 2017, 07:58:03 AM

You are right and the key to solving this is increasing the block size or importing something into the technology of BTC, because the miners themselves are not ready to do anything constructive, sometimes even mining empty blocks when the fees are not satisfactory to them.
A 2 MB block should lower the burden with double the size, or even something more fundamental, but the fees now are too big and even at the level of PayPal's 0.35 + 3% level right now for small Transactions.

I would be happy if i could pay a fee of $0,85, i want to make a payment and i should pay 0.0038007 BTC (10.42 USD) in FEE
It´s not even funny anymore.

BitcoinPricingtool

newbie

Activity: 34

Merit: 0

You are right and the key to solving this is increasing the block size or importing something into the technology of BTC, because the miners themselves are not ready to do anything constructive, sometimes even mining empty blocks when the fees are not satisfactory to them.
A 2 MB block should lower the burden with double the size, or even something more fundamental, but the fees now are too big and even at the level of PayPal's 0.35 + 3% level right now for small Transactions.

raoulsergia

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Activity: 322

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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

harizen

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Quote from: AtillaL on June 12, 2017, 07:45:57 AM

So if BTC goes to $10k, $100k or even $1mil it's to be expected that the fees will go way up? To me it feel ok for now to pay the fees we have now but as more new money's pouring in and as we get more transactions, where will that leave the fees, does anyone have an idea?

Yes even not with the amount in bitcoin but in the USD value of itself. Right now 200,000 satoshis is around $5, if bitcoin price will increase more that 200,000 satoshis will be more worth in USD value any maybe can become $50 in the future.

So if the bitcoin amount fee will rise too while having a high USD value then you can really say that price is extremely horrible and ridiculous.

spatifilium

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Activity: 364

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Small value, small fees and vice versa
Last year, when the BTCwas 200$, fees did not seem so big Wink

AtillaL

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Quote from: richsoon on June 12, 2017, 07:52:15 AM

Quote from: AtillaL on June 12, 2017, 07:45:57 AM

So if BTC goes to $10k, $100k or even $1mil it's to be expected that the fees will go way up? To me it feel ok for now to pay the fees we have now but as more new money's pouring in and as we get more transactions, where will that leave the fees, does anyone have an idea?

If it goes to $1 mil probably we will see $1000 fees and then your average person who wants to invest 100-1000$ will say no way in hell and only the ultra rich will be able to participate.

That ain't good...so long for decentralized

krisnt80

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Activity: 729

Merit: 500

Even knowing the fees has raised a lot, i had made a transaction at blockchain on day 24 and my transaction has been confirmed on day 8 June, the wizzard is the support says that if 7 days pass they funds will return to the wallet, i had used 50k as fee, and day 27 i got a payment with 60k satoshis, this will end killing bitcoin if nothing is made at once.

richsoon

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Merit: 100

Quote from: AtillaL on June 12, 2017, 07:45:57 AM

So if BTC goes to $10k, $100k or even $1mil it's to be expected that the fees will go way up? To me it feel ok for now to pay the fees we have now but as more new money's pouring in and as we get more transactions, where will that leave the fees, does anyone have an idea?

If it goes to $1 mil probably we will see $1000 fees and then your average person who wants to invest 100-1000$ will say no way in hell and only the ultra rich will be able to participate.

nizamcc

legendary

Activity: 1218

Merit: 1007

If your transaction was small and still the fee was high, I think Lauda said somewhere that Bitcoin was used to be the best currency for small transactions with lesser fee, it isn't anymore.
As the number is growing drastically, we are definitely going to experience some huge spikes in the calculation of fee too. But taking your point into consideration too, I think that miners should lower down the fee to at least 25% because it is becoming very hard to pay those satoshis and not even getting a complete guarantee of a confirmation as promised by those wallets.

AtillaL

newbie

Activity: 19

Merit: 0

So if BTC goes to $10k, $100k or even $1mil it's to be expected that the fees will go way up? To me it feel ok for now to pay the fees we have now but as more new money's pouring in and as we get more transactions, where will that leave the fees, does anyone have an idea?

Kizaki

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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

richsoon

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Merit: 100

Honestly I was always a bitcoin supporter until the end and always kept at least half of my investment in bitcoin but if the bitcoin community isn't interesting in scaling for cheaper transactions then I will move my remaining funds to ethereum.

I hope I don't have to do that because I believe in satoshi's vision with every fiber of my being.

Windpower

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Activity: 532

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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?

I definitely agree with you are and you are completely correct. We shouldn't be having to pay such a high amount for our transactions. At this rate, Bitcoin will never become mainstream and will just be a complete flop.

However, we just have to stick with it and see what happens, selling now would be a dumb idea and you would lose a lot of money.

These kinds of fees will deter a lot of people and we may see the price falling down in the near future, hopefully the problem gets fixed and more people start investing.

TryNinja

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Quote from: shine1123 on June 12, 2017, 07:22:12 AM

$4 for a fee is quiet big but your confirmation must be fast right. Actually you can costume your fee for your transaction, reduce it into $1-2 is already good though, you only need to wait 1-5 hours maximum. The fee for each transaction also because of the bitcoins price that increase so high and also many unconfirmed transacion out there.

You can't say that because you don't know the amount of inputs and outputs his transactions had. At the moment I'm writing this post, if you want your transaction to be confirmed in this short amount of time, you require to pay a fee of 390 satoshis/byte (the cheapest recommended).

I've had transactions with more than 3 inputs and 2 outputs that had ~1200 bytes of size and required me to pay ~0.004 ($10) to get confirmed in 1-5 hours.
And of course I choose to wait a little bit more and my tx was confirmed the next day

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