$0.85 transaction fee is absolutely ridiculous! - page 6.

shine1123

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Quote from: Despacito on June 11, 2017, 06:32:52 PM

Oh boy you complain about $0.85 fee but 4 days ago I paid $4 for 0.067 BTC's transfer. How does it sound? It was very very urgent transfer so I needed to give up with $4 sadly. I can't imagine what would it cost for 1 BTC's transfer.

$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.

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Quote from: stompix on June 12, 2017, 07:16:41 AM

Quote from: Despacito on June 11, 2017, 06:32:52 PM

Oh boy you complain about $0.85 fee but 4 days ago I paid $4 for 0.067 BTC's transfer. How does it sound? It was very very urgent transfer so I needed to give up with $4 sadly. I can't imagine what would it cost for 1 BTC's transfer.

It would have cost you exactly 4 dollars.
The same.

Because you don't pay a % of the sum you pay the size of the transaction in bytes used.
So as long as you have 1 output 1 input you are going to pay the same for 20 satoshi or 40 000 btc transferred.
Which in my opinion is pretty fair.

The problem lies with the amount for a kb of space.

So what can I do to lower the fees and to lower the amount of bytes in my transactions. I make some transactions daily so I cannot keep a normal size when I am going to spent from many inputs. Is there any solution to this issue or it is being discussed at least ?

stompix

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Quote from: Despacito on June 11, 2017, 06:32:52 PM

Oh boy you complain about $0.85 fee but 4 days ago I paid $4 for 0.067 BTC's transfer. How does it sound? It was very very urgent transfer so I needed to give up with $4 sadly. I can't imagine what would it cost for 1 BTC's transfer.

It would have cost you exactly 4 dollars.
The same.

Because you don't pay a % of the sum you pay the size of the transaction in bytes used.
So as long as you have 1 output 1 input you are going to pay the same for 20 satoshi or 40 000 btc transferred.
Which in my opinion is pretty fair.

The problem lies with the amount for a kb of space.

ecnalubma

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Transaction fee is getting higher and higher as bitcoin price continues to rise. But i think its a fair price and passes through thorough process and decision.

btcney

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Quote from: robert4u on June 11, 2017, 08:23:31 PM

Another problem is this high fees is big issue specially when receiving payments, when I receive payment I create new wallets and transfer them to main wallet now for small amounts $1 fees can cause $3 total amount as $2, and also when I send all amount it is big size transaction and again high fees.

That's why you shouldn't have so many wallets right now. If you have a lot of wallets and want to transfer in between them without any fees then use the coinbase wallet because all transfers are off chain when it is wallet to wallet. At least don't do it until this high transaction fee thing is over and things return to normal. I know it will mean that you can't hold your own private keys but $3 isnt a big amount anyways.

OP, I'd be lucky if I can find a wallet with $0.85 transaction fees now, lol.

robert4u

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Another problem is this high fees is big issue specially when receiving payments, when I receive payment I create new wallets and transfer them to main wallet now for small amounts $1 fees can cause $3 total amount as $2, and also when I send all amount it is big size transaction and again high fees.

CoinDoublerr

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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?

if i use my bitpay wallet its much bigger. And when i receive btc it also takes fees or something

ppaul15

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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.

Despacito

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Oh boy you complain about $0.85 fee but 4 days ago I paid $4 for 0.067 BTC's transfer. How does it sound? It was very very urgent transfer so I needed to give up with $4 sadly. I can't imagine what would it cost for 1 BTC's transfer.

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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?

Bitcoin should be accessible to everyone but with the current fees its already becoming less and less the case.

Going to be the standing with you bud, I don't even know how people can come out and say stuff like "Oh well look at all the security we get, YOU SHOULD be forced to pay that anyway" Like don't get me wrong I get it, I understand that the miners are going to want more money due to the block reward going down and that's only fair. But at the rate it's been going up now, I think that's a bit insane and is unreal.

These miners don't need that much money to do something that they'd be doing at a fourth of the current TX fee that they're getting now. I still remember the times that TX's were confirmed faster and I had to pay a low rate of $.15 cents per tx.

It is ridiculous and I miss the old days.

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Quote from: Shenzou on June 11, 2017, 04:52:57 PM

Quote from: Winner on June 11, 2017, 04:33:14 PM

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?

Bitcoin should be accessible to everyone but with the current fees its already becoming less and less the case.

It’s better to just try to hold onto your Bitcoins instead of trying to spend them on something that would be multiple times cheaper in the later years. I really don’t spend $100 for Bitcoin transactions and I know that by using Bitcoin the price of it will go up eventually and the people that use it are only going to have to bring in more complaints about the transaction fee since the price of Bitcoin will be more expensive then it is right now.

We all know right now that bitcoin's price is quit high at the moment and this price makes poeple mad about it , means that every day more poeple come to this new currency and that means more transactions, more transactions means more work for miners and to make them pick up your transaction you have to pay high fees,

Miners are the ones that are banking right now because the transaction fees are really high for fast transactions. I would recommend that people should stay happy about the price of Bitcoin and the transaction fee because I am pretty sure that when faster Internet plus Quantum Computers get released more to the citizens that can kind of afford it then the miners will have a major competition.

If some sort of Government decides on mining Bitcoin then it’s a much different story.

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Quote from: Winner on June 11, 2017, 04:33:14 PM

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?

Bitcoin should be accessible to everyone but with the current fees its already becoming less and less the case.

It’s better to just try to hold onto your Bitcoins instead of trying to spend them on something that would be multiple times cheaper in the later years. I really don’t spend $100 for Bitcoin transactions and I know that by using Bitcoin the price of it will go up eventually and the people that use it are only going to have to bring in more complaints about the transaction fee since the price of Bitcoin will be more expensive then it is right now.

We all know right now that bitcoin's price is quit high at the moment and this price makes poeple mad about it , means that every day more poeple come to this new currency and that means more transactions, more transactions means more work for miners and to make them pick up your transaction you have to pay high fees,

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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?

Bitcoin should be accessible to everyone but with the current fees its already becoming less and less the case.

It’s better to just try to hold onto your Bitcoins instead of trying to spend them on something that would be multiple times cheaper in the later years. I really don’t spend $100 for Bitcoin transactions and I know that by using Bitcoin the price of it will go up eventually and the people that use it are only going to have to bring in more complaints about the transaction fee since the price of Bitcoin will be more expensive then it is right now.

1Referee

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Quote from: btcdevil on June 11, 2017, 04:16:25 PM

If this way only the bitcoin goes then very soon bitcoin will be used as for long term investment and for daily and small transaction they will search for another coin.

No big deal. If people so badly want to have fast confirmations combined with lower fees, then they should head over to one of the hundreds of altcoins available. If you look at the network usage of altcoins in general, then it has increased slightly, but that's not due to actual usage in terms of transacting and stuff, but more due to the bubble that altcoins are going through. People move coins back and forth from their own wallet to their exchanges.

malami

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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?

Bitcoin should be accessible to everyone but with the current fees its already becoming less and less the case.

btcdevil

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Quote from: stompix on June 11, 2017, 03:21:36 PM

Quote from: LoyceV on June 08, 2017, 04:31:04 PM

My exchange kraken.com sent me an email today: they've increased the fee to withdraw Bitcoin to 0.0025 BTC.
That is 6.18 euro at current rate to withdraw Bitcoin.
They charge 0.09 euro to withdraw euro to my bank.

Taking out Bitcoin is now 68 times more expensive than using my bank! This is beyond rediculous.

Update: after many complaintst, kraken.com lowered their fee to 0.001 BTC. They will now send withdrawals in batches.
This means it's "only" 28 times more expensive than using my bank.

Hihihi > this is the laugh before the update.
So btc was supposed to be a bank killer.
And yet we are close to the point when if you want to send btc you exchange them for $ use WU and the guy that gets the $ goes and buys bitcoin as it is cheaper than paying the tx fee.

Seems like more and more services are merging payments and not doing single outputs tx anymore.
The size of transactions in kb has gone up a bit lately.

If this way only the bitcoin goes then very soon bitcoin will be used as for long term investment and for daily and small transaction they will search for another coin.

stompix

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Quote from: LoyceV on June 08, 2017, 04:31:04 PM

My exchange kraken.com sent me an email today: they've increased the fee to withdraw Bitcoin to 0.0025 BTC.
That is 6.18 euro at current rate to withdraw Bitcoin.
They charge 0.09 euro to withdraw euro to my bank.

Taking out Bitcoin is now 68 times more expensive than using my bank! This is beyond rediculous.

Update: after many complaintst, kraken.com lowered their fee to 0.001 BTC. They will now send withdrawals in batches.
This means it's "only" 28 times more expensive than using my bank.

Hihihi > this is the laugh before the update.
So btc was supposed to be a bank killer.
And yet we are close to the point when if you want to send btc you exchange them for $ use WU and the guy that gets the $ goes and buys bitcoin as it is cheaper than paying the tx fee.

Seems like more and more services are merging payments and not doing single outputs tx anymore.
The size of transactions in kb has gone up a bit lately.

erpbridge

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Quote from: LoyceV on June 08, 2017, 04:31:04 PM

My exchange kraken.com sent me an email today: they've increased the fee to withdraw Bitcoin to 0.0025 BTC.
That is 6.18 euro at current rate to withdraw Bitcoin.
They charge 0.09 euro to withdraw euro to my bank.

Taking out Bitcoin is now 68 times more expensive than using my bank! This is beyond rediculous.

Holy shit. I wish all these exchanges gave an option to decrease the fees and let us suffer incase it doesn't confirm in time. You should probably just sell it, and you will save more money that way.

hardtime

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I still remember the times when the fees were cheaper and everyone was happier, I think those were the days of the fees being around .14 to .25 but this was also when the price was around $700 so I guess I'd understand that it has to go up with the price and the extra network congestion that's occurring right now. Though, I don't think .85 cents is something which is that bad compared to other thing such as Paypal, Western Union, and so on. These are services which are going to rob you blind compared to how much the tx fees are right now.

Now I'm not saying we should improve on this, we've got to get to work on agreeing to a scaling solution so we can finally get back to at least something that isn't $3 to pay for a TX which I think is a bit absurd.

zedsacs

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Before that, for your information, the fee is about only 0.4-.6 im not sure tho but I just sent a btc into my other wallet and I know that payment fee and im pretty sure that it's not .85. So regarding to your question, the payment fee is okay for me, why? Because as you compair to other wallet, like mine (coins.ph), the transaction fee is 2 usd and as you compare, it's too high than blockchain and we all know that we have now transaction fee because the price is too high and because also of the high demand. It's a matter of supply and demand.

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