$0.85 transaction fee is absolutely ridiculous! - page 7.

FlamingFingers

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Quote from: CryptoRama on June 08, 2017, 06:53:33 PM

What? that much!
I advise you to not do such transactions, I rather use cryptocurrency exchange like poloniex, kraken, bittrex, and if fee would be that much I rather go on slow transaction...

Because that is just a waste sending bitcoin and ethereum on fast delivery... :/

Nothing can be compared to Poloniex when it comes to fees – it has 0.0001BTC withdrawal fees, and it's almost fast, but the downside is that it has few depositing and withdrawing issues. Most other exchanges changed their fees to 0.001BTC (with YoBit being an exception as fees there are 0.0009BTC, HitBTC with 0.00085BTC and Cryptopia as fees are 0.0008BTC) for smooth transactions. Nova, Bittrex, c-cex, etc. Only Kraken has a chunk fees of 0.0025BTC, and alcurex has 0.002BTC, which is ridiculous.

CryptoRama

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Quote from: Shenzou on June 08, 2017, 06:31:29 PM

If you think 0.85$ fee is redicoulis try 5$, last time i made a transaction worth 10$ of bitcoin from my Xapo wallet to an external wallet and i hade to pay 50% standared fee, i don't know why it was that high but i know one thing for sure is that i switced my wallet as soon as that happend and now i am spectacal about making any transaction because of this high fee, this needs to end now otherwise many people will stop making transactions

What? that much!
I advise you to not do such transactions, I rather use cryptocurrency exchange like poloniex, kraken, bittrex, and if fee would be that much I rather go on slow transaction...

Because that is just a waste sending bitcoin and ethereum on fast delivery... :/

FlamingFingers

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Quote from: stompix on June 05, 2017, 04:51:53 PM

20$ fee?
Probably for something that has at least 40-50 inputs or outputs.
The normal transactions is between 1 and 2 $ depends of the day of the week.

And there will be never a 1000$ fee.
For that we will have to first through 100$ and at this point people will just stop using it and blocks will be empty again.

A normal transaction would have 0.00108480BTC as transaction fees for a total transaction size of 226 bytes, according to bitcoinfees.21.co. That is $3.002 worth of bitcoin, according to preev.com, with an estimated time of arrival of 1-12 hours.
Hope it's clear enough where we are going.

Shenzou

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If you think 0.85$ fee is redicoulis try 5$, last time i made a transaction worth 10$ of bitcoin from my Xapo wallet to an external wallet and i hade to pay 50% standared fee, i don't know why it was that high but i know one thing for sure is that i switced my wallet as soon as that happend and now i am spectacal about making any transaction because of this high fee, this needs to end now otherwise many people will stop making transactions

Xester

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Quote from: LoyceV on June 08, 2017, 05:31:04 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.

That is huge. If that will be the fee to withdraw bitcoin here in my country maybe I have to think twice. I am just earning bitcoin at that same amount. So maybe I will withdraw if I really need them. It is indeed ridiculous. Maybe the price is high because the price of bitcoin is high also.

LoyceV

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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 complaints, 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.

favila

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Quote from: NikS13 on June 07, 2017, 09:23:53 AM

I'm still a noob to bitcoin so i have a question: Why is it that if the price of bitcoin grows, the fee grows? Or is it nothing to do with it

Not necessarily but in reality that is what happens because a price boost also means increased demand for transactions. People keep rationalising the fees are ok no matter how much they grow without acknowledging the crisis we currently have. I fear for the future of bitcoin if this keeps up.

FasTroy

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Quote from: NikS13 on June 07, 2017, 09:23:53 AM

I'm still a noob to bitcoin so i have a question: Why is it that if the price of bitcoin grows, the fee grows? Or is it nothing to do with it

I think yes, because when bitcoin price increase many people will use it, and automatically the number of transactions will increase per second, so miner fees will go on to be higher too. Maybe i am wrong, but this is what i think. By the ways miner fees is a big problem to me since i use Xapo wallet. Sad

NikS13

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I'm still a noob to bitcoin so i have a question: Why is it that if the price of bitcoin grows, the fee grows? Or is it nothing to do with it

Doms

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Quote from: kelseydustin on June 05, 2017, 09:18:10 PM

Quote from: Taki on June 05, 2017, 01:54:19 PM

There is nothing insane. 1$ is not so big money to be payed for a transaction really. There are places that takes some % as fee for the transaction. And wen the amount is low - you pay something really small, but imagine how big money it is if the transaction is like couple of tens or hundreds bitcoins?!

Sorry but now the fees are higher than $2 and I do not think that people will like it. In the previous day, bitcoin was used for many microtransactions but now, no one wants to send microtransactions anymmore because of the high fee

You can still use low fees but you will have to wait longer for your transactions to be confirmed. There should be some other ways in which to compute for the proper transaction fees, given the amount of the bitcoin we want to send. Or there should be a separate entity or miners to handle small transactions only. This has yet to happen because the current situation is very much favorable for miners.

SingAlong

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Quote from: Taki on June 05, 2017, 01:54:19 PM

There is nothing insane. 1$ is not so big money to be payed for a transaction really. There are places that takes some % as fee for the transaction. And wen the amount is low - you pay something really small, but imagine how big money it is if the transaction is like couple of tens or hundreds bitcoins?!

For doing micro transaction, this gives the inability to do so. It is true that the transaction fee in Bitcoin is fixed unlike any other money transfers that depends on a certain percentage depending on the money that you will send. This is a great problem to those people who had just entered the Bitcoin world and can't transfer their money on the flick of their hand because the fees are high in their state that they don't really earn that much Bitcoin to call it nothing.

kelseydustin

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Quote from: Taki on June 05, 2017, 01:54:19 PM

There is nothing insane. 1$ is not so big money to be payed for a transaction really. There are places that takes some % as fee for the transaction. And wen the amount is low - you pay something really small, but imagine how big money it is if the transaction is like couple of tens or hundreds bitcoins?!

Sorry but now the fees are higher than $2 and I do not think that people will like it. In the previous day, bitcoin was used for many microtransactions but now, no one wants to send microtransactions anymmore because of the high fee

RealBitcoin

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Quote from: stompix on June 05, 2017, 04:51:53 PM

For that we will have to first through 100$ and at this point people will just stop using it and blocks will be empty again.

I agree, and that is how Bitcoin will fade away into obscurity as other altcoins will take over that can include anyone, not just privileged settlement layer transactions.

stompix

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Quote from: RealBitcoin on June 05, 2017, 01:59:13 PM

Quote from: Taki on June 05, 2017, 01:54:19 PM

There is nothing insane. 1$ is not so big money to be payed for a transaction really. There are places that takes some % as fee for the transaction. And wen the amount is low - you pay something really small, but imagine how big money it is if the transaction is like couple of tens or hundreds bitcoins?!

It's actually close to 20$ now. And wait till it becomes 2000$, we shall see how people will feel then.

20$ fee?
Probably for something that has at least 40-50 inputs or outputs.
The normal transactions is between 1 and 2 $ depends of the day of the week.

And there will be never a 1000$ fee.
For that we will have to first through 100$ and at this point people will just stop using it and blocks will be empty again.

erpbridge

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Quote from: RealBitcoin on June 05, 2017, 01:59:13 PM

Quote from: Taki on June 05, 2017, 01:54:19 PM

There is nothing insane. 1$ is not so big money to be payed for a transaction really. There are places that takes some % as fee for the transaction. And wen the amount is low - you pay something really small, but imagine how big money it is if the transaction is like couple of tens or hundreds bitcoins?!

It's actually close to 20$ now. And wait till it becomes 2000$, we shall see how people will feel then.

20$ ? Wait what ? What site are you looking at the fees at ? For anymore lower than 0.5 btc you should be fine with paying a fees of around 0.001. Don't look at the right fees estimates and all. I have seen they have it all wrong atm.

RealBitcoin

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Quote from: Taki on June 05, 2017, 01:54:19 PM

There is nothing insane. 1$ is not so big money to be payed for a transaction really. There are places that takes some % as fee for the transaction. And wen the amount is low - you pay something really small, but imagine how big money it is if the transaction is like couple of tens or hundreds bitcoins?!

It's actually close to 20$ now. And wait till it becomes 2000$, we shall see how people will feel then.

Taki

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There is nothing insane. 1$ is not so big money to be payed for a transaction really. There are places that takes some % as fee for the transaction. And wen the amount is low - you pay something really small, but imagine how big money it is if the transaction is like couple of tens or hundreds bitcoins?!

piebeyb

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I think because of many unconfirmed full transactions, I just think there are many who make spam transactions so some parties can take advantage of it, forcing everyone to use a large transaction fee to quickly get a confirmation.

dmamigo

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Quote from: Juggy777 on June 05, 2017, 12:35:45 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?

For a very long while I have been reading about fees and since I had not transacted for long really did not care to look into this aspect, for transferring 0.84 I was asked to pay a fees of 1-2$ it's absolutely ridiculous and I thought coinbase.com to coinbase.com was free but even that's chargeable what's wrong with Bitcoin when will this trauma end. Any idea how to beat it for good.

The fees have increased and sometimes feels annoying, but you stated 0.84, is it BTC or $. If its $0.84 and you are being charged $1-2, then its quite unnatural, but if its in BTC then $1-2 is still acceptable as pe the current valuation. Recently I was charged $1.5 approx., to transact 0.04 BTC.

Juggy777

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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?

For a very long while I have been reading about fees and since I had not transacted for long really did not care to look into this aspect, for transferring 0.84 I was asked to pay a fees of 1-2$ it's absolutely ridiculous and I thought coinbase.com to coinbase.com was free but even that's chargeable what's wrong with Bitcoin when will this trauma end. Any idea how to beat it for good.

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