1 BTC = 250x fees then you will remain with 0 BTC

Qunenin

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Quote from: franklin9 on May 29, 2017, 09:01:05 AM

I think people are extremely tense regarding this recent fee and unconfirmed Transactions hiatus, The fees are indeed large but this is in no way permanent I think, this crisis even started just few weeks ago, I'm sure solution would be reached in a month or so, And also the unconfirmed KB's are decreasing steadily (if you are checking chain.so), I guess they would stabilize later around 50000 KB, which wouldn't be that bad.

Accelerated confirmation and TX tools, sites and system are popping up left and right now. This coin has finally gotten some direct face to face competition and it will be interesting to see where this goes. Within the system that this coin has evolved, there is a compromise of the basic building blocks of crypto in order to get faster confirmation/approval times.

Schuyler

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Quote from: airsounds on May 30, 2017, 03:20:29 PM

Quote from: Karmakid on May 21, 2017, 08:46:38 PM

Fees are not that big lol,fees are still small at this stage of bitcoins fees are getting higher yes but it will not reach 5$ fees or higher than what you are indicating its part of growing and its not a negative sign

Say whatever you want, but the fees are massive nowadays, just imagine if you want to send something small like 0.001 bitcoin that you got from small transactions. The transaction size would be way bigger than just 250 bytes. Take into consideration for example 3 times bigger transaction. So basically if 250 byte transaction costs about 1.25 usd, to send over 0.001 from like 5 smaller transactions in your address you would have to pay 3.75 dollars. That's insane, the fee would be like twice as big as the actual money sent.

The problem is that there's no one that regulates the fees and the per byte transaction isn't what the basis should be. I also had to pay $1.25 for a little less than .01 BTC when a few months back it used to be way less than that amount. And doesn't even confirm within the two hours.

akija

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Right now fees are higher and increasing but it won't reach to that level . Even with less fees , it can get confirmed in few days .

airsounds

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Quote from: Karmakid on May 21, 2017, 08:46:38 PM

Fees are not that big lol,fees are still small at this stage of bitcoins fees are getting higher yes but it will not reach 5$ fees or higher than what you are indicating its part of growing and its not a negative sign

Say whatever you want, but the fees are massive nowadays, just imagine if you want to send something small like 0.001 bitcoin that you got from small transactions. The transaction size would be way bigger than just 250 bytes. Take into consideration for example 3 times bigger transaction. So basically if 250 byte transaction costs about 1.25 usd, to send over 0.001 from like 5 smaller transactions in your address you would have to pay 3.75 dollars. That's insane, the fee would be like twice as big as the actual money sent.

jak3

legendary

Activity: 1274

Merit: 1004

this is insane. today when I was transferring around 0.025btc(3500rs in my local currency) it cuts 0.004btc(450rs) just as a fees. Now its really horrible for me because that is almost my 1month Wi-Fi bill. I can not afford paying such a high fees instead I decided now to transfer coins directly to traders who will exchange them as a local currency.

aesma

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Activity: 2548

Merit: 950

fly or die

With poloniex I can withdraw for 0.0001BTC.

Much cheaper than sending from my wallet directly. Confirmations very quick. And poloniex is even making money as they combine so many transactions together that they can use a smaller fee than the combination of all the 0.0001 they charge.

Of course, very bad for decentralization...

stompix

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Blackjack.fun

Quote from: ABCbits on May 28, 2017, 12:00:06 AM

While the fee looks very high and not suitable for small/micro transaction, it still lower than most payment service if you're from different country or send big amount of money.
If you're angry with high fees, consider use altcoin, use lower fees if you're not in hurry or use payment service that you think have lower fees

No actually it is not.
Because just transferring bitcoins is useless if you can't buy groceries with it.

People who you send money to will have to exchange them in order to use it (cause small payments)..so you send 2000$ with 2$ but the person receiving it will have to send it again to an exchange and then use a bank account and.... why not use the bank in the first place.

I remember the enthusiasm 3 years ago about this:
http://www.dailyrecord.co.uk/news/scottish-news/scots-cafe-becomes-first-accept-3015672

I wonder how many clients he still has

1Referee

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Quote from: ScorpionKing on May 28, 2017, 06:55:15 PM

I don't know who to blame regarding that since no one is doing something wrong

Miners artificially increasing the recomended fee by choking the network with rubbish transactions, isn't wrong? Miners not allowing Segwit to activate, isn't wrong? BU gang looking to perform a hostile takeover, isn't wrong?

Quote from: ScorpionKing on May 28, 2017, 06:55:15 PM

the only solution I can think of is raising block size, but that would result in a dilemma in it's own.

It shouldn't be a dilemma at all. But at this point even activating Segwit won't do much to counter the spamming problem. It will make spamming more cost intensive, but that doesn't mean the entities behind these attacks will back down. I am fairly sure that the high level of spam that the network experiences right now, isn't even half of what it will be after some time.

sieemma

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Quote from: franklin9 on May 29, 2017, 09:01:05 AM

I think people are extremely tense regarding this recent fee and unconfirmed Transactions hiatus, The fees are indeed large but this is in no way permanent I think, this crisis even started just few weeks ago, I'm sure solution would be reached in a month or so, And also the unconfirmed KB's are decreasing steadily (if you are checking chain.so), I guess they would stabilize later around 50000 KB, which wouldn't be that bad.

That is what most of us are expecting. I hope they fee and transaction delay issues be resolved fast.

franklin9

newbie

Activity: 88

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I think people are extremely tense regarding this recent fee and unconfirmed Transactions hiatus, The fees are indeed large but this is in no way permanent I think, this crisis even started just few weeks ago, I'm sure solution would be reached in a month or so, And also the unconfirmed KB's are decreasing steadily (if you are checking chain.so), I guess they would stabilize later around 50000 KB, which wouldn't be that bad.

mike1183

newbie

Activity: 42

Merit: 0

I don't agree to the fees like everyone but I don't think it's so unacceptable, though these are horrible for mini-payments, but for regular payments it's still cheap, and this isn't permanent at all IMO since the network get this congested once in a while.
Lastly fees are voluntarily, we can even pay no fees but confirmation is not guaranteed at all.

Sadlife

sr. member

Activity: 1400

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If segwit gets activated the delay should disappear but i dont know if it is also part of segwit solution to reduce the transaction fees but according to segwit white they reduce the TX size by putting it in an off-chain network so the transaction fees will be possibly reduced once segwit gets implemented, it will no longer be 0.005USD/bytes.

ScorpionKing

newbie

Activity: 26

Merit: 0

The fees are high, but that itself is not fair, people are not willing to wait at the end of the ledger for a confirmation and prefer to buy something a place in the next block with higher-than-average fees, and the cycle continue.

I don't know who to blame regarding that since no one is doing something wrong and all within the acceptable bitcoin boundaries, the only solution I can think of is raising block size, but that would result in a dilemma in it's own.

megynacuna

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These mining fees/transaction fees has been a major concern in recent times and so we need to address it before it gets out of hand, how can you pay this much for such a small transaction. I'm totally against those delays and I hope it will be addressed soon.

franky1

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Quote from: Kprawn on May 28, 2017, 11:14:17 AM

What these damn miners are not getting is this :

--> Higher fees = less transactions
--> Higher fees = less adoption

People will use Bitcoin less as a currency and more like a investment commodity. What happened to the "Cashless payment system" envisioned

by Satoshi? Will greed ultimately kill this technology too.... I think so. Angry

seriously stop reading reddit!!

its core that remove the fee control mechanisms not the pools
try to follow the code updates not the reddit scripts.

i have noticed over the last couple years your posts have been diluted down to just bing the repeated rhetoric of reddit script writers. please take time to research stuff because your content is starting to appear more and more like the crap rhetoric rather than the open minded researched stuff you use to post about.

Dite1989

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E᙭OTIᑕ ♥ ᑕOIᑎS

Some very high fees. But 250x transactions with Paypal and your account gets suspanded... jk.

What if we exchanged the amount that we wish to transfer into an alt (like Litecoin), transfer and then exchange back?

aesma

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Activity: 2548

Merit: 950

fly or die

Clearly part of the problem is that the fee is linked to a "transaction size" that is meaningless to most people, difficult to impossible to control, and not linked at all to the amount being sent.

I think fees are too high across the board, but at least if I'm sending 1BTC or more I can accept to pay a few bucks in fees. If I want to send a few bucks, then Bitcoin is now out of the question. This needs fixing urgently, or Bitcoin will be known as the supposed "currency" that is only useful to drug dealers and money launderers who like their big banknotes.

Kprawn

legendary

Activity: 1904

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What these damn miners are not getting is this :

--> Higher fees = less transactions
--> Higher fees = less adoption

People will use Bitcoin less as a currency and more like a investment commodity. What happened to the "Cashless payment system" envisioned

by Satoshi? Will greed ultimately kill this technology too.... I think so. Angry

SONG GEET

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CryptoTalk.Org - Get Paid for every Post!

Quote from: virtualdn on May 21, 2017, 04:44:59 PM

Quote from: jhonmalkon on May 21, 2017, 04:36:40 PM

I'm sorry, I do not understand you mean the fee?

yeah, you can pay the fees 250 times

It depends on transaction size, how you have calculated this. If you haven't received small amount of bitcoin than you still don't have to pay a lot. Current recommended fee for transaction with median size is just 0.00067BTC, so with 1BTC in fee you can make 1000+ transactions.

crairezx20

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According to other its a part of growing.. well instead of the fees was reducing because of the price increase reverse happening about the miners fee. Since the price of bitcoin was increase they should not change what are the fee before since its still worth it to accept them as miners fee..
Well i have some funds in bitcoin but all of them are now in paypal due to high fee for every transaction and i want always my money safe.. that is why i deposit them all in paypal instead for online payment and buying service about seo online.. so i can save..

Topic: 1 BTC = 250x fees then you will remain with 0 BTC (Read 2293 times)