17$ for a transaction fee?!! - page 3.

TastyChillySauce00

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Quote from: loopes on November 15, 2017, 01:46:44 AM

Quote from: pierr on November 14, 2017, 07:28:34 AM

Hi,
this morning i was surprised to see that to transfer 1.4btc from my ledger nano to kraken the cost of the transaction fees was 17$??
Anyones have some reasons why it costs do expensive?
Thanks

it is because the price of bitcoin so high but rate of fee still same. Commonly a transaction is required at least 2202 sat/bit . i am sure that actually you can decrease the transaction fee if you use blockchain.info .
But you transaction will potentially unconfirmed or it will be confirmed for a long time.

This one not really recommended at this time, bitcoin's hash power have decreased after all these dramas with bch but wait until the situation becoming normal again then we can have a little risk of using low fee of being unconfirmed.
Even in my opinion, recommended fee is just not enough, we should atleast adds some additional fee in order to over take other transactions with less fee if you prioritize the confirmation.

omashi

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yeah seems to be some a lot artificial tx volumes in bitcoin since bcash pump, coincidence?! hmm probably not.

A1exander

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That is the reason why I consider bitcoin in its current state as an investment instrument only (like 'digital gold'). It is not a payment system, it is too slow, expensive and unpredictable. It may be used for transferring large sums and for this purpose it is much more convenient and safe than, say, gold bullion. But for day-to-day payments? I have my credit card, thanks.

loopes

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Quote from: pierr on November 14, 2017, 07:28:34 AM

Hi,
this morning i was surprised to see that to transfer 1.4btc from my ledger nano to kraken the cost of the transaction fees was 17$??
Anyones have some reasons why it costs do expensive?
Thanks

it is because the price of bitcoin so high but rate of fee still same. Commonly a transaction is required at least 2202 sat/bit . i am sure that actually you can decrease the transaction fee if you use blockchain.info .
But you transaction will potentially unconfirmed or it will be confirmed for a long time.

sammrheza

sr. member

Activity: 448

Merit: 265

yeah the fees is too big for now , the miners still switching to bicoin cash to stack unconfirmed balance on bitcoin lol ..

enterprevic1

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Very ridiculous though but I think miners are beginning to charge more money for confirmation these days.

kiver

full member

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indeed the fees prices gotten way high lately not all of us have even 1 bitcoin we only transfer small amounts all the time they really should fix that issue soon Angry

....

GreenBits

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Quote from: pierr on November 14, 2017, 07:28:34 AM

Hi,
this morning i was surprised to see that to transfer 1.4btc from my ledger nano to kraken the cost of the transaction fees was 17$??
Anyones have some reasons why it costs do expensive?
Thanks

this was kinda on you. first, most wallets let you control fees; if you cant get a new wallet. secondly, this is the current state of the network. dont know if you are aware of the backlog of unconfirmed transactions (not sure if this is resolved yet, havent checked) but people are raising the average bid in a quest to get a faster confirm. problem is, you could pay 100 dollars worth of fee its not the fact that the fees are high, the slowness is coming from the fact that it is taking a really long time to make blocks at the moment (bch bullshittery).

majonero

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Dont worry, later it will grow and grow.

Quote from: pierr on November 14, 2017, 07:28:34 AM

Hi,
this morning i was surprised to see that to transfer 1.4btc from my ledger nano to kraken the cost of the transaction fees was 17$??
Anyones have some reasons why it costs do expensive?
Thanks

strocifer

newbie

Activity: 42

Merit: 0

On your 1.4 BTC transaction it represents 0.18% of the amount you are transferring (with a BTC @ 6500$)
So it's not that big in relative value compared to fiat currency international transfer.

allthingsluxury

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I remember the days when you could ACTUALLY do a transaction for free. How things have changed.

jackhdt

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Merit: 256

Quote from: Aura on November 14, 2017, 08:51:49 AM

That is because BCH got pumped and began to be more profitable than mining BTC.
This way the difficulty is not adjusted for the current low total hash power.
Blocks get mined very slow so it costs more to get your transaction in the blockchain.
We have to wait for the difficulty correction that happens every 2016 blocks to get back to the normal transaction times.

I agree with you. increasing transaction volume as at present only the only way is to increase the transaction fee to conduct transactions faster. maximum 1 megabyte at any time is not enough. This is also the reason the BCH. when transaction fee are too high, we will favor a more optimal plan

TangentC

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Quote from: pierr on November 14, 2017, 07:28:34 AM

Hi,
this morning i was surprised to see that to transfer 1.4btc from my ledger nano to kraken the cost of the transaction fees was 17$??
Anyones have some reasons why it costs do expensive?
Thanks

Core Bitcoin is a shitcoin that is designed so Fees are always getting higher.
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

Stupid people paid the insane fees.

Smart people use Bitcoin Cash or Litecoin instead.

ss890

sr. member

Activity: 644

Merit: 263

I think one of the greatest reason for this is miners are trying to pull the crowd into BCH coin. Yes, because it doesn’t cost much to transact that coin and this cold change the mentality of the people to transact with the BCH and not the bitcoin. This is just to put the bitcoin economy to poor line and collapse it in the first place. Thats what I think about it and I’m sure that there is no other reason for that. Otherwise why anyone would want to leave so many transactions of bitcoin which can simply fulfil the daily needs of every miners. Just think guys.

Xenrise

sr. member

Activity: 672

Merit: 251

Sometimes it happens but not all the time. The largest price that I have in transacting is only 6$. Well it is because of these miners. They are charging so much right now. Before it was only a little, probably 3$ below.

Aura

sr. member

Activity: 518

Merit: 268

That is because BCH got pumped and began to be more profitable than mining BTC.
This way the difficulty is not adjusted for the current low total hash power.
Blocks get mined very slow so it costs more to get your transaction in the blockchain.
We have to wait for the difficulty correction that happens every 2016 blocks to get back to the normal transaction times.

Cixboy61

full member

Activity: 238

Merit: 105

Its occurs because of pending transactions. At the weekend more than 150k transactions pending according to BTC dump and BCH pump.
If you need to send your coin Exchange to Exchange you shoul use LTC or ETH. These coins more cheap to send.

pearlsome

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Quote from: stompix on November 14, 2017, 07:39:51 AM

Quote from: Temik2704 on November 14, 2017, 07:35:37 AM

Some time later it will grow and grow. If now it`s 17$ - 2 years later it could be 50$+
If BTC price is 500 000 $, then middle fees will be 250$ per transaction.

This is stupid.
The fee has nothing to do with the price.
The fee is determined by the number of transactions that wait to be included in a lock. Offer and demand for the space in a block.
If no one would pay more than 1$ the fee would go to maximum 1$.
But there are one who can't wait and pay 5-10-15 or even 20.

Who do you think is going to pay a fee of 250 when even an international transfer between different banks is going to be cheaper?
Already people who want to transfer 10 or 20$ are choosing to wait, if the average goes to 50$ they will probably quit or try and use segwit.

Yes it is absolutely decentralized system. People themselves influence the commission. Now a large attack on bitcoin with small amounts of transactions. So, my advice to the author of the topic is only wait. Soon the commission will return to normal.

Text

hero member

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Is there any option to choose from how fast you want your transaction to be confirmed? Like low, medium, and high? When I send bitcoin to another address using third party wallet app, I always do prefer to use low fees only because I know it will get confirmed before the end of the day and there are free accelerator to help and push our transaction ID.

rizkyhiw

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Quote from: pierr on November 14, 2017, 07:28:34 AM

Hi,
this morning i was surprised to see that to transfer 1.4btc from my ledger nano to kraken the cost of the transaction fees was 17$??
Anyones have some reasons why it costs do expensive?
Thanks

This may be because the fee of miners is basically calculated based on the amount of transaction data. Many inputs in transact cause the transaction size to be very large, so it will cost more. A lot of feedback here means that bitcoin in the wallet address is the accumulation of many previous transactions, now, the more the number of these transaction entries, the higher the cost. For a size above 1BTC it is not a high cost. I myself have sent 1.2BTC and got fee $40

Topic: 17$ for a transaction fee?!! - page 3. (Read 1370 times)