Bitcoin Fees - page 2. | Bitcointalksearch.org

Syke

legendary

Activity: 3878

Merit: 1193

Quote from: simik on June 26, 2017, 06:38:27 AM

Most bitcoin wallets play it safe and set fees so that transactions get confirmed in the next block or two. But if you don't mind waiting 6-9 blocks (1-1.5 hours), you can get away with 1/10th the fees. Take a look at this graph:

https://bitcoinfees.github.io/misc/profile/

330 sat/byte to get to the next block, but just 26-32 sat/byte to get confirmed in 6-9 blocks.

If you're patient, you can get away with 1 sat/byte fee and get it confirmed in a day or so.

iamTom123

hero member

Activity: 490

Merit: 501

The fees, the fees and the fees. I am really hoping that after the SegWit can be implemented then we can go back to the level a year ago where transactions are charged fairly and rationally. It seems to be beyond belief if Bitcoin fees would continue with the way they are as they are definitely already higher than fiat money transfers.

Bitcoin holders are already expressing a high level of exasperation and discouragement on paying higher fees because we all know that blockchain technology is supposed to keep the fees low and not make it exorbitantly high as they are now. Now, it would be a great travesty if after the SegWit the fees would remain the same all because those who are benefiting from it would not let it go.

simik

jr. member

Activity: 35

Merit: 2

Most bitcoin wallets play it safe and set fees so that transactions get confirmed in the next block or two. But if you don't mind waiting 6-9 blocks (1-1.5 hours), you can get away with 1/10th the fees. Take a look at this graph:

https://bitcoinfees.github.io/misc/profile/

330 sat/byte to get to the next block, but just 26-32 sat/byte to get confirmed in 6-9 blocks.

buwaytress

legendary

Activity: 3010

Merit: 3724

Join the world-leading crypto sportsbook NOW!

I, on the other hand, have learnt that as I control my fees and funds, I am finding ways to pay cheaper and cheaper transactions. For example, "back in the day" when I first started in 2016, I'd used flat-fee wallets to transact mostly. For a while, this meant I paid flat 20k satoshi or so on a lot of dust, so I probably saved money over the long run.

I then also realised I was paying a lot of fees for dust accumulated in Electrum.

These days, I transact far less often than before. I try to keep my inputs lean. I try to time my spends to coincide with non-congested network, and try to bundle them together (for example, my freelancing work, I get lump sump payments rather than per item now).

I'm paying lower fees now, and still keep a very respectable <0.5% average fee on amounts.

EXtremeAEX

hero member

Activity: 798

Merit: 503

Quote from: realchlorum on June 25, 2017, 11:23:08 AM

i recently looked up out of interest what i payed back in the day in Fees.
Its insane how much the fees increased.
2016-02-09 58$: 26 cents Fees.
2017-06-19 50$: 1.91$ Fees.

I hate it everyday when i pay with bitcoins. Bitcoin turns into Fiat Fees.
The Fees completly destroyed luckyb.it/ for example. They needed to make it a High rolling game.

Honestly, Bitcoin was not meant to be a digital currency for daily usage, but rather meant for an investment. I agree that the fees have gone up so high that faucets are not worth, and small donations/transactions are wasted due to fees.

If you are not in a hurry and you can customize your fees (if you are using a bitcoin client), then you can choose to minimize your fees if you are not in a hurry. However if you set too low fees, it may not go through. Check this thread below.

Low/Zero Fees

absy

legendary

Activity: 1414

Merit: 1008

★Bitvest.io★ Play Plinko or Invest!

Things I do to prevent fee
1. Convert it to other altcoins like doge and then do the transactions .
2. Use the tx accelator sometimes

vh

hero member

Activity: 699

Merit: 666

Why?
Increase in bitcoin price, Increase in number of bitcoin transactions.

Possible solutions:
1. Wait for bitcoin price to drop and the $ per tx will fall too.
2. Wait for bitcoin network to become less congested.
3. Wait for changes to go into play allowing more tx to fit into a block.
4. Take the risk at lower fees and experiment with the so called accelerators.

#3 is probably the longer term solution everyone is watching out for.

Cereberus

legendary

Activity: 910

Merit: 1000

Quote from: realchlorum on June 25, 2017, 11:23:08 AM

Hey,

i recently looked up out of interest what i payed back in the day in Fees.
Its insane how much the fees increased.
2016-02-09 58$: 26 cents Fees.
2017-06-19 50$: 1.91$ Fees.

I hate it everyday when i pay with bitcoins. Bitcoin turns into Fiat Fees.
The Fees completly destroyed luckyb.it/ for example. They needed to make it a High rolling game.

I wondered why is the increase so much recently? And whats the solution to it? I pay everything i can on the internet via btc but the fees make it really expensive if you add them together compared to back in the day. And thats not even a long time i used for an example.

Fees are based on satoshi/byte size of a bitcoin transaction. Now if you keep collecting a lot of micro payments from mining or from faucets to the same bitcoin address or to the same wallet containing different addresses will result in higher fees when you want to spend all the available bitcoin you have in such wallet.

Let me make you an example, when I received only 1 payment of 0.08 btc to a single address and then sent it all to another address I only paid 0.001 btc in fees.

When I received a lot of different payments to different addresses in another wallet of mine and wanted to spend all available bitcoins the fees were crazy up to 0.026 bitcoin for sending 0.52 btc.

Now it is the user who should be careful, read more and get more and more familiar with fees because nowadays they are playing an important role in the bitcoin ecosystem.

realchlorum

full member

Activity: 243

Merit: 100

Hey,

i recently looked up out of interest what i payed back in the day in Fees.
Its insane how much the fees increased.
2016-02-09 58$: 26 cents Fees.
2017-06-19 50$: 1.91$ Fees.

I hate it everyday when i pay with bitcoins. Bitcoin turns into Fiat Fees.
The Fees completly destroyed luckyb.it/ for example. They needed to make it a High rolling game.

I wondered why is the increase so much recently? And whats the solution to it? I pay everything i can on the internet via btc but the fees make it really expensive if you add them together compared to back in the day. And thats not even a long time i used for an example.

Topic: Bitcoin Fees - page 2. (Read 2516 times)