Bitcoin fees - page 4. | Bitcointalksearch.org

Shenzou

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Quote from: SKEEMER on December 12, 2017, 11:23:01 AM

Bitcoin network fee is at like $34 right now.
When will they go back down?

High fees and slower transactions have been and will always be a problem concerning the blockchain network, this is in my opinion a default of how bitcoin became difficult to mine, and since miners are the ones who verify transactions makes them slow, so a few numbers of miners meet with the huge number of transactions lead to pay high serve first, the higher the transaction fee the faster the transaction, and I am sure that this is one of the side effects of having bitcoin be so popular, and it will stay the same until mining becomes viable for anyone and not just for the big companies that have millions worth of mining hardware.

premium_domainer

legendary

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I don't think it is logical to pay 7-15$ to bitcoin transaction.

I can understand to pay when sending 1btc or more but for little transfers it is frustrating. Also even with this fee it takes days sometimes. Hate sending btc.

mistletoe

full member

Activity: 145

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These wallets taking advantage of btc price. Their fee is going high up the wazoo as well!! Your profit from holding btc is like nothing cuz it gets eaten anyway by fees! @##$@!

SKEEMER

newbie

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I thought that a transaction with a little fee would mean the transaction could possibly take ages due to the miners only wanting to go for the transactions with the highest fees. They would literally forget about the lower fee transactions for a while as obviously they want as much as they can get right? That's why I thought there would be no point in sending with a lower fee

TorbiK

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Diagon

If the price of the transaction fee increases further, Bitcoin will begin to be used simply to store funds or pay for large accounts, and for other settlements, another currency will be used.

phpdev3

newbie

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It is too high!! The authority should be alert to keep the fee low.

Dhaaaw

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In my opinion thats the biggest flaw of the bitcoin technology. The fixed-size blockchain of 1 MB and each block can contain a certain amount of transactions so when the network is saturated the miners ask you for more money so you get priority in that little allocated space.

Sasuke102001

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Really the bitcoin transactions fees is too much and still taking a good amount of time to get confirmed. There are many people who are saying that the high transaction issues will be solved till next year and hope so it does get solved. Such high fees could be a big problem for small bitcoin holders. Will they pay for the product or fees?

Wicked17

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Quote from: SKEEMER on December 12, 2017, 11:23:01 AM

Bitcoin network fee is at like $34 right now.
When will they go back down?

Rising of transaction fee in bitcoin will surely hurt those small time holder of this coin. This will be a big problem in the future. I know some bitcoin holder now convert their coin into other altcoin to avoid this high fees. If the demand and price will still continue to increase, i dont think it will go back to lower fee

btcprospecter

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This is going to be a major problem as the price rises we could even get to the point this could stop bitcoin from making any progress. As we get to the point where it costs more for transactions than what's been sent.

1NV3ST0NM3

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Quote from: SKEEMER on December 12, 2017, 11:23:01 AM

Bitcoin network fee is at like $34 right now.
When will they go back down?

This has been a routine thing of BTC. Moment the price begins to rise the network fees booms along with it. Regular transactions demand more than 250Sats/byte. I am eagerly waiting for lightning network which would drastically reduce the transaction times and fees involved. This increasing fees is making btc more of an investment and asset than a medium of exchange

franky1

legendary

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Quote from: Iranus on December 12, 2017, 11:44:02 AM

-Major services actually start using SegWit
-The hype dies down and people don't need to desperately send for their trading
-Another scaling solution is implemented

or the protocol starts measuring in 100byte/sat instead of 1byte/sat
lame brain developers think the protocol cant go below 1byte/sat without having to add millisat units if measure. but they are wrong. it can be done, if they really thought about it.

also a new fee priority formulae could be added that actually works.

jake zyrus

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Quote from: loaddebitcard on December 12, 2017, 11:39:04 AM

They will go up cuz bitcoin price is going up.

Because the price of bitcoin is higher so the transaction fee is getting higher cause of demand. If the value of bitcoin pumps down the transaction fees become down.

Christian13

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Activity: 227

Merit: 100

Quote from: SKEEMER on December 12, 2017, 11:23:01 AM

Bitcoin network fee is at like $34 right now.
When will they go back down?

Bitcoin has a transaction fee system to handle situations where demand for the network exceeds its capacity. Whenever someone submits a transaction to the network, they have the option to include a transaction fee that goes to whichever miner includes that transaction in a block. if there are more transactions than will fit into one block, miners can be expected to choose the transactions with the highest fees first.

Vicrey

newbie

Activity: 94

Merit: 0

The higher the demand the higher will cost is, I know when the bitcoin pump higher the cost of every transaction become higher too, correct me if I'm wrong or depends on the wallet you use when you are going to transfer it, but there is a two segwit that would happen i think it is one of the reason why the price of transaction became higher just wait it to back to normal

medsi2

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Activity: 502

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Yes, actually they are a little bit high. I think that this problem needs quickly a solution because nowadays it is not that easy to send micro transactions for trading fast.
By the way you can use alternatives for sending funds to exchanges (for example digibyte as a low transaction fee)

A.Chanaka Bandara

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Feeling Relax in Underpressure

Bitcoin transaction fees is big problem. BTC transaction descorrege due to fees.
So transaction fees should be very low Embarrassed

Marco Ambrusini

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Activity: 364

Merit: 105

The recent rise in transaction fees and just mind blowing.i am pretty sure the fees are being increased just to deter bitcoin holders from selling.
Probably after hitting 20k the fees might drop a little.

zais

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Quote from: SKEEMER on December 12, 2017, 11:23:01 AM

Bitcoin network fee is at like $34 right now.
When will they go back down?

Bitcoin transactions usually occur for free if the amount of Bitcoin shipped exceeds 0.01 BTC. Bitcoin in small quantities is given to miners as a reward for processing the transaction and putting it into blockchain. For now, most transactions are processed for free, but for deals that attract coins from multiple Bitcoin addresses so that it requires a larger portion of data, it will incur very small transaction costs.

Iranus

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Quote from: SKEEMER on December 12, 2017, 11:23:01 AM

Bitcoin network fee is at like $34 right now.

Nope. You could quite comfortably send a transaction with fees of 100 satoshi/byte if you were willing to wait a while, which would result in fees of about $4 for a non-SegWit transaction with one input and one output.

Perhaps you are sending an unusually large transaction; your wallet software is sending an unnecessarily high fee; you're sending a high-priority transaction; or a combination of both.

The fees are very high, but the fee you're talking about is atypical.

Quote from: SKEEMER on December 12, 2017, 11:23:01 AM

When will they go back down?

They would go down in three possible occasions:

-Major services actually start using SegWit
-The hype dies down and people don't need to desperately send for their trading
-Another scaling solution is implemented

Topic: Bitcoin fees - page 4. (Read 1048 times)