This thread is just becoming a place for people to spam without reading the thread.
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Topic: Bitcoin Fees - $59! Holy shit! (Read 3296 times)
It depends on transaction size but actually bitcoin fees are absolutely too expensive in my opinion.
Just in this case other blockchains are better imho
Just in this case other blockchains are better imho
Really? That's indeed insane! But I think it's also an assurance that you're in a good exchange. Unlike maybe there's some out there that offers low fee but the exchange isn't reliable. Well, you should know the rate and fees before the transaction.
Just watched a vid on Youtube posted yesterday by Rover Ver. He said that it cost him $59 to send Bitcoin. Jesus Christ, that's bloody ridiculous! Those miners are incredibly greedy and will send Bitcoin to the ground if that's the case. Who the hell is going to use Bitcoin for everyday transactions when it costs you $59 to buy a pack of chewing gum? Imagine going to buy a cup of coffee and you need to wait a few hours before the retailer can confirm your payment went through before they let you out of the shop.
Well 59 Dollars is 1% of todays value of Bitcoin. You were ignoring Bitcoin in the first place that is why you are complaining about the fees. If you were here from the very start you will never ever say that the fees are ridiculous. Only newbies will say that. Cover is blown.
The everyday transaction example is also about ignorance. If it is POS. Bitcoin transaction is faster than your credit card transaction. You don't need to write your signature everytime you use your Bitcoin. With credit card a lot of paper work will be dealt with. Hidden charges will be dealt with. Reconciling balances will be dealt with. But with Bitcoin there is a public ledger. Nothing is ever hidden. Banks hide everything.
Complaining about high fees only means that Bitcoin is not a bubble. Transfer your assets to Ripple and MIOTA if you really think that it is high. Just remember that tackle explorer of MIOTA is hard to utilize. Low fees and no fees? Invest in Ripple and MIOTA. Just be ready to accept the disadvantages that comes with low fees and zero fees. At the very least Bitcoin will never ever freeze your account but how sure are you that ripple online wallets wont. With IOTA there are zero fees but you cannot reuse your wallet because the system exposes your private key during transaction.
Yeah it's getting out of hand. It's because of the btc price. Not sure how this will be solved, but fees are higher than visa and mastercard right now. This was never the intention!
I know a lot of people have varying opinions about BitPay, fees, schedule, how they do business, what have you...
They have a "feature" in their gui that allows you to purchase an Amazon gift card with BTC, and that actually used to be convenient for some things, not so much now, and this probably has something to do with the miner fees. If you use that feature to purchase a ten dollar Amazon gift card (which BitPay probably already gets at a discount, my opinion, no evidence) would actually cost you US$ 21.00 give or take.
When it's that expensive, more than a 100% markup, to use a feature like that, no one will use it, and BTC starts to lose value, imo.
They have a "feature" in their gui that allows you to purchase an Amazon gift card with BTC, and that actually used to be convenient for some things, not so much now, and this probably has something to do with the miner fees. If you use that feature to purchase a ten dollar Amazon gift card (which BitPay probably already gets at a discount, my opinion, no evidence) would actually cost you US$ 21.00 give or take.
When it's that expensive, more than a 100% markup, to use a feature like that, no one will use it, and BTC starts to lose value, imo.
Let's hope something will change in the near future. Low transaction fees are the key for using BTC on daily basis.
That was a huge transaction fee, or else he are sending huge amount of bitcoin because calculation of transaction fee is depending on the volume of transaction, and also it depends on the wallet did he used there are some online wallet and exchange are imposing huge amount of withdrawal fee in every transaction we made. And i think that fee is fit for the amount of money he transacted since he is one of the rich people in bitcoin world i think he didnt mind that transaction fee.
Many online exchanges handle transaction fees themselves so their users enjoy high priority transaction speed, high transaction fees high priority and low transaction fees low-priority. I think ?
I don't believe it 
, tell me tx of that transaction.
, tell me tx of that transaction. 
This is why you hold the BCH and other coin splits and not sell them....just in case.
Well one thing I know for sure, since I've been trying to implement bitcoin payment in an ecommerce shop... The fees are HUGE for small transactions. I've been using bitpay and trying to pay a invoice of 1$. Total price was 2$...
Well that is still very cheap, if he has sent millions through the bitcoin network and size of his transaction was big and he wanted to send those bitcoins as soon as possible. For the holders, bitcoin fees are not the issue because if you don't need your funds to be confirmed very fast, you can just send transaction with low fee. I saw some guys who send transactions using 4 sat/byte and they have waited like 1 week or so in order to get confirmation.
Just watched a vid on Youtube posted yesterday by Rover Ver. He said that it cost him $59 to send Bitcoin. Jesus Christ, that's bloody ridiculous! Those miners are incredibly greedy and will send Bitcoin to the ground if that's the case. Who the hell is going to use Bitcoin for everyday transactions when it costs you $59 to buy a pack of chewing gum? Imagine going to buy a cup of coffee and you need to wait a few hours before the retailer can confirm your payment went through before they let you out of the shop.
Well 59 Dollars is 1% of todays value of Bitcoin. You were ignoring Bitcoin in the first place that is why you are complaining about the fees. If you were here from the very start you will never ever say that the fees are ridiculous. Only newbies will say that. Cover is blown.
The everyday transaction example is also about ignorance. If it is POS. Bitcoin transaction is faster than your credit card transaction. You don't need to write your signature everytime you use your Bitcoin. With credit card a lot of paper work will be dealt with. Hidden charges will be dealt with. Reconciling balances will be dealt with. But with Bitcoin there is a public ledger. Nothing is ever hidden. Banks hide everything.
I always just have a quick look over at block trail shows in the table the optimal fee and shows the lowest fee and highest fee paid can be helpful
Just watched a vid on Youtube posted yesterday by Rover Ver. He said that it cost him $59 to send Bitcoin. Jesus Christ, that's bloody ridiculous! Those miners are incredibly greedy and will send Bitcoin to the ground if that's the case. Who the hell is going to use Bitcoin for everyday transactions when it costs you $59 to buy a pack of chewing gum? Imagine going to buy a cup of coffee and you need to wait a few hours before the retailer can confirm your payment went through before they let you out of the shop.
Well 59 Dollars is 1% of todays value of Bitcoin. You were ignoring Bitcoin in the first place that is why you are complaining about the fees. If you were here from the very start you will never ever say that the fees are ridiculous. Only newbies will say that. Cover is blown.
The everyday transaction example is also about ignorance. If it is POS. Bitcoin transaction is faster than your credit card transaction. You don't need to write your signature everytime you use your Bitcoin. With credit card a lot of paper work will be dealt with. Hidden charges will be dealt with. Reconciling balances will be dealt with. But with Bitcoin there is a public ledger. Nothing is ever hidden. Banks hide everything.
Just watched a vid on Youtube posted yesterday by Rover Ver. He said that it cost him $59 to send Bitcoin. Jesus Christ, that's bloody ridiculous! Those miners are incredibly greedy and will send Bitcoin to the ground if that's the case. Who the hell is going to use Bitcoin for everyday transactions when it costs you $59 to buy a pack of chewing gum? Imagine going to buy a cup of coffee and you need to wait a few hours before the retailer can confirm your payment went through before they let you out of the shop.
Well 59 Dollars is 1% of todays value of Bitcoin. You were ignoring Bitcoin in the first place that is why you are complaining about the fees. If you were here from the very start you will never ever say that the fees are ridiculous. Only newbies will say that. Cover is blown.
The everyday transaction example is also about ignorance. If it is POS. Bitcoin transaction is faster than your credit card transaction. You don't need to write your signature everytime you use your Bitcoin. With credit card a lot of paper work will be dealt with. Hidden charges will be dealt with. Reconciling balances will be dealt with. But with Bitcoin there is a public ledger. Nothing is ever hidden. Banks hide everything.
It's normal bro.few days ago I also faced this kind of issue.I withdraw from an exchange platform about $500 and the transaction fees were $5+ worth of Bitcoin. I think the miner is now so greedy.they charged us a huge amount of bitcoin for every transaction it's very painful for Bitcoin user.I want to see your transaction TXD, please provide it here.
Bloody miners are ripping off the users of Bitcoin. They way I see it is that it's doomed to fail with these ridiculous fees. Some other altcoin is going to become the major crypto that has no fees or absolutely tiny fees.THIS.
Bitcoin fees really are ridiculous, I hope that this somehow gets fixed soon.
Paying $2 fees when sending $10-15 payments it's absolute nonsense.
To date, my highest fee ever was just above 100,000 satoshi, which would have been just above $6 at ATH (I believe it was $3 at the time). Then again, that was a fee charged by the service I was using at a time when the network was congested, something I didn't have control over. Actual fee ended being about 60% of that, too, so I was skimped a little in the end.
On my own wallet using my own fees, I'm still a cheapo. Never paid more than 30,000 satoshi for transactions easily worth hundreds. The highest value transaction I did was 0.3 BTC ($1000 at the time) and I still paid something like 25k satoshi. As many have pointed out, it's not about the fiat amount, it's about the size of your tx. The more space it takes up in the block, the more you have to pay. Keep 'em lean, and learn to navigate around mempool, I say!
Without context, we can't say if that user overpaid. If I calculate savings based on the next cheapest transfer option (for me that would be a 0.5% fee bank wire), I've probably saved >95% of my costs.
On my own wallet using my own fees, I'm still a cheapo. Never paid more than 30,000 satoshi for transactions easily worth hundreds. The highest value transaction I did was 0.3 BTC ($1000 at the time) and I still paid something like 25k satoshi. As many have pointed out, it's not about the fiat amount, it's about the size of your tx. The more space it takes up in the block, the more you have to pay. Keep 'em lean, and learn to navigate around mempool, I say!
Without context, we can't say if that user overpaid. If I calculate savings based on the next cheapest transfer option (for me that would be a 0.5% fee bank wire), I've probably saved >95% of my costs.
The "data" size of the transaction is what defines the fee... NOT the "bitcoin value" of the transaction.
A transaction with 1 input for 100000 BTC will have the same "data" size as a transaction that has 1 input for 0.1 BTC. Most wallets would attach the same fee to both transactions.
The "data" size of a transaction has previously been calculated as:
(Number of Inputs * 148 bytes) + (Number of Outputs * 34 bytes) + 10 bytes
Things have changed a little bit with SegWit, but in general... this is not a bad rule of thumb to follow... as you can see, an Input accounts for nearly 5x the data in a transaction that an output does...
As for the maximum amount of btc you can send in a transaction... Theoretically, there isn't one... however, there will only ever be 21,000,000 BTC ever produced... and given that a lot have been "lost" from people losing private keys, it's say to say, no-one will ever be able to send more than 21,000,000 in a transaction
A transaction with 1 input for 100000 BTC will have the same "data" size as a transaction that has 1 input for 0.1 BTC. Most wallets would attach the same fee to both transactions.
The "data" size of a transaction has previously been calculated as:
(Number of Inputs * 148 bytes) + (Number of Outputs * 34 bytes) + 10 bytes
Things have changed a little bit with SegWit, but in general... this is not a bad rule of thumb to follow... as you can see, an Input accounts for nearly 5x the data in a transaction that an output does...
As for the maximum amount of btc you can send in a transaction... Theoretically, there isn't one... however, there will only ever be 21,000,000 BTC ever produced... and given that a lot have been "lost" from people losing private keys, it's say to say, no-one will ever be able to send more than 21,000,000 in a transaction
I have no idea, he didn't say it on his vid. Does the size of the transaction mean how much money he's sending? I thought the whole idea of Bitcoin is that it doesn't matter if you send 1 cent of 1 billion dollars, the fees should be the same.
This idea can still be correct. What increases the transaction size is the amount of inputs and outputs of the said transaction, and not how many Bitcoins have been sent. Usually, a transaction with 1 input and 1 output is equivalent to 250 bytes, independent if this input is worth 0.005BTC or 50BTC.If you want to read more about the subject:
https://bitcoin.stackexchange.com/questions/1195/how-to-calculate-transaction-size-before-sending
https://www.reddit.com/r/Bitcoin/comments/5eecuq/what_determines_the_transaction_size_or_number_of/
you says 50 as max size of transaction.
actully i am quite new to this and want to do transactions with minimal cost.
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