Bitcoin fees are too low! - page 3. | Bitcointalksearch.org

passivebesiege

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Quote from: xFiber on August 30, 2017, 12:39:41 PM

And now when transaction fees are fianally becoming reasonable the miners start complaining? The last 6 months the whole community has been paying way too much per transaction, I figure that would've been a very good time to be a miner. And on top of that why would that be their concern right now? They should focus on the blockrewards, they can worry about transaction fees later.

Thats right,in previous months transaction fees skyrocketed and some exchanges adjusted the fees too. Also, this is possible because bitcoin rise in value also. I think this segwit activation is good for us, but we hope they balanced the system between the users (us) and miners. We need miners too.

RodeoX

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The revolution will be monetized!

Quote from: rockingdrip on August 30, 2017, 10:46:44 AM

Some says it is too high and some says it is too low. I am confused.

If it is "too low" (unprofitable) then it won't get done.
If it is "too high" then someone will do it for less.

Bitcoin is full of incentives and disincentives that keep the transaction price trending toward the lowest profitable value. Of course at any one moment it may be higher or lower than the optimal value.

AGD

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Quote from: roadbits on August 30, 2017, 12:19:27 PM

Quote from: bitart on August 30, 2017, 12:13:13 PM

Quote from: AGD on August 30, 2017, 09:52:47 AM

Quote from: BrewMaster on August 30, 2017, 09:40:28 AM

Quote from: Ayers on August 30, 2017, 09:31:08 AM

Quote from: AGD on August 30, 2017, 07:00:48 AM

Have a heart for the poor miners.

edit 20sat/b is way too low.

they are 420 satoshis/byte, where do you get 20 sat from? they are still very high, but it's because segwit is not used i think, otherwise should be lower

transactions with fees as low as 20 satoshi/Byte are being confirmed actually.
as a matter of fact i was going to say the same thing but checked a couple of last blocks that were mined (mostly the BitFury blocks though) had many transactions with such low fees.
they surely will take a longer time though since the mempool is filled with transactions with much higher fees according to bitcoinfees.21.co

I never paid 420sat/b. Only exception is on 20th of April.
I always pay 20-30sat/b and I don't mind if it takes 10-60 Minutes.

Yesterday I had a transaction, I've started from a mobile wallet (Mycellium). In that mobile wallet, I cannot set a fee, only choose from a drop down list if I want priority, normal, economy or lowest...
I've choosen the lowest, and it has set 285 sat/B fee for the transaction. It turned out that it was a higher fee at that time because I had 3 or 4 confirmations in half an hour time and in 2-3 hours I got fully confirmed. That time mempool was full with under 20 sat/B transactions.

The confirmation speed is increased, some times if you pay a normal fee you will receive your bitcoins within few hours. But sometimes it will take a long time it maybe 2 or 3 days. I tried with 20k - 60k. But really confused how the blockchain will work. I tried to withdraw my coins with paying 60k it took exactly 24 hours to deliver my bitcoins the exact reason I don't know.

It's the wallet that sucks, not Bitcoin.

xFiber

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And now when transaction fees are fianally becoming reasonable the miners start complaining? The last 6 months the whole community has been paying way too much per transaction, I figure that would've been a very good time to be a miner. And on top of that why would that be their concern right now? They should focus on the blockrewards, they can worry about transaction fees later.

maku

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Miners should be focusing on mining subsidiary - a reward for mined blocks. Don't forget that this is the main source of income for them.
Transaction fees shouldn't be a primary concern for miners anyway.

Additionally, according to bitcoinfees.21.co:

"The fastest and cheapest transaction fee is currently 390 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 88,140 satoshis."

roadbits

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Quote from: bitart on August 30, 2017, 12:13:13 PM

Quote from: AGD on August 30, 2017, 09:52:47 AM

Quote from: BrewMaster on August 30, 2017, 09:40:28 AM

Quote from: Ayers on August 30, 2017, 09:31:08 AM

Quote from: AGD on August 30, 2017, 07:00:48 AM

Have a heart for the poor miners.

edit 20sat/b is way too low.

they are 420 satoshis/byte, where do you get 20 sat from? they are still very high, but it's because segwit is not used i think, otherwise should be lower

transactions with fees as low as 20 satoshi/Byte are being confirmed actually.
as a matter of fact i was going to say the same thing but checked a couple of last blocks that were mined (mostly the BitFury blocks though) had many transactions with such low fees.
they surely will take a longer time though since the mempool is filled with transactions with much higher fees according to bitcoinfees.21.co

I never paid 420sat/b. Only exception is on 20th of April.
I always pay 20-30sat/b and I don't mind if it takes 10-60 Minutes.

Yesterday I had a transaction, I've started from a mobile wallet (Mycellium). In that mobile wallet, I cannot set a fee, only choose from a drop down list if I want priority, normal, economy or lowest...
I've choosen the lowest, and it has set 285 sat/B fee for the transaction. It turned out that it was a higher fee at that time because I had 3 or 4 confirmations in half an hour time and in 2-3 hours I got fully confirmed. That time mempool was full with under 20 sat/B transactions.

The confirmation speed is increased, some times if you pay a normal fee you will receive your bitcoins within few hours. But sometimes it will take a long time it maybe 2 or 3 days. I tried with 20k - 60k. But really confused how the blockchain will work. I tried to withdraw my coins with paying 60k it took exactly 24 hours to deliver my bitcoins the exact reason I don't know.

bitart

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Vires in Numeris

Quote from: AGD on August 30, 2017, 09:52:47 AM

Quote from: BrewMaster on August 30, 2017, 09:40:28 AM

Quote from: Ayers on August 30, 2017, 09:31:08 AM

Quote from: AGD on August 30, 2017, 07:00:48 AM

Have a heart for the poor miners.

edit 20sat/b is way too low.

they are 420 satoshis/byte, where do you get 20 sat from? they are still very high, but it's because segwit is not used i think, otherwise should be lower

transactions with fees as low as 20 satoshi/Byte are being confirmed actually.
as a matter of fact i was going to say the same thing but checked a couple of last blocks that were mined (mostly the BitFury blocks though) had many transactions with such low fees.
they surely will take a longer time though since the mempool is filled with transactions with much higher fees according to bitcoinfees.21.co

I never paid 420sat/b. Only exception is on 20th of April.
I always pay 20-30sat/b and I don't mind if it takes 10-60 Minutes.

Yesterday I had a transaction, I've started from a mobile wallet (Mycellium). In that mobile wallet, I cannot set a fee, only choose from a drop down list if I want priority, normal, economy or lowest...
I've choosen the lowest, and it has set 285 sat/B fee for the transaction. It turned out that it was a higher fee at that time because I had 3 or 4 confirmations in half an hour time and in 2-3 hours I got fully confirmed. That time mempool was full with under 20 sat/B transactions.

Rinaze

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Activity: 322

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Quote from: AGD on August 30, 2017, 08:58:06 AM

Quote from: Rinaze on August 30, 2017, 08:45:50 AM

Quote from: AGD on August 30, 2017, 08:40:49 AM

Quote from: Rinaze on August 30, 2017, 08:38:35 AM

BTC transaction fees are consider high personally to me as long as micro-payment is not possible.

Considered? You have a proof to your statement or not? Did you do a transaction and tried a low fee or are you just sig spamming and have no clue wtf you are talking about?

You sound like you are looking for a fight rather than having a fruitful discussion. I say this not only to just your reply to mine but the rest too. I can say the same for you too by the way, it's not like you are not putting on a signature.

But to entertain you.. try sending $2 across and receive it (hopefully there's still "it") in less than 5 mins. Have fun!

Bitcoin is not made to send money in 5 minutes. Don't you know about the 10 Minutes blocktime?

I won't bet my house on it but you still won't receive it in 10 minutes. Anyway a quick glance over the BTC reddit, seems like the transaction fees are indeed greatly reduce for now and good for those who want to consolidate their dust BTC, provided you use a wallet that let you enter a custom amount.

Not sure if this will last though ..

Quote

Right now that is the case, which is great. The mempool is empty, because the difficulty is low, thanks to BCH 'stealing' hashing power in the previous difficulty cycle. The bitcoin network is now mining more than 6 blocks an hour. Once the difficulty adjusts up 8-10% in a few days, we will drop back to the normal 6 blocks, and we will likely unfortunately see longer confirmation times and higher fees.

Xavofat

hero member

Activity: 938

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Did you see that ludicrous display last night?

1. Even with a basic transaction that has the median transaction size of 226 bytes, that costs about 20 cents.

2. When using fiat, we tend to spend money from more than one payment to us at a time. For example, an employee receiving a paycheck every two weeks goes through their bi-weekly paycheck into the next one regularly and would be spending a transaction with two inputs then. A child receiving pocket money spends from several weeks of their pocket money at a time. Similarly with Bitcoin, you spend larger transactions regularly if you actually use it in your everyday life.

3. Bitcoin fees have been unpredictable for several months, and for several periods setting a fee that low wouldn't have got you any confirmations for weeks. For most of my transactions in the last six months, my TREZOR has recommended spending a fee of larger than $1 to get my transactions confirmed within 5 hours, even when using transactions of the median transaction size.

4. Most BTC transactions sent should be confirming in the next few blocks, otherwise BTC is only useful for sending large transactions between friends who trust each other not to double-spend or for significant international payments. As an ordinary payment system, it would barely be useful at all.

5.

Quote from: AGD on August 30, 2017, 07:00:48 AM

Have a heart for the poor miners.

https://blockchain.info/charts/transaction-fees

Crypto_trader87

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Activity: 322

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If this is happenings now this is a very good news for all bitcoin user this can help us all before the transaction fee is too high that if you are holding only a small amount of bitcoins you just end of losing injust transaction fee

skorupi17

sr. member

Activity: 490

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Quote from: AGD on August 30, 2017, 07:00:48 AM

Have a heart for the poor miners.

edit 20sat/b is way too low.

Miners signed up to be a miner so they have to take whatever amount of tx fee the sender want to add. That is just the way it is. And to think that miners can have block rewards, so these miners should be happy because they are receiving tx fees.

Quote from: rockingdrip on August 30, 2017, 10:46:44 AM

Some says it is too high and some says it is too low. I am confused.

You can adjust the how much sat/b do you want to pay for the tx fee. So you can pay low or high fees.

ABCbits

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No one use 20 satoshi/byte these days even if you don't need fast confirmation. Miners shouldn't have problem if they actually agree with bitcoin scaling/upgrade which could fix bitcoin problem which leads to higher bitcoin price and more transaction per second which so miners can earn even more money while users also enjoy fast confirmation and lower fees. Miners just have to realize this win-win situation.

rockingdrip

newbie

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Some says it is too high and some says it is too low. I am confused.

Kprawn

legendary

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Fck them, they have been exploiting loopholes in the mining scene for years now and profiting off every spam attack. I will

never pity their demise, even if they are crucial to the whole network. I am sooooo sick of them {some of them}.... throwing

their weigh around. We would have been to the Moon, if they were not this greedy. Angry

AGD

legendary

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Keeper of the Private Key

Quote from: BrewMaster on August 30, 2017, 09:40:28 AM

Quote from: Ayers on August 30, 2017, 09:31:08 AM

Quote from: AGD on August 30, 2017, 07:00:48 AM

Have a heart for the poor miners.

edit 20sat/b is way too low.

they are 420 satoshis/byte, where do you get 20 sat from? they are still very high, but it's because segwit is not used i think, otherwise should be lower

transactions with fees as low as 20 satoshi/Byte are being confirmed actually.
as a matter of fact i was going to say the same thing but checked a couple of last blocks that were mined (mostly the BitFury blocks though) had many transactions with such low fees.
they surely will take a longer time though since the mempool is filled with transactions with much higher fees according to bitcoinfees.21.co

I never paid 420sat/b. Only exception is on 20th of April.
I always pay 20-30sat/b and I don't mind if it takes 10-60 Minutes.

kuyaJ

sr. member

Activity: 406

Merit: 250

Quote from: AGD on August 30, 2017, 07:00:48 AM

Have a heart for the poor miners.

edit 20sat/b is way too low.

i think miner cannot take a low fee because every times that bitcoin rise the value rise so they are not lack of money but the fee become high for the transaction.

BrewMaster

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There is trouble abrewing

Quote from: Ayers on August 30, 2017, 09:31:08 AM

Quote from: AGD on August 30, 2017, 07:00:48 AM

Have a heart for the poor miners.

edit 20sat/b is way too low.

they are 420 satoshis/byte, where do you get 20 sat from? they are still very high, but it's because segwit is not used i think, otherwise should be lower

transactions with fees as low as 20 satoshi/Byte are being confirmed actually.
as a matter of fact i was going to say the same thing but checked a couple of last blocks that were mined (mostly the BitFury blocks though) had many transactions with such low fees.
they surely will take a longer time though since the mempool is filled with transactions with much higher fees according to bitcoinfees.21.co

dimastegar

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Activity: 798

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Small Trader

Bitcoin Transaction fee is low. I think that's natural. Because miners with small capital will lose with big capital. This is a pure Crypto system. Do not worry too much about the rich or poor miners. Because there is a price there is no way.

Ayers

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Quote from: AGD on August 30, 2017, 07:00:48 AM

Have a heart for the poor miners.

edit 20sat/b is way too low.

they are 420 satoshis/byte, where do you get 20 sat from? they are still very high, but it's because segwit is not used i think, otherwise should be lower

slacken

newbie

Activity: 36

Merit: 0

Transaction fees are too high。I think it no good for bitcoin.

Topic: Bitcoin fees are too low! - page 3. (Read 1950 times)