That's really a very big issue in big assets like bitcoin, Eth, etc. as the supply and demand increases it is obvious that fee will rise.
Bitcoin is basically has proof of work ecosystem where we need to confirm the transaction from the 3rd person (Miner), That is why fee is becoming to high as more blocks created.
Topic: Bitcoin high fees - page 2. (Read 547 times)
Who is paying for high fees and why are they doing this? I am quite certain this is not holders hurrying to buy a Tesla with bitcoins hehe. This might be transactions from exchanges or going to exchanges, however, why the hurry?
Hard to say why they are in a hurry, but "high" fees also depends on the amount you transfer. Someone who is transfering 10k from an exchange, don't really care about a fee of $10 or a little bit more. Sometimes buyers also have the obligation to carry out a transaction within 15-30 minutes, which then also has at least one confirmation in this time. This could also be a reason.
We all agree that a transaction fee is inevitable for everyone in the business of trading the coins. But it becomes ridiculous when one has to pay a fee that is almost half of what is being traded.
I guess trading in the times of now is not in favor of fees and people are preferring to keep their funds on the exchanges if they can't afford the withdrawal fee, which will take a chunk of their Profits if they made any, Otherwise, withdrawal will take a huge % from their deposit or deposit with loss, Mostly for people who trade 200$>
Last month i was able to use 10sat/B and get my transaction confirmed within 10-20 minutes but these days it's taking at least 40sat/B to do the same.
We all agree that a transaction fee is inevitable for everyone in the business of trading the coins. But it becomes ridiculous when one has to pay a fee that is almost half of what is being traded. It's almost no gain having a Bitcoin wallet that is well packed and still almost useless at the of point one's needs.
I know the size of the fee depends on the network of transaction and the size of the data being transacted. And there's no single price for the fee meaning it varies almost always
This burden forces alot of investor to rather than trade their coins for their needs to holding it for long till when trading it is really worth the fee.
Solving this major setback (as it seems) would definitely give Bitcoin a new face. Imagine you can actually pay your electricity and water bills at no extra cost or at a reduced and stable cost.
I know the size of the fee depends on the network of transaction and the size of the data being transacted. And there's no single price for the fee meaning it varies almost always
This burden forces alot of investor to rather than trade their coins for their needs to holding it for long till when trading it is really worth the fee.
Solving this major setback (as it seems) would definitely give Bitcoin a new face. Imagine you can actually pay your electricity and water bills at no extra cost or at a reduced and stable cost.
The fees have been terrible lately. Two days ago, I created a transaction and paid the recommended priority fee of $33, even though it's clearly a lot of money. My transaction was stuck for hours (at least 4 hours, but I think it was even more than that) because it turned out that the average fees jumped to $60 at that time... By the way, according to Bitinfocharts, the average fee is still around that price... This is too high even for quite big transactions of a few hundred dollars, so the question of a viable solution to this fee problem is very relevant these days.
However, who are those people that are paying for more than $100 per transaction and where are they sending those coins? There are replies that want to imply those transactions are from exchanges to wallets because exchanges charge high withdrawal fees. I disagree. I speculate that those transactions are from wallets to exchanges and those users want to have their transactions confirm first to dump their coins first.
I really am unhappy with high fees for Bitcoin transactions. And there is not only high fee problem. The transactions also take a very long time to end. I wonder until what point we will have to deal with these annoying problems. I don't want to pay ridiculous amounts for any kind of transactions and I'm sure that nobody would like to.
The fees have been terrible lately. Two days ago, I created a transaction and paid the recommended priority fee of $33, even though it's clearly a lot of money. My transaction was stuck for hours (at least 4 hours, but I think it was even more than that) because it turned out that the average fees jumped to $60 at that time... By the way, according to Bitinfocharts, the average fee is still around that price... This is too high even for quite big transactions of a few hundred dollars, so the question of a viable solution to this fee problem is very relevant these days.
Who is paying for high fees and why are they doing this? I am quite certain this is not holders hurrying to buy a Tesla with bitcoins hehe. This might be transactions from exchanges or going to exchanges, however, why the hurry?
I don’t think it’s going to be just exchanger’s, you’re forgetting that there are more than a millions of customers on these exchanges that are doing transactions on a steady, both exchange account to exchange, and also to addresses outside of the exchange. There are lots of people who are ready to make transactions at this fees.I saw someone that made a small transaction of $70 and paid fees that was up to $30 or so, that’s the last thing I think I’m going to do, because I am not ready to make a small transaction and pay a fee that is almost up to half of the money I’m sending, then what’s the need for it? The most annoying thing about this high fees of a thing is that I usually tell people that bitcoin is the best because you can send any amount of money and just pay fraction of it as fees, but now look at where we are
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Yes. Fees are still high and may get higher over time.
And it is killing people who just move a few sat to their wallets. Imagine, if you only have $20 and you will have to pay $10 for it, that is really disappointing, nor I can afford to do that rather not continue withdrawing it. Or the other option is to wait until the fees will slow down that only be if we are not in the hurry. But if we are badly in need of that, definitely have no choice but to pay for high fees.
Yes. Fees are still high and may get higher over time.
There's sympathy for small traders incurring astronomical fees for sending relatively small amounts of Bitcoin to an exchange then they've seen the value fall. Now they're stuck, do they keep Bitcoin there or send it back to their wallets? It's difficult to digest whales making large gains when smaller traders struggle with high fees.
I speculate that much of those users will presently pay $100 per transaction to deposit their coins back to the exchanges again to dump them hehehe. The fees will also make the poor sell later than the rich.
Some places are charging as high as 50 dollars per withdrawal, that's insane.
I speculate that much of those users will presently pay $100 per transaction to deposit their coins back to the exchanges again to dump them hehehe. The fees will also make the poor sell later than the rich.
Some places are charging as high as 50 dollars per withdrawal, that's insane.
I speculate that much of those users will presently pay $100 per transaction to deposit their coins back to the exchanges again to dump them hehehe. The fees will also make the poor sell later than the rich.
of course it is clear that the fees charged are quite high maybe what you say can be true that what you can afford will not matter, but not the other way around.
but those who usually have bitcoin at this time are clearly those who have large funds, it is impossible for those who have, are people who do not have funds, because the price is too high and cannot be reached other than those who are truly able.
So it doesn't really matter other than Ethereum which is also quite high, it will definitely be very affected because the one who usually exchanges is the one who has small funds.
Some places are charging as high as 50 dollars per withdrawal, that's insane.
I speculate that much of those users will presently pay $100 per transaction to deposit their coins back to the exchanges again to dump them hehehe. The fees will also make the poor sell later than the rich.
Now bitcoin transaction is very high.Better option is Coinbase coz It's might be lower fee than others. I think, It's not special for everyone.
Transaction fees will always be based on the current network, more traffic on the Bitcoin network expect high transaction fees.Speaking of exchanges for withdrawing a Bitcoin, why not try FTX Exchange, they offer free charges on most of the cryptocurrencies listed on their exchange.
What I also observed is, when the transaction fees for Bitcoin are high, or there is more traffic, the price of Bitcoin is either in strong dumps or pumps.
There are a lot of possibilities why, but for sure, it could be an inflow or outflow of Bitcoins in different exchanges.
That's been happening for a long time. If Bitcoin finds long term solutions to high transaction fees the numbers of smaller transactions will benefit the ecosystem when they start increasing. $50 withdrawal fees is too much, where were these being charged?
Some places are charging as high as 50 dollars per withdrawal, that's insane.
Thankfully, it got resolved after so much complaining. I'm using Netcoins and they only charge 'BTC' => 0.0005.
The fees are generally high for bitcoin transaction. 0.0005 for me is still high depending on the transaction. Almost every platform fee is high so is nicer to transfer to convert into smart contracts like BSC for transactions.
Binance fees are very high compare with others. Coinbase might be the cheapest. I transfer my bitcoin from coinbase and it charged only $1.5
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Using coinbase was the biggest mistake I made. Lol. They do hide their fees in the spread and one time I got my account locked for 3 weeks. Thankfully, it got resolved after so much complaining. I'm using Netcoins and they only charge 'BTC' => 0.0005.
This might be transactions from exchanges or going to exchanges, however, why the hurry?
Exchanges don't lose anything when they use overkilling transaction fee. Why they don't lose anything? They always pass the transaction fee to the customers that is hidden in the withdrawal fee.Actually they do lose profit. The withdrawal fees were always big, even when the exchanges didn't pay these huge tx fees. This means that the difference was going to their pockets. Now that difference is much smaller.
This might be transactions from exchanges or going to exchanges, however, why the hurry?
It's because the services try hard to avoid a transaction taking too long to confirm.
A tx that doesn't confirm in a matter of hours means possibly unhappy customer, which then may cost the exchange support time and the customer, especially if he doesn't know much about Bitcoin, may leave for another platform.
I don't know what would happen if a tx doesn't confirm at all; I would expect that some platforms may not even have that part properly coded in, resulting in even more support time.
@pooya87. Thank you for the explanation, however, you do not speculate that some of those transactions are also sending to the exchanges?
I said it already in third paragraph above. There are lots of deposits too where users send their bitcoins to exchanges. That doesn't have anything to do with bull or bear market though, when price goes up some people sell, some people buy. Same as when price goes down and the fees go up all the same.Quote
and the fees have never been higher since December of 2017.
We still haven't reached 2017 fee levels. A lot of blocks during 2017 had a total of 10 to 14BTC total fees for miners and those blocks were smaller than today's blocks too. These days the total fee of the blocks for "high" fees reach between 1.8 to 2.2BTC for each block.The reason why you think they are "higher" is because bitcoin price in 2017 was between $900 and $20,000 but today the price is $55,000. Meanwhile we are still paying the same satoshis for the same amount of bytes.
exchange will and stay to pay bitcoin high fee its because its fixed rate and people like whale 
doesn't pretty care much with fee and miner most likely using lower fee for transaction
and to be honest bitcoin right now is not friendly for daily transaction
doesn't pretty care much with fee and miner most likely using lower fee for transactionand to be honest bitcoin right now is not friendly for daily transaction
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