Bitcoin high fees | Bitcointalksearch.org

AicecreaME

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Quote from: bbc.reporter on April 21, 2021, 09:27:53 PM

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?

Transaction fees exist simply to process the fund requests such as deposits and withdrawal as soon as possible. The higher the transaction fee, the quicker the processing time for the requested fund. Those people who opt to pay higher fees just want convenience on their end. It would surely cost them a little over the minimum price, but their transaction is assured to be processed and reflected in less than 24-hours. A higher transaction fee is also a way to secure that your transaction will be processed. Transactions that have too low gas fees have a higher tendency to be halted midway. It would just cost you trouble such as wasted time and of course, money because you have to pay another gas fee once your transaction has failed.

Although if you are really looking for ways to have minimal transaction fees, you can search this forum and ask the users. You can also do your own research and do it yourself to experience the pros and cons first-hand. Just always take the advice with a grain of salt because everything has its two sides.

lepbagong

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Quote from: imstillthebest on July 29, 2021, 06:42:33 AM

when the fees are high chances are the value of btc is also high and if your itchy to sell because you have waited for this moment you will probably rush because others are also doing the same and price might drop again too soon .
they can be hodlers too that wants to buy a tesla because tesla announce before that they will accept btc and imagine if they didnt hurry that time they cant experience that again because tesla remove btc in their supported payment methods .

it is true, because the costs are so high due to the obvious demand that wants to be done faster at the same time without looking at the situation, so that they no longer see whether traffic is high or not. or it's true what you said that because people who want to buy tesla and are afraid of tesla to remove payments with bitcoin so they are in a hurry to take advantage of that opportunity. I myself can't conclude that it really happened like this because Tesla or @elonmusk didn't tweet.

imstillthebest

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when the fees are high chances are the value of btc is also high and if your itchy to sell because you have waited for this moment you will probably rush because others are also doing the same and price might drop again too soon .
they can be hodlers too that wants to buy a tesla because tesla announce before that they will accept btc and imagine if they didnt hurry that time they cant experience that again because tesla remove btc in their supported payment methods .

Questat

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Quote from: aquafinewater on July 29, 2021, 04:57:25 AM

Yes Btc have high fee charges but it's depended on exchange because every exchange have own rule Anyway if I see overall btc have high that's why is this not best for transportation

Don't use exchange if you don't want a high fee, actually the network fees in the past few weeks are very cheap, I enjoyed making transactions from my wallet to any platform address because the fees are really cheap.

as we can see now. https://mempool.space/.. you can pay 1 sat only for low, medium, and high priority transactions.

aquafinewater

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Yes Btc have high fee charges but it's depended on exchange because every exchange have own rule Anyway if I see overall btc have high that's why is this not best for transportation

Vishnu.Reang

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Quote from: SaShiRaJaVu on July 05, 2021, 11:07:53 AM

@capn and @hardiksoni966 ^^^ I doubt you made any transactions recently, if so you will not be having these doubts Roll Eyes

, in which wallet you gave $24 and $31 as transaction fees and why would do give them when the fees is 3 sat/vB and you will get a confirmation within an hour and i am making transactions for a month with low fees and it is getting confirmed within no time.

I agree. For the last 1-2 months, we never had a scenario where the Bitcoin fee went higher than 80 Sat/Byte. The average fee was in the range of 4 to 20 Sat Byte, which corresponds to $0.50-$2.00 for a medium sized transaction. The fee they have mentioned is 10x this amount. Either their coins consisted of a large number of small outputs (which pushes up the size of the transaction in KBs, or they had used a wallet which wrongly calculated the fee). Unless the details are provided, it is almost impossible to find out the reason.

Or have they incorrectly typed $ instead of Sat?

SaShiRaJaVu

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@capn and @hardiksoni966 ^^^ I doubt you made any transactions recently, if so you will not be having these doubts Roll Eyes

, in which wallet you gave $24 and $31 as transaction fees and why would do give them when the fees is 3 sat/vB and you will get a confirmation within an hour and i am making transactions for a month with low fees and it is getting confirmed within no time.

hardiksoni966

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bitcoin is in a bull run and more users are rushing to use the digital currency, bitcoin transaction fees are shooting up again. Lately, the average bitcoin transaction fee has fluctuated between $24 and $31, according to data provider Bitinfocharts.

CryptopreneurBrainboss

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Quote from: Vishnu.Reang on July 05, 2021, 02:42:20 AM

I understand that sometimes the users need to deposit their coins in a hurry and can't wait to make use of the purchasing opportunity. But I would recommend to always keep a small amount of BTC in the exchange wallets.

Here's the catch, the most popular advice has always been, never to store coins on exchange which is great assuming your sole purpose of purchasing is for investment and long term holding purpose. But if you're interested in scalping or making profits off this new listing then keeping some funds for n exchange is then highly recommended. (Note: this is a very risky way of ttrading as price volatility is usually at its peak)

Newbie can easily get confused/misunderstand information which is why instead of differentiating the times funds can be kept on exchanges, the advice is simplified to not keeping coins on exchange at all. The idea behind this advice is not to use exchange as wallets.

But just as you said, funds that are intended to be used for trading is ok keeping them their but it shouldn't be funds you won't be comfortable losing as it's no news exchanges are vulnerable to hacks and centralized features like fund seizure etc.

Vishnu.Reang

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Quote from: CryptopreneurBrainboss on July 04, 2021, 02:14:40 PM

Excluding the obvious which have been mentioned by others, of exchanges having their fixed withdraw fees. We still have deposit coming into the exchange with priority fees (high fees) for sole purpose of purchasing newly listed altcoins.

If I'm not mistaken coins are been listed daily on this centralized exchanges and this newly listed tokens get interest from speculators which have to deposit to trade, assuming they don't have funds already on the exchanges and this deposits has to be processed in the quickest time possible to be among the first buyers to increase their chances of profiting.

Also lets not forget most of the wallet have a default fixed withdrawal fees that you'll have to adjust the fees to not over priced your transaction but many are yet to know this and just go with the default charges the wallet recommend.

I understand that sometimes the users need to deposit their coins in a hurry and can't wait to make use of the purchasing opportunity. But I would recommend to always keep a small amount of BTC in the exchange wallets. So when a new altcoin is listed, you don't have to run around to make the arrangements. I know that very few people would like to store their BTC in exchange wallets, but you can decide on the amount in this case, and withdraw the coins, if you think that the exchange is in trouble.

cotton ball

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Quote from: Spack17 on April 23, 2021, 10:40:33 AM

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.

I think you are not the one who is disappointed with the high cost of bitcoin, and slow transactions, but everyone on this forum is also disappointed, maybe because the offer has increased, so there is a high fee, we only hope that in the future bitcoin transaction fees be more stable,

CryptopreneurBrainboss

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Quote from: bbc.reporter on April 21, 2021, 09:27:53 PM

This might be transactions from exchanges or going to exchanges, however, why the hurry?

Excluding the obvious which have been mentioned by others, of exchanges having their fixed withdraw fees. We still have deposit coming into the exchange with priority fees (high fees) for sole purpose of purchasing newly listed altcoins.

If I'm not mistaken coins are been listed daily on this centralized exchanges and this newly listed tokens get interest from speculators which have to deposit to trade, assuming they don't have funds already on the exchanges and this deposits has to be processed in the quickest time possible to be among the first buyers to increase their chances of profiting.

Also lets not forget most of the wallet have a default fixed withdrawal fees that you'll have to adjust the fees to not over priced your transaction but many are yet to know this and just go with the default charges the wallet recommend.

fiulpro

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Sometimes it's out of necessity. First of all there are people who use nothing but bitcoins. For those who usually do their day to day transactions in Bitcoins they have to pay the fee no matter how unrealistic it is. But there are always some options like using segWit or even using lightning network.

As far as I remember my wallet has been charging 0.0006 BTC which is actually higher than binance but it deals in my local currency therefore it's more or so beneficial either way.

Quote from: ziennakarishma21 on July 04, 2021, 10:20:10 AM

Binance charges 0.0005BTC for each withdrawal. actually I feel the fee is quite high compared to the times I trade and I am really fed up with withdrawals that have to pay such fees.

Try and limit the withdrawals, if you are doing that you can ask your friends if they also need to withdraw some money, doing it together always makes it easier. Plus if you are trading you can convert it into other ATH and then reconvert once they are in your wallet, considering they do not charge much for that. For Litecoin fee is just 1.40$ something and in only 15 min, it gets confirmed. I usually use a wallet where trading is enabled here too. Therefore I can directly withdraw in the bank account.

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Quote from: ziennakarishma21 on July 04, 2021, 10:20:10 AM

Binance charges 0.0005BTC for each withdrawal. actually I feel the fee is quite high compared to the times I trade and I am really fed up with withdrawals that have to pay such fees.

Haven't done a withdrawal from exchanges for a long time now. Only use them to cash out to fiat, where the fees are either free or 0.80 EUR (Binance and it's instant SEPA so it's not bad). I'd have thought they'd be adjusting fees by now, that's $17.50 at today's BTC price a pop!

I did pay a 60 sat/byte fee last week for a rather annoying urgent tx, but that's a lot, a lot higher than the average or mean I've been paying all year. 1 sat's been smooth sailing for most of this 2021.

Why're you using it to w/d btc so often though? I get it for one-off buys but...

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Quote from: bbc.reporter on April 21, 2021, 09:27:53 PM

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?

The ones who are most likely to pay high fees are the new comers in this industry. These people tend to not bother about the high fees since they barely know anything about it nor do they know that it is higher than what others normally pay for. Another thing would be people who always transfer funds from hard wallets to exchanges every time they want to make a trade and depending on the urgency, they do not care much about the fees as long as they can be able to make a trade the soonest to not get left behind. And others, due to sudden emergencies.

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Quote from: JerryKin on July 02, 2021, 12:00:15 PM

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.

It is the price of doing business, of course, if they didn't charge any fee then it would eventually cease to be usable. In other words, it would be slower than it is now if they didn't charge a high enough fee to move the transaction around in a timely fashion.

Quote from: worldofcoins on July 02, 2021, 01:12:23 PM

Quote from: JerryKin on July 02, 2021, 12:00:15 PM

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.

Thats the problem with keeping anything on exchanges: the fees the user has to endure after their trading session is done.

But if they are not exchanging their bitcoins, there are other ways so the fees can be reduced inorder for a transaction to complete.

source: https://www.skalex.io/what-is-a-bech32-segwit-address

ziennakarishma21

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Binance charges 0.0005BTC for each withdrawal. actually I feel the fee is quite high compared to the times I trade and I am really fed up with withdrawals that have to pay such fees.

ChiBitCTy

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Quote from: bbc.reporter on April 21, 2021, 09:27:53 PM

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?

It is really getting quite annoying how high fees have been. Even though bitcoin has come down quite a bit in price, and there is much less trading activity, fees still remain stupid high. There is of course the Lightning Network, and I know that they have been working on that for quite some time but it's like when the heck are they actually going to get it up and running in an easy to use fashion. I know Rome wasn't built in one day, and that these types of things, especially for a brand new breakthrough technology takes time, but it sure feels like it's been taking a lot more time than necessary.

yohananaomi

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Quote from: tyz on July 02, 2021, 01:25:44 PM

Quote from: bbc.reporter on April 21, 2021, 09:27:53 PM

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.

I think the high fees can be very true what you say, it just depends on the transactions made or maybe the traffic is really heavy at that time. back again if we make a transaction that is large enough if only to set aside a few $ of course there will be no problem, the important thing is that the transaction can be completed or not delayed. because of the delay at a low cost, the person making the transfer becomes nervous. so it doesn't matter if it happens cause and effect will always happen and we can't avoid it. as long as it is for good to set aside a little is natural.

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Really when you immerse yourself in the world of bitcoin for whatever reason, bitcoin rates are part of that environment, maybe for you $ 5 just to mention one figure but it can be much more, it is a lot of money for a fee but in reality Who has to make the transaction only pays and although there are a series of enterprises or companies that are always managing or paying high rates, individuals are the ones who, on average, pay high fees.

That in reference to what involves only bitcoin but when you use Fiat money to make it reach another person between countries, the bitcoin rates are irrelevant, believe me $ 15, $ 20 does not mean anything. For example the issue of remittances who have a purpose to eat today, medicines or in general the livelihood of who receives that money, send $ 200 represent an urgency that the bitcoin fee is worth it, if you compare those bitcoin rates with the traditional rates.

jatin729

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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.

tyz

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Quote from: bbc.reporter on April 21, 2021, 09:27:53 PM

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.

worldofcoins

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Quote from: JerryKin on July 02, 2021, 12:00:15 PM

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.

JerryKin

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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.

bbc.reporter

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Quote from: kryptqnick on April 23, 2021, 09:51:48 AM

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.

Spack17

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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.

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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.

lixer

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Quote from: bbc.reporter on April 21, 2021, 09:27:53 PM

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 Shocked

.

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Quote from: matan on April 23, 2021, 08:58:39 AM

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.

matan

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Yes. Fees are still high and may get higher over time.

arabspaceship123

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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.

Quote from: bbc.reporter on April 22, 2021, 09:46:45 PM

Quote from: ?? on ??

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.

elisabetheva

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Quote from: bbc.reporter on April 22, 2021, 09:46:45 PM

Quote from: ?? on ??

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.

bbc.reporter

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Quote from: ?? on ??

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.

GreatArkansas

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Quote from: ?? on ??

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.

arabspaceship123

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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?

Quote from: ?? on ??

Some places are charging as high as 50 dollars per withdrawal, that's insane.

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Quote from: rjsolutions28 on April 22, 2021, 08:09:01 AM

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.

rjsolutions28

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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
[/quote]

Answer:

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.

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Quote from: OcTradism on April 21, 2021, 09:36:40 PM

Quote from: bbc.reporter on April 21, 2021, 09:27:53 PM

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.

Quote from: bbc.reporter on April 21, 2021, 09:27:53 PM

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

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Quote from: bbc.reporter on April 21, 2021, 11:08:45 PM

@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.

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exchange will and stay to pay bitcoin high fee its because its fixed rate and people like whale Grin

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

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Because exchange wants to give users best experience. Not many customer want to receive their bitcoin slower than 24 hours and thus, exchange have to boost their transaction speed by increasing the fees.

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

bbc.reporter

legendary

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@pooya87. Thank you for the explanation, however, you do not speculate that some of those transactions are also sending to the exchanges? There are 2 coincidences already if we are in the beginning of the bear market. CME futures for bitcoin was listed on December of 2017, COIN was listed April 14 and the fees have never been higher since December of 2017.

Bitcoin’s “digital gold” narrative may be getting stronger, as investors in the cryptocurrency are more incentivized than ever to hold rather than spend it. Making a Bitcoin transaction is now the most expensive it’s ever been: the average cost of sending the cryptocurrency is now $59.87, according to the latest BitInfoCharts data.

That’s more expensive than the last bull run, in December 2017, when the average cost hit $55.17.

Source https://decrypt.co/68680/bitcoin-transaction-fees-all-time-high

yazher

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You own the pen

This is not really good especially for those who only have a few BTC left for their transaction fees. they cannot make fast transactions just like what happened to us last week when it got stuck because of that kind of strange fees in the blockchain network. I thought this kind of problem only happened on Ethereum, I never thought that it could sometimes happen in the Bitcoin blockchain network as well.

pooya87

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Quote from: bbc.reporter on April 21, 2021, 09:27:53 PM

This might be transactions from exchanges or going to exchanges, however, why the hurry?

Isn't it obvious?
When the user makes a withdrawal request, they want to receive their bitcoins in whatever destination it has, as soon as possible. So the exchange has to pay high priority fee or their support staff are going to be flooded with angry tickets and their reputation is screwed.
Similarly when the user makes a deposit, they want the coins to be confirmed as soon as possible so that they can use them right away.

When there is less space compared to users (low supply, high demand) the fee (cost of that space) goes up due to the intense competition for that space.
This is why we need to scale main-chain more and we need exchanges to move to LN sooner.

btc-room101

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Quote from: bbc.reporter on April 21, 2021, 09:27:53 PM

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?

Once upon a time the liars said "You can use BITCOIN to buy a cup of coffee"

Let's see, if I transfer 0.001BTC they charge me $20, by the way 0.0005 BTC is $30

So what's it good for? I'm not talking about buying a Tesla. Even a $1,000 purchase at $20, is still more than Visa; Where VISA only charges the merchant, not the customer.

What is BTC good for? You can't keep it, you can't use it for normal transactions. The GOV tracks it. It's NOT private. It's NOT fungible, meaning that there are three different kinds of BTC, virgin, pristine, and mixed, and most is mixed ( coin-joined ), which makes it worthless.

Tell me again, what's BTC good for?

Oh, yep its good for day trading and gambling on the exchanges, but like the guy here say's. It's $30 on each ingress/egress; and most people only hold 0.05 BTC, so all their 'investment' gets eaten up on fee's, which is why 90% of all BTC traders lose 100% of their cash within the first 30 days of playing BTC.

OcTradism

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Quote from: bbc.reporter on April 21, 2021, 09:27:53 PM

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.

They charge every customer with every withdrawal request with an expensive withdrawal fee. They are totally free when they use over killing fee for batch withdrawal transactions they broadcast on the bitcoin network. All costs are charged on the side of customers, not exchanges.

When the network is crazy like this, it will take about 4 weeks to be resolved and back to normal. It even can last longer than 1 month.

Quote from: ranochigo on April 21, 2021, 09:32:15 PM

A notable example is Binance which charges 0.0005BTC per withdrawal.

With this withdrawal fee rate for each withdrawal request, Binance and other exchanges can use a transaction fee rate at 300 or 400 sat/vbyte and they won't lose anything.

ranochigo

legendary

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Crypto Swap Exchange

Some exchange actually has a fixed withdrawal fee. There is thus no difference between withdrawing at 10sat/vbyte or 100sat/vbyte for the user. Since the transactions can always be batched, the TX fees paid by the exchange can still be greater than the TX fee paid by the user to the exchange.

A notable example is Binance which charges 0.0005BTC per withdrawal.

There are also probably a smaller proportion of scheduled payments which cannot be delayed. Given that the high fees has persisted for some time, I imagine that there is no recourse for this.

bbc.reporter

legendary

Activity: 3122

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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?

Topic: Bitcoin high fees (Read 547 times)