Bitcoin huge fees | Bitcointalksearch.org

pitiflin

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Quote from: Vantix on August 29, 2017, 10:37:48 AM

now i make a transction For 9$ i pay 3$ fee in blockchain.info
shapeshift charged me to change 20$ from ethereum to bitcoin 10$. 50% commision ! nasty greedy company.
the fees in bitcoin are way higher than banks

Banks are different, they are just government 's pets and bitcoin is a currency and the only currency whose per coin worth is around 5000$ and you have to expect some rise in the fee, common you cannot be the only person who should get profit, so I agree that the fee is high but I am getting a bigger profit margin so I don't consider this as a very big deal .

ipanks

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in my opinion, i am fine with the fee as long as the fee is not too big, the last time i send from the exchanger is small less than 0.001 btc but for jaxx, mycelium, i believe the fees is about 0.0005 btc - 0.0011. but if we want to send about 0.01 btc - 1 btc, i guess the fees its not be a problem too because we still get much of money in our bank account.

Sithara007

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Earlier, I used to get angry when the number of unconfirmed transactions in the queue increases. But now I feel happy. Because I am possessing quite a few BCH coins in my wallet, and I know that if the transaction fee increases, the the BCH exchange rate will also increase. So I pray to god every day, to increase the transaction fee. I hope that it will soon reach 1,000 Sat/Byte.

GreenBits

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Bitcoin fees are just fine ,:) if you send enough money Grin

Consider. If you were sending 10 BTC, a 5 dollar fee doesn't seem that bad at all. But for smaller, more casual transactions, the fees are sometimes more than the payment, or at least an unacceptable percentage. This has everything to do with the price; this will be a major barrier to adoption. And given how bullish bitcoin has been of late, this particular caveat will only get worse.

'Casual transactions' my ass.

serjent05

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Quote from: squatter on September 07, 2017, 07:35:50 PM

Quote from: Qunenin on September 07, 2017, 05:38:24 PM

There is nothing that you can do about the fees at this point. You can set a lower fee in the TX, but the Tx will likely take forever to get dealt with on the chain.

I think part of the problem is that most individual users are overpaying, and drastically so. It's like a toll booth that costs 35 cents, and every car that passes through is chucking a $5 bill out the window.

One of the things that I think is much more pressing than increased capacity is adequate fee estimation in wallet software. Core is actually pretty disappointing in this respect, and is one of the worst performers on the market.

Electrum, while it is my wallet of choice, also massively overpays based on its dynamic fee algorithm. For instance, last time I made a transaction, I used the "within 25 blocks" setting. It was confirmed in the next block. If I used the "within next block" setting, I would have paid more than 10x the fees. Ridiculous!

Yes i think people are overpaying due to the dynamic fee sets on their wallets. I had a transfer from my electrum wallet to another address, it charged me more than $3 but then I adjuste the fee to manual and set it way lower. I was not in a hurry so I do not care if it went through in short period or longer time. But to my surprise, it wen thru in less than an hour. I think people who are using electrum should set the fee to manual for them to have control over their fee.

squatter

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Quote from: Qunenin on September 07, 2017, 05:38:24 PM

There is nothing that you can do about the fees at this point. You can set a lower fee in the TX, but the Tx will likely take forever to get dealt with on the chain.

I think part of the problem is that most individual users are overpaying, and drastically so. It's like a toll booth that costs 35 cents, and every car that passes through is chucking a $5 bill out the window.

One of the things that I think is much more pressing than increased capacity is adequate fee estimation in wallet software. Core is actually pretty disappointing in this respect, and is one of the worst performers on the market.

Electrum, while it is my wallet of choice, also massively overpays based on its dynamic fee algorithm. For instance, last time I made a transaction, I used the "within 25 blocks" setting. It was confirmed in the next block. If I used the "within next block" setting, I would have paid more than 10x the fees. Ridiculous!

Gaff

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Quote from: finaleshot2016 on September 07, 2017, 06:34:03 PM

Quote from: Vantix on August 29, 2017, 10:37:48 AM

now i make a transction For 9$ i pay 3$ fee in blockchain.info
shapeshift charged me to change 20$ from ethereum to bitcoin 10$. 50% commision ! nasty greedy company.
the fees in bitcoin are way higher than banks

yup in my country also there is a huge if when i always cash out my money. almost 2$, its very expensive i cant take it anymore. next time i will save more money before having a withdraw with a low amount of money. Bitcoin transaction is very expensive nowadays.

I guess it is possible to happen now that many people are using bitcoin for business purposes because they can see brighter future coming from bitcoin and that's even more profitable for them and they can handle things well with the business that they are putting up and at the same time they can gain more of coins from different resources.

Zalfa_mui

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if for small transactions, it is very large cost
but if we do transactions in large numbers, the same transaction costs
yes indeed for now more expensive transaction costs ,, so don't transactions in small quantities,
in order to save on transaction costs

eternalgloom

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Quote from: finaleshot2016 on September 07, 2017, 06:34:03 PM

Quote from: Vantix on August 29, 2017, 10:37:48 AM

now i make a transction For 9$ i pay 3$ fee in blockchain.info
shapeshift charged me to change 20$ from ethereum to bitcoin 10$. 50% commision ! nasty greedy company.
the fees in bitcoin are way higher than banks

yup in my country also there is a huge if when i always cash out my money. almost 2$, its very expensive i cant take it anymore. next time i will save more money before having a withdraw with a low amount of money. Bitcoin transaction is very expensive nowadays.

When you're cashing out Bitcoin to fiat currency, you're more than likely also paying a fee to the exchange, which has nothing to do with the mining fee or congestion on the Bitcoin network.
You don't actually have to pay that much fees now, the network isn't congested at this point in time.

You can check the fees here:
https://bitcoinfees.21.co/

finaleshot2016

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Quote from: Vantix on August 29, 2017, 10:37:48 AM

now i make a transction For 9$ i pay 3$ fee in blockchain.info
shapeshift charged me to change 20$ from ethereum to bitcoin 10$. 50% commision ! nasty greedy company.
the fees in bitcoin are way higher than banks

yup in my country also there is a huge if when i always cash out my money. almost 2$, its very expensive i cant take it anymore. next time i will save more money before having a withdraw with a low amount of money. Bitcoin transaction is very expensive nowadays.

Qunenin

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There is nothing that you can do about the fees at this point. You can set a lower fee in the TX, but the Tx will likely take forever to get dealt with on the chain. People need to learn to accept the fact that they are not in control of the exchanges and those companies will do what they want, it is the facts of business and it is not going to change.

BitHodler

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Quote from: BITDV on September 07, 2017, 11:03:03 AM

the cost of bitcoin transactions would be more expensive because the selling price of bitcoin is expensive, but greed will always exist in every human being and all companies that are owned by humans large cost of transaction also may affect with the transaction speed and security

If we didn't have miners spamming the network for their own financial gain, and to make it worse, toxic miners minting empty blocks, the transaction fees wouldn't be all that bad.

I personally don't have any problems paying a higher fee if it's purely due to Bitcoin's higher exchange rate, but if miners add fuel to the fire by spamming the network, it makes me dislike the miners in general more than ever.

Miners have nothing to complain about. They mint blocks at all time high levels, plus that the increased usage results in more fee income, and still their hunger/greed for more is thriving as ever. It's ridiculous.

AGD

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Fees are super low atm.

haroldtee

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You could have decided not to send that as blockchain wallet must have shown you your fee even before sending. However, it is obvious already that for now, micro transactions ain't feasible anymore with bitcoin except for huge transactions. You can't call them greedy as they aren't the ones controlling the fees but the network. Also shapeshift provided a means to be able to exchange between cryptocurrencies which we both know nothing comes free. For now, we are stucked with the fees and we all hope there can be a rectification soon.

BITDV

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the cost of bitcoin transactions would be more expensive because the selling price of bitcoin is expensive, but greed will always exist in every human being and all companies that are owned by humans large cost of transaction also may affect with the transaction speed and security

Emworks

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Quote from: joebrook on August 29, 2017, 02:55:17 PM

Quote from: Vantix on August 29, 2017, 10:37:48 AM

now i make a transction For 9$ i pay 3$ fee in blockchain.info
shapeshift charged me to change 20$ from ethereum to bitcoin 10$. 50% commision ! nasty greedy company.
the fees in bitcoin are way higher than banks

Even though they show the transaction fee, you don't have to accept it and proceed, you have the ability to adjust it so that you pay slightly lower fees. And this high fees was to be expected because the value of bitcoins rose.

Regarding on what you said.about the adjusment of transaction fee, im really wanted to adjust the fee,but im afraid it might get stuck at the middle of the confirmation..do you have any link how to set a correct fee for a particular transsction?

stompix

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Quote from: virasog on September 01, 2017, 01:46:58 PM

Huge fees keep most people from dealing in the blockchain and that's a good thing.
Most people don't know the proper way to construct through TX and that's why they're dealing with huge fees. And that's just fine. It separates the men from the boys. Anyone that doesn't know how to construct their own Ash sign them off verify them and send them to the network it's to not be dealing with Bitcoin now.

So preventing people from using the blockchain is a good thing.
Then how about this, we write the miners a few letters about this miraculous idea , they set the minimum fee they will accept tx at .. let's say 50 000 satoshi/byte and everybody will be happy.

When I see acting so high and might it makes me wanna puke.
How about we stop people who don't understand how a train works from boarding one? Or flying a plane?
Or everybody who doesn't have a clue about the difference between gsm and cdma from using a smartphone?

AGD

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Quote from: 949miner on September 05, 2017, 02:26:43 PM

A few minutes ago i made a transaction and i only payed 0.0008 of fees, worth $4 aproximately,
They are low than a week before, maybe this is because of bitcoin dump.
But it took five minutes to receive the first confirmation, and it received six confirmations after 45 minutes.
I think it is taking less time right now, looks like the blockchain in less saturated at the moment.
Those are good news i guess

Strange. I paid 2 cents : https://blockchain.info/tx/3f7832c09687497feef130c6a271c8dda9b5e74d5c8f558ad07428c98273dac7

949miner

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A few minutes ago i made a transaction and i only payed 0.0008 of fees, worth $4 aproximately,
They are low than a week before, maybe this is because of bitcoin dump.
But it took five minutes to receive the first confirmation, and it received six confirmations after 45 minutes.
I think it is taking less time right now, looks like the blockchain in less saturated at the moment.
Those are good news i guess

AGD

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Quote from: BigBall on September 03, 2017, 08:03:46 PM

Yea bitcoin have really big fees but I heard that in the november it will be hard fork and I hope that this will be some kind of change which will decrease bitcoin transaction fee but I dont have much informations about that but still bitcoin is for me better than some fiat wallets because you dont need to give some your own private informations what is really good to protect your private informations,I prefer you to use smaller transaction fee even if transaction speed is slower because you save more money with that way.

You don't know, what you are talking about. Fee is actually pretty low:

https://blockchain.info/tx/3f7832c09687497feef130c6a271c8dda9b5e74d5c8f558ad07428c98273dac7

2.5sat/b is nothing you should worry about.

Topic: Bitcoin huge fees (Read 2410 times)