Bitcoin huge fees - page 3. | Bitcointalksearch.org

Ayiranorea

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Quote from: Manuj on August 31, 2017, 04:32:01 AM

Quote from: Vantix on August 29, 2017, 09:37:48 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

I noticed an essentially similar thread started with almost the same claim a couple of days ago I think. Is this the same modus? I think the best way to counter this is to withdraw a large amount. I do not think it is necessary after all to withdraw every once in a while a small amount of Bitcoin.

Yes, most of the time bitcoin doesn't suit good for small scale transactions, because in some cases the transaction amount equals the fee. With large volumes of transaction even when the fees is high, people just ignore it as the fee contributes a small percentage of the transacted amount.

xaxistech

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Yes it needs to be changed as soon as possible, a few days ago i had to send a $10 (0.018 in btc) and i had to pay $5 in fees, that is insane. I dont use to make that kinds of transactions because they are too low, but i think about that people who make microtransactions everyday, how do they afford them? that is impossible to handle.
I think they need to be lowered soon, that is why i love holding bitcoin and using ONLY altcoins for payments... because the fees.

TheRakula

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Bitcoin has huge fees and people don't want to pay if they do it in small values. That's why please started using bitcoin cash. I don't want to use bitcoin cash because of thinking that bch is a treachery to btc. Hope fees go down after hard fork.

stompix

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Quote from: Basmic on August 30, 2017, 07:14:31 AM

Quote from: AGD on August 30, 2017, 07:08:53 AM

Fees are too low. 20sat/b is ridiculous.

People are not interested in price behind a bit. They are interested in the end result. To pay $ 3 for any translation is not a small sum when it comes to small transfers. It makes people to do large transfers to a Bank card and make small purchases with national currency. Do you think this is good for bitcoin?

20sat/b is indeed ridiculous cheap for the last moths or so.
At those prices you will get a 60m confirmation for 10 inputs at 1$.

The problem is that if we have another spam wave hitting the chain 20satoshi/b tx won't be confirmed in our lifetime.

Quote from: Lannie25 on August 31, 2017, 01:28:40 PM

Certainly the higher the bitcoin transfer fee is now unequal to the bitcoin users

And why is that?
We all are paying the same fees , it's not like there are some elite conspirator groups that get away without paying a fee.

Lannie25

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Certainly the higher the bitcoin transfer fee is now unequal to the bitcoin users

Palmerson

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Quote from: Manuj on August 31, 2017, 04:32:01 AM

Quote from: Vantix on August 29, 2017, 09:37:48 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

I noticed an essentially similar thread started with almost the same claim a couple of days ago I think. Is this the same modus? I think the best way to counter this is to withdraw a large amount. I do not think it is necessary after all to withdraw every once in a while a small amount of Bitcoin.

So do all. But that support trade in Fiat. We need to develop trade with bitcoins. Only increase the speed of bitcoin can give a guarantee that bitcoin will grab the new position. Miners have to earn the fact that users will save on exchange. This could solve a lot of problems.

karisiak123

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maybe the cost for bitcoin is huge and only people who have a lot of money are paying for bitcoin or maybe a big person.

Manuj

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Quote from: Vantix on August 29, 2017, 09:37:48 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

I noticed an essentially similar thread started with almost the same claim a couple of days ago I think. Is this the same modus? I think the best way to counter this is to withdraw a large amount. I do not think it is necessary after all to withdraw every once in a while a small amount of Bitcoin.

Wind_FURY

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Quote from: RawDog on August 30, 2017, 02:35:04 AM

Quote from: SonOfNorth on August 29, 2017, 11:29:28 PM

Quote from: ?? on ??

There is no free lunch. Wake up. Sending money costs money. What do you think this is? The future?

Yes, but - WAKE UP - if me sending $5 costs $10 then this whole thing is getting absolutely ridiculous!

I thought the $3 fee was quite laughable, but today Jaxx was asking $10 to send $5 so I guess I'm done with BTC. Better leave this to the guys for whom $10,000 is pocket money not wroth picking up if it falls from their pocket.

Bitcoin Cash is your friend. Go use that one. It works like the real Bitcoin, because it is actually the original Satoshi Bitcoin. Not this bullshit $10 bank charge just to make one transaction. Money Wire fees are only $50.

I would love to use an implementation of Bitcoin that is not taken advantage of by the greedy miners who only mine in the chain because it is more profitable for them. Then the moment that it stops being profitable, they start mining somewhere else.

I still hold my all BitcoinCash from the fork but how do I use it if no merchant accepts it?

Satobit

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1mb cult is so disgusting.

Iranus

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Quote from: RawDog on August 30, 2017, 09:15:58 AM

Quote from: hich_ang on August 30, 2017, 08:31:23 AM

Bitcoin is no more for small transactions. They have to find a solution to reduce transactions fees.

They have a solution to reduce transaction fees - pay 'off-chain' payment channel (patented) fees.

How did you manage to get two things wrong in just one sentence?

-LN is not patented
-LN is nothing to do with lowering onchain transaction fees, that part will happen when people start sending SegWit transactions

Quote from: AGD on August 30, 2017, 07:08:53 AM

Fees are too low. 20sat/b is ridiculous.

Bait.

Cormoran

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Quote from: ?? on ??

The issue is to whom you want to pay your fees to.

Jamie Dimon of Chase Bank or your friendly bitcoin miner.

There is no free lunch. Wake up. Sending money costs money. What do you think this is? The future?

All cryptos have fees, but at least they are not as high as Western Union fees.

Just pay the miners their pound of flesh and be happy that it is not going to the banksters.

Bitcoin - "At least we are miners, not bankers"

This is not exactly true; many banks will allow you to bank, and even send money as a very low-priority transaction (ACH), without fees if you have a certain minimum balance. In that case, you aren't directly paying fees; of course, you do agree to allow the bank to use your money in its other lending practices, so that they can make several percentage points a year while paying you under 1% in interest. In that respect, you are paying for being allowed to use their system, but only in opportunity costs. Bitcoin transactions, on the other hand, are entirely safe and secure until the owner of the private key authorizes a transaction; but since no one can profit from it other than when it's part of a transaction, those transaction fees are indeed a necessary evil.

shield132

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That was mentioned for many times, bitcoin fees aren't fair because they are very high for low transactions but for high ones like more than 1 btc, it's acceptable. No one likes that fact, only some people or bitcoin fanatics love that fact, can't understand why..
Btw we have a good thread about that unfair fees and I think it will be better if we won't create new threads and post here: https://bitcointalksearch.org/topic/is-bitcoin-transaction-fees-fair-1887619

Adbitco

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Quote from: Iranus on August 29, 2017, 09:45:29 AM

Bitcoin fees are nothing to do with the amount being sent. Had you sent a $10,000 transaction with the same number of inputs (probably one or two in this case), you would have had the same fee. Bitcoin transaction fees are about the size of the transaction in bytes.

If you're concerned and you particularly need to send a smaller amount, you could just:

-Set a lower fee (one that will still get confirmed eventually)
-Use a transaction accelerator with a low-fee transaction
-Use a SegWit-compatible wallet such as the Ledger hardware wallet to send SegWit transactions and reduce fees.

In addition to all the three points mentioned above by the senior member I would like to say try to avoid small amount transactions frequently and also try to make transactions in bulk so as to avoid high fee for every single transaction.

1L0v3

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Quote from: RawDog on August 30, 2017, 01:03:48 AM

Quote from: skyline247 on August 29, 2017, 09:12:37 PM

But the problem with this is most people need to use it for low volume transactions. Fees right now are upwards of 5% on small amounts under $100. This is simply unacceptable... needs to get fixed asap!

Core's vision for Bitcoin does not include a fix. Not ASAP, not ever. It was intended that the fees be very high. That is called a 'fee market'. Didn't you understand all the anti-Core writing before the SegWit change? Bitcoin Cash is for very low fees and no delays. Bitcoin Core is for settlement transactions related to the proprietary Lightning Network. Get ready to pay fees to Blockstream company owned by AXA. They are your new bank!!

Quote from: Kakmakr on August 30, 2017, 12:43:29 AM

Everyone thought the activation of SegWit will be the magic solution to all our scaling problems, but they were wrong.

Not 'everyone' - Only the idiots that don't understand the network thought that. We knew a very long time ago that SegWit does almost nothing for capacity. SegWit only sets up the network so that Blockstream can privatize the 'off chain' portion and charge you banking fees on that.

SegWit does support larger blocks. Some miners are now mining larger blocks as a result. It also paves the way for the lightening network which helps speed up transactions and drastically reduce fees.

RawDog

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Quote from: hich_ang on August 30, 2017, 08:31:23 AM

Bitcoin is no more for small transactions. They have to find a solution to reduce transactions fees.

They have a solution to reduce transaction fees - pay 'off-chain' payment channel (patented) fees.

hich_ang

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Bitcoin is no more for small transactions. They have to find a solution to reduce transactions fees.

ASHLIUSZ

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Quote from: Astvile on August 30, 2017, 07:13:17 AM

Fees are high because of traffic and priority on blockchain network,fees makes miners and bitcoins itself alive for years so dont worry about the fees and just support the bitcoin technology

Price increases along with the increase in the price of bitcoin. Right now too the transaction fee doesn't seems that big, the block size increase too is an reason for the increase in the transaction fee. Also compared to those days of large volume of bitcoin getting stuck to the network right now the transaction is much faster.

emberbekas

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Some exchanger has a fixed transaction fee and it's a bit too high. Nowadays, it'll be worthless if we send only small amount of bitcoin from such exchanger. For best experience it's good to have some money at our own wallet so whenever we want to make small transaction we can put our own fees in it. And don't forget to always check this https://blockchain.info/unconfirmed-transactions before making the transactions.

alyssa85

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Quote from: Basmic on August 30, 2017, 07:14:31 AM

Quote from: AGD on August 30, 2017, 07:08:53 AM

Fees are too low. 20sat/b is ridiculous.

People are not interested in price behind a bit. They are interested in the end result. To pay $ 3 for any translation is not a small sum when it comes to small transfers. It makes people to do large transfers to a Bank card and make small purchases with national currency. Do you think this is good for bitcoin?

Exactly. And those who have accumulated a lot of small inputs thanks to tips, micropayments, gambling wins and whatnot are the ones who are getting hurt by the fees.

If you are moving coins from exchange to exchange, then use an alt to do so, it reduces the congestion on the bitcoin network. If you are moving coins from your own wallet, I recommend doing so in the early hours of Sunday morning - for some reason at that time of day, there arn't many transactions and you can move coins quite cheaply.

Topic: Bitcoin huge fees - page 3. (Read 2455 times)