Topic: Bitcoin Network Fees (Read 431 times)
I have no idea what you guys are talking about. Today I bought something online and it was $160 and $1 for the transfer fee and the transfer took 12-15 minutes for the first confirmation to go through. The day before I spent. $240 and spend a little over $2 and it was almost instant I was shocked. It might have been congested and take long before but not anymore.
BitPay is not Bitcoin, and people tend to forget this. These services add tx fees at their own pre-determined rate onto Bitcoin
transaction fees. They work on deterministic fees and averages calculated by their own software. A lot of these sites even set
a fee rate manually and even if the Mempool is not congested, they still charge the high fees. SegWit will only have a small
impact between SegWit to SegWit addresses.
transaction fees. They work on deterministic fees and averages calculated by their own software. A lot of these sites even set
a fee rate manually and even if the Mempool is not congested, they still charge the high fees. SegWit will only have a small
impact between SegWit to SegWit addresses.
this is why i am not too often to withdraw my btc so far and if i want to withdraw, i always send with big amount but so far, i think when i send from my mycelium to my local exchange, the fee is not too big, maybe its about 0.0006 btc - 0.0009 btc so i am not problem with the fee.
the fees went far beyond the normal and i'm too frustrated from thsi thing.
Transaction fees go up and down depending on how large the number of unconfirmed transactions are in the mempool. There is only 2567 unconfirmed transactions now. You can send Bitcoins for $0.50 or less in fees.
If Bitpay charges 16% in fees, then they are scamming you.
Use a regular wallet desktop wallet and before making a transaction, always check the mempool.
https://blockchain.info/charts/mempool-count
If Bitpay charges 16% in fees, then they are scamming you.
Use a regular wallet desktop wallet and before making a transaction, always check the mempool.
https://blockchain.info/charts/mempool-count
The bitpay fees are crazy, I use them only if I must. They are easy to convert to skrill, but its just not worth it for big amounts. They are scamming and hopefully someone opens a thread to point it out. The funny thing is that when uploading, They claim to charge a 1% fee, but its a lie!
Transaction fees go up and down depending on how large the number of unconfirmed transactions are in the mempool. There is only 2567 unconfirmed transactions now. You can send Bitcoins for $0.50 or less in fees.
If Bitpay charges 16% in fees, then they are scamming you.
Use a regular wallet desktop wallet and before making a transaction, always check the mempool.
https://blockchain.info/charts/mempool-count
If Bitpay charges 16% in fees, then they are scamming you.
Use a regular wallet desktop wallet and before making a transaction, always check the mempool.
https://blockchain.info/charts/mempool-count
A lot of people feel the average Bitcoin fee is far too high for the regular user. There is a certain truth to this statement, although it also depends on which service is being used. A new screenshot shows how a BitPay transaction charged a fee of 16% of the transaction amount. This goes to show something will need to change sooner or later. With the SegWit scaling solution, such fees should be less of an issue moving forward.
BitPay Transaction Still Invokes High Fees
A recent BitPay transaction illustrates this problem perfectly. The user tried to send $18 worth of Bitcoin over the network. However, he was charged an additional 16% in fees. That is a very large amount, although this may have something to do with the service itself. A 16% fee results in paying over $1 for this particular Bitcoin payment. Not the largest amount ever recorded, but it is still quite significant. Bitcoin is designed to be a cheaper solution, but that is far from the case these days.
Moreover, one has to question how these fees look to the outside world. Using cryptocurrencies for traditional payments makes no sense whatsoever right now. SegWit activation on the Bitcoin network will effectively reduce transaction fees over time. For now, it doesn’t appear to have a big impact just yet. The service providers have to adapt these changes as well. BitPay seemingly prefers to support SegWit2x rather than the traditional SegWit implementation. It is unclear if this will have any impact on fees moving forward.
BitPay Transaction Still Invokes High Fees
A recent BitPay transaction illustrates this problem perfectly. The user tried to send $18 worth of Bitcoin over the network. However, he was charged an additional 16% in fees. That is a very large amount, although this may have something to do with the service itself. A 16% fee results in paying over $1 for this particular Bitcoin payment. Not the largest amount ever recorded, but it is still quite significant. Bitcoin is designed to be a cheaper solution, but that is far from the case these days.
Moreover, one has to question how these fees look to the outside world. Using cryptocurrencies for traditional payments makes no sense whatsoever right now. SegWit activation on the Bitcoin network will effectively reduce transaction fees over time. For now, it doesn’t appear to have a big impact just yet. The service providers have to adapt these changes as well. BitPay seemingly prefers to support SegWit2x rather than the traditional SegWit implementation. It is unclear if this will have any impact on fees moving forward.
Yeah well for that 16% transaction it all depends on how much he/she was sending in the first place. If you are sending a tiny amount (i.e. under $10) than yes, you are going to pay very large fees for the time being (until there is a solution).
A lot of people feel the average Bitcoin fee is far too high for the regular user. There is a certain truth to this statement, although it also depends on which service is being used. A new screenshot shows how a BitPay transaction charged a fee of 16% of the transaction amount. This goes to show something will need to change sooner or later. With the SegWit scaling solution, such fees should be less of an issue moving forward.
BitPay Transaction Still Invokes High Fees
A recent BitPay transaction illustrates this problem perfectly. The user tried to send $18 worth of Bitcoin over the network. However, he was charged an additional 16% in fees. That is a very large amount, although this may have something to do with the service itself. A 16% fee results in paying over $1 for this particular Bitcoin payment. Not the largest amount ever recorded, but it is still quite significant. Bitcoin is designed to be a cheaper solution, but that is far from the case these days.
Moreover, one has to question how these fees look to the outside world. Using cryptocurrencies for traditional payments makes no sense whatsoever right now. SegWit activation on the Bitcoin network will effectively reduce transaction fees over time. For now, it doesn’t appear to have a big impact just yet. The service providers have to adapt these changes as well. BitPay seemingly prefers to support SegWit2x rather than the traditional SegWit implementation. It is unclear if this will have any impact on fees moving forward.
BitPay Transaction Still Invokes High Fees
A recent BitPay transaction illustrates this problem perfectly. The user tried to send $18 worth of Bitcoin over the network. However, he was charged an additional 16% in fees. That is a very large amount, although this may have something to do with the service itself. A 16% fee results in paying over $1 for this particular Bitcoin payment. Not the largest amount ever recorded, but it is still quite significant. Bitcoin is designed to be a cheaper solution, but that is far from the case these days.
Moreover, one has to question how these fees look to the outside world. Using cryptocurrencies for traditional payments makes no sense whatsoever right now. SegWit activation on the Bitcoin network will effectively reduce transaction fees over time. For now, it doesn’t appear to have a big impact just yet. The service providers have to adapt these changes as well. BitPay seemingly prefers to support SegWit2x rather than the traditional SegWit implementation. It is unclear if this will have any impact on fees moving forward.
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