Bitcoin transaction cost is too high - page 12.

gabmen

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Quote from: Sihab76 on January 04, 2018, 10:38:07 AM

Quote from: tasiah on December 13, 2017, 06:01:34 AM

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise

Yes Bitcoin transaction fee almost high than before. Now blockchain wallet Bitcoin transaction fee is about more than $11. But a few days ago blockchain transaction fee bellow than $1

It's natural for the transaction fee to move alongside the value of bitcoin. I mean, that happens outside cryptocurrencies as well though hopefully some steps would be implemented like segwit to at least manage how high the fees can go

Jake_Shannen

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This has been one advantage of ripple over BTC. Aside from the stable prizes of ripple it has low transaction fees compared to BTC. i think it is due to the volume of consumers.

Sihab76

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Quote from: tasiah on December 13, 2017, 06:01:34 AM

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise

Yes Bitcoin transaction fee almost high than before. Now blockchain wallet Bitcoin transaction fee is about more than $11. But a few days ago blockchain transaction fee bellow than $1

alexn3620

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Yes, the commission is very high. This is not the bitcoin that was before and the network is very congested. These two problems frighten new investors. Therefore, today altcoyins, an alternative to bitcoin, are growing very much. Sad

KingOfWinterfell01

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Quote from: tasiah on December 13, 2017, 06:01:34 AM

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise

Absolutely right with this point. I really hate these outrageous transaction fees in most of trading sites for bitcoins. The transaction fees inflate like every time I make a simple transaction. I'd dirt poor first before I even send a smidge of bitcoins to other people. Really gets on my nerves.

cryptoquality

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Quote from: tee-rex on December 27, 2017, 05:10:31 AM

Quote from: Yamifoud on December 26, 2017, 04:50:30 PM

Quote from: Yur on December 26, 2017, 04:37:26 PM

Maybe in value its too high but 0.001 btc transaction fee nowadays are just in the minimum requirements to be paid for not that fast transaction but not that slow too,yes traffic happens sometimes but its just sometimes and bitcoin still come through

Because we need quick response from our transactions that's why some of us are willing to pay high fees just to process their request.

This is not gonna be that way forever. Beastly transaction costs as well as slow confirmation times are killing bitcoin, slowly but surely. In a nutshell, people are dicouraged from transacting with this cryptocurrency, and ultimately, only big cryptowhales can afford that. I don't think it bodes well for it in the long run, and this is definitely not how Satoshi envisioned bitcoin. He envisioned bitcoin to be Internet money but we are far from that already.

I hope you are right and this will not be till forever. Because transaction fees are becoming unreasonable every day. Even if you will send a little amount of btc , you have to pay a lot of transaction money for that. If that keep on, it will be effecting bitcoin's future.

Gotottack

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The only reason I can think of is that Bitcoin's network is absolutely congested because of too much unconfirmed transactions which may be due to its being under attack all the time. We have to accept the fact that the more Bitcoin becomes popular, the more people from all walks of life come to it either to be part of its growing community or to be among its many antagonists. Regardless of their motives, it highly affects the fees of Bitcoin transactions because much have been developed to secure its privacy.

odranoel

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Yah it is too high cost currently and it is very good news for us in the bitcoinworld. Ofcourse this is advantage to me even im not yet earned but i know when time i started to earned here it is more high cost because bitcoin is aired already in tv, it means possitive happen of bitcoin today

Typogre12

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The rise of the cost of transaction fees in BTC was I think because of its increasing demand, the surge of investors was not expected by the creators of the blockchain. That is why right now we are experiencing slow confirmation ending up to higher fees.

Tonestra

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This discussions always lead to the issue of scalability. I am sure that fees will come down some time in the future.

quocsi

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I think bitcoin prices are rising quite high meaning that the cost of bitcoin payments is quite high. There are also many options. You can also use etherum to reduce costs.

crypto.cr

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Lot of great suggestion already given by expert ! follow them , when you make withdraw just make it ETH .. that's all you need to reduce the fee

tee-rex

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Quote from: Yamifoud on December 26, 2017, 04:50:30 PM

Quote from: Yur on December 26, 2017, 04:37:26 PM

Maybe in value its too high but 0.001 btc transaction fee nowadays are just in the minimum requirements to be paid for not that fast transaction but not that slow too,yes traffic happens sometimes but its just sometimes and bitcoin still come through

Because we need quick response from our transactions that's why some of us are willing to pay high fees just to process their request.

This is not gonna be that way forever. Beastly transaction costs as well as slow confirmation times are killing bitcoin, slowly but surely. In a nutshell, people are dicouraged from transacting with this cryptocurrency, and ultimately, only big cryptowhales can afford that. I don't think it bodes well for it in the long run, and this is definitely not how Satoshi envisioned bitcoin. He envisioned bitcoin to be Internet money but we are far from that already.

Yamifoud

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Quote from: Yur on December 26, 2017, 04:37:26 PM

Maybe in value its too high but 0.001 btc transaction fee nowadays are just in the minimum requirements to be paid for not that fast transaction but not that slow too,yes traffic happens sometimes but its just sometimes and bitcoin still come through

Because we need quick response from our transactions that's why some of us are willing to pay high fees just to process their request. With that, exchanger will take advantage also to increase their transaction fees. And besides, we don't have any options in order to continue our transactions is to pay the amount of what they are asking for or otherwise you'll wait for few days to confirm your transactions.

Yur

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Maybe in value its too high but 0.001 btc transaction fee nowadays are just in the minimum requirements to be paid for not that fast transaction but not that slow too,yes traffic happens sometimes but its just sometimes and bitcoin still come through

The Alchemlst

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I think so too, every transaction will charge you aside from gas fees etc, I usually spend more than $20 dollars every time I convert different alt coins such as ethereum to bitcoins and not to mention the fees every time I convert bitcoins to our regular currencies.

DBerendey

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Is it real to change the BTC without making some hardforks with new currencies? Cause BTC have the name and it will be difficult for market/traders to change the basic currency..

daarul50

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The high cost of bitcoin transactions today does make some confusion, but it is reasonable because according to the law of the economy would have happened where if the interest is increasing but the block is not sufficient then the developers are forced to increase transaction costs to meet the enthusiasts.

Doell

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I think Higher transaction costs are caused by new hardforks ,causing miners to increase their commissions to confirm a block but this will not be long after hardfork releases shipping costs will decrease

BingoDog

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Transactions fees are high and expensive but that particulary applies to small value transaction. On higher values that isn't so big problem. But I would say that transaction fees are following the bitcoin price and situation on the market.
Fees are the issue that usualy affect small users and maybe that is the reason why this problem isn't in the centre of attention like it should be. But I beleive that in constructive dialoge with miners if there is a good will this could be improved. Hope this will happen soon because that can make small users to quit bitcoin.

Topic: Bitcoin transaction cost is too high - page 12. (Read 3219 times)