Topic: Bitcoin transaction cost is too high - page 15. (Read 3174 times)
There is a lot of demand to process transactions, supply and demand - the network can handle so many transactions at a time and the higher paid transactions get priority with miners. Supply and demand is also driving Bitcoin prices. If you are buying a cup of coffee don't pay with Bitcoin right now. If you want to buy Bitcoin as an investment - you don't mind the transaction charges so much.
I think we should face the fact bitcoin is not anymore usefull for small transactions, and in my opinion this phenomen will continue because the mining efforts increase.
I think bitcoin will develop as high value currency ( e.g. for buyiung a car or house) while altcoins will used for common small payments (grocery etc.)
I think bitcoin will develop as high value currency ( e.g. for buyiung a car or house) while altcoins will used for common small payments (grocery etc.)
As the value of bitcoin increase, I think the transaction fee also increases. But I still don't see the logic on it, how come price of sending bitcoin is much higher than before? Can anyone enlighten me?
Bitcoin transaction fees is calculated in percentage with the current currency value of that particular day we transact. If Bitcoin value is high, obviously the transaction fees also would be high.
What I know it's because the priced of bitcoin. But I reading your posts and other blog bitcoin transaction fee is too high. I supposed transaction fees is lower. We like bitcoin because it has a lower fees but nowadays, the fees are too high. I hope they fix it so that we enjoy the ride.
I will expect the transaction prices to go high as the prices of the coin go high as well. The transaction prices are also dependent on areas you are trading or agencies you trade with so you need to check the prices before you trade
What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
Yes bitcoin transaction fee increaseing day by day.I think bitcoin never reduce there fee because bitcoin user increased more and there transaction increased more.So best way to convert bitcoin other coin and stop to pay high tx fee will it change after adjustment since the transaction cost is being affected by the crazy price rise
If you are in the trading business, do you think changing bitcoin to doge, transfer doge and buy bitcoin again, is good to avoid fees?
In comparison to sites transaction cost, bitcoin is too high. So, the authority should consider the rate.
What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
will it change after adjustment since the transaction cost is being affected by the crazy price rise
Yah. Its too high. I had to spend .001 bitcoin for transaction. Transaction fees .001 bitcoin is too much though bitcoin price is high. But transaction fees differ between wallets. i had to go through the FAQs of few wallets. Coinbase wallets transactions fees are higher than any other wallets fees.
I think if the fee is too expensive does not matter, if it accelerate the delivery transactions, and certainly in every exchange or wallet that is used often too long to process the transfer of funds, I hope in the future all exchange and wallet can speed up all the process of sending funds in any case. .
The fees are just to high 
( . Even Trunks can't do something about this . But I have hope , cause bitcoin will calm down with this crazy price I'm sure.
( . Even Trunks can't do something about this . But I have hope , cause bitcoin will calm down with this crazy price I'm sure. What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
will it change after adjustment since the transaction cost is being affected by the crazy price rise
I also am very bothered about this. I cannot even touch my bitcoins in my wallet because it would cost me too much to even do just a single transaction. And it would be pretty stupid to do because if i did it, i would lose more than my investments. I wish improvements in the way of trasacting happens for bitcoin because it really is holding bitcoin down and hindering it from reaching its full potential.
As the value of bitcoin increase, I think the transaction fee also increases. But I still don't see the logic on it, how come price of sending bitcoin is much higher than before? Can anyone enlighten me?
I think that bitkoyn increasingly become not a means of payment but a means of accumulation (asset), digital gold. For payment, transactions there are dozens of other reliable and cheap payment methods. And as for the cost of the transaction, I do not think that it will be very much lower now, even despite the hype surrounding bitcoins, with the increase in its cost, the commission will grow. And translating something less than 100 will not be profitable. Plus, of course, the price of the commission is affected by the size of the membrane, the number of transactions waiting to be included in the block and the trend can be seen from the link below.
https://blockchain.info/ru/charts/mempool-size
https://blockchain.info/ru/charts/mempool-size
My observation is if user is sending BTC from their own wallet which have many small deposits are acquiring higher fees than regular transfer. As many Unspent/spent amounts seen in transaction. Smaller amount transfer with smaller unspents cost more fess due to size, weight, fee per byte and fee per weight unit. It impact on process of transaction verification, which is done by miners.
What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
will it change after adjustment since the transaction cost is being affected by the crazy price rise
I noticed when I wanted to send 10$. The cost was around $11 . Like, why the hell use it for daily activity? It's more like a burden...
What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
the price shouldn't be seen from the perspective of the dollar amount (or whatever you use) that is used for the transaction, but the satoshi / byte fee for the transaction. with the volatile price of bitcoin relative to fiat, this is the standard that keeps consistency and a quantitative, consistent metric to rate fees. that being said, the current recommended fee for a transaction seems to range around 380 satoshi per byte (as viewed on https://bitcoinfees.earn.com/ at the time of this post), which seems a tad higher than what i remember, not that i've really been keeping up with it. the fee will continually rise as the backlogged transactions increase, as people will place higher fees on their transaction to get them confirmed faster by the miners, who will prioritize transactions with higher fees (for obvious reasons, they get the reward for confirming them after all). it's a vicious cycle, and it won't really stop until the miners have had a chance to catch up to all the unconfirmed transactions on the network. will it change after adjustment since the transaction cost is being affected by the crazy price rise
I think it depends on which wallet we use, currently I use 3 online wallet Xapo, blockchain and coinbase, and Xapo is the highest cost of more than 220k satoshi, while the cheapest is the blockchain is no more than 20k satoshi.
If your wallet has high fee then yiur transaction will be confirmed faster some wallets have options to adjust the transaction fee but if you set lower fee then you to wait for too long.
But in this case it is not due to wallet it is happening all over the bitcoin world even blockchain has $14 fee for transating $100, normally the fee in blockchain will be $3.so you need to understand the fee will be higher if more number of pending transactions on blockchain network.
I think it depends on which wallet we use, currently I use 3 online wallet Xapo, blockchain and coinbase, and Xapo is the highest cost of more than 220k satoshi, while the cheapest is the blockchain is no more than 20k satoshi.
Bitcoin is getting so expensive that we send small fractions of Bitcoins and the fees is too large for very small amounts of Bitcoin. I think this is where altcoins can be helpful. Altcoins can be used for small transactions while Bitcoin could be used to move large sums of money. This way Bitcoin and several altcoins can exist at the same time. Kind of a symbiotic relationship and the miners can keep getting paid.
There is another side effect of high and rising transaction costs in bitcoin. When these costs rise in bitcoins as well as dollars as they did during the last couple of years, more and more wallets with small amounts get kind of locked. That is transaction fees become so high that it becomes impossible to move funds from such wallets, and the coins in these wallets are effectively lost for good, or at least till fees drop dramatically, which is an unlikely event.
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