Bitcoin transaction cost is too high - page 19.

TopT3ns

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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

for now maybe take it or leave it, Grin

transaction fee is depend on size. and for exchanger fee, you will not ask that question if bitcoin price not high like this. just accept it or use altcoin to reduce fee transaction

RockBar0

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$ 20 per transaction. for small transactions. The cost for each transaction is too high. It's hard to trade them.

wiser

legendary

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So far, the Bitcoin developers and miners cannot agree on a fork that would both increase the number of transactions a block can handle and reduce the transaction fees. That's one of the bugs, er... features, of being decentralized and leaderless. Some of the other altcoins I know are still decentralized but maintain a stronger leadership so as to actually make decisions like when and how to fork the coin to keep up with the technology.

sazon84

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Just yesterday, the monitor this issue and turned out it is cheaper to transfer via LTC and the transaction rate is high and the Commission came out cheaper than bitcoin. But if you need it in bitcoins, it is better not to save on the Commission, and to put her more. More chances that a transaction will be faster

HashieNewb

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Quote from: pri3oner on December 13, 2017, 01:15:27 PM

That problem with high fee does exist! 10$ per transaction is awful while sending low quantity of BTC. The solution is needed asap!!

It's not that high considering how much the price of the coin is. Bitcoin transactions can get spent with a small fee.

AshikurRahmanKhan16

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Yes, bitcoin transaction price is too high now. I wanted to withdraw some btc from cryptopia and i was shocked by seeing transaction fee. 20$ transaction fee! This is not normal. And now I just use myetherwallet for swap eth to btc or btc to eth. It is simple and transaction fee only 3-4$. So, you may try it.

senne

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Seriously, I can't even afford to lose so many coins just for transaction Bitcoin from one wallet to another. Congestion in the pool has raised transaction fees to another level now but despite that Bitcoin value is continuously rising without any stop. New Year is still far away either we are going to expect highest value of Bitcoin in it's history or drastic crash, possibility any of them is likely to happen any time soon.

andiko

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Of course it's unpleasant when you send $ 20 for example and half of it is spent on commissions. But soon this problem will be solved with the introduction of the Lighting Network

magle

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The developers behind bitcoin should really look into the transaction fees when they introduce fixes to the scalabity issues. Otherwise there is no point in comming up with a solution to scale, because it will never scale properly if the transaction fees are 30 USD or more, which is much higher than an international bank transfer.

pri3oner

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That problem with high fee does exist! 10$ per transaction is awful while sending low quantity of BTC. The solution is needed asap!!

fabioganga

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Although I agree that the price of the fee is too high, one mustn't forget that the value of Bitcoin against fiat currency has also gone up, hence the price rise.

I don't think it will be easy or even at all possible to lower the fees, it would require to quench the miners' greed some other way.

Harlot

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The reason why it looks high right now is because Bitcoin's price is now above 16000$ making it look high as the value of Bitcoin is expensive. But in terms of Bitcoin it has still remained the same. The network fees in Coinbase are around 70,000-85,000 which I normally see even before Bitcoin reached the price of 3,000$. I really hope that the implementation of the Lightning Network will improve the fees and transaction speed. Right now it is best not to use Bitcoin as a mode of payment.

Silverstone1111

newbie

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ya Bitcoin transaction fee is very high !!! I guess it will get low as the hype and the bull market gets over for a while. I transferred $360 of Bitcoin and the fee was $25 Undecided

I believe that is quite high.

giveen

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So what man i don't understand why even complain you all speculate and hope that btc becomes $20k $40k god knows what all weird amount and when it reaches that most of you regret for not purchasing earlier and start complaining about fees.

Increase in price will come at a cost and that is the fees if you are a penny holder go invest in alts btc isn't for you there are 100's of alts which have fast network and really low fees.

Quote from: thesmallgod on December 13, 2017, 10:53:55 AM

high transaction cost is normal and it is as a result of increasing rise in value of bitcoin. however i think online bitcoin wallet like coinbase and blockchain offer lower transaction cost than other desktop wallets like electrum. also the higher the transaction speed the higher the cost. high transction cost means less block and fast delivery while low transaction cost mean more blocks and lower delivery rate. so it all depend on choice.

You dumb online wallets will have higher fees because you don't have a option they want the speed to be a little faster with desktop wallet you can save a lot more.

johnwest

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I tried to send some 100$ in BTC to someone and the economy level fees on Mycelium is around 20$. Why will anyone use this kind of service in the future if it is like this.? I sent using ETH later on as it has much lower fees or even Waves has low fees.

worldofcoins

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yeah is high, because there is only 1mb per block allowed in the first place. So you have think every 10 minutes 1mb of data
is allowed. Its a swindling amount of data and also the miners will always pick the high Transaction fees so is like people are bidding against each other just send their bitcoins.

thesmallgod

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high transaction cost is normal and it is as a result of increasing rise in value of bitcoin. however i think online bitcoin wallet like coinbase and blockchain offer lower transaction cost than other desktop wallets like electrum. also the higher the transaction speed the higher the cost. high transction cost means less block and fast delivery while low transaction cost mean more blocks and lower delivery rate. so it all depend on choice.

reflector

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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

After last fork bitcoin transaction fees recovered somehow so after transaction are that harder to make and ethereum gas price also good in the every online wallet providers. But suddenly last week onwards gas price has been increased and most of the ethereum network transaction are delayed with the high fee as well.
I am using blockchain wallet I see the transaction fees is around 15 USD and little more for every transaction. This seems ridiculous by the wallet provider.

mobnepal

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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

Number of transaction is increasing and many of those transactions are being made by newbies who are only including very small fee which is not enough to make the transaction go through confirmation. This is increasing total number of unconfirmed transactions in mempool.

Many are paying high fees because they want to get faster confirmation when they are moving their coins in and out of exchange platforms, so those transactions are getting confirmation because of priority based on fee per byte.

Just wait for next few days when mempool will have less uncofirmed transactions fee will go down...

Track bitcoin fees at https://bitcoinfees.earn.com/

icanscript

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I think that the load on the network will not decrease. In time, it will even increase.
A comprehensive solution to this problem is needed

Topic: Bitcoin transaction cost is too high - page 19. (Read 3200 times)