Topic: Bitcoin transaction cost so high? Why? (Read 1222 times)
There seems to be some confusion about the fee. The mining fee is used by bitcoin owners to send. It varies with demand, but since it is competitive it trends toward the lowest profitable fee. If you are using a service to hold your coins you do not actually own any coins and the service can charge whatever they like. Yet another reason to run a node and own your coins.
Hello everyone 
So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?
7 euro is too much for a 24 euro transaction and i would like to ask on what wallet you are using? If you are using blockchain then theres an option on where you can able to edit or set up a particular fee. that 7 euro is way too high for a fee and going back on previous months the max fee did i see is between 2-4 usd which is already high, how much more on 7eur. This is one of the reasons why do people switch on alts like ETH less fees less confirmation times which what im doing as of now. So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?
Hello everyone So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?
Well this is what you have chosen. You may have gone for the highest transaction fee, it would be much better if you chose a minimum transaction fee and waited for some time to confirm the transaction. Anyway this could be learning for you and believe me learning is earning. So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?
I hope you will go for the minimum fees in the future. 
Without an increase in units this will not solve the problem and I don't care about what they think about the miners. If the transaction cost is reduced to minimum then bitcoin will die. Who's ready to lose all your money to the miners was good?
How can you claim such a thing? 6 months ago, transaction fees were very normal, but the miners were totally happy too. What changed during the time?
Why would it die if transactions fee is reduced to minimum? High fee mean fewer transactions and lower fee means more transactions and more transactions mean more user are coming and using, and more will come. Do the math and stop being dependent on mining income. Buy your own bitcoin and don't wait for the handouts. Look at the bigger picture and not just self serving act.
Without an increase in units this will not solve the problem and I don't care about what they think about the miners. If the transaction cost is reduced to minimum then bitcoin will die. Who's ready to lose all your money to the miners was good?
How can you claim such a thing? 6 months ago, transaction fees were very normal, but the miners were totally happy too. What changed during the time?
It is probably because bitcoins high price and congestion in the blockchain. In order to complete your order in the fastest way pay high if its not so priority pay low. Miners are no question that they are one the riches nowadays, lets see what happen after August 1 event if that problem can be addressed hopefully.
You could actually set your own customize miners fees in your bitcoin wallet when you are sending the transaction to the blockchain network, actually the miners fees have already been reduced a lot for the past few weeks, as the huge number of unconfirmed transaction stuck in blockchain is clearing out well recently.
Bitcoin is the crypto currency of the future and it was created primarily for large purposes, therefore, transactions are correspondingly high, but with the help of this currency one can earn very well.
Wasn't Bitcoin created for micro-transactions and that a transaction should cost only a few cents?
The tx fees has come down to normal levels now, so I do not know what wallet service you used. Some of these services are raping uniformed
users by not adjusting their fees to the current situation. You should give us more information to determine why your fees are that high. Yes,
Bitcoin can manage micro transactions very well under normal circumstances.. but for a while now, people with hidden agendas were spamming
the shit out of the network and this has lead to an increase in fees. SegWit will make these attacks a lot more expensive, so things are looking
much better for the future.
what was the transaction size? i doubt is really 7 euro and 7 euro is like 350k satoshi at the moment, which is like you are sending a TX of 1300 bytes, if really is true, try to use an accelerator next time
Since Op hasn't shown us his BTC transaction ID and I doubt that there is a company which is accepting bitcoin directly.So since some kind of bitcoin payment operator is included in this equation, the most likely scenario is that there was some kind additional fee associated with this TX.
Sometimes (way more often than you even think) there are multiple fees associated with sending money online.
Hello everyone So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?
yes i also wondering about this,have been so long not use bitcoin as payment,and when i do,its shocked,the fee was raised,in simple way i just found that bitcoin which transacted with many address will take more cost,it mean the fee will be larger,and also the amount of transaction also influence to fee of transaction,more large transaction take more fees. So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?
Hello everyone So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?
So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?Right, right now, we are all paying a very high premium for all bitcoin transactions, it's becoming a must-have charge. It is like the charge to maintain the current transaction, because bitcoin is having some small chunks, it can not meet the needs of the market.
Hello everyone So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?
When did you make your order because at the moment fees have extremely dipped and you should be able to enjoy low transaction fees . 7 euros high which is ~0.003344 BTC at the rate of 1BTC=2081 EUR which am finding hard to believe...Unless you were charged extra fees from your online store. So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?You are using an exchange to store and spend your BTC.?
If you use a wallet like mycelium then you wont be even paying half of that fees. Use economy level fees and your transaction will be fast enough.
Hello everyone So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?
When did you make your order because at the moment fees have extremely dipped and you should be able to enjoy low transaction fees . 7 euros high which is ~0.003344 BTC at the rate of 1BTC=2081 EUR which am finding hard to believe...Unless you were charged extra fees from your online store. So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?
the transaction fee for bitcoin is not high now 60 satoshis per byte can get confirmed within the next block try to custom transaction fee and set it to 60 - 70 satoshi/byte around 10k+ satoshi
Hello everyone So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?
So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?what was the transaction size? i doubt is really 7 euro and 7 euro is like 350k satoshi at the moment, which is like you are sending a TX of 1300 bytes, if really is true, try to use an accelerator next time
Try sending money another way. See what the fee is. Then explain why that service is not dead.
Hello everyone So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?
7 euro is too much for a 24 euro transaction and i would like to ask on what wallet you are using? If you are using blockchain then theres an option on where you can able to edit or set up a particular fee. that 7 euro is way too high for a fee and going back on previous months the max fee did i see is between 2-4 usd which is already high, how much more on 7eur. This is one of the reasons why do people switch on alts like ETH less fees less confirmation times which what im doing as of now. So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?Bitcoin rate now is 2k$+ That's reason why the fees is so high, every fees has been deceided by the Bitcoin network You can use coinbase I saw their fee very low
Not sure what fees you're exactly referring to, but Coinbase requires people to include a fee of +0.001BTC for external transactions. That's exactly the reason why you see a lot people complain. You can use coinbase I saw their fee very lowOther than that, the price definitely plays a role, but it is mainly related to the high level of spam going through the network at the time an attack takes place.
It might very well be coming from the side of the miners as they definitely have a motive. But that can also be said about the Bitcoin Unlimited side. Whatever it is, it significantly influences the fees.
Hello everyone So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?
7 euro is too much for a 24 euro transaction and i would like to ask on what wallet you are using? If you are using blockchain then theres an option on where you can able to edit or set up a particular fee. that 7 euro is way too high for a fee and going back on previous months the max fee did i see is between 2-4 usd which is already high, how much more on 7eur. This is one of the reasons why do people switch on alts like ETH less fees less confirmation times which what im doing as of now. So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?I would really like to see the transaction txid if possible. There hasn't really been too much congestion lately, so it might be possible that you overpaid, unless the transaction had a lot of inputs.
You should always check the proper amount of fees that you should pay instead of relying on your wallet to calculate the fees.
Some people have already mentioned this website, but I'll share it too:
https://bitcoinfees.21.co/
Always check there before sending your transaction.
You should always check the proper amount of fees that you should pay instead of relying on your wallet to calculate the fees.
Some people have already mentioned this website, but I'll share it too:
https://bitcoinfees.21.co/
Always check there before sending your transaction.
Yeah I would like to see OPs transactions as well.
Blocks aren't fully lately, the spamming has stopped.
Right now you can send txn for a low to normal fee size, depending on how urgent and what size your transaction is.
Of course the wallet someone uses plays a role as well.
Jump to: