Bitcoin Transaction Fee | Bitcointalksearch.org

skarais

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Quote from: Jordi129 on April 27, 2021, 12:57:20 PM

I am just waiting if the transaction fee could still go down so that I can withdraw my bitcoin.

Wait until the weekend, because usually transaction fee will down there.

So far I am quite happy with the many good answers and suggestion for bitcoin users to consider who feel the transaction fee are too high. Because this thread has up to 6 page, so to avoid repetitive post and discussion, I had to lock the thread. Thank you Wink

Jordi129

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Transaction fee is only 0.00008 and that is really far away from 0.001, I am just waiting if the transaction fee could still go down so that I can withdraw my bitcoin. I think the concept of lightening network will help solve the issues of fees in the near future, pending when he hat is deployed, we will keep at what comes and rely on devs to help remedy it with upgrades.

NelfiNovita

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In general, investors make bitcoin transactions by increasing their fees so that they are processed quickly because they don't like to wait long, on the other hand this has an impact on long queues for beginners who make bitcoin transactions at low fees. In my opinion, it is not easy to reduce bitcoin transaction fees because everyone is competing to pay dearly so that the transaction process is completed quickly.

iphone5s

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Quote from: Kelvinid on April 26, 2021, 08:53:36 AM

Quote from: iphone5s on April 26, 2021, 08:15:19 AM

Quote from: Dilerium90 on April 25, 2021, 01:27:05 PM

I can't longer remember the day I used bitcoin to send funds. It doesn't make sense now. There are many other cheap coins, the transaction of which will cost a fraction of a cent. I think the problem of introducing bitcoin as a payment instrument will be in the cost of the transaction.

The thing that makes people start getting confused about all this, it looks like we are investing in transaction fees instead of the coins. This will make new people who want to learn more will think twice about buying the coins they are going to invest. But I will be thinking a little how long it will end or every year will continue to surprise people.

I don't think it was confusing but this how these people are very concerned about the fees. If the fees are so high, this could impact their profit and instead of saving the cost, they'll be paying more.

It was just a few days that the fees are lowered down but if we take a look at it now, it will surprise you back as the fees started to move high again. The situation is going crazy and it feels that the miners are trying to take advantage of the hypes.

The decrease in transaction fees only lasted for a short time and it is true that you say that there has been an increase again which makes many people hesitate to make transactions. Do you think this will last long? will it get worse as transaction costs continue to grow? All of this starts to make no sense and only think of an advantage.

buwaytress

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Quote from: SaShiRaJaVu on April 26, 2021, 07:25:06 PM

Quote from: buwaytress on April 25, 2021, 01:03:02 PM

And the transaction finally got confirmed at 9.15 UTC, 25 April, block 60536. So in total just under 5 days for a 9-input spend, miners fee only 21 sats/byte. Ho hum, I was really waiting to see if it'd take a week but if this is the worst that can happen for a super-low urgency tx, then I'm really not worried at all.

Recommended 28 sats/byte now too. Feel a bit let down my experiment ended so soon, to be honest!

Thanks for the clarity as i was wondering how long it will take for normal transaction charges to get through which i was doing before the hash rate drop and since there was no clarity regarding that i never made any transactions because i am particularly keen about not sending more money as transaction charges and yet do not want to get stuck without knowing when it will get confirmed and i want to send the coins to gambling sites and if it does not confirm in a specific time period some of the sites will term them as double spent or cancelled transaction and it is a headache to sort that out.

There's never any real hard measure for it, everything is an estimation at the current network situation and some prediction thrown in. You don't always get a block every 10 minutes, you don't always get the same number of txs in a block, so fee estimations can very easily be over/under estimations in just a small period of time. Find an estimator you're comfortable with, over estimate fees if it's urgent. And use RBF in case you need to hasten txs (I know only of one service that doesn't like RBF (BitPay) and I'm ready to bet no casino would ever mark RBF as "bad").

Vishnu.Reang

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Activity: 1974

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The mining difficulty was adjusted a few days back and the transaction fee levels have once again gone back to the lower range. I checked block #680789, that was mined half an hour ago. Transactions with a fee of as low as 13 Sat/Byte got confirmed (which is equal to paying <$1 per transaction). Now I urge everyone to make use of this opportunity, to combine smaller outputs to a larger one. This will reduce the transaction fee in future, when the fee levels are high.

Jalinayr

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We don't want this much transaction fees right now, but I recommend if you are a trader use Cex exchangers rather than Uniswap or other Dex you can save money from fees doing that.

SaShiRaJaVu

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Quote from: buwaytress on April 25, 2021, 01:03:02 PM

And the transaction finally got confirmed at 9.15 UTC, 25 April, block 60536. So in total just under 5 days for a 9-input spend, miners fee only 21 sats/byte. Ho hum, I was really waiting to see if it'd take a week but if this is the worst that can happen for a super-low urgency tx, then I'm really not worried at all.

Recommended 28 sats/byte now too. Feel a bit let down my experiment ended so soon, to be honest!

Thanks for the clarity as i was wondering how long it will take for normal transaction charges to get through which i was doing before the hash rate drop and since there was no clarity regarding that i never made any transactions because i am particularly keen about not sending more money as transaction charges and yet do not want to get stuck without knowing when it will get confirmed and i want to send the coins to gambling sites and if it does not confirm in a specific time period some of the sites will term them as double spent or cancelled transaction and it is a headache to sort that out.

Lanatsa

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Quote from: dimonstration on April 26, 2021, 04:37:00 PM

Quote from: goldade on April 26, 2021, 05:30:22 AM

I believe the recent surge in the transaction fees of bitcoin is as a result of the miner's strike in China. This caused the transaction fees to increase tremendously.
However, just like many people already mentioned, the miner's have resumed and everything would return to normal.
I'm sure you're beginning to wonder if at this rate of high transaction fees, bitcoin would remain the number one currency for transactions. Well, you should know that this has been rectified and bitcoin would always remain the number one currency in the world.

Hopefully everything will went well, this past week the fees were too high to consider in doing transactions that there are times that I prefer to be at thrift mode than to do transaction due to fees. Im taking it into consideration before cashing out since its way too high and it somehow help me to save since I can stop myself from cashing out time to time and just hold btc. A cons and pros about this High fees.

You do really need some self-control in that case but on my side I don't really mind much as I can able to hold off my coins and just wait for the right time when the network
isn't clogged anymore for me to make out some transaction.

Its really currently a pain in the ass when you do make out some transfers where fees are on the roof.I cant just afford on paying up $10 or more on a single transaction.

So theres no other choice but for you to wait up for the right time.Some hours of this day where fees did really go down but it did rise up fast after
a couple or hours.

Tomiwa_akin

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Activity: 78

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using bitcoin now is very costly and anyone wants to use it must be ready to pay the high fees for faster transaction confirmation. it wont continue like that definitely just because of large transactions which need to be priotize base on fees. lightening network is a proxy solution to this. i hope it gets adopted soon.

dimonstration

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Dimon6969

Quote from: goldade on April 26, 2021, 05:30:22 AM

I believe the recent surge in the transaction fees of bitcoin is as a result of the miner's strike in China. This caused the transaction fees to increase tremendously.
However, just like many people already mentioned, the miner's have resumed and everything would return to normal.
I'm sure you're beginning to wonder if at this rate of high transaction fees, bitcoin would remain the number one currency for transactions. Well, you should know that this has been rectified and bitcoin would always remain the number one currency in the world.

Hopefully everything will went well, this past week the fees were too high to consider in doing transactions that there are times that I prefer to be at thrift mode than to do transaction due to fees. Im taking it into consideration before cashing out since its way too high and it somehow help me to save since I can stop myself from cashing out time to time and just hold btc. A cons and pros about this High fees.

MinoRaiola

legendary

Activity: 2086

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Bitcoin transaction fee is a matter of course for us. In some countries i hear more and more often that fees should be paid for the bank balance. Some call it negative interest. Imagine 0.5% per month you have to pay for your money in the bank or cash payout 1% ... hodl btc and pay the miner.

skarais

legendary

Activity: 2436

Merit: 2087

Quote from: sapnu on April 26, 2021, 11:01:42 AM

One effective way to transfer money from bitcoin to someone is through converting it on a certain cryptocurrency that has low transaction fee.

Of course this is an effective way to save on transaction fee, but it is of no use if you store your bitcoin in a personal wallet as you will still incur transaction fee when sending them to an exchange. The steps you suggest will be effective if your bitcoin are stored on an exchange. But remember, exchange are not secure wallet for storing your bitcoin in the long term.

Quote from: sapnu on April 26, 2021, 11:01:42 AM

If it would still be inconvenient, might as well wait till the money you are transferring is much higher so that the fee would atleast be worth the transaction.

As the price always fluctuating all the time, it is still possible to wait until it is even higher. But the good solution so far is to wait until the weekend as usually the transaction fee will naturally down.

Quote from: stompix on April 25, 2021, 04:44:18 PM

What happened was pretty simple:
- mining has resumed in China so we're back to ~144 blocks an hour
- weekend when usually he mempool is depleted naturally

The situation of China which has restarted mining must be a critical factor and that is good news.

sapnu

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Quote from: skarais on April 20, 2021, 02:41:32 PM

During April, I saw a tremendous increase in bitcoin transaction fee. I think there are enough people who want to make fast transaction that they are willing to pay miner more than usual. Quite a few people seem in a hurry to get their turn for confirmation in the next block, so anyone who wants to send a small transaction has to be patient for a longer turn. I hope the mempool can be cleaned up as soon as possible, but if the panic of trader and investor continues then maybe these expensive fee will last longer.

Here are some of the data I collect from https://privacypros.io/tools/bitcoin-fee-estimator/ about bitcoin transaction fee.

As we can observe, other than having a higher value right now, the individuals who gets involved in bitcoin is also improving. That can be one of the reason why the transaction fees became much higher than before. If you are just a small time bitcoin owner, it will bring you into disadvantage so you should somehow find a way on how you can make things work regardless of the situation. One effective way to transfer money from bitcoin to someone is through converting it on a certain cryptocurrency that has low transaction fee. If it would still be inconvenient, might as well wait till the money you are transferring is much higher so that the fee would atleast be worth the transaction.

Iranus

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Quote from: pinggoki on April 26, 2021, 09:37:23 AM

All of the things that you want to be an instant need a bribe and it is also works on bitcoin transactions. If you want to get a faster transaction then you must pay a huge or big transactional fee, but if you are willing to wait then probably you may avoid those large transaction fees but then remember if you always want fast and comfortable transactions then you may always choose to pay more transactional fees than waiting for so long. Always remember that.

In fact, the fee for a small amount of transaction seems a little higher. But if you think about the large amount, the transaction fee is very negligible. Bitcoin is now being used at the institutional level, being used to pay large amounts (for example, you can use Bitcoin to buy a TESLA car), and these transactions are being done through nominal transaction fees.
So at the present time using Lightning Network for micro payments is the only solution to this problem.

pinggoki

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All of the things that you want to be an instant need a bribe and it is also works on bitcoin transactions. If you want to get a faster transaction then you must pay a huge or big transactional fee, but if you are willing to wait then probably you may avoid those large transaction fees but then remember if you always want fast and comfortable transactions then you may always choose to pay more transactional fees than waiting for so long. Always remember that.

Kelvinid

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when lambo...

Quote from: iphone5s on April 26, 2021, 08:15:19 AM

Quote from: Dilerium90 on April 25, 2021, 01:27:05 PM

I can't longer remember the day I used bitcoin to send funds. It doesn't make sense now. There are many other cheap coins, the transaction of which will cost a fraction of a cent. I think the problem of introducing bitcoin as a payment instrument will be in the cost of the transaction.

The thing that makes people start getting confused about all this, it looks like we are investing in transaction fees instead of the coins. This will make new people who want to learn more will think twice about buying the coins they are going to invest. But I will be thinking a little how long it will end or every year will continue to surprise people.

I don't think it was confusing but this how these people are very concerned about the fees. If the fees are so high, this could impact their profit and instead of saving the cost, they'll be paying more.

It was just a few days that the fees are lowered down but if we take a look at it now, it will surprise you back as the fees started to move high again. The situation is going crazy and it feels that the miners are trying to take advantage of the hypes.

iphone5s

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Quote from: Dilerium90 on April 25, 2021, 01:27:05 PM

I can't longer remember the day I used bitcoin to send funds. It doesn't make sense now. There are many other cheap coins, the transaction of which will cost a fraction of a cent. I think the problem of introducing bitcoin as a payment instrument will be in the cost of the transaction.

The thing that makes people start getting confused about all this, it looks like we are investing in transaction fees instead of the coins. This will make new people who want to learn more will think twice about buying the coins they are going to invest. But I will be thinking a little how long it will end or every year will continue to surprise people.

Oasisman

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Rollbit

Quote from: blckhawk on April 26, 2021, 07:14:47 AM

Quote from: goldade on April 26, 2021, 05:30:22 AM

I believe the recent surge in the transaction fees of bitcoin is as a result of the miner's strike in China. This caused the transaction fees to increase tremendously.
However, just like many people already mentioned, the miner's have resumed and everything would return to normal.
I'm sure you're beginning to wonder if at this rate of high transaction fees, bitcoin would remain the number one currency for transactions. Well, you should know that this has been rectified and bitcoin would always remain the number one currency in the world.

There's no doubt it was the main reason why Bitcoin transaction fees soar high. I just recently check if everything goes back to normal back it seems not, yes much lower compared before but for me, it was still too high.
If it was really true that everything goes back to normal and the mining was now resumed, I assume that it would take a more couple of days before the fees go back to normal because right now it is still expensive. Perhaps I will just hold it for a moment until it became low.

Well, the tx fees kinda back to normal (considered as normal during these times) I was scanning at the mempool yesterday and I even saw a 20+sat/byte at one point. Currently we're at 30sat/byte. Not that high really because you can set your fees lower than 30sats and gets confirmed not more than 30 mins. If you're not on a rush.
Infact, I recently had a 13sat/byte transaction earlier today and got confirmed not exceeding 30mins. Not really high.

blckhawk

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Quote from: goldade on April 26, 2021, 05:30:22 AM

I believe the recent surge in the transaction fees of bitcoin is as a result of the miner's strike in China. This caused the transaction fees to increase tremendously.
However, just like many people already mentioned, the miner's have resumed and everything would return to normal.
I'm sure you're beginning to wonder if at this rate of high transaction fees, bitcoin would remain the number one currency for transactions. Well, you should know that this has been rectified and bitcoin would always remain the number one currency in the world.

There's no doubt it was the main reason why Bitcoin transaction fees soar high. I just recently check if everything goes back to normal back it seems not, yes much lower compared before but for me, it was still too high.
If it was really true that everything goes back to normal and the mining was now resumed, I assume that it would take a more couple of days before the fees go back to normal because right now it is still expensive. Perhaps I will just hold it for a moment until it became low.

Topic: Bitcoin Transaction Fee (Read 785 times)