Topic: Bitcoin Transaction Fee - page 2. (Read 785 times)

Yeah, I can imagine someone or someones felt they had to step in -- probably the couple of tests of 50k floors had them spooked. A week or two more of the situation would definitely have set off more panic but I'm still certain the diff adjustment would take care of things eventually (as is how the design foresees).

Short and medium term I do agree a lot of forces would feel there needs to be a fix. Can't get people waiting around days, never mind weeks, for services to pay up on fees.

I think the issues in regards to high fees have already been resolve. Yeah, I got my withdrawal transaction paying only less than $1, setting on the minimum pay, and finally, it arrives within the day.
That be possible that what happened to the miners in China has a huge impact to the fees. It takes almost 2 weeks which the fees are incredibly high, I have one transaction during that time and it cost $5 but I'm surprised that it never arrives in my wallet until such time that I need to increase it.

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It could really be disappointing but unfortunately, we have nothing to do and instead of complaining better to wait or to increase the fee.

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.

The point is, Bitcoin’s main value proposition is censorship-resistance, and to secure it in Bitcoin is for the Core developers to make decisions to make the network scale out/maintain decentralization. Because to overshoot security, is better for the future of the protocol than to increase transaction throughput and sacrfice decentralization.

The people/market believes so. Check the prices of Bitcoin, Bcash, and Bcash SV.

OP, fees are currently lower, and might keep going lower. Everyone should start planning their transactions accordingly.

There has been no difficulty adjustment and it couldn't have been one, this epoch will end somewhere next Sunday or around that date.

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

As a note, expect the mempool to go even lower till Monday morning (GMT) time, from now then there will be only increased till next weekend. A lot have postponed doing transactions for +100sat/b but they will gladly pay 50sat/b for it.



Mining resumed completely someone Thursday, combined with the weakened yeah it touched the 20sat/b wall, but it won't go lower, usually, we had even 5sat/b getting confirmed on Sundays but this won't be the case now, too much of a backlog. But if this ** would have gone for the entire 14 days it would have been pretty bad, no matter how you look at it it's a problem and it needs some magical fix sooner or later.

It looks like the difficulty level adjustment has been fixed and the transaction fee are gradually decreasing. Although when there was an increase in the transaction fee of my asset estimate decreased due to the price correction, so far the transaction fee did not appear to be burdensome enough. Due to personal needs, I was forced to have to move my bitcoin to an exchange at a fee of 41 sat/ byte yesterday although I seemed to be feeling a little rushed after knowing the transaction fee could drop lower today.

The current situation regarding the recommended bitcoin transaction fee at the time of writing.

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.

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!

Considering the recent surge of BTC Transaction Fees it's better avoid for now, if there have any chance we can minimize the transfer fees using another cryptocurrency such as Litecoin or Bitcoin Cash with lower charges. Higher fees arise basically when the blockchain is crowded. These fees may encourage the miners yet to be sure a major burden to those small transactions.

Nowadays it is widely agreed that Bitcoin is not very suitable for making small payments. But that said, the fee levels have come down drastically during the last 2-3 days. Now it is possible to get a confirmation in 2-3 hours, if you pay a fee of around $1 (~20 Sat/Byte). That makes sense, if your total amount is $20 or higher. But if you want to pay for a coffee or a burger, then I would recommend you to use an altcoin, such as Litecoin or Bitcoin Cash. BTW, don't try lower fee, if you don't have a lot of patience. For me, I am willing to wait for 3-4 hours to get a confirmation to my transaciton. But I understand that many of the users are not comfortable with waiting for so long. 

Wages are very low right now. If there are friends who have a job, they should not miss this opportunity. You can do the necessary operations cheaply.

we know you skilled a few lessons

ASICS do not touch transactions. dont calculate transactions. are not burdened by transactions
ASICS do the same job whether the block is full or empty.
transaction numbers mean nothing to asics

cost of mining is based on asic hardware and electric cost. NOT transactions

a tx complexity of validation is less than a couple miliseconds of one standard PC. so the 'cost' of computation is not even 1cent of electric.
if your electric is 6cents/kwh then a block of 2500tx is about couple seconds. so again not even 1 cent


again the transaction fee has no correlation to mining cost.

..
the fee is not about mining. its about auctioning space.
but instead of allowing more space to allow lower fee's
EG
1000tx at $2 =same as 4000tx at $0.50($2k=$2k)

the FAKE plan is 'we need to give more fee's to miners because the coin reward is depleting

again. allowing more transactions give this 'more fees' without stifling usage
the future should not be $4 average now $8 next halving $16next halving $32 next halving
it should be 2500 average tx now 5000tx next halving 10k tx next halving 20k tx next halving

and yes 4tb hard drive in will cover 2500tx (1mb) for 70 years
                                                    5000tx (2mb) for 35 years
                                                    10k tx(4mb) for 17 years
                                                    20k tx(8mb) for 8 years
a 4tb hard drive can handle 10k transactions a block for 17 years. by which time you would have upgraded your pc before then anyway. so its a non issue to cry that 10k transactions are too much

as for bandwidth
a ~ 500mb download a day(1-2node block repeat of 144 blocks + transactions)
=3.5mb every 10 minutes = .35mb a minute = 0.0058mb/s
even the most basic adsl offers more then that. it offers 0.5mb/s
so basic internet offers 100x more then download requirement to get blocks
(its why 12 years of data does not take 12 years. nor 1.2year. nor 1.5month)

as for uploading if your an open peer wanting to participate in the relay network.
average is ~10x that.. so still a 10x buffer..

meaning even on the most basic adsl connection. 8mb per 10min is not a problem
...

and please dont you even dare come back with a rebuttal that bitcoin is designed to work on a XP computer with 500gb hard drive. using dialup.. and saying anything above will kill the network
(as per your mantra in other topics)

.. the core devs have already said 4mb blocks are not a network killer. 4tb hard drives will not kill your debit card
ADSL wont break your twist dial oldy home phone
and devs have already said they will no longer support xp.vista aged systems

so knowing that bitcoin is supposed to function with windows 7+ computing,adsl(devs request) not XP, diaup(your 'conservative' lunacy request)
means you need to stop trying to say that bitcoin needs to be conservative to XP based hardware(per your other comments in other topics) because you beleive stifling(conserving outdated limits) is in bitcoins benefit

we already know that its not in bitcoins benefit. it makes less users want to use bitcoin.
less desire to use the blockchain is what will centralise the network more (common sense logic)
it only benefits the groups in control of sidechains and altcoins that can profit out of bitcoins limitations

again. realise that transaction counts per block do not affect the cost of mining.
if unsure get a ASIC and review its function. and realise transactions do not get processed by asics

in short
we should have moved to 5k plus average tx count per block 4 years ago and be at a 10k tx average block today.. meaning transactions should be ~2-4x less than now

Small transactions are the worst hit on this high fees problem, the other day I need to transfer $20 worth of btc and the transaction fee is about $10 - $11, very high and ridiculous charges imo,  how is it that 2 of the top project in crypto have high fee's whic scars  away people from it,

There’s simply an extreme lack of education about Bitcoin, and the blockchain and how they work. If the newbies knew how they work, just in the introductory level, I believe they would understand why Bitcoin is the way it is, or why the Core developers chose the design-decisions the way the did. It’s not simply “let’s make Bitcoin like BNB”.

The decision making power lies with the miners and they will not agree to lower fee. Why should they, when they are the biggest beneficiaries of such high transaction fee? If someone ask me what is the biggest disadvantage of Bitcoin, then I would say that the biggest negative is that only the miners are able to take the important decisions. 99.9% of the users have no say about the Block Size or other issues. And it's sad, because the high transaction fee has resulted in a lot of users moving towards shitcoins such as XRP and Dogecoin.

Bitcoin and Ethereum fees are very high these days. We are giving lots of money through their transactions. There should be charges with their fees.  Fees will down when market goes down. Bnb is great coin and their fees in very low. We hope bitcoin do same thing like bnb. We have very difficult time with bitcoin fees that's why something going to be changed for community support. Bitcoin fees should come 10000 Satoshi something.

always high bitcoin transection fee who controlling bitcoin please fix it ha ha ha ha 

I know, but you have to get used to it as it is what it is during the bull run, or during there's a panic as the blockchain is pretty much congested. This isn't permanent, let's wait until the market will settle down and we will see a normal fee again, for me $10 or more is not normal, so we have to see lower than that so transacting bitcoin would be affordable for everyone.

It's really annoying to see the fees reaching this high level. And we are not seeing this thing only for Bitcoin. Ethereum, Uniswap and Bitcoin are challenging against each other for the top place as far as I remember. This shouldn't be a problem in the future and people should be able to make their transactions comfortably (without paying high fees for even a small transaction). Transactions also take a long time when there is a high traffic on the network. It is another problem that should be solved.

We never know that let's just observe the market, its due for a correction and its' already happening now.
it could fall to $40k as nothing is impossible, but believe that it will bounce back.

read some : https://cointelegraph.com/news/bitcoin-price-relief-move-to-47k-pushes-btc-below-stock-to-flow-trajectory

I made a transaction, I paid 0.0003 btc or 15 usd for s single transaction, not worth for micro transactions.