Topic: Bitcoin Transaction Fee is Expensive !!! (Read 3042 times)
True. Tx fees are more noticeable on smaller transactions. And it also depends on what you use to send. There are fees that go around 400sat/byte and there are also those that confirm within the hour with just less than 100sat/byte. Hope it doesn't spike up again.
Two business and general transaction fees are not the same, you can see this for yourself if you send coin from a 'normal' wallet. Fees will always be there, and will get more so as the user base builds (at the massive rate it is now).
I think as it stands today, only those who are making heavy transaction benefit from it, those making micro payments tend to suffer. The problem of the unstable value of bitcoins affects all.
But today the transaction fees has gone almost 70% down and it is fast also, so i dont think that now their should be any problem in micro transactions.
I just checked and found out that transferring bitcoin is bloody expensive ! For reference, am just quoting the details of my first transaction which I did just to check how everything goes...
Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133 3.86 usd
Transaction fee: 0.00024535 which is approx 1.13 usd
22% transaction cost!
this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.
i guess theses days the transaction fees went down low after the price drop of bitcoin and i see many people also complaining that the transaction are a lot faster with a cheap fees its maybe because most bitcoin users dont sell often these days and blockchain network is not yet congested or traffic. and i think other reason to this is the banning of china.
I just checked and found out that transferring bitcoin is bloody expensive ! For reference, am just quoting the details of my first transaction which I did just to check how everything goes...
Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133 3.86 usd
Transaction fee: 0.00024535 which is approx 1.13 usd
22% transaction cost!
this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.
i guess theses days the transaction fees went down low after the price drop of bitcoin and i see many people also complaining that the transaction are a lot faster with a cheap fees its maybe because most bitcoin users dont sell often these days and blockchain network is not yet congested or traffic. and i think other reason to this is the banning of china.
I think as it stands today, only those who are making heavy transaction benefit from it, those making micro payments tend to suffer. The problem of the unstable value of bitcoins affects all.
But today the transaction fees has gone almost 70% down and it is fast also, so i dont think that now their should be any problem in micro transactions.
I think as it stands today, only those who are making heavy transaction benefit from it, those making micro payments tend to suffer. The problem of the unstable value of bitcoins affects all.
I just checked and found out that transferring bitcoin is bloody expensive ! For reference, am just quoting the details of my first transaction which I did just to check how everything goes...
Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133 3.86 usd
Transaction fee: 0.00024535 which is approx 1.13 usd
22% transaction cost!
this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.
I just checked and found out that transferring bitcoin is bloody expensive ! For reference, am just quoting the details of my first transaction which I did just to check how everything goes...
Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133 3.86 usd
Transaction fee: 0.00024535 which is approx 1.13 usd
22% transaction cost!
this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.
its because the bitcoins value is high that time , but look at today and the last days as you can see the bitcoin transaction fees are pretty much low because bitcoins value has dropped so in short the transaction fees usually depends on how much the current value of bitcoin is. and also the more bitcoins you send is equals to much expensive transaction fees. for me its not really a big deal and its pretty normal, its just a part of the game.
I just checked and found out that transferring bitcoin is bloody expensive ! For reference, am just quoting the details of my first transaction which I did just to check how everything goes...
Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133 3.86 usd
Transaction fee: 0.00024535 which is approx 1.13 usd
22% transaction cost!
this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.
I just checked and found out that transferring bitcoin is bloody expensive ! For reference, am just quoting the details of my first transaction which I did just to check how everything goes...
Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133 3.86 usd
Transaction fee: 0.00024535 which is approx 1.13 usd
22% transaction cost!
this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.
I just checked and found out that transferring bitcoin is bloody expensive ! For reference, am just quoting the details of my first transaction which I did just to check how everything goes...
Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133 3.86 usd
Transaction fee: 0.00024535 which is approx 1.13 usd
22% transaction cost!
this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.
I think you need to read more about how things work in this crypto world of Bitcoin.
That fee is charged by local bitcoins, not by the network. They might said is the cost of the transfer which is fine, but it happens that they might set the transfer fee too high for the amount you are sending. That is called bad management of fee. Nowadays there are a lot of procedures to calculate the fee adequately but most of the services out there wont use them
maybe its just normal like other agencies fee is so expensive,its there way of business anyway 
It really sucks that its so expensive these days. I try to keep the BTC txes to a minimum. Its almost more worth to exchange BTC to another coin, send coin and then convert back to BTC if you are transferring between exchanges atleast.
Your only option is finding a wallet that charges you less to almost none whenever you buy bitcoins. Weeks ago I tried using an Abra wallet where I paid about 1 percent teller fees. I then moved the funds to Bittrex which costs nothing. I was surprised looking at an amount similar to what I've sent using the Abra app. The really down moment was it took mo almost 24 hours to receive the funds in Bittrex because of heavy traffic in the blockchain, my friends were able to receive the funds more or less 30 minutes though when they tried to transfer the funds.
Compared to the power that is needed to keep the network of Bitcoin alive it are normal transaction fees. For shopping or like paying a drink I would not recommend Bitcoin. I do feel Bitcoin should evolve to the point that it is possible. Currently, I do most quick transactions with litecoin if I want to pay someone. Even if the transactions fees were low now the network could not handle the higher transactions happening on the network in the first place. Visa level would not be even possible. I am curious how they wanna solve that in the coming years to come.
it will be back to normal after segwit addresses are activated.
i tried to send with 0,03$ fee and it get confirmation in 10 minute with segwit address.
i tried to send with 0,03$ fee and it get confirmation in 10 minute with segwit address.
I just checked and found out that transferring bitcoin is bloody expensive ! For reference, am just quoting the details of my first transaction which I did just to check how everything goes...
Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133 3.86 usd
Transaction fee: 0.00024535 which is approx 1.13 usd
22% transaction cost!
this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.
Agreed! It just seems these exchanges are making some good money while we are playing with the coin market:)
Don't you remember when a dime bag used to cost a dime?
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