bitcoin transaction fees has put me out of business

loverets45

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Quote from: Oasisman on September 11, 2018, 06:05:27 PM

That time during the OP posted this was on December 2017, and I have to agree that the tx fees was ridiculously high that time. I remember transfering $30 from electrum to my local bitcoin wallet, I spent $53 including the tx fee for the transfer. I was very frustrated due to the fact that I have to hold it during bullish market, coz If I force to transfer everything I might lose a huge chunk. I guess there was a congestion to the network that causes a high tx fees as a result of the unprecedented rise of Bitcoin.

For someone who has probably been an international business person, transferring money or funds globally is usually a challenge. As much as the fee was high during the December period, it is still not as bad as some people are painting it when it comes to making transactions across the border while using the banks. So, to say to the extent of putting one out of business is more like an exaggerated topic to me as far as I am concerned.

At least, we are back to sanity anyway and I believe since the same fee allegedly put some people out of business, they simply should be using the current fees to get back into business.

Oasisman

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That time during the OP posted this was on December 2017, and I have to agree that the tx fees was ridiculously high that time. I remember transfering $30 from electrum to my local bitcoin wallet, I spent $53 including the tx fee for the transfer. I was very frustrated due to the fact that I have to hold it during bullish market, coz If I force to transfer everything I might lose a huge chunk. I guess there was a congestion to the network that causes a high tx fees as a result of the unprecedented rise of Bitcoin.

Hannahanto

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I have an experience. When the price was so high, the transaction fees were so high that my 20 percent of earning went in air. The transaction almost cost .002 btc whih is really too high. Current rate is so genuine and very less as well as the values of each coin is less and the number of transactions occur is less. This is another reason for charges being very less.

shoreno

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Quote from: Meowth05 on September 10, 2018, 10:41:35 PM

Quote from: Bernardo lewanusa on September 06, 2018, 10:30:35 AM

Quote from: Hopetruel on September 06, 2018, 10:11:15 AM

Quote from: Hannahanto on September 04, 2018, 02:42:12 PM

Currently the fees seems to be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.

Transaction fees are huge if you have no way to reduce this amount, it will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.

It will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.

Indeed, having a high transaction fees has big impact on our profit. All of your earnings could be senseless if the huge part of it goes only on fees. Besided, most of coins are in bad shape, I hope these hideous stuff must terminate.

transaction fees will also depend on the platform that you are using when doing trades , therfor you cant just blame the coin directly because its not their fault on why you'v been charge unreasonable fees . infact most of the coins right now ( including bitcoin ) are now have reduced thier fees because their current value have also decreased .

Meowth05

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Quote from: Bernardo lewanusa on September 06, 2018, 10:30:35 AM

Quote from: Hopetruel on September 06, 2018, 10:11:15 AM

Quote from: Hannahanto on September 04, 2018, 02:42:12 PM

Currently the fees seems to be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.

Transaction fees are huge if you have no way to reduce this amount, it will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.

It will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.

Indeed, having a high transaction fees has big impact on our profit. All of your earnings could be senseless if the huge part of it goes only on fees. Besided, most of coins are in bad shape, I hope these hideous stuff must terminate.

Aleh777

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I faced this issue earlier in January, February 2018. The price of bitcoin and other altcoins were so high and there were huge transactions lined up and congested, the wallet and exchange providers charged with high fees. This is the time i faced even .002 btc as a transaction fees when i had to transact earlier February 2018. Current transaction rate has come down and i don't see any issues pertaining transaction fees now.

Hannahanto

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Quote from: Fideend on September 10, 2018, 03:28:19 AM

Quote from: doanlang on September 04, 2018, 12:48:44 PM

Condolence for your loss. Actually Bitcoin transaction fees are very expensive, we can not do anything about it unless people do not use Bitcoin anymore. This makes the business do not want to do business with Bitcoin.

At the moment, it is not expensive and when there is network congestion, it is normal for any coin to really hit a high transaction fee stage in a short time.

Take a look at Ethereum and the whole thing with cryptokitties, this really congested the network and then made a lot of people to start complaining as well about the high fees, but it is one of those things. Over time, I believe things would change once we eventually are able to find a scaling solution.

Yah, I do not see any wallets or exchanges charging more on transactions. We truly faced this issue in December 2017 and in January 2018 as every crypto currency's value spike up to its peak. As the network was so congested, there was a need to charge more fees. This is the time for the wallet and exchange providers to gain profits. I do not think there is anything wrong in charging more transaction fees when you have lump of profits on your earnings.

Fideend

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Quote from: doanlang on September 04, 2018, 12:48:44 PM

Condolence for your loss. Actually Bitcoin transaction fees are very expensive, we can not do anything about it unless people do not use Bitcoin anymore. This makes the business do not want to do business with Bitcoin.

At the moment, it is not expensive and when there is network congestion, it is normal for any coin to really hit a high transaction fee stage in a short time.

Take a look at Ethereum and the whole thing with cryptokitties, this really congested the network and then made a lot of people to start complaining as well about the high fees, but it is one of those things. Over time, I believe things would change once we eventually are able to find a scaling solution.

eekkaa

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I think the transaction costs incurred for this time are very light and very cheap because the conditions of bitcoin transactions are not crowded, making the cost very cheap, but when the conditions are crowded and the shipping costs are very expensive it is very terrible.

Tokoyami

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Quote from: frostmourne0311 on September 06, 2018, 12:44:12 PM

Quote from: Hopetruel on September 06, 2018, 10:11:15 AM

Quote from: Hannahanto on September 04, 2018, 02:42:12 PM

Currently the fees seems to be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.

Transaction fees are huge if you have no way to reduce this amount, it will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.

The transaction fees of course will affect the traders' profit, but they have no choice since BTC now is the biggest coin.

From cost of electricity to cost of mining hardware. Mining rigs are now too huge this is due to competition in the market. So tx fee increasing is to the benefits of the miners.

Landakhitam

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Quote from: frostmourne0311 on September 06, 2018, 12:44:12 PM

Quote from: Hopetruel on September 06, 2018, 10:11:15 AM

Quote from: Hannahanto on September 04, 2018, 02:42:12 PM

Currently the fees seems to be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.

Transaction fees are huge if you have no way to reduce this amount, it will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.

The transaction fees of course will affect the traders' profit, but they have no choice since BTC now is the biggest coin.

If you send with low gas you will that the transaction may deliver the next day. Besides, if you really main business and you are ready for it trade all you asset in ETH and also use ETH transaction. ETH have a low gas transaction.

frostmourne0311

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Quote from: Hopetruel on September 06, 2018, 10:11:15 AM

Quote from: Hannahanto on September 04, 2018, 02:42:12 PM

Currently the fees seems to be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.

Transaction fees are huge if you have no way to reduce this amount, it will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.

The transaction fees of course will affect the traders' profit, but they have no choice since BTC now is the biggest coin.

Bernardo lewanusa

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Quote from: Hopetruel on September 06, 2018, 10:11:15 AM

Quote from: Hannahanto on September 04, 2018, 02:42:12 PM

Currently the fees seems to be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.

Transaction fees are huge if you have no way to reduce this amount, it will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.

It will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.

Hopetruel

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Quote from: Hannahanto on September 04, 2018, 02:42:12 PM

Currently the fees seems to be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.

Transaction fees are huge if you have no way to reduce this amount, it will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.

Bokugo

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Quote from: wuvdoll on September 06, 2018, 03:36:15 AM

Quote from: frostmourne0311 on September 04, 2018, 12:28:51 PM

Quote from: fanBit101 on August 30, 2018, 05:03:40 AM

Many people have complained about bitcoin's transaction fees. Actually, it is the cost needed to provide the miners. They have invested and spent a lot of money on the operation (including the huge cost of power consumption). Compared to the construction process from the mining. I think they also have difficulties.

But do you think when it's too high, everyone will not want to make transaction with BTC?

It cannot be too high and this is the reason why the scaling debate has been a heated and ongoing one for a very long time now.
At least, during the time when the transactions fees peaked, a lot of people were still making use of it and even despite the complaints.

The thing is when there are a huge number of transactions; this is bound to happen, so the only thing we can hope for is to find a proper scaling solution. I believe even during this period of high fees, it is still a lot better than other methods of payment. except that at some point, for business sake, I had to switch to LTC and ETH.

You can also opt for low-cost exchanges such as Binance and Kucoin for trading purposes to reduce transaction costs because these exchanges have very low fees.
The transaction fee is huge if you do not have a way to reduce this amount.

wuvdoll

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Quote from: frostmourne0311 on September 04, 2018, 12:28:51 PM

Quote from: fanBit101 on August 30, 2018, 05:03:40 AM

Many people have complained about bitcoin's transaction fees. Actually, it is the cost needed to provide the miners. They have invested and spent a lot of money on the operation (including the huge cost of power consumption). Compared to the construction process from the mining. I think they also have difficulties.

But do you think when it's too high, everyone will not want to make transaction with BTC?

It cannot be too high and this is the reason why the scaling debate has been a heated and ongoing one for a very long time now.
At least, during the time when the transactions fees peaked, a lot of people were still making use of it and even despite the complaints.

The thing is when there are a huge number of transactions; this is bound to happen, so the only thing we can hope for is to find a proper scaling solution. I believe even during this period of high fees, it is still a lot better than other methods of payment. except that at some point, for business sake, I had to switch to LTC and ETH.

Hannahanto

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Currently the fees seems to be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.

doanlang

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Condolence for your loss. Actually Bitcoin transaction fees are very expensive, we can not do anything about it unless people do not use Bitcoin anymore. This makes the business do not want to do business with Bitcoin.

frostmourne0311

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Quote from: fanBit101 on August 30, 2018, 05:03:40 AM

Many people have complained about bitcoin's transaction fees. Actually, it is the cost needed to provide the miners. They have invested and spent a lot of money on the operation (including the huge cost of power consumption). Compared to the construction process from the mining. I think they also have difficulties.

But do you think when it's too high, everyone will not want to make transaction with BTC?

fanBit101

newbie

Activity: 228

Merit: 0

Many people have complained about bitcoin's transaction fees. Actually, it is the cost needed to provide the miners. They have invested and spent a lot of money on the operation (including the huge cost of power consumption). Compared to the construction process from the mining. I think they also have difficulties.

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