bitcoin transaction fees rising ? - page 3.

joseafonso123az

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Quote from: Pursuer on August 14, 2017, 01:06:09 AM

when SegWit support reached about 100% the spam attack stopped and mempool started to become empty again (for a couple of days it went up again but it is now empty once more). and when it is empty the transaction fees become lower because there is no more "competition" or as some call it the fee wars Cheesy

Quote from: joseafonso123az on August 13, 2017, 04:37:20 PM

Will this give an upper hand to bitcoin cash to increase it's value, as it looks like their transaction fees are lower ?

bitcoin cash blocks are empty even though they are mined rarely!
last time I checked it was 1 or 2 blocks per hour and each about 200 or 300 kB only!

and just like any other altcoin (like Dogecoin for example) when the usage and price is low the fees will also be low.

Hopefully the wars in the transaction field is something to be looked out for the bitcoin users, and try to make it more smooth and with decent fees for the users. The mempool can get again full, and we get this strange and high transaction fees.

rodel caling

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Quote from: joseafonso123az on August 13, 2017, 04:37:20 PM

With the growth of bitcoin value to 4000$ bitcoin is establishing themselves as one of the most wanted cryptocurrencies. While this is good as the demand will make it's price increase, I am thinking of what may happen to the transaction fees ? They seem to grow proportionally because the miners are taking advantage of the numerous transactions happening, and they select the ones that have a higher transaction fee.

Will these continue rising ?
How can this be solved without affecting deeply bitcoin?
Will this give an upper hand to bitcoin cash to increase it's value, as it looks like their transaction fees are lower ?

everything in this world if the thing is indemand or popular price will be increasing, the bitcoin now is very popular and keep inceasing the price you need expect the transaction fees are increase due to the popularization of bitcoin in the crypto currencies thats only my opinion about this topic, thank you.

Denker

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Maybe another spam attack.
Bitcoin is rising to new highs every week. I could definitely imagine a few people who doesn't like to see this and therefore spamming the network to make it frustrating especially for the newbies entering this space and buying their first bitcoins.

lovesybitz

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Will this give an upper hand to bitcoin cash to increase it's value, as it looks like their transaction fees are lower ?
- Bitcoin cash or BCH now is in the process of promoting their coins, that's why they're doing everything for it to make their value get higher.
But because of the support is not enough to make the demand for BCH will increase. The flow was too slow, though their transaction for their client is too low only.

Razick

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The other day I paid something like 60 satoshis per byte to get my transaction through (that was the recommended minimum on Blockchain.info and today it was double that so I would have to second this that fees are going up a lot.

I hope there is a solution to this increasing fee problem because I do not fancy paying 3-5% for transactions that take up to an hour to process...

bluefirecorp

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Quote from: DoublerHunter on August 14, 2017, 02:06:27 AM

It is normal to see that the bitcoin transaction fees are also rising aside from the price of its own because the demand is getting bigger and bigger and the network needs a lot more work from the miners and the only thing that can get more miners is to give them higher rewards so bitcoin can attract more machine to support and sustain its network.

Not so near but exact on the target! This explains everything and fixes all sort of question I had in my mind regarding fee for transactions. How could I not figure it out earlier? With the increase in price and users, the burden must have increased and that is why the transaction fees have also a stirred up.

PacePay

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Quote from: pooya87 on August 13, 2017, 10:20:31 PM

the block size is limited and will always be limited, no matter to what number.
as it fills up, whether it is because of adoption and more real transactions or spam attack or a combination of both, some transactions will be left out. they will end up paying higher fees to compete for that limited space so fees will go up.
so unless you can do something about that space and eliminate it completely i don't see any other way of reducing fees for long term not just temporarily.

In the past it was possible to get a transaction without any conformed fees if the inputs and the out puts had a high a high priority and followed some rules and in 2017 the free transaction is still nearly possible if you don’t care and you don’t want a fast transaction because if you cannot pay the high transaction fees then you can go through free transaction but it will be slow to conform it will take a few hours or may be the whole day.

DoublerHunter

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It is normal to see that the bitcoin transaction fees are also rising aside from the price of its own because the demand is getting bigger and bigger and the network needs a lot more work from the miners and the only thing that can get more miners is to give them higher rewards so bitcoin can attract more machine to support and sustain its network.

michellee

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Quote from: joseafonso123az on August 13, 2017, 04:37:20 PM

With the growth of bitcoin value to 4000$ bitcoin is establishing themselves as one of the most wanted cryptocurrencies. While this is good as the demand will make it's price increase, I am thinking of what may happen to the transaction fees ? They seem to grow proportionally because the miners are taking advantage of the numerous transactions happening, and they select the ones that have a higher transaction fee.

Will these continue rising ?
How can this be solved without affecting deeply bitcoin?
Will this give an upper hand to bitcoin cash to increase it's value, as it looks like their transaction fees are lower ?

I think transaction fee will be lower because I see in my mycelium the fee is not too high but in exchanges still using high fee for transactions. the price will keep rising as we know many people is interesting with bitcoin now and they start to buy and sell and this makes the price is up. the rest question, I am not sure and I need to find another source to find the answer.

Pursuer

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Where is my ring of blades...

when SegWit support reached about 100% the spam attack stopped and mempool started to become empty again (for a couple of days it went up again but it is now empty once more). and when it is empty the transaction fees become lower because there is no more "competition" or as some call it the fee wars Cheesy

Quote from: joseafonso123az on August 13, 2017, 04:37:20 PM

Will this give an upper hand to bitcoin cash to increase it's value, as it looks like their transaction fees are lower ?

bitcoin cash blocks are empty even though they are mined rarely!
last time I checked it was 1 or 2 blocks per hour and each about 200 or 300 kB only!

and just like any other altcoin (like Dogecoin for example) when the usage and price is low the fees will also be low.

Nicol3

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It is ridiculous but they made it as a business so if Bitcoin price goes higher then usually some wallets adjust the fees too depending on the value of bitcoin currently.

An0nyMoose

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They should be a lot lower now than they were a couple months ago. It was absolutely ridiculous.

HabBear

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Quote from: joseafonso123az on August 13, 2017, 04:37:20 PM

Will this give an upper hand to bitcoin cash to increase it's value,

That is possible.

Quote from: joseafonso123az on August 13, 2017, 04:37:20 PM

as it looks like their transaction fees are lower ?

BCH have a lower fees on their transaction but they need a lot of support from miners to make a BCH transaction faster
[/quote]

Bitcoin Cash also takes days to confirm a transaction.

Instead of Bitcoin Cash, if you want lower fees consider other currencies - Litecoin comes to mind immediately.

Good questions, hopefully segwit2x improves the fee situation with minimal negative consequences. Good luck to you!

pooya87

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the block size is limited and will always be limited, no matter to what number.
as it fills up, whether it is because of adoption and more real transactions or spam attack or a combination of both, some transactions will be left out. they will end up paying higher fees to compete for that limited space so fees will go up.
so unless you can do something about that space and eliminate it completely i don't see any other way of reducing fees for long term not just temporarily.

Jannn

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Quote from: joseafonso123az on August 13, 2017, 04:37:20 PM

Will these continue rising ?

That is possible if segwit failed to do it.

Quote from: joseafonso123az on August 13, 2017, 04:37:20 PM

How can this be solved without affecting deeply bitcoin?

The bitcoin core team update the Bitcoin code by a soft fork that happen in last August 1 for preparation of segwit2x.

Quote from: joseafonso123az on August 13, 2017, 04:37:20 PM

Will this give an upper hand to bitcoin cash to increase it's value,

That is possible.

Quote from: joseafonso123az on August 13, 2017, 04:37:20 PM

as it looks like their transaction fees are lower ?

BCH have a lower fees on their transaction but they need a lot of support from miners to make a BCH transaction faster

joseafonso123az

sr. member

Activity: 476

Merit: 250

With the growth of bitcoin value to 4000$ bitcoin is establishing themselves as one of the most wanted cryptocurrencies. While this is good as the demand will make it's price increase, I am thinking of what may happen to the transaction fees ? They seem to grow proportionally because the miners are taking advantage of the numerous transactions happening, and they select the ones that have a higher transaction fee.

Will these continue rising ?
How can this be solved without affecting deeply bitcoin?
Will this give an upper hand to bitcoin cash to increase it's value, as it looks like their transaction fees are lower ?

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