Blockchain transaction fee just got doubled

DarkStar_

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Quote from: mobnepal on December 24, 2015, 04:00:12 AM

Did anybody noticed blockchain now charge 20000 satoshi instead of 10000 for transaction done as quick send.
Is this necessary before block halving ?

Blockchain's quick send automatically picks the fee based on the size of your transaction.
Use custom, so you only have to pay the 10k sats.

sakinaka

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It's still very very low compared to other payment methods. Anyway you can set your custom fee still.

coinzat

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Quote from: Omikifuse on December 26, 2015, 04:21:15 PM

I have a transaction with high priority and 0.0001 fee that is stuck for some time, I think the doubled fee is a serious thing now

Nowadays, if you are in a hurry and you want your transaction to get confirmed quickly, you have to pay high fees.
For me, I'm OK with waiting for an hour to get confirmed with paying the normal fees

Omikifuse

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I have a transaction with high priority and 0.0001 fee that is stuck for some time, I think the doubled fee is a serious thing now

Outlander

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Quote from: elite3000 on December 25, 2015, 05:49:20 PM

Just go to 'personalized' and do the transaction and use the old 0.0001 fee/kb. Your transactions won't be delayed

Yes, we can do it if you are sure the tx priority is higher than standard. Then you should have no problem to get the tx confirmed in the next few blocks.

elite3000

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Just go to 'personalized' and do the transaction and use the old 0.0001 fee/kb. Your transactions won't be delayed

gentlemand

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I'm usually pretty stingy with my Mycelium fees but I'm never in any hurry anyway. I've never had any type of delay. I guess the blockchain likes me.

redsn0w

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Right now, the estimate fee :

- 0.00044332 BTC 1 block
- 0.00022647 BTC 2 blocks
- 0.00012528 BTC 6 blocks
- 0.00010451 BTC 12 blocks
- 0.00007068 BTC 25 blocks

ThunderThomas

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Quote from: worhiper_-_ on December 25, 2015, 07:42:42 AM

Welp, that's what happens when the blockchain gets stressed with many transactions per second. Sadly bitcoin can not handle large volumes of transactions but what we're seeing now is the fee market in action handling that issue effectively. It times of stress spammers are charged more and more as they push things.

An incraese is never good, but if we can hold of spammers this, then sure no problem with an extra fee. Remember it's just 4 cent extra.
That's nothing compared to the fact we hold of spammers or a bigger part of spam transactions.

worhiper_-_

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Welp, that's what happens when the blockchain gets stressed with many transactions per second. Sadly bitcoin can not handle large volumes of transactions but what we're seeing now is the fee market in action handling that issue effectively. It times of stress spammers are charged more and more as they push things.

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Quote from: teddy5145 on December 25, 2015, 07:29:21 AM

Quote from: coinzat on December 24, 2015, 02:15:00 PM

Some days ago, I read on r/bitcoin subredit that the paid fees per block are increasing rapidly.
As the block size is limited and the transactions number is increasing too
So if you want you're transaction to be confirmed by the miners you have to pay.

Well that sucks Sad

But i think when our transactions isn't that important we can just use as little fee as possible an wait patiently for it to arrive Roll Eyes

Unless we're dealing with micro-transactions I don't see anything wrong with having to double the fees to speed up the sending. Although, the network should deal with this transactions/second issue asap.

teddy5145

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Quote from: coinzat on December 24, 2015, 02:15:00 PM

Some days ago, I read on r/bitcoin subredit that the paid fees per block are increasing rapidly.
As the block size is limited and the transactions number is increasing too
So if you want you're transaction to be confirmed by the miners you have to pay.

Well that sucks Sad

But i think when our transactions isn't that important we can just use as little fee as possible an wait patiently for it to arrive Roll Eyes

roadbits

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Quote from: coinzat on December 24, 2015, 02:15:00 PM

Some days ago, I read on r/bitcoin subredit that the paid fees per block are increasing rapidly.
As the block size is limited and the transactions number is increasing too
So if you want you're transaction to be confirmed by the miners you have to pay.

Off-course miners also want to utilize these demand increase for bitcoins so pay more fee than your transaction confirms faster. But still some people are saying that transactions done with old fee without any delay in there transaction. I use XAPO for my daily transactions so I don't this is an issue for me because there no transaction fee in XAPO online wallet. I just keep less than 1BTC in XAPO account for my regular transaction and rest of them in other wallets.

tn211

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Blockchain is a free site with so much spend on security usability etc. How can such a transaction fee not be fair?
Did you know much exchanges charge double transactions fees?

Mikestang

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It's not just blockchain, I use bitcoin core for my wallet and fees have gone up dramatically with each new version. I send the same amount to my investment account periodically and the tx fee for that has increased 10x since earlier this year. This biggest jump came from the "stress test"/low tx fee spam attack a while back.

coinzat

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Some days ago, I read on r/bitcoin subredit that the paid fees per block are increasing rapidly.
As the block size is limited and the transactions number is increasing too
So if you want you're transaction to be confirmed by the miners you have to pay.

erikalui

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I just sent BTC from my Blockchain wallet and the fee is 0.0001 BTC as before. How were others charged 0.0002? I received transactions also and the fee was the same as before. You can adjust the fee also I guess in Blockchain else Xapo is the best.

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Quote from: helloeverybody on December 24, 2015, 07:34:20 AM

Quote from: Amph on December 24, 2015, 06:46:11 AM

don't use the default fee i can play with 1k fee for small amount up to 0.15, then you need probably 10k

Any idea what myceliums different fees are? i use default which i assumed was 10k but it doesnt actually say.

Mycelium has a variable fee which is adjusted using the data from the mempool. It has low priority, economic, normal, priority. The higher you go, the more fees you have to pay. The amount of fees will only show when the amount is specified. Only then will the client be able to know how big your transaction would be.

Edit: I usually use normal and it confirms fine.

*Note: Mycelium or any other application are usually unable to accurately give the transaction fee to use since miners can specify which transactions to include or exclude.

helloeverybody

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Quote from: Amph on December 24, 2015, 06:46:11 AM

don't use the default fee i can play with 1k fee for small amount up to 0.15, then you need probably 10k

Any idea what myceliums different fees are? i use default which i assumed was 10k but it doesnt actually say.

Amph

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Quote from: ranochigo on December 24, 2015, 07:00:27 AM

Quote from: Amph on December 24, 2015, 06:46:11 AM

don't use the default fee i can play with 1k fee for small amount up to 0.15, then you need probably 10k

It depends on the transaction size. Large transaction size would require a higher fee. Large amount does not equate to the need of an increased fee. You can even send some without fee. 1k satoshi wouldn't really work with the current volume and most nodes have their minimum relay fee set to 0.00005BTC/kb and it won't proporgate well.

i'm actually using 1k satoshi since many days already, i've just sent some small transaction(0.01-0.05) using this kind of fee, and all went good no big delay

ranochigo

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Quote from: Amph on December 24, 2015, 06:46:11 AM

don't use the default fee i can play with 1k fee for small amount up to 0.15, then you need probably 10k

It depends on the transaction size. Large transaction size would require a higher fee. Large amount does not equate to the need of an increased fee. You can even send some without fee. 1k satoshi wouldn't really work with the current volume and most nodes have their minimum relay fee set to 0.00005BTC/kb and it won't proporgate well.

Amph

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don't use the default fee i can play with 1k fee for small amount up to 0.15, then you need probably 10k

Kprawn

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Quote from: eddie13 on December 24, 2015, 06:02:36 AM

Many new users get there first bitcoins in microtransactions from faucets and such and a big point of this is so they can send some BTC around and get a feel for how it works.

This is quite detrimental to this, these newcomers are going to see high % fees on there transactions like this and be turned off to the whole BTC environment due to this. I really think all this transactions fees raising stuff is going to hurt new user adoption, there must be a better way..

They should switch over to faucets supported by Xapo and they will have "zero" fees. They should not collect a lot of "dust" directly from faucets via the Blockchain in any way,

because these "dust" transactions gets absorbed by the higher fees. The Xapo supported faucets accumulate NO dust, because it's done "off-chain" and once enough is collected

via Xapo, it can be moved "on-chain" onto the Blockchain. Wink

ranochigo

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Quote from: bearex on December 24, 2015, 04:23:35 AM

Maybe they decided they want to make some more money off of this and put up this fee Cheesy

Assuming OP is talking about Blockchain.info, they do not take any cut off the TX fee.

The main reason for this increase is due to the transaction volume right now:

[1]. Block halving is likely to have next to no effect on transaction fees. Miners would still be including TXes that have lower fees to maximize revenue and not the other way round.

[1] Shorena's node.

graphicx

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Quote from: bearex on December 24, 2015, 04:23:35 AM

Maybe they decided they want to make some more money off of this and put up this fee Cheesy

maybe because they lost quite a lot few months ago when their servers were down and they were maintaining

redsn0w

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#Free market

I suggest you this site : http://estimatefee.appspot.com/ to check the 'estimate fee' that you should pay to have your tx included in the first BTC block.

Thanks to RCasatta

eddie13

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As far as I know no fees make the chain go faster, higher fees just kindof let you cut in line and get your transaction processed before others with lower fees..

Higher fees are supposed to help mitigate spam attacks, where people send tons of transactions to clutter up the network to hurt BTC, this makes these attacks more expensive.

But think about it, if USA, Russia, or China gov't want to do an attack like this to stop Bitcoin do you really think that they care if it costs them $1,000,000 to do it? I doubt they even care whether it costs $10k or $1mm, doesn't make a bit of difference to them really you think?

If it's just a matter of how much money it costs to stop Bitcoin. Do you really think we will be able to outspend the big dogs with transaction fees if they decide to do this? I think not..

Slark

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This is service discussion and not bitcoin discussion nothing has changed 'bitcoin wise'. These transaction fees are managed by wallet provider not by network/miners itself.

Umworpol

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really ?

or did it make the chain goes faster ?

eddie13

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BTC or BUST

Many new users get there first bitcoins in microtransactions from faucets and such and a big point of this is so they can send some BTC around and get a feel for how it works.

This is quite detrimental to this, these newcomers are going to see high % fees on there transactions like this and be turned off to the whole BTC environment due to this. I really think all this transactions fees raising stuff is going to hurt new user adoption, there must be a better way..

randy8777

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with my bitcoin core wallet i can set any kind of fee i want. i always use at least 10k sats, but i am sure it will confirm within 2 blocks if i just add 5k sat fee.

mobnepal

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Quote from: franky1 on December 24, 2015, 04:14:05 AM

Quote from: avikz on December 24, 2015, 04:10:42 AM

That's really sad...I use Blockchain for micro payments....is there any other trustworthy wallet with low fees?? Angry

for pocket money amounts just to use a wallet with 0 fee.. you could use coinbase.com

But it seems i have to send bitcoin to another coinbase user to transfer with 0 fee. I think this increment is done only by blockchain to speed up the transaction as these days lots of transaction are being confirmed so late.

pedrog

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With Blockchain.info you have full control over the fee, if you don't want to pay the fee you don't have to.

If they changed the default fee to 20 000 satoshi that's because the network is congested, there's a limited number of transactions that can go on each block and users with low fee tend to wait a lot of time for confirmation, that decreases user satisfaction and causes a bad experience with bitcoin, you have to thank the development team for this.

avikz

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Quote from: franky1 on December 24, 2015, 04:24:35 AM

Quote from: avikz on December 24, 2015, 04:19:15 AM

Quote from: franky1 on December 24, 2015, 04:14:05 AM

Quote from: avikz on December 24, 2015, 04:10:42 AM

That's really sad...I use Blockchain for micro payments....is there any other trustworthy wallet with low fees?? Angry

for pocket money amounts just to use a wallet with 0 fee.. you could use coinbase.com

Is there zero fees for receiving micro payments? Also if I use zero fees, how long it will take the payment to reach my wallet?

receiving??
lol, coinbase.com cannot control fee's of transactions it receives.. fee's are managed by the sender not the receiver.

sooo
if you had funds in coinbase and were sending it out... you wont have to pay

Now got it....Thanks...I am just a newbie in Bitcoin market...so unaware of many things...thanks for clarifying.

n2004al

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Quote from: mobnepal on December 24, 2015, 04:00:12 AM

Did anybody noticed blockchain now charge 20000 satoshi instead of 10000 for transaction done as quick send.
Is this necessary before block halving ?

I don't know this because i use Coinbase as wallet and all fees are paid by this wallet. Then I have not seen this possibility (sending quickly bitcoins) within this wallet. I cannot judge if this is a need or a desire to have more those who made the confirmations but I know to tell that is a reverse trend with that which was until today. In time, from the past in our days, the fees of the transactions were decreased. So to tell the right i cannot understand this inversion of tendency. Maybe is a need seeing that to many transactions need more time to be confirmed.

franky1

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Quote from: avikz on December 24, 2015, 04:19:15 AM

Quote from: franky1 on December 24, 2015, 04:14:05 AM

Quote from: avikz on December 24, 2015, 04:10:42 AM

That's really sad...I use Blockchain for micro payments....is there any other trustworthy wallet with low fees?? Angry

for pocket money amounts just to use a wallet with 0 fee.. you could use coinbase.com

Is there zero fees for receiving micro payments? Also if I use zero fees, how long it will take the payment to reach my wallet?

receiving??
lol, coinbase.com cannot control fee's of transactions it receives.. fee's are managed by the sender not the receiver.

sooo
if you had funds in coinbase and were sending it out... you wont have to pay

bearex

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Maybe they decided they want to make some more money off of this and put up this fee Cheesy

avikz

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Quote from: franky1 on December 24, 2015, 04:14:05 AM

Quote from: avikz on December 24, 2015, 04:10:42 AM

That's really sad...I use Blockchain for micro payments....is there any other trustworthy wallet with low fees?? Angry

for pocket money amounts just to use a wallet with 0 fee.. you could use coinbase.com

Is there zero fees for receiving micro payments? Also if I use zero fees, how long it will take the payment to reach my wallet?

funkydog

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I also noticed... for small amounts this is not good

franky1

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Quote from: avikz on December 24, 2015, 04:10:42 AM

That's really sad...I use Blockchain for micro payments....is there any other trustworthy wallet with low fees?? Angry

for pocket money amounts just to use a wallet with 0 fee.. you could use coinbase.com

avikz

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That's really sad...I use Blockchain for micro payments....is there any other trustworthy wallet with low fees?? Angry

franky1

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Quote from: mobnepal on December 24, 2015, 04:00:12 AM

Did anybody noticed blockchain now charge 20000 satoshi instead of 10000 for transaction done as quick send.
Is this necessary before block halving ?

i just checked a few of the most recent blocks and it appears most tx's are still 10000sats.. im guessing your using a service as in 'blockchain.info' rather than blaming the actual miners of bitcoins blockchain

bearex

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I saw this and it got me really sad. I mean, the fees are now quite high if you are sending low ammount if Bitcoins, and you want it sent quick.

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Quote from: mobnepal on December 24, 2015, 04:00:12 AM

Did anybody noticed blockchain now charge 20000 satoshi instead of 10000 for transaction done as quick send.
Is this necessary before block halving ?

I know its only like 9 cents or something but its quite expensive if you used that for micro transactions, Would be perfectly acceptable for any larger amounts though.

mobnepal

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Did anybody noticed blockchain now charge 20000 satoshi instead of 10000 for transaction done as quick send.
Is this necessary before block halving ?

Topic: Blockchain transaction fee just got doubled (Read 1768 times)