Damn fees! | Bitcointalksearch.org

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: aeternus on February 02, 2018, 10:51:19 PM

I will add that if you have a lot of incoming transactions it may be a good idea to consolidate all of those by sending your bitcoin to a different address you control that way the size of the transaction will be lower and with it the costs, also if you are using electrum do not use change addresses since that only makes future transactions bigger and more costly.

If people really want to save as much as possible, they should have their small transactions sent to one of the reputable online wallet services, and have the funds accumulate till they reach a decent amount.

This will allow you to create one final transaction that you then have sent to yourself from time to time, just to get your funds off the wallet service under your full control, which should always be the main priority afterwards.

I usually don't really recommend making use of online wallet services, but in this case it's a useful and money saving option that is definitely worthy of being considered by those interested.

aeternus

sr. member

Activity: 686

Merit: 250

Quote from: Juggy777 on January 27, 2018, 05:25:48 AM

Quote from: Kidmat on January 27, 2018, 05:17:57 AM

Quote from: jonathanrobert1 on January 15, 2018, 04:29:32 PM

These fees are a pain in the ass for persons like me who are working on a very tight budget. I'm aiming for low costs coins and decided to simulate a withdrawal from binance for 500 TRX. Transaction fee 161 TRX. Really?

This is the problem the transactions fees are getting high. Even you will transfer or withdraw coin in any exchange their is always fees. Let's hope one bitcoin stabalized the fees cost would be lower.

I do not like the idea of sending my money into other coins, these alts loose their value really quickly,look at deeponion, ripple, Bch, not at all worth doing it. The following are my suggestions to save on fees.

1) Switch to segwit based address.
2)Try and transfer at different times of the day
3) Try sending big amounts rather than small ones.

I have tried transferring 1k three times in different time of the day I ended up paying 12, 6 and 2$ respectively.
People have reported segwit is helping lower the fees.

All of those are good and I will add that if you have a lot of incoming transactions it may be a good idea to consolidate all of those by sending your bitcoin to a different address you control that way the size of the transaction will be lower and with it the costs, also if you are using electrum do not use change addresses since that only makes future transactions bigger and more costly.

temdevs

newbie

Activity: 39

Merit: 0

Bitcoin transaction fees are very high due to scalability issues. The number of transactions the network is able to process is lower than the current number of transactions. The code is being developed and the lightning network is allowing micro-payments without having to pay a lot of fees.

Akorharrison

jr. member

Activity: 399

Merit: 2

I don't really understanding the fees now, I m quite confused I tried to exchange PINCOIN on livenet the fee I was charge is more than the token I received. Exchanging PINCOIN to BTC.

Hell-raiser

sr. member

Activity: 462

Merit: 515

Quote from: pinoyden on January 27, 2018, 05:52:19 AM

Quote from: Hell-raiser on January 27, 2018, 05:45:42 AM

Quote from: ethereumhunter on January 27, 2018, 05:13:42 AM

Quote from: Davinus on January 15, 2018, 05:17:48 PM

Quote from: tora on December 25, 2017, 02:47:22 PM

I exchange to litecoin when transferring as the fee is lower and transaction is quicker.

I do exactly the same, an by this way, i am always paying less than $5 worth of fees for almost all the transactions.

In fact, most exchanges are asking you for less than 0.001 LTC of withdrawal fee (less than $0,25 at the moment)
So yes, litecoin is very useful for this kind of purposes.

besides ltc, I think we can use dogecoin which only needs 5 dogecoin for the fees and I think it is too cheap for us to change into dogecoin and then we can sell it to get btc again. I think we need to think what cheap coin that we could use to send and receive and with fast confirmation so we don't need to wait too long and we can withdraw the bitcoin into fiat.

Yep! Dogecoin is really cheap both in absolute value and in respect to transaction costs. But there are at least two issues with this coin and likely even more which I simply don't know about. First, no major exchange accepts it and that severely hurts and limits its usage as a value transfer vehicle. Second, there is no active development going on with Dogecoin right now, so it is unlikely we are going to see more adoption of doges any time soon. But that's a pity really because it is a unique coin in its own department.

actually most exchanges thesedays are indeed supporting dogecoin and dogecoin is somehow a verry popular coin aside from litecoin that is also verry useful in terms of payment gateway. However bitcoin fees nowadays are started to decrease due to the fact that bitcoins value is also decreasing and theres also an segwit enabled wallets that can counter such high fees and this method is now widely use by most campaign managers in order to pay their participants in a timely manner .

Which exchanges are those? Personally, I would be quite happy if they added Dogecoin to Bitfinex but they won't and it seems there is no chance that they will ever do. These days they list a lot of unknown coins which I didn't even heard the names of, but Dogecoin looks like kinda too plebeian to them. Though I don't know how FunFair or Golem are much different in this regard. I doubt that half of the coins they recently listed at Bitfinex will be there in a year.

CASTIEL05

member

Activity: 560

Merit: 13

Quote from: spngebob on December 25, 2017, 02:45:37 PM

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Bitcoin fees is now tragedy for those who want to invest with it. Most of the time, small investors affected much by their fees. Almost half of the amount will cost just for transaction fees and it is hard for us small investors only.
I hope lightning network will solve this current problem about btc.

pinoyden

full member

Activity: 756

Merit: 102

Quote from: Hell-raiser on January 27, 2018, 05:45:42 AM

Quote from: ethereumhunter on January 27, 2018, 05:13:42 AM

Quote from: Davinus on January 15, 2018, 05:17:48 PM

Quote from: tora on December 25, 2017, 02:47:22 PM

I exchange to litecoin when transferring as the fee is lower and transaction is quicker.

I do exactly the same, an by this way, i am always paying less than $5 worth of fees for almost all the transactions.

In fact, most exchanges are asking you for less than 0.001 LTC of withdrawal fee (less than $0,25 at the moment)
So yes, litecoin is very useful for this kind of purposes.

besides ltc, I think we can use dogecoin which only needs 5 dogecoin for the fees and I think it is too cheap for us to change into dogecoin and then we can sell it to get btc again. I think we need to think what cheap coin that we could use to send and receive and with fast confirmation so we don't need to wait too long and we can withdraw the bitcoin into fiat.

Yep! Dogecoin is really cheap both in absolute value and in respect to transaction costs. But there are at least two issues with this coin and likely even more which I simply don't know about. First, no major exchange accepts it and that severely hurts and limits its usage as a value transfer vehicle. Second, there is no active development going on with Dogecoin right now, so it is unlikely we are going to see more adoption of doges any time soon. But that's a pity really because it is a unique coin in its own department.

actually most exchanges thesedays are indeed supporting dogecoin and dogecoin is somehow a verry popular coin aside from litecoin that is also verry useful in terms of payment gateway. However bitcoin fees nowadays are started to decrease due to the fact that bitcoins value is also decreasing and theres also an segwit enabled wallets that can counter such high fees and this method is now widely use by most campaign managers in order to pay their participants in a timely manner .

Hell-raiser

sr. member

Activity: 462

Merit: 515

Quote from: ethereumhunter on January 27, 2018, 05:13:42 AM

Quote from: Davinus on January 15, 2018, 05:17:48 PM

Quote from: tora on December 25, 2017, 02:47:22 PM

I exchange to litecoin when transferring as the fee is lower and transaction is quicker.

I do exactly the same, an by this way, i am always paying less than $5 worth of fees for almost all the transactions.

In fact, most exchanges are asking you for less than 0.001 LTC of withdrawal fee (less than $0,25 at the moment)
So yes, litecoin is very useful for this kind of purposes.

besides ltc, I think we can use dogecoin which only needs 5 dogecoin for the fees and I think it is too cheap for us to change into dogecoin and then we can sell it to get btc again. I think we need to think what cheap coin that we could use to send and receive and with fast confirmation so we don't need to wait too long and we can withdraw the bitcoin into fiat.

Yep! Dogecoin is really cheap both in absolute value and in respect to transaction costs. But there are at least two issues with this coin and likely even more which I simply don't know about. First, no major exchange accepts it and that severely hurts and limits its usage as a value transfer vehicle. Second, there is no active development going on with Dogecoin right now, so it is unlikely we are going to see more adoption of doges any time soon. But that's a pity really because it is a unique coin in its own department.

Juggy777

hero member

Activity: 2646

Merit: 686

Quote from: Kidmat on January 27, 2018, 05:17:57 AM

Quote from: jonathanrobert1 on January 15, 2018, 04:29:32 PM

These fees are a pain in the ass for persons like me who are working on a very tight budget. I'm aiming for low costs coins and decided to simulate a withdrawal from binance for 500 TRX. Transaction fee 161 TRX. Really?

This is the problem the transactions fees are getting high. Even you will transfer or withdraw coin in any exchange their is always fees. Let's hope one bitcoin stabalized the fees cost would be lower.

I do not like the idea of sending my money into other coins, these alts loose their value really quickly,look at deeponion, ripple, Bch, not at all worth doing it. The following are my suggestions to save on fees.

1) Switch to segwit based address.
2)Try and transfer at different times of the day
3) Try sending big amounts rather than small ones.

I have tried transferring 1k three times in different time of the day I ended up paying 12, 6 and 2$ respectively.
People have reported segwit is helping lower the fees.

pratik009

full member

Activity: 365

Merit: 108

Yes you are right.nowdays bitcoin transaction price increased too much.if possible then you can suggest them to set less fees but also tell them that it takes more time.if you don't want to do this then i suggest you to use segwit beacause it's fees is less.
The other option is that you can invest into the other altcoins like eth beacause eth transaction fees is very less than btc and it's also take less time.

Kidmat

sr. member

Activity: 774

Merit: 250

Quote from: jonathanrobert1 on January 15, 2018, 04:29:32 PM

These fees are a pain in the ass for persons like me who are working on a very tight budget. I'm aiming for low costs coins and decided to simulate a withdrawal from binance for 500 TRX. Transaction fee 161 TRX. Really?

This is the problem the transactions fees are getting high. Even you will transfer or withdraw coin in any exchange their is always fees. Let's hope one bitcoin stabalized the fees cost would be lower.

ethereumhunter

hero member

Activity: 2912

Merit: 541

Leading Crypto Sports Betting & Casino Platform

Quote from: Davinus on January 15, 2018, 05:17:48 PM

Quote from: tora on December 25, 2017, 02:47:22 PM

I exchange to litecoin when transferring as the fee is lower and transaction is quicker.

I do exactly the same, an by this way, i am always paying less than $5 worth of fees for almost all the transactions.

In fact, most exchanges are asking you for less than 0.001 LTC of withdrawal fee (less than $0,25 at the moment)
So yes, litecoin is very useful for this kind of purposes.

besides ltc, I think we can use dogecoin which only needs 5 dogecoin for the fees and I think it is too cheap for us to change into dogecoin and then we can sell it to get btc again. I think we need to think what cheap coin that we could use to send and receive and with fast confirmation so we don't need to wait too long and we can withdraw the bitcoin into fiat.

aeternus

sr. member

Activity: 686

Merit: 250

Quote from: Qunenin on January 15, 2018, 01:02:27 PM

Quote from: aeternus on January 02, 2018, 07:10:58 PM

Quote from: ashrobb on December 25, 2017, 03:33:14 PM

Fees and slow transfers are killing BTC.

No, the high fees are killing the usage of bitcoin as a currency but are not killing bitcoin in the overall sense, bitcoin is very much alive and well, but there is no doubt we need to solve that problem asap if bitcoin wants to make an impact in the next years especially since it seems a lot of money is going to be invested in bitcoin in the next years.

Bitcoin fee is no doubt very high but it is not killing bitcoins in any way. People are trying to find ways to cut the fee low but the main problem is with online wallets and exchanges which are charging very high bitcoin fee even for small transactions. Other than that people can customize the tx fee from their desktop wallets etc.

Then people need to stop to use online wallets, I have never seen the point anyway, most people are carrying smartphones that are just small computers that you can use as a phone as well, why people do not install a wallet there if they want to have access to their bitcoin? Now if you are a trader then you have no option but to use exchanges and pay their fees but if possible stop trading that much and become an investor not only is easier the profits are better too.

Davinus

full member

Activity: 258

Merit: 104

Quote from: tora on December 25, 2017, 02:47:22 PM

I exchange to litecoin when transferring as the fee is lower and transaction is quicker.

I do exactly the same, an by this way, i am always paying less than $5 worth of fees for almost all the transactions.

In fact, most exchanges are asking you for less than 0.001 LTC of withdrawal fee (less than $0,25 at the moment)
So yes, litecoin is very useful for this kind of purposes.

Hell-raiser

sr. member

Activity: 462

Merit: 515

Quote from: spngebob on December 25, 2017, 02:45:37 PM

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

This is the thing with Bitcoin nowadays, mate.

I don't think you have to explain to them anything. Trying to explain would likely turn them away from crypto altogether. Nevertheless, if they are hell-bent on buying Bitcoin, better tell them to wait a liitle. In the best case scenario, the fees should go down dramatically when Lightning Network is activated in a few months. If it doesn't, well, that will be the worst case scenario, then tell them to buy a handful of major altcoins like Ethereum or Litecoin. $100 is not a big deal anyway, so they won't lose much if Bitcoin tanks and drags down other coins with it.

jonathanrobert1

newbie

Activity: 12

Merit: 0

These fees are a pain in the ass for persons like me who are working on a very tight budget. I'm aiming for low costs coins and decided to simulate a withdrawal from binance for 500 TRX. Transaction fee 161 TRX. Really?

yoseph

sr. member

Activity: 868

Merit: 266

Quote from: Granxis on January 15, 2018, 03:57:34 PM

Quote from: spngebob on December 25, 2017, 02:45:37 PM

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Everyone is trying to counter this problem, but unfortunately these transfer fees do not have a solution. Bitcoin transfer is not approved for 2-3 days when we pay miners fees low. Today a normal transfer fee is between 0.001-0.0015 Bitcoin.

We just have to wait for the developers to either implement the lightening network or increase the block size and when those are done, the fees are going to go down.

aardvark15

hero member

Activity: 994

Merit: 510

Quote from: spngebob on December 25, 2017, 02:45:37 PM

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

I remember back about 4 years ago when I first got into cryptocurrencies. Everyone talked about the fact that Bitcoin would give us a payment method with almost immediate transaction with virtually no fees. That has all changed and Bitcoin is primarily an investment and store of value. I think other cryptocurrencies will be able to be used as payment methods because some have smaller fees or no fees in the case of Iota.

danielco9

newbie

Activity: 26

Merit: 0

Quote from: spngebob on December 25, 2017, 02:45:37 PM

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

You right!!
The fees are crazy. it is not pays off the transfer Bitcoin.
I hope it will change soon somehow.

Hamstead

sr. member

Activity: 805

Merit: 250

Quote from: Granxis on January 15, 2018, 03:57:34 PM

Quote from: spngebob on December 25, 2017, 02:45:37 PM

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Everyone is trying to counter this problem, but unfortunately these transfer fees do not have a solution. Bitcoin transfer is not approved for 2-3 days when we pay miners fees low. Today a normal transfer fee is between 0.001-0.0015 Bitcoin.

It means that, when price go higher the more we pay high fees. I know people get worried about this, but unfortunately we have nothing to do to stop this or else your can't make transaction success. Of course we want to make our transaction go faster, but due to the bulk numbers of transactions process everyday it could be more priorities those who are paying in high fees.

Topic: Damn fees! (Read 755 times)