Topic: Fees - page 2. (Read 1066 times)

The fees are increasing and will keep increasing for at least a few months from now on because of the blocks being full all the time. The only thing that could solve it asap is the uasf happening on 1st August, when nodes that are for uasf will stop accepting the blocks that don't support segwit and thus potentially create a new chain. Even though it is really risky and the price will most probably drop significantly the problem with the transactions not getting confirmed and the massive fees will be solved finally and bitcoin will be able to grow endlessly.

The reason why it is happening at the moment is not only because of the spam, the adoption rates of bitcoins have never been so high before thus blocks are just not big enough to be able to accept all the transactions that are being made. And it is really bad for bitcoin because the need to pay a few dollars for as small transaction as a dollar is just ridiculous. Thus, people started using bitcoin less and holding it more, while using other faster cryptos for everyday use as like dash or litecoin (which actually implemented segwit not a long time ago).
His talk does not have any proof and most probably is a lie. I wouldn't be surprised if he's just a BU shill bought by them to shitpost on bitcoin core. Basically the only reason why miners supporting BU don't want segwit is because their mining rewards would drop. People paying massive fees for transactions are kinda beneficial for them because they get more money than just for mining regular blocks with dust fees.

Franky you are spreading FUD. Core did not replace anything, they just stalled normal Block size increases in favour of a new method to scale

more effectively. {SegWit & Lightning network} You and I know Block size upgrades alone are not the ideal way to scale aggressively. To add to

the scaling problems, we have idiots who spam the network. Stop with all the FUD please. Yes, Core is at fault, but they suggested a solution and

it was up to the community to decide, if they wanted it or not. Blame Gavin and his team for introducing BugCoin and stalling the process even

further.  

https://support.blockchain.com/hc/en-us/articles/217116406-Why-hasn-t-my-transaction-confirmed-yet-

That links will really useful for you. The more transaction gets stuck in the mempool and the more people try to raise the fees to be included in the next block.

That makes the blockchain congestion, The reliable fees will increase and the traffic will be so high caused by there is a lot of the unconfirmed transaction.
Because the more transaction gets deprioritized due to the increase of the transaction fees.

You should rather ask why is the Bitcoin prices increasing everywhere? The transaction fees were made to go up if there's increased demand and prices of Bitcoin so they are directly proportional so one cannot go up while the other goes down. It can be managed though if the block size is increased enough to be able to accommodate more transactions.

I'm not talking about the transaction (size/amount) but i guess your 2nd reply was Reasonable 

You have actually not lost the money because the I experienced the same thing some weeks back but in my own case it was on blockchain and using the recommended fees but alas it was low to get the amount confirmed in due time. I had to wait for over a week after I tried several acceleration service all to no avail but it eventually confirmed on its own when I had even given up on the whole thing all together.

agreed technically its just a few lines of code

politically:
doing something so simple causes issues to devs wanting to monetise(get income) from their services (LN commercial hubs) to repay their debt

bitcoin was suppose to remove politics and systems only for the rich.. bitcoin has lost nearly all of its ethos by the greedy ignorant devs that just shout "just pay more" rather than expand capacity PROPERLY. devs should be devs, not economists

(segwit still only offers a empty gesture of hope of .. yep 7tx/s just so they can then push people into LN)

Meec. Error.

Five transactions per second are not "a lot of transactions" for the current Bitcoin network.

Affirming this is a joke.
Anyone who knows a little of computers, hardware and software knows that the current problem is not bandwidth, spam/DDoS attacks or storage space.

The only fucking problem is two lines of code.
The arbitrary, deliberate and corrupt 1MB block limit.

Bitcoin is in high danger.
We are approaching the irreversible point.

I tried to transfer some funds to poloniex on 29th of last month, still unconfirmed transaction because I used relatively smaller fee.
Don't know if I have lost the amount now or will it be confirmed... don't know if I can do anything about it either.
So high fees are definitely a problem.

My transaction yesterday on Blockchain.info was relatively quick with moderate fee. I stopped using Wallets for a month due to the  worst experience I had with Blockchain. Just decided to do little transfer yesterday and it went through under 12hrs.

Actually, yeah, we've seen average fees and recommended fees rise with the mempool congestion but yesterday at just over 30,000 transactions, the recommended fee for a 4-hour confirmation guarantee was still above 200 sats/byte.

It's climbed down right now to 151 at 43k txs but it would appear that fees aren't going to return to what they used to be, even if the networks isn't clogged up anymore.

According to bitcoinfees.21.co:

The fastest and cheapest transaction fee is currently 420 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 94,920 satoshis.

if you want to know more how fee transaction is calculated I strongly suggest you can read this wiki page:
https://en.bitcoin.it/wiki/Transaction_fees

You need to know that since Bitcoin is becoming more popular, network more congested, blockspace will become more expensive too.
This is the reason behind high transaction fees.

its not just traffic.
its also that core removed alot of the fee controls and replaced them with mechanisms that actually push fee's up even if a few blocks have low demand

The fees are high for one (of both) of the two reasons:

1. Your transaction size (received multiple micro payments)
2. The bitcoin network is having a lot of traffic (many transactions - could be a spam attack as well)

I wanna know something here why fees are increasing everywhere ? what happened ? O.o