Fees are so high | Bitcointalksearch.org

ManaMan

member

Activity: 238

Merit: 38

Quote from: mixminer on December 10, 2017, 04:37:07 PM

As much as I've learned about bitcoin the fees is what still threw me off. Awaiting an unconfirmed transaction to my ledger wallet and getting nervous. I see the value in holding various currencies. hmm.

Try watching some simple video about how does blockchain work what are blocks etc. In short transactions are gathered into blocks, blocks come every 10minutes, blocks are full now because they have a limit of 1mb per size (more transaction means transaction size is higher). So in order for your transaction to be confirmed faster (you get confirmation when your transaction enters a block) you need to put higher fee as with higher fee higher the chance is that your transaction is included in a block. Behind this is the really powerful crystallographic functions that enables all of this to be done and to be secure.

Bonakid

full member

Activity: 224

Merit: 121

It depends in the wallet you are using like mycellieum transferring of coins was higher of charges the more bitcoins you get the higher fees they deduct to you.Bitcoin is rising up so fast so the transactions we made there are charges that capable to it.

mixminer

newbie

Activity: 1

Merit: 0

As much as I've learned about bitcoin the fees is what still threw me off. Awaiting an unconfirmed transaction to my ledger wallet and getting nervous. I see the value in holding various currencies. hmm.

rash123

newbie

Activity: 64

Merit: 0

Thank u for your explanations..!!

donDrey

newbie

Activity: 37

Merit: 0

The more value Bitcoin gets, the more interests it will attract and the more miners will take in form of transaction fee and right now, Bitcoin is on the rise seriously.

mayo2u

member

Activity: 325

Merit: 26

Quote from: xAnima on December 02, 2017, 09:56:55 AM

Transaction fees are expected to be high because you are dealing with the internet and this is one way that they can get profit. Maybe they should set a standard that everybody can follow

There is a limited supply of transactions on the BTC network. There are only a few ways of dealing with problem.

We can increase supply. (That has its own problems - see the discussions over SegWit.)
We can use a central authority to ration access to transactions. (Hmmm. I may be silly but I don't think most crypto enthusiasts would go for that idea.)
Or we can use a transaction fee solution where people pay more in order to have their transaction confirmed quicker.

hunterxx4

newbie

Activity: 30

Merit: 0

Yes bad thing bittrex is taking 12-13$ as transaction fees😢

liam1352

newbie

Activity: 28

Merit: 0

Quote from: rash123 on December 02, 2017, 07:36:22 AM

Why the fees are getting so high now?

I also wonder this issue. The highest fees in transactions that I have made, in different currency forms

T0rtillas

newbie

Activity: 18

Merit: 0

Quote from: rash123 on December 02, 2017, 07:36:22 AM

Why the fees are getting so high now?

Which coin?

sakkerso

newbie

Activity: 5

Merit: 0

Quote from: Alluro on December 02, 2017, 09:24:36 AM

Did you mean bitcoin transaction fees?

if yes, it cause of bitcoin price higher too. and fee's value will calculate with bitcoin price

hansbans

full member

Activity: 380

Merit: 100

Really the commission fees are very high.
Exchanges make a lot of money with these commission fees. The user is always losing sides. This is a sad situation for us Sad

bright4mech

member

Activity: 588

Merit: 18

Base on activity in your wallet, mean transaction you made, That is the more you transfer, the more your charges grow

thedarksun

sr. member

Activity: 639

Merit: 251

It depends where you have your coins and what you are doing cause for me bitcoin market has still low taxes.

MP4

member

Activity: 84

Merit: 10

brokers needs to feed yourself, but for now fees are nor that high

Wait for the government regulation.
IRA are making their first step

ZCoinTalk

member

Activity: 154

Merit: 10

Yes as the Bitcoin price increases the fees become higher.
http://mashable.com/2017/08/28/bitcoin-transaction-fees/

FundFantasy

member

Activity: 182

Merit: 10

Quote from: rash123 on December 02, 2017, 07:36:22 AM

Why the fees are getting so high now?

Fees are high due to the massive transactions on the blockchain, Bitcoin holds up to 1 MB, equals to 7 transaction per minute.
Today some Altcoins offer a shorter transaction time and fewer fees, Litecoin is a good example.

HabBear

hero member

Activity: 1106

Merit: 638

Quote from: rash123 on December 02, 2017, 07:36:22 AM

Why the fees are getting so high now?

Fees having raised for me? What are you referring to? What's "high" for you?

The growth of the price of bitcoin will increase the fiat value of the fee, but the fee in Bitcoin terms shouldn't really be rising.

Part of this may be in your control if you're choosing to pay more for your trades. But exchanges and online wallets have not issued higher fees. The fees I pay are still in the realm of a few dollars, and more commonly cents. It's incredibly cheap to move a lot of money. Not to mention quick.

ManaMan

member

Activity: 238

Merit: 38

Quote from: AdolfinWolf on December 02, 2017, 09:47:08 AM

Quote from: rash123 on December 02, 2017, 07:36:22 AM

Why the fees are getting so high now?

Because of a number reasons.

A. bitcoin is getting worth more $$$, which means that even if the transactions stay the same, it will still cost you more.

B. Scalability, more people are adopting bitcoin, which means more transactions, while there are only blocks roughly every 10 minutes. This means that people who want to have their transactions prioritized, need to pay more.

See the amount of current transactions in the mempool that are waiting for confirmation, https://blockchain.info/charts/mempool-size

Lack of users and servieces that use SegWit as a way to transfer bitcoin, segwit offer off chain transactions which means lower fees and faster transactions I think fork occurred so that we implement and use it, but process is slow but we will get there.

Since blocks are full every single time you need to enter higher fee if you want miners to take your transaction into consideration and to prioritize it. Plus because of bitcoin hitting ATHs more people are doing transactions...

If you do not want to pay "high" fees and you want to do them on blockchain you could put a fee off and enter your transaction here 0.0001BTC/KB https://pool.viabtc.com/tools/txaccelerator/ , viabtc offer in this way that they will try to process your transaction whenever they mine a block. Although I wouldn't suggest to spam them with transactions since they are really great pool that I love because they offer their service for free!

Julia_KA

member

Activity: 96

Merit: 15

Quote from: dothebeats on December 02, 2017, 12:56:54 PM

Quote from: AdolfinWolf on December 02, 2017, 10:37:41 AM

Quote from: xAnima on December 02, 2017, 09:56:55 AM

Transaction fees are expected to be high because you are dealing with the internet and this is one way that they can get profit. Maybe they should set a standard that everybody can follow

Like communism? That's not how it works, and it won't work. Even if you would have a standard flat fee, people who need to prioritize their transaction will just pay multiple groups of miners extra money to include his transaction first, which will ultimately result in cartels only mining specific transactions..

and ontop of that, the fees that miners currently earn are really not their main income, but rather the block reward is.

Aren't these miners prioritizing transactions with higher transaction fees than the rest already? That's why there are tens of thousands of transactions that are unconfirmed every single day because of the system. Even a static fee wouldn't solve the problem since that would still place every transactions in queue and users who need to get their payments on time can find this an annoying problem. Fees are high since you're taking dollar value into account, but 4 years ago, no one was complaining about the 10k sats fee that could get your transaction confirmed within the next block since it doesn't amount to anything significant back then.

Hard to remember these times now even though it was so not long ago! This market is changing so drastically and at such a pace. Do you think the fees will keep growing and growing with the amount of people starting to try to trade bitcoins?

dothebeats

legendary

Activity: 3542

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Cashback 15%

Quote from: AdolfinWolf on December 02, 2017, 10:37:41 AM

Quote from: xAnima on December 02, 2017, 09:56:55 AM

Transaction fees are expected to be high because you are dealing with the internet and this is one way that they can get profit. Maybe they should set a standard that everybody can follow

Like communism? That's not how it works, and it won't work. Even if you would have a standard flat fee, people who need to prioritize their transaction will just pay multiple groups of miners extra money to include his transaction first, which will ultimately result in cartels only mining specific transactions..

and ontop of that, the fees that miners currently earn are really not their main income, but rather the block reward is.

Aren't these miners prioritizing transactions with higher transaction fees than the rest already? That's why there are tens of thousands of transactions that are unconfirmed every single day because of the system. Even a static fee wouldn't solve the problem since that would still place every transactions in queue and users who need to get their payments on time can find this an annoying problem. Fees are high since you're taking dollar value into account, but 4 years ago, no one was complaining about the 10k sats fee that could get your transaction confirmed within the next block since it doesn't amount to anything significant back then.

Topic: Fees are so high (Read 827 times)