Fees are still high. I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
That's not entirely true, I believe the only time fees become high and expensive is only when the network is congested or should I say when there are too many transactions going on at a particular time, so I don't think bitcoin is only meant for miners and the rich people, it was created for everyone, since bitcoin is a global currency now with more people adopting it daily, the network is always congested, that's why the fees are always high. 
Topic: Fees high (Read 2546 times)
most transaction could be speed up by paying less fees by using bech32.
The trick is to do this when the mempool is less than 5Mbyte. In most instances you can just pay 1sat/byte and it clears right away.
How it works is simple: if you have funds in non-segwit BTC address
by upgrade to full segwit (bech32) the amount of kbyte for your transcript script size would be much smaller.
so for the same transaction fee paid it would speed up more than 200% or even more depend on how payment fee queues are staggered
see discussion no. 5288901
I am doing alot of on street transactions with fees are at around 53 sat/byte.
For high security / full privacy transactions my average are around 433 bytes which costs about 20k sats
the fee is now around 4 bucks.
sometime if someone wants an full btc for example for a full bech32 output it costs only 148 bytes which are approx $1.50
It clears in 30-40 minutes while we both have drinks.
Not too bad for an $20,000 transaction.
[moderator's note: consecutive posts merged]
The trick is to do this when the mempool is less than 5Mbyte. In most instances you can just pay 1sat/byte and it clears right away.
How it works is simple: if you have funds in non-segwit BTC address
by upgrade to full segwit (bech32) the amount of kbyte for your transcript script size would be much smaller.
so for the same transaction fee paid it would speed up more than 200% or even more depend on how payment fee queues are staggered
see discussion no. 5288901
I wonder how they will adopt to the system now that it's very and critically high. Even the middle man is still yet to get over with it left alone the amateur.
I am doing alot of on street transactions with fees are at around 53 sat/byte.
For high security / full privacy transactions my average are around 433 bytes which costs about 20k sats
the fee is now around 4 bucks.
sometime if someone wants an full btc for example for a full bech32 output it costs only 148 bytes which are approx $1.50
It clears in 30-40 minutes while we both have drinks.
Not too bad for an $20,000 transaction.
[moderator's note: consecutive posts merged]
There is one important thing to know that as Bitcoin or any other cryptocurrency continues to increase, the fees will go up too. I don't know whether there is a way to prevent this partly or completely but I hope there could be a way in the future. Otherwise, for example when Bitcoin reaches 50k, the fees can be very high comparing to now.
I personally don't like that, for me, the improvement on Segwit update already made Bitcoin more accessible for more people.
I agree. The BTC upgrade to Segwit has been nothing but a significant improvement on the blockchain. While this led to fast and more efficient transaction speeds I appreciate that we're not at a level where we are always happy about the fees but it is an improvement nonetheless.
That said, in light of the new rise in price of BTC will lead to more adoption and on-chain transactions, and I have no doubt that more improvements will be done to minimize the fees as much as possible.
However, we must also remember that fees are important incentives for miners to do their job properly so these can't be too low that will de-incentivize them.
If I want to send $50, why do I have to pay $10 in transaction? I know at the moment it's lower but... Because of the love of bitcoin, we shouldn't deny the fact that current situation around fees is very bad. We need massive adoption of LH but I don't know what resistance these people find in adopting of it.
What is bothering me is the uncertainty regarding the fees. It is getting quite difficult to calculate the fee now. Yesterday I made one transaction, after paying 30 Sat/Byte as the fee (which would have given me instant confirmation according to various fee calculator sites). But after I made the transaction, the Mempool size went up and the transaction got stuck. It got confirmed only after 4 hours.
You should be aware that as bitcoin pumps as well as eth, expect that their fees will go high too, I remember last 2017, fees are high that time, I withdraw my bitcoin and it takes 3days before I receive it, luckily I receive it before my birthday , during that time I think some other people uses bitcoin accelerator I don't know if it is true and make your transaction faster but it will cost you another fee, well if it is true , I think it can help you especially if you need money so much.Actually, the fees in crypto calculations are still the same, for example, like bitcoin the fees charged start from 0.0002, I think it's still the same until now.
But what becomes expensive because the price is getting higher, of course we cannot equate this with the equivalent of USD, but we still have to calculate it in crypto so that we can be relevant in comparing it.
After remaining at low levels for 2-3 weeks, the Mempool size is increasing once again. At one point, it went up to 44,000 KB. Now I don't want a repeat of what happened during the first week of November, when users were paying as much as $5 or $10 for a single transaction. Last time, the spike in tx fee lasted for 3 weeks. Let's see for how long the current spike lasts.
These fees are quite popular these days because sending coins is currently very expensive. Sometimes even higher fees than the number of tokens to be sent. These are indeed pretty bad conditions in crypto history.
Actually, the fees in crypto calculations are still the same, for example, like bitcoin the fees charged start from 0.0002, I think it's still the same until now.
But what becomes expensive because the price is getting higher, of course we cannot equate this with the equivalent of USD, but we still have to calculate it in crypto so that we can be relevant in comparing it.
What is bothering me is the uncertainty regarding the fees. It is getting quite difficult to calculate the fee now. Yesterday I made one transaction, after paying 30 Sat/Byte as the fee (which would have given me instant confirmation according to various fee calculator sites). But after I made the transaction, the Mempool size went up and the transaction got stuck. It got confirmed only after 4 hours.
unfortunately it can't be done yet. because transaction fees are pegged to coin itself (Bitcoin). it is of little value if it is in bitcoin. but it would be great if it were converted to fiat. the higher the bitcoin price, the higher the fee value in fiat. but it's still the same in bitcoin. the only cheap way to transact is, to convert them to cheaper coins for transactions.
Bitcoin is the very best amongst cryptocurrencies which many buyers are utilizing to make a very good revenue from their enterprise. Regardless of the excessive charges of bitcoin many customers are nonetheless becoming a member of the platform simply because, what they're listening to about bitcoin and what they noticed with bitcoin is making them to not motive the excessive charges concerned. Bitcoin remains to be growing out there that's making different cryptocurrencies to cut back on this pandemic.
Every site in the crypto market is improving through blockchain technology the demand for crypto is increasing due to which the amount of fees is increasing because the transactions are happening much faster. Bitcoin mines will be able to maintain everything they have. This is due to the increase in the transaction of the site and the demand for bitcoin exchange sites are charging higher fees. The amount of fees is high but everything is happening fast you can exchange on low fee sites. Not all sites are the same.
When bitcoin price rising the transaction fees also increasing just like in the year 2017 the fee is very high.
I remembered that I collected all my bitcoins send it or withdraw in one so I can save money because fees is very high.
Right now the fees is high too so it's up to us on how we can save money by doing transactions.
I remembered that I collected all my bitcoins send it or withdraw in one so I can save money because fees is very high.
Right now the fees is high too so it's up to us on how we can save money by doing transactions.
Fees are still high. I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
The btc transaction fees are not fixed, they only increase when the bitcoin network usage is really high, and the fees determine how fast you are going to get your btc transaction done, miners normally attend to transactions with higher fees first, because they consider them urgent, whilst the ones with lower fees will take some time to get processed, so if your not in need of your bitcoin urgently, then use a lower transaction fee, you can try using this site( https://bitaccelerate.com/) to help speed up your transaction from time to time. Practically speaking Miners will pick those who pay more because they will earn much bigger.
If you want to have a quicker transactions, you don't have any other option but pay the fees according to how fast you wanted the transaction being process. If you are not willing to pay this huge fees is eatiher you use alternative currency to lessen the fee or
use the normal one and wait for your term to be process, it will take longer as you have to wait for the miner to pick your transaction.
I personally don't like that, for me, the improvement on Segwit update already made Bitcoin more accessible for more people.
I agree. The BTC upgrade to Segwit has been nothing but a significant improvement on the blockchain. While this led to fast and more efficient transaction speeds I appreciate that we're not at a level where we are always happy about the fees but it is an improvement nonetheless.
That said, in light of the new rise in price of BTC will lead to more adoption and on-chain transactions, and I have no doubt that more improvements will be done to minimize the fees as much as possible.
However, we must also remember that fees are important incentives for miners to do their job properly so these can't be too low that will de-incentivize them.
Fees are still high. I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
Correct, When i gonna go to make a $100 transaction, i can see $11 is transaction fee 
. I Don't know is it possible to reduced fee. Hope bitcoin fee will reduced.It's not always like this. I sent bitcoin yesterday with just 5 sats/byte, $0,6 fee for a $100 transaction, I could have paid with just 1 sats/byte yesterday but it will take longer to be confirmed. At the current mempool, you can pay a fee of around 15 sats/byte and still be confirmed within an hour.
Do you know that $11 is an overestimated fee by default? you can always set manual fees depending on what kind of wallet do you use (personal/private wallet), but if you want to transact through exchanges, there is no option to set a manual fee.
check https://mempool.space/ for reference how much fees to pay and how long it takes to be confirmed.
Fees are still high. I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
Correct, When i gonna go to make a $100 transaction, i can see $11 is transaction fee . I Don't know is it possible to reduced fee. Hope bitcoin fee will reduced.
These fees are quite popular these days because sending coins is currently very expensive. Sometimes even higher fees than the number of tokens to be sent. These are indeed pretty bad conditions in crypto history.
I also complain about this, rich people will not feel disadvantaged if the transaction fees are quite expensive, it is different if a poor person makes transactions with high fees, I think he will complain seeing the very expensive transaction fees. newbies will leave the crypto world because they are disadvantaged by expensive transaction fees.
The problem I see here is always a trade-off. How? Because it was really hard to improve the transaction fee to lower it significantly. I see some potential with the gambling sites which allows users to bet in BTC. There, the system is off-chain, which means that transactions will be as fast as real-time, and there will be no transaction fee when betting. If this is possible, then the bitcoin transaction is also possible in Off-chain. But just like what I already stated from the start, there's always a trade-off, we will no longer have the chance to hold our keys, and IMO, our bitcoin will not be officially owned by us, but owned by the system.
I personally don't like that, for me, the improvement on Segwit update already made Bitcoin more accessible for more people.
I personally don't like that, for me, the improvement on Segwit update already made Bitcoin more accessible for more people.
Bitcoin is the best among cryptocurrency which many investors are using to make a good profit from their business. Despite the high fees of bitcoin many users are still joining the platform just because, what they are hearing about bitcoin and what they saw with bitcoin that is making them not to reason the high fees involved. Bitcoin is still increasing in the market that is making other cryptocurrencies to reduce in this pandemic.
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