Fees high - page 5. | Bitcointalksearch.org

carlisle1

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Quote from: GreenMelon on May 31, 2020, 02:27:18 PM

It depends of the exchange/wallet and the coin (as its network)
exchange/wallet : the fees generated by the staff and this give it its profit.
coin : its network has its fees of move transaction, then when you make withdrawal process, you pay the mix of both fees that wrote in the form of exchange.

Yes it's high as i know. But not a problem of high amounts. Cool

If you are not withdrawing with small amount?then that's not really a problem.but if you are having a thousand satoshi and you badly needed the amount?then you are just a dead man.

actually there are many affected now and they are the people mostly from campaigns and bounties but the traders and investors?i can see a little of them that affected.

Quote from: andyBernard on June 03, 2020, 09:39:36 AM

Fees after halving were ridiculous! I've been so used to send transactions with a 1 sat fee that my transaction got stuck in mempool for 10 days! Sad

not to mention having to pay like $3 fee for a $5 transaction. That's why ETH has gained so much momentum lately.

This means i am lucky because i only waited for 3 days?and yours are 10 days in which not common even using 1 sat per byte.

acceleration is not helping as what i saw in this service thread pumped almost every time the market is Growing.

andyBernard

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Quote from: Artemis3 on June 03, 2020, 07:05:37 PM

Quote from: chrisvl on May 26, 2020, 06:51:28 AM

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.

I still use 1 sat/B, and it still works. Takes a while, but who is in a hurry? Its not like i'm in a shop waiting for a coffee to be served or something...

You don't need to be a "millionaire" you just need to use a decent wallet that lets you input a manual transaction fee. Bitcoin works fine, you just have to use it properly, most people are misled by the wallets, well don't let them decide whats a good fee and what isn't, they are wrong. The network doesn't matter unless you are in an absolute hurry, and in most cases, you don't.

Just send at the cheapest fee and relax. Check back tomorrow or the day after that, it'll eventually confirm, it always does.

Guess I was unlucky with my transaction then. I've sent about 50, 1sat/B always went through within a few hours except this one time after halving. While I agree with you it's pretty inconvenient for someone having to wait several days to get their bits. Certainly made me look at wallets like Electrum to give me greater control of my transactions and check with sites like bitcoinfees to make sure I know the appropriate fees before sending.

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Quote from: chrisvl on May 26, 2020, 06:51:28 AM

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.

I still use 1 sat/B, and it still works. Takes a while, but who is in a hurry? Its not like i'm in a shop waiting for a coffee to be served or something...

You don't need to be a "millionaire" you just need to use a decent wallet that lets you input a manual transaction fee. Bitcoin works fine, you just have to use it properly, most people are misled by the wallets, well don't let them decide whats a good fee and what isn't, they are wrong. The network doesn't matter unless you are in an absolute hurry, and in most cases, you don't.

Just send at the cheapest fee and relax. Check back tomorrow or the day after that, it'll eventually confirm, it always does.

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Quote from: andyBernard on June 03, 2020, 09:39:36 AM

That's why ETH has gained so much momentum lately.

We'll see what happens with ETH 2.0, but ETH has had the exact same problem quite a few times. Anything with a fixed limit and variable fee is going to experience the same thing if enough users arrive.

And since ETH has stablecoins running on it as well as Dex's and no doubt plenty of other things the potential for pressure on fees is seriously high. There doesn't have to be a spike in price or new users to up it. The more services use it for what it was designed to do, contract type stuff, the more demand there'll be for space on chain and that always costs.

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Quote from: andyBernard on June 03, 2020, 09:39:36 AM

Fees after halving were ridiculous! I've been so used to send transactions with a 1 sat fee that my transaction got stuck in mempool for 10 days! Sad

not to mention having to pay like $3 fee for a $5 transaction. That's why ETH has gained so much momentum lately.

I've sent more than 1000$ for less than 10 cents fee just because I've waited a cool down period. Of course, this is not always possible.
Also the fees are not related to the value you are transacting, so the 5$ and 1000$ figures are useless.

And also Ethereum network is pretty much crowded too lately and I fear that if the trend continues sooner or later you'll face the same issues on ETH.

andyBernard

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Fees after halving were ridiculous! I've been so used to send transactions with a 1 sat fee that my transaction got stuck in mempool for 10 days! Sad

not to mention having to pay like $3 fee for a $5 transaction. That's why ETH has gained so much momentum lately.

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Indeed the price is quite steep. Specially when you are in a third world country and you only earn a few satoshis every now and then. The thing is though, is that small people like us won't be able to do much about these prices. And besides, the prices are the way they are probably because it is needed to keep things going good.

And just as what most of the people do who are not in a hurry or even troubled by hassle just pay lower fees or just uses other coins when doing transfers. If you haven't tried using other currencies yet, you can start with minimum amount or any amount that you are comfortable with and start from there till you get the hang of it.

Zionatin

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It feels like this happens after the halving. The fees do this. When bitcoin shot up in 2017 the fees went off the roof. Bitcoin is more stable now but the fees are increasing compared to a few months ago when bitcoin was also the same price as now (8-10k) but the fees were not as high. Everyone is rushing to have their transaction done the fastest. I always thought that when fees were high bitcoin mining would be more profitable?
However, it is not the case. It really makes no sense to me and I have no idea how miners predict their profit margins.

GreenMelon

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It depends of the exchange/wallet and the coin (as its network)
exchange/wallet : the fees generated by the staff and this give it its profit.
coin : its network has its fees of move transaction, then when you make withdrawal process, you pay the mix of both fees that wrote in the form of exchange.

Yes it's high as i know. But not a problem of high amounts. Cool

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Quote from: NeuroticFish on May 31, 2020, 01:18:30 PM

There is (also) a problem: various services need "fast" transactions, the most wide spread may be the withdrawal from exchanges (customer trust, lack of options in the software like "I'm not in a hurry, but let me have the extra $), but also certain payments need confirmations.. faster than one week.

Good point. At some point that variability stops being a quirk that some explain away and becomes a flat out impediment to normal operations. I'll guess that's one of the prime reasons Blockstream got Liquid going but I've no idea whether it'll ever have any private uptake and it might end up worse than normal banking in terms of onerousness for all I know.

LNs had better get their skates on as otherwise it's going to be centralised services all the way. So far I have not been compelled to sample it.

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Quote from: gentlemand on May 31, 2020, 10:42:23 AM

But some day that will be a fond memory for good. I'm interested to see how many people readjust their expectations and are happy to wait for less cost rather than it having to be NOW. Either way the broke will need a solution that isn't widespread at the moment. Could be LNs, could be something else.

There is (also) a problem: various services need "fast" transactions, the most wide spread may be the withdrawal from exchanges (customer trust, lack of options in the software like "I'm not in a hurry, but let me have the extra $), but also certain payments need confirmations.. faster than one week.

Yes, certain transactions can be done with low and very low priority. But in order to have something "commercially available" I'm afraid that many of those complaining are right and something has to be done and I'm not as enthusiastic about LN like I was one year ago (mostly because I had unrealistic expectations it'll get live/out-of-beta/used with the speed SegWit got adopted).

So it's not only about "people readjust their expectations" imho, it's more about how the service providers will adjust to the new reality.

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Quote from: NeuroticFish on May 31, 2020, 07:57:35 AM

You are late. Right now 1 sat/vbyte is good again.
And you should read more. The fee is completely unrelated to the quantity or value of the coins sent.

But some day that will be a fond memory for good. I'm interested to see how many people readjust their expectations and are happy to wait for less cost rather than it having to be NOW. Either way the broke will need a solution that isn't widespread at the moment. Could be LNs, could be something else.

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Quote from: ?? on ??

I concur to this. Bitcoin is not for the rich only. It is even one thing they must look into if it want to be accepted worldwide. The fees are too high, even for small amount.

You are late. Right now 1 sat/vbyte is good again.
And you should read more. The fee is completely unrelated to the quantity or value of the coins sent.

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Quote from: chrisvl on May 26, 2020, 06:51:28 AM

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.

Isn't this enough reason people are switching to Segwit? You should try that. However, there are options to even lower how much fees you want to pay only that it delays your transaction. BTW, what would you say of the ETH network where you can't go below a set gas fee, otherwise the transaction will be automatically rejected. This isn't in any way justifying the high Bitcoin transaction fees though.

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Quote from: bob123 on May 31, 2020, 06:04:09 AM

If you look at the fees of the past 24 hours, they are quite low again.

Exactly. https://mempool.space/ gives an even better overview. Most of the blocks from the last 12 hours were not filled completely.
Even myself I made a low prio transaction yesterday with 1 sat/vbyte and went through in less than 20 minutes.

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Quote from: ?? on ??

The halving definitely shook the fees up quite a bit, it should be dropping slowly now

If you look at the fees of the past 24 hours, they are quite low again.

A 1 sat/B transaction will be confirmed within the next few blocks.
A 2-3 sat/B transaction is almost guaranteed to be confirmed within the next block (if no sudden spike happens).

Quote from: MCobian on May 31, 2020, 02:03:21 AM

Especially with halving, bitcoin fees should increase. Do the solution I have mentioned, because that is
the only way for the time being.

The halving already occured.
And the adjustment of the difficulty also took place on May 20.
The next adjustment will be on Thursday evening. The change will be roughly between -11% and -10%.

So even when there are a lot of transactions happening (which is definitely not sunday), fees should normalize again.

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It's true that bitcoin does have quite high fees compared to altcoins which have lower fees. Therefore the lightning network tries
to overcome the problem of high bitcoin fees. Or you can also convert the bitcoin that we have become altcoins, so this fees
problem can be overcome. Especially with halving, bitcoin fees should increase. Do the solution I have mentioned, because that is
the only way for the time being.

coupable

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Quote from: CaVO32 on May 26, 2020, 06:24:52 PM

i have not much experience in terms of electrum, so i don't know how fees are looking at if you use it. anyway, if you want to transfer btc from one exchange to another, use other alts like doge because normally their fee is very low.

It doesn't matter what wallet you use. Electrum for desktop has almost all features in bitcoin core and you can adjust the fee manually. Users are forced to set a high fee to get their transactions confirmed fast because not everybody can use an altcoin and altcoins can't be used for daily paiements. At best cases they may use bitcoin cash (supported by several wallets) instead of bitcoin, which is not advisable at all.

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Maybe you are a little confused. The cost when we trade Bitcoin is calculated by the number of transactions, not by the number of transactions you (for example, the price you transfer 1B with 0.005B is also equivalent). Therefore, if you transfer with a small amount of BTC, you will see very high transfer fees, even accounting for 10%, 20% of the amount you trade. But if you transfer in bulk, the cost of the transaction is almost zero if calculated on the total volume you transfer. (Bitcoin is the cheapest way to transfer money. Example: There are already millions of transactions that cost only 1-5 $)

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Quote from: azmirihaque on May 30, 2020, 09:57:11 AM

I think so that there has a high fees for Bitcoin transaction. Bitcoin is now in a growing position. A lot of people are gradually investing in Bitcoin. Its usage and popularity are also increasing day by day. Many countries are permitting bitcoin which was restricted before. In such case, a high fees may be the hindrance of its growing path.

The main reason why bitcoin transaction fees are increasing is because mempool are full with unconfirmed transactions.

Quote from: azmirihaque on May 30, 2020, 09:57:11 AM

So, it is time to reduce the high fees and give the opportunity to the new and small investors as well as miners to enter the bitcoin market.

You have to know how miners actually process each transaction because you will get an answer as to why transaction fees increase. Miners will process transactions based on fee, the greater the fees used will allow transactions to be processed quickly and vice versa. At the same time, people are racing to get quick transactions by adding fees so that people who use lower fees will experience delays in the "stuck" transaction process.

Although the main reason for the increase in transaction fees is due to the mempool is full, this is the desire of users themselves who want transactions quickly and this has led to increased fees and many other transactions that are delayed.

Topic: Fees high - page 5. (Read 2629 times)