To be honest, it's still cheap compared to other ways. It just depends on how large your Bitcoin is. Maybe the fees was high because of the halving? Because as of now, a lot of miners are turning off their rigs in order to reduce losses because we know that their profit was reduced by 50%. The networked got more clogged because of this I think. Just give it time, fees will gradually reduced overtime.
Do you remember when bitcoin cash released, some miners move their hashrate from btc to bch that cause 15$+ fees per tx, it was expected blocks took more than 10 minutes due to hashrate drop that cause more transactions in mempool, in this case we got lucky due to difficulty adjustment, Miners can turn off or turn on their rigs I remember a lot of people’s blame miners because their move hashrate to bch and cause slow confirmations and high fees, miners is not the problem.. 
Topic: Fees high - page 8. (Read 2626 times)
To be honest, it's still cheap compared to other ways. It just depends on how large your Bitcoin is. Maybe the fees was high because of the halving? Because as of now, a lot of miners are turning off their rigs in order to reduce losses because we know that their profit was reduced by 50%. The networked got more clogged because of this I think. Just give it time, fees will gradually reduced overtime.
Yes the maximum fee mast be 0.10$ always.. Loaded can have 40000 btc I can have 100000 btc next days fees scale to x satoshi per byte I have the ability to pay loaded have the ability to pay 10-15€ fees Alice wich don’t have bulk of bitcoin like loaded have the ability to pay 10$ fees for 10$ usd tx ?? Peoples must understand that bitcoin need all type of users not only the users wich can pay high fees
So you woke up after being inactive on the forum for almost a year, and you probably wanted to sell some of your BTC so you were surprised that you had to pay $1 for the transaction? Maybe BTC is simply not for you, why not use Dogecoin that you mention several times, or maybe LTC?
You want the fee to be fixed at $ 0.10 which is completely unrealistic, and you are also exaggerating the current situation by increasing fees to $10 or $15 in your mind, completely ignoring the progress made by SegWit or LN. Instead of crying for $0.10 fee, move to SegWit and pay $1 for confirmation in next 2 block or if you're not in a hurry $0.20 and wait few hours.
https://www.buybitcoinworldwide.com/fee-calculator/
-Leave it here for historical reasons
Not actually surprised about the high fees. Our local exchange has almost $5 as a fee in fast transactions and $1 for slow move. I can't also convert it to other coins since they have convertion fee that just makes it double the fees. And I understand why fees are higher than before, miner's award was half already thus they are pushing and prioritize high transaction fees.
Lower fees might take hours to make a transaction.
This is not a solution though, if we want to say that Bitcoin is electronic cash and a new way of making online payments - if those need hours to happen or they will never happen due to the low fees chosen.
Using segwit, an average transaction takes about $1 to get a confirmation within a very reasonable amount of time. If you're willing to do so, $0.50 could bring it to a few hours only. Like I said, there are improvements and there isn't any silver bullet solution without compromises. If anyone does have one, please bring it to the table instead of creating a thread and whining about it.This is not a solution though, if we want to say that Bitcoin is electronic cash and a new way of making online payments - if those need hours to happen or they will never happen due to the low fees chosen.
The rewards of the miners went down because of halving.
To compensate their expenses, the fees went up so they will stay profitable.
The miners didn't decide the fees in this case. The mempool is unusually full due to the huge volume and there is a backlog of transactions waiting to be cleared. Profitable or not, the miners couldn't decide on the fee rates. The offset of their loss of earnings comes mainly from the difficulty adjustments. To compensate their expenses, the fees went up so they will stay profitable.
This is the scenario.
The rewards of the miners went down because of halving.
To compensate their expenses, the fees went up so they will stay profitable.
If you are living in a 3rd world country like me, the fees really are high especially when you are transferring only a small amount of money. On the other side, if you are transferring huge chunks of Bitcoin then the fee will not hurt you that much. There are some sites or wallets that let you adjust the fee but still there are some where you can't adjust the fee.
Another way to lessen your fees is to use altcoins which has a low transaction fees. Ethereum, Litecoin and Dogecoin are the most popular ones. You can convert it first to either of the 3 then after transferring exchange it again into Bitcoin then you're good to go.
I can feel your sentiment here mate but i think the problem happens not only for the 3rd world country convertingThe rewards of the miners went down because of halving.
To compensate their expenses, the fees went up so they will stay profitable.
If you are living in a 3rd world country like me, the fees really are high especially when you are transferring only a small amount of money. On the other side, if you are transferring huge chunks of Bitcoin then the fee will not hurt you that much. There are some sites or wallets that let you adjust the fee but still there are some where you can't adjust the fee.
Another way to lessen your fees is to use altcoins which has a low transaction fees. Ethereum, Litecoin and Dogecoin are the most popular ones. You can convert it first to either of the 3 then after transferring exchange it again into Bitcoin then you're good to go.
but the whole world of crypto because even other country account here are asking about
this High transaction fee thats happening here .
I believe that the last time this scenario happens is way back Bermonths of 2017 when the transaction fees are
very High and thats why congestion happens in many
transaction because people chooses the lowest fee ,and You are right small withdrawals are the most affected
because the fee seems almost close with the amount we are
going to withdraw?
This is the scenario.
The rewards of the miners went down because of halving.
To compensate their expenses, the fees went up so they will stay profitable.
If you are living in a 3rd world country like me, the fees really are high especially when you are transferring only a small amount of money. On the other side, if you are transferring huge chunks of Bitcoin then the fee will not hurt you that much. There are some sites or wallets that let you adjust the fee but still there are some where you can't adjust the fee.
Another way to lessen your fees is to use altcoins which has a low transaction fees. Ethereum, Litecoin and Dogecoin are the most popular ones. You can convert it first to either of the 3 then after transferring exchange it again into Bitcoin then you're good to go.
The rewards of the miners went down because of halving.
To compensate their expenses, the fees went up so they will stay profitable.
If you are living in a 3rd world country like me, the fees really are high especially when you are transferring only a small amount of money. On the other side, if you are transferring huge chunks of Bitcoin then the fee will not hurt you that much. There are some sites or wallets that let you adjust the fee but still there are some where you can't adjust the fee.
Another way to lessen your fees is to use altcoins which has a low transaction fees. Ethereum, Litecoin and Dogecoin are the most popular ones. You can convert it first to either of the 3 then after transferring exchange it again into Bitcoin then you're good to go.
Yes the maximum fee mast be 0.10$ always.. Loaded can have 40000 btc I can have 100000 btc next days fees scale to x satoshi per byte I have the ability to pay loaded have the ability to pay 10-15€ fees Alice wich don’t have bulk of bitcoin like loaded have the ability to pay 10$ fees for 10$ usd tx ?? Peoples must understand that bitcoin need all type of users not only the users wich can pay high fees
So you woke up after being inactive on the forum for almost a year, and you probably wanted to sell some of your BTC so you were surprised that you had to pay $1 for the transaction? Maybe BTC is simply not for you, why not use Dogecoin that you mention several times, or maybe LTC?
You want the fee to be fixed at $ 0.10 which is completely unrealistic, and you are also exaggerating the current situation by increasing fees to $10 or $15 in your mind, completely ignoring the progress made by SegWit or LN. Instead of crying for $0.10 fee, move to SegWit and pay $1 for confirmation in next 2 block or if you're not in a hurry $0.20 and wait few hours.
https://www.buybitcoinworldwide.com/fee-calculator/
Now, as the third halving whipped up retail interest, demand for processing transactions through the Bitcoin network rose, causing fees to rise. Since May 11, the average transaction cost for BTC has climbed as much as 220% to more than $6.40, as per Bitinfocharts.
Fees is decided by the free market. You could pay a lower fee but it'll take a longer time but that's all that you can do right now.
Lower fees might take hours to make a transaction.
This is not a solution though, if we want to say that Bitcoin is electronic cash and a new way of making online payments - if those need hours to happen or they will never happen due to the low fees chosen.
~
May I ask what is the road block? Why people are reluctant to adopt the lightning network as opposed to the high transaction fee! If this is what can solve this high transaction fee people are currently facing then there should not be any hesitant about it, just wondering why the adoption is slow,
And as for minimize transaction cost, I also do same, use other alts that has less fees to withdraw.
One of the main argument is that the network could be centralized. Most of the current LN nodes are controlled by a few individuals but this could be solved if more people will run their own node. Right now, it seems that the cost of implementing LN still outweighs the benefits/rewards and that prevents many platforms from adopting it.May I ask what is the road block? Why people are reluctant to adopt the lightning network as opposed to the high transaction fee! If this is what can solve this high transaction fee people are currently facing then there should not be any hesitant about it, just wondering why the adoption is slow,
And as for minimize transaction cost, I also do same, use other alts that has less fees to withdraw.
Another issue raised is that it's not user friendly. An average user would need some technical skills or he/she could find it hard to set up opening/closing payment channel/s.
If Lightning network get enough adoption, the problem with fee will be solved because people can be able to send/receive btc with very low fee. I think LN will solve that.
May I ask what is the road block? Why people are reluctant to adopt the lightning network as opposed to the high transaction fee! If this is what can solve this high transaction fee people are currently facing then there should not be any hesitant about it, just wondering why the adoption is slow,And as for minimize transaction cost, I also do same, use other alts that has less fees to withdraw.
I think the Bitcoin protocol has to be changed if we want to have cheap fees even if there are hundreds of thousands of transactions. There's segwit, LN, and the proposal of bigger blocks to help ease congestion but with nodes automatically setting a minimum fee everytime it gets full, always expect the fee to spike. As much as we want it to be fast and scalable, the network was simply not designed that way. It was meant to be a decentralized payment system.
Okay I do understand that some wallets have increased their fee , but it's not universal , the wallet I use was charging me a fee of 0.0006 BTC for the transfer but now the fee is 0.00049, approximately 0.0001 difference is also a big deal .
Two things I would like to say here :-
1. It's not universal that the fee is increasing , fee was always calculated in terms of Bitcoins not in terms of Bitcoin's value .
2. Due to halving the small miners have to actually shut down their mining machines because they cannot afford to pay bills and at the same time decrease in hash-rate could prove bad for the Bitcoins , it will make the network vulnerable and at the same time people will loose their interest in investing in Bitcoins. So I do think this might be something that is done to preserve the hash-rate it might be back to normal in some time .
___________________________________________________________
What we can do for this :-
1. Solve the issue of network congestion somehow.
2. Improve the Lightning network
___________________________________________________________
This might take a while and for the time being you can actually use a wallet which charges a reasonable fee. At the same time try and use the lightning network.
__________________•hope this answers your query•____________
Two things I would like to say here :-
1. It's not universal that the fee is increasing , fee was always calculated in terms of Bitcoins not in terms of Bitcoin's value .
2. Due to halving the small miners have to actually shut down their mining machines because they cannot afford to pay bills and at the same time decrease in hash-rate could prove bad for the Bitcoins , it will make the network vulnerable and at the same time people will loose their interest in investing in Bitcoins. So I do think this might be something that is done to preserve the hash-rate it might be back to normal in some time .
___________________________________________________________
What we can do for this :-
1. Solve the issue of network congestion somehow.
2. Improve the Lightning network
___________________________________________________________
This might take a while and for the time being you can actually use a wallet which charges a reasonable fee. At the same time try and use the lightning network.
__________________•hope this answers your query•____________
Read my signature.
You should have three coins
BTC is not fast and best for 1000 usd and up.
LTC. is fast and great for 100 usd to 1000
DOGE is fast and great for 100 usd or less.
Any attempt to end all coins and just do BTC for everything is not going to work.
Some people still haven't understood why bitcoin is not suitable for everyday microtransactions. That is why we still have talks about bitcoin being not so fast and efficient like Visa currently is. It will never scale to that speed, at least not in the main protocol. Fees in the core blockchain will be higher in the future, especially after 2140 when block subsidy is gone. That is necessary for the network to exist, there always has to be an incentivize for miners. What bitcoin is perfect for is the saving the value. This type of transactions are rare, and that is why paying a bit higher fees is not harmful. But there will be many other transactions, for example, transactions of final settlement, which also have high fees. Small transactions can be done through second layers like Lightning Network or through other blockchains that are not suitable for storing of value but very effective for fast transactions. However, the thing here is we still have no clue which altcoins will survive. You should have three coins
BTC is not fast and best for 1000 usd and up.
LTC. is fast and great for 100 usd to 1000
DOGE is fast and great for 100 usd or less.
Any attempt to end all coins and just do BTC for everything is not going to work.
Lately the fees have been the highest in almost a year. I think this is due to the halving FOMO and started around that time. Looking at the congestion chart, this seems pretty bullish, however not if you can't get a transaction confirmed.
I think to reduce congestion exchanges should really be using the LN when customers do deposits/withdraws to and from. Most of the transactions happening are between exchanges and they could easily be routed thru a lightning network.
Hopefully they will take action if the fees keep being this high in the near future. Because it doesn't make sense to pay $10 and wait a few hours for a transaction to confirm.
I think to reduce congestion exchanges should really be using the LN when customers do deposits/withdraws to and from. Most of the transactions happening are between exchanges and they could easily be routed thru a lightning network.
Hopefully they will take action if the fees keep being this high in the near future. Because it doesn't make sense to pay $10 and wait a few hours for a transaction to confirm.
Higher fees is optional you could decide to pay higher fees or choose the standard but it takes much longer. Although this has been resolve there are other second layer solutions such as Segwit that uses Lightning Network. But if you compare sending millions to other payment processors such paypal that takes 3-5 days even longer with costly fees. I'd rather go with Bitcoin.
maybe he didnt know that segwit exist and lightning networks . also there are sites or wallets that doesnt allow you to modify the transaction fee . so he have no choice if he still use it but on other service we can choose to pay a small fee only as long as we waiting is not a big deal to us . you compare paypal , i use paypal before but transacting doesnt take much time and no fees too but paypal have issues , thats why we are here switching to cryptos
Fees typically rise every time the Bitcoin blockchain comes under heavy usage.
The market decides. If you think in terms of fiat money those fees look "high" but if you read them under a Bitcoin light they are fine.
On the long run fees need to sustain the network.
For everything else use dogecoin
The market decides. If you think in terms of fiat money those fees look "high" but if you read them under a Bitcoin light they are fine.
On the long run fees need to sustain the network.
For everything else use dogecoin
Yes, fees are like taxes that it needs just to maintain and sustain the bitcoin blockchain, we just need to accept the fact that it really need its fees to become higher than other coin. What else can we do if it is the most popular cryptocurrency that we are holding, we just need to adapt and understand those things. If you will invest in doge coin, I think that you should adapt on that because it is really hard to manipulate in the market, especially that it is much lower than the bitcoin's value. Fees are important to let cryptocurrency grow and still exist no matter how long we are using it, we need to support and pay the regulators and those taxes so that it will still continue for so many years, bitcoin have a lot of supporters so it is really not an issue.
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.
Read my signature.
You should have three coins
BTC is not fast and best for 1000 usd and up.
LTC. is fast and great for 100 usd to 1000
DOGE is fast and great for 100 usd or less.
Any attempt to end all coins and just do BTC for everything is not going to work.
Higher fees is optional you could decide to pay higher fees or choose the standard but it takes much longer. Although this has been resolve there are other second layer solutions such as Segwit that uses Lightning Network. But if you compare sending millions to other payment processors such paypal that takes 3-5 days even longer with costly fees. I'd rather go with Bitcoin.
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