Not that, if the fees are high, this does necessary mean only good for the rich, bitcoin can still be use for people who does not hold a lot of early investors, but the micro transactions is not advisable if the fee is that high, actually we can reduce the fee, but the waiting period is long.
for big transactions, like millions or even thousands of dollars, bitcoin is still cheap and faster since no third party that will check it like what banks normally do when it reaches the ceiling of amount they are required to report for AMLA.
Topic: Fees high - page 9. (Read 2626 times)
Just a few addition for the users above who made some good enlightening. You can always opt to use other alts which has low transaction fees, dogecoin is one example.
If you're not in a hurry, you can still choose to have lower fee, but would take a bit longer to reach your wallet.
Nevertheless, this high transaction fees doesn't stay forever anyway. People are already expecting this to happen after the halving.
I know who network works, I don’t wait any user explain me about it. If you're not in a hurry, you can still choose to have lower fee, but would take a bit longer to reach your wallet.
Nevertheless, this high transaction fees doesn't stay forever anyway. People are already expecting this to happen after the halving.
The goal is to attract people’s not send him to other coins like dogecoin.
Strong community. Strong bitcoin.
Well, that's a good goal and I stand corrected. Then what's the least we can do to achieve such low fees in Bitcoin network? High transaction fees, Bitcoin scalability, That's the usual problem in the network, but what else's stops people, you from not using Bitcoin?
You might be using an exchange then, because you're so affected by the rise of transaction fees? The very reason why I suggested you to switch to other alt for you to save a few bucks. But, then again the goal is different, I though you are looking to save some fees.
Thanks for clarifying. Bitcoin will always be strong.
This is really the bottleneck for adoption. Right now, with high fees, a lot can't afford such transaction fees. I hope LN will be more popular to use among merchants and crypto users. Maybe, this is one solution to address of having very high fees in terms of btc.
Just a few addition for the users above who made some good enlightening. You can always opt to use other alts which has low transaction fees, dogecoin is one example.
If you're not in a hurry, you can still choose to have lower fee, but would take a bit longer to reach your wallet.
Nevertheless, this high transaction fees doesn't stay forever anyway. People are already expecting this to happen after the halving.
I know who network works, I don’t wait any user explain me about it. If you're not in a hurry, you can still choose to have lower fee, but would take a bit longer to reach your wallet.
Nevertheless, this high transaction fees doesn't stay forever anyway. People are already expecting this to happen after the halving.
The goal is to attract people’s not send him to other coins like dogecoin.
Strong community. Strong bitcoin.
Well, that's a good goal and I stand corrected. Then what's the least we can do to achieve such low fees in Bitcoin network? High transaction fees, Bitcoin scalability, That's the usual problem in the network, but what else's stops people, you from not using Bitcoin?
You might be using an exchange then, because you're so affected by the rise of transaction fees? The very reason why I suggested you to switch to other alt for you to save a few bucks. But, then again the goal is different, I though you are looking to save some fees.
Thanks for clarifying. Bitcoin will always be strong.
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.
Yes, it can be reasonable if you transfer a huge amount of bitcoin but for those who haven't that capability, it is a big sacrifice to their part. I suggest not to perform any transfer if it is not necessary, fees will be changing soon only we have to wait.
There is a theory who said that bitcoin is not made for small transactions due to various reasons. At the time when fees reach all time high like nowadays, it becomes clear how only big amount transactions can be proceeded despite the fee.
I think it's a good time to rise awarness about alternative solutions like the lightening network.
that's what I'm thinking also, increase the usage of Lightning Network. we all are experiencing high fees and we can't do anything about it if we need to transact with bitcoin especially from one exchange to another. if you are using your bitcoin core wallet, you can at least set the fees but not too low, as the miners may not confirm your transaction. 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.
Just a few addition for the users above who made some good enlightening. You can always opt to use other alts which has low transaction fees, dogecoin is one example.
If you're not in a hurry, you can still choose to have lower fee, but would take a bit longer to reach your wallet.
Nevertheless, this high transaction fees doesn't stay forever anyway. People are already expecting this to happen after the halving.
I know who network works, I don’t wait any user explain me about it. If you're not in a hurry, you can still choose to have lower fee, but would take a bit longer to reach your wallet.
Nevertheless, this high transaction fees doesn't stay forever anyway. People are already expecting this to happen after the halving.
The goal is to attract people’s not send him to other coins like dogecoin.
Strong community. Strong bitcoin.
Well, that's a good goal and I stand corrected. Then what's the least we can do to achieve such low fees in Bitcoin network? High transaction fees, Bitcoin scalability, That's the usual problem in the network, but what else's stops people, you from not using Bitcoin?
You might be using an exchange then, because you're so affected by the rise of transaction fees? The very reason why I suggested you to switch to other alt for you to save a few bucks. But, then again the goal is different, I though you are looking to save some fees.
Thanks for clarifying. Bitcoin will always be strong.
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.
Yes, it can be reasonable if you transfer a huge amount of bitcoin but for those who haven't that capability, it is a big sacrifice to their part. I suggest not to perform any transfer if it is not necessary, fees will be changing soon only we have to wait.
There is a theory who said that bitcoin is not made for small transactions due to various reasons. At the time when fees reach all time high like nowadays, it becomes clear how only big amount transactions can be proceeded despite the fee.
I think it's a good time to rise awarness about alternative solutions like the lightening network.
Of course, I apologize, but where did you find a large transfer fee? Now the commission is very, very affordable if you use your wallet, where you can charge a fee, and do not use exchanges where you want 50,000 satoshi, and some may even yet more.
...
Bitcoin transaction fees have always been an issue that has been discussed as being considered quite high for so long time ago. But, isn't Bitcoin something valuable? Isn't something valuable worth a fairly high fee? Every transaction of BTC is added into the blockchain in which the validation and adding the transaction to blockchain is conducted by miners. Basically, the rule is that a transaction with higher fees will have the priority in the validation done by the miners. So, the transactions will be done more quickly.
Network conditions and also transaction size also become the factors that influence the different fees.
But currently, I read an article about the relation of the fees and the last Bitcoin halving. The transaction fees of BTC after halving soar much.
Quote
Bitcoin’s average transaction fees continue to rise post-halving—caused by an already overloaded transaction backlog.
As seen on the following chart, the average fees of BTC have risen since January. The amount is astonishing, 1,742%. Whatsmore, the fees are getting higher again approaching to the BTC halving and after halving.
Source: Bitinfocharts
But of course, the higher fees occur not without reasons. Mostly, the high transaction fees occur because of the heavy usage periods. More transactions in the blocks will cause the race of those transactions to get so tight. If you want to be at the top, you should provide more fees to reach the next blocks.
Briefly, the answer to why the Bitcoin fee is high is simple. There are so many users of Bitcoin, and the users want their BTC to transfer quickly. We all know that if something is highly favorited and needed also important, the price will be higher, whatever it is, not only BTC. So does this coin, if you want the BTC arrives in your receiving wallet, pay it, even in high fees.
Source:
https://decrypt.co/29112/bitcoin-fees-halving-rise-mempool
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.
To be honest, i agree with you. The fee charges on bitcoin transaction is rather too high and one of the core features of bitcoin is to offer a friendly transaction cost, where does that go? The scalability problem that always result in high transaction cost when heavy usage is recorded on bitcoin network is truly a turn off. Some thing needs to be done as soon as possible if bitcoin is to hit the mainstream we all are anticipating for.
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
This is not a proper response on the delay in confirmation time, bitcoin should be able to transfer more transactions with a much lower fees, we are a long away from a complete solution for scaling and using dogecoin is not the solution. Once bitcoin is pegged with dollars and majority of the investors view bitcoin as a speculative market you need to view this in terms of fiat valuation rather than looking at as a simple fees if we are looking at the long term viability of bitcoin.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
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
This is not a proper response on the delay in confirmation time, bitcoin should be able to transfer more transactions with a much lower fees, we are a long away from a complete solution for scaling and using dogecoin is not the solution. Once bitcoin is pegged with dollars and majority of the investors view bitcoin as a speculative market you need to view this in terms of fiat valuation rather than looking at as a simple fees if we are looking at the long term viability of bitcoin. 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
Yeah, it's not surprisingly that this scenario would happen after the BTC halving. Just like what others said, if you are not in the hurry, you can pay a lower fees for the meantime (10 sats above per byte would be cheaper and a normal one).
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
Do you think heavy usage is bad? heavy usage is good, meaning more adoption and that is goal, we have to be happy when we see a 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 fees will always increase when the network volume increases. This is because the amount of competition for blockspace increases during these times as more people try to move their money to and from exchanges.
Combine that with a bull run and you've got a recipe for high fees.
This is why it's important to consolidate your inputs when fees are low so you can save as much money as possible when things get worse later on. Also, switch to Segwit to cut your fees in half.
Combine that with a bull run and you've got a recipe for high fees.
This is why it's important to consolidate your inputs when fees are low so you can save as much money as possible when things get worse later on. Also, switch to Segwit to cut your fees in half.
Miners are responsible for this. Quite that they are having their way to increase the fees just to compensate themself and survive. Not to think that this is a normal scenario, not all of us are aware of this that the price hikes even surprising.
Yes, it can be reasonable if you transfer a huge amount of bitcoin but for those who haven't that capability, it is a big sacrifice to their part. I suggest not to perform any transfer if it is not necessary, fees will be changing soon only we have to wait.
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.
Yes, it can be reasonable if you transfer a huge amount of bitcoin but for those who haven't that capability, it is a big sacrifice to their part. I suggest not to perform any transfer if it is not necessary, fees will be changing soon only we have to wait.
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
Isn't one of the points of Bitcoin that it allows to be free from various banking fees and spend less on them? And sometimes it's indeed the case, but probably not right now. Something has to be done with the fees' problem. I used to think that DAG cryptos like IOTA have a big potential because of principally working better when more people join, not worse like blockchain, but they failed because of troubles on the start of the road. If Bitcoin is to be adopted by more people, we need solutions to the scalability problem, or we should indeed go back to diversifying and using multiple cryptos to avoid overload of the network of one of them. 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
There's the 'headline' rate and then there's the rates you can get away with if you're in no hurry. I moved some last night for 12 sats per byte. I was expecting it to take ages but it was all done and dusted within 3 hours.
Yeah basically we can just wait for a longer time than before at the quite same rate. I haven't moved mine since last week, I don't know how much it would take but I'll just do the lowest rate even it takes a day lol. There'll always be someone in a hurry. If you're not that person then there's still a lot of room to breathe.
If you are trying to send bitcoin during these days, as the blockchain has heavy traffic it is advisable to do it in advance so you'll get just in time you need it. Bitcoin is not for emergency use right now.I think that we are going to experience this much longer til the market adjusts from the recent halving, the market is pretty volatile and transaction is made every second so we will be longing in higher transaction rates.
The fees will not be fixed and it's unlikely that we see it happen. The two solutions that we can do as of the moment were mentioned.
Convert to an altcoin but seems you don't like the idea.
Pay with low fee but it will take time.
Convert to an altcoin but seems you don't like the idea.
Pay with low fee but it will take time.
I don’t understand why people constantly complain about high fees, which they really aren’t? Bitcoin is not designed to be sent completely for free, and the biggest problem is that some think the maximum fee should be $0.10, always.
They don't see that it's much cheaper than the payment processors that we commonly used and takes about a day or two or even a three to arrive. 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.
One of the first steps to fight high fees at the moment would probably be to not use ANY service which has still not implemented Segwit.
The fees could be high now because of demand and usage but it doesn't stop transaction depending on how hastened we are in our transaction. If you allow more sat for miners, it is picked faster than trying to tighten up fees, you stay longer. Btc transaction is getting busier now.
A lot of people’s focus on yesterday fees and now fees we have focus farther to fix fee issue.. Jump to: