how can bitcoin survive with 26 USD transaction cost? - page 2.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: ?? on ??

I was worried about this problem a long time ago. To me it seems that every blockchain which is not centralized in some way is headed down this path. Yet the absolute euphoria about Bitcoin's future and disruptiveness continues. What gives?

Mate you need to understand that you use wallets which allow custom fees like electrum and then leave the transactions going on. They will take time to confirm but that does not mean that they will forever be static in the blockchain. If you have a bunch of transactions going on everyday then its another question - use bulk transactions (send to many feature) for that.

This has nothing to do with blockchains being centralized or not. I dont know where you got that idea from. Care to share the source with us?

dogandogru

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It is very disappointing to see such huge transaction fees now a days. It will become very difficult for the bitcoin users to stay with Btc if such high transaction fees remain to continue. Hard forks like BCH are providing much better services with quick transaction confirmation at very low fees as compared to BTC so obviously users will definately going to shifting on BCH if things remain unimproved.

aeternus

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Quote from: KingScorpio on November 20, 2017, 11:43:06 AM

i have recently done 2 bitcoin transactions and i had to pay in total 52 usd in transaction costs,

how can bitcoin be used if it is more and more undividable, because smaller transactions arent worth it anymore?

introducing new forks and splits like bitcoin cash bitcoin gold decreases the trust and people start consider it a manipulated centralised pyramid system.

if someone buys himself a hamburger with bitcoin, he has to pay more than 14 other hamburgers for miners...

bitcoin becomes a currency for large transactions only (rich people), you could worthily transact the payment of a yacht or a building with bitcoin but not smaller things..

regards

That is without a doubt a big issue but is not as big as you make it out to be, bitcoin is not being used as much as a currency as it is used as an investment, so the problem with the fees is not as bad but when we get adoption by most people around the world then that will be an issue but I think that by that time bitcoin will be mature enough and will be able to process that huge load of transactions.

DARKANGEL6415

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Quote from: Xavofat on November 20, 2017, 12:00:37 PM

I don't know what wallet you're using, but unless you're sending a very large transaction, its fee estimation is terrible.

Paying less than $1 in BTC equivalent would quite comfortably get your transaction confirmed at current rates.

If you want lower fees than that, feel free to receive coins to a SegWit-compatible wallet in future. It helps to lower your fees further, and potentially the fees for other people too.

I personally think that once all the drama that was created as a result of the bitcoin cash and bitcoin gold created a lag for a bit. Many people still remained in bitcoin but others like miners left even if only for a week or two to mine other bitcoin alternatives. Now i never seen this service you mentioned but i will sure keep it in mind.

carlfebz2

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Quote from: TheUltraElite on November 21, 2017, 02:59:14 AM

Quote from: batang_bitcoin on November 20, 2017, 03:24:13 PM

What wallet are you using for sending transactions? Maybe it does have something to do with and I'm thinking about xapo, I'm currently using blockchain.info and you know what the lowest sats per byte that I paid is only 15 sats. They are working on it and seems that many miners are now back to mine bitcoin. When I have a $20 fee for a transaction what I did is I cancelled it and just wait for the dust to be settled, that time is during the war against bitcoin cash. I let it calmed so now I have less than $1 to pay for each of my transaction.

I agree with you point. The mining dilemma of bitcoin and bitcoin cash has been bugging people for the last few days. Transaction fees are high and people have to spend more on fees than actual funds sent. It complicates things even more for people who are doing daily business and have to do more than 10 transactions every hour. Think about the amount of fees that would need. Luckily I dont have this issue and I barely send one transaction per day and I am happy to have it confirmed in 2-3 days.

This is why its case to case basis which there are people who do actively make transactions on daily basis which they would really worried too much on such price bump on fees. If you do make micro transactions then it will surely hurt you out and on those times on where fees are injustice all I did was postponing those transactions and do wait up for more days on where the fees would go back down and also we do have the option to set out our own fees depending on our needs.

SixOfFive

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High transaction fees is seriously being a issue now a days. The major reason for the rise of BCH in last few days is the low transaction fees and quick payment confirmation.
Looking at Miners argument on increasing mining fees is that as Bitcoin market cap is increasing & demand increasing...Hash rate is also increasing. Seeing the energy consumption of the mining devices, they say they are unable to continue with same mining fees.
Only sol. which I see to this problem is the development of a mining device which consume less energy/electricity and hence mining cost is less and miner can able to a confirm a transaction at low mining fees.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: batang_bitcoin on November 20, 2017, 03:24:13 PM

What wallet are you using for sending transactions? Maybe it does have something to do with and I'm thinking about xapo, I'm currently using blockchain.info and you know what the lowest sats per byte that I paid is only 15 sats. They are working on it and seems that many miners are now back to mine bitcoin. When I have a $20 fee for a transaction what I did is I cancelled it and just wait for the dust to be settled, that time is during the war against bitcoin cash. I let it calmed so now I have less than $1 to pay for each of my transaction.

I agree with you point. The mining dilemma of bitcoin and bitcoin cash has been bugging people for the last few days. Transaction fees are high and people have to spend more on fees than actual funds sent. It complicates things even more for people who are doing daily business and have to do more than 10 transactions every hour. Think about the amount of fees that would need. Luckily I dont have this issue and I barely send one transaction per day and I am happy to have it confirmed in 2-3 days.

Anne8

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Quote from: KingScorpio on November 20, 2017, 11:43:06 AM

i have recently done 2 bitcoin transactions and i had to pay in total 52 usd in transaction costs,

how can bitcoin be used if it is more and more undividable, because smaller transactions arent worth it anymore?

introducing new forks and splits like bitcoin cash bitcoin gold decreases the trust and people start consider it a manipulated centralised pyramid system.

How much you send bitcoin with $26 cost?? Thats big cost i think.

But when you say trust of bitcoin then i will not believe. As we can see, before and after fork, bitcoin price is keeping increase.

trk

full member

Activity: 228

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All I can see, btc will be used mainly as investment later
Not feasible again to be used as currency, better using other cheap prices coins out there
Miners getting richer, whale getting wealthier, btc supporter getting broke LOL

laurenB7742

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Vaccinized.. immunity level is full.

Quote from: MickeyT2008 on November 20, 2017, 07:52:03 PM

Dont even think about replying to this guy, obviously that he is a troll, or maybe he is so frustrated because he just entered to the bitcoin system and does not even have 0.001 bitcoins in his balance.
It is full of this kind of fud, and i am always reading the same posts a lot of times a day, i am very acostumbrated to this kind of problems.
Why are you paying 26 dollars for a single transaction? it makes no sense, there is no way that the transactions could cost you more than x4 of the actual price for the miner fees.
I have been sending a lot of payments during this week, and all of them did not even costed me more than six dollars each one for the transaction fees.
What kind of wallet are you using?

And wait, bitcoin a pyramid scheme? you should not even know what a TRULLY pyramid scheme is..

You are calling the OP a troll and you didn't even bother reading his follow up answers. He was using Jaxx wallet and apparently he had Dynamic fees turned on because they were recommended by Jaxx. And it is clearly shown on the screenshot that he actually payed 0.004 BTC "mining fee". Of course, we suggest him to turn that off and manually set the fee so that it will be around 0.001 or less.

MickeyT2008

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Dont even think about replying to this guy, obviously that he is a troll, or maybe he is so frustrated because he just entered to the bitcoin system and does not even have 0.001 bitcoins in his balance.
It is full of this kind of fud, and i am always reading the same posts a lot of times a day, i am very acostumbrated to this kind of problems.
Why are you paying 26 dollars for a single transaction? it makes no sense, there is no way that the transactions could cost you more than x4 of the actual price for the miner fees.
I have been sending a lot of payments during this week, and all of them did not even costed me more than six dollars each one for the transaction fees.
What kind of wallet are you using?

And wait, bitcoin a pyramid scheme? you should not even know what a TRULLY pyramid scheme is..

Hexah

sr. member

Activity: 728

Merit: 265

Mining fee or should we say the transaction fees is really the problem most bitcoin holders does and when it keeps on increasing I don't think it would be profitable to those who only transacts and not a miner. Those high fees are really a bad number indeed for every transactions because if those small fishes got small profit the profitable one would only be the miner.

jackinana

newbie

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Two bitcoins is around 16,000 dollars and as long as you aren't cashing it out for usd I don't see the big
deal with a small transaction fee to be honest. Bitcoin makes life better.

AmXProX

sr. member

Activity: 336

Merit: 250

Quote from: BrewMaster on November 20, 2017, 12:47:39 PM

the current highest transaction fee to get a confirmation in next block is at 0.00081360BTC which is $6.7 with bitcoin being $8245.
if you are paying anything higher than that, you are either making a big mistake or your transaction size is huge and full of small outputs which means you have to rethink the way you are getting paid in your wallet and gathering dust.

i have to add that this fee is the maximum to get the fastest. i pay a lot less and still get my transactions mined fast.
also this won't last forever, we are still recovering from the bitcoin cash attack not so long ago.

I think transaction fees are computed based on the satoshi per byte, and as I observed bytes of the transactions are changing depending where your bitcoin came. So that means your 1 bitcoin transaction is different on my 1 bitcoin transaction Since my 1 bitcoin came from different sources and if I am going to send it to another address it will definitely have a large bytes and higher fee. Will this be resolve by mixing your bitcoin using a chip mixing service?

cjmoles

legendary

Activity: 1176

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It's ridiculous! Why are the fees getting so out of control? Hopefully people are becoming conscious enough as to how bitcoin works to keep their inputs down to a manageable level ---> this cannot be sustained for too long! I remember complaining when the transactions fees approached a buck (1 USD)!

Here's a cool tool to estimate BTC fees: https://estimatefee.com/

lighpulsar07

sr. member

Activity: 518

Merit: 271

The core devs are trying to do everything to solve this problem with their lightning network so please wait until the lightning network will available. By the way what wallet are you using or are you using an exchange? If you do change your wallet that can set your fees manually like coinomi, mycelium in android or if you are using pc, bitcoin core and elecrum. I use electrum wallet by the way and i always set my transaction fees at 100satoshi per byte sometimes it confirms instantly but i always wait for 1-2 hours to confirm.

KingScorpio

sr. member

Activity: 1470

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wtf wallets are capable of taking fees just for using the wallet?

seriously? i thought they are all for free

uslfd

full member

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I believe the lightning network will solve this issue very soon?
Correct me if I'm wrong but I'm surprised no one mentioned this?

pixie85

hero member

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Some wallets are automatically probing the network and setting fees. I'm using electrum and you can set the fee manually and it stays in that range, so if you input x satoshis per byte it will be the same for every transaction. I'm not in a hurry and always pay low fees and my transactions always get confirmed. Sometimes it takes an hour and sometimes 12 hours, but I don't mind. Don't get yourselves dragged into that "who can get the first block" war or you'll be making it worse for all of us.

batang_bitcoin

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Activity: 3080

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What wallet are you using for sending transactions? Maybe it does have something to do with and I'm thinking about xapo, I'm currently using blockchain.info and you know what the lowest sats per byte that I paid is only 15 sats. They are working on it and seems that many miners are now back to mine bitcoin. When I have a $20 fee for a transaction what I did is I cancelled it and just wait for the dust to be settled, that time is during the war against bitcoin cash. I let it calmed so now I have less than $1 to pay for each of my transaction.

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