I send $1 worth of BTC and pay $4.95 in fee, is that a joke? 500% fee? ROFL

Script

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Quote from: Metros on August 29, 2017, 01:16:29 PM

Quote from: Script on August 29, 2017, 01:14:06 PM

Who the fuck sends $1 in bitcoin?

If you want to transaction really small amounts of money there are lots of option, bitcoin is not suitable for that, as you could see...

Yup clearly, proove my point. Bitcoin will never be globally adopted.

It is already globally adopted and adoption continues increasing.

Second layer will enable small payments and an efficient payment protocol, still much work to be done.

Youghoor

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Yes, that is why people only use Bitcoin for holding, for example when i just wanna send a payment or i wanna buy something on a website, i just pay with ethereum, eth is almost in every site that bitcoin is.
So with ethereum you pay $1 max for transaction, btc fees are too high for me. But i have a trick for paying less fees with bitcoin:
Just deposit some btc on your poloniex/bittrex account, and then when you wanna send payments your fees for withdrawing are always gonna be of 0.0001 ($0.46 At the moment)
That is how i purchase small things

rjbtc2017

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You should hold it for now and wait for the coming upgrades and other changes that will happen on bitcoin.

Quote from: glastik on August 29, 2017, 10:52:57 PM

i think it's normal because the bitcoin price is very high so it's normal that his tax high. for alternative you can use bitcoin cash, eth, or doge to send your amount and exchange that back to btc and yo your country currency

What the hell are you saying? please proofread your post, Thanks.
And this is not TAX it is transaction fee.

Darker45

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Quote from: Metros on August 29, 2017, 12:55:06 PM

That's more expensive then sending money from MARS to Cambodia with a satellite technology.
Looks like Bitcoin is going to fail hard and Ethereum finally will take over.

You are one man whining about something else when the truth is that the the joke's on you. Grin

Why in mars would you be sending Bitcoin worth $1? The fee will most probably be huge and not worth the amount of BTC you are sending. That is why you need to limit your transfers to some significant amount and do it when there is only a need. Do not just transfer without any reason at all and with only a small amount and complain in the end.

glastik

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i think it's normal because the bitcoin price is very high so it's normal that his tax high. for alternative you can use bitcoin cash, eth, or doge to send your amount and exchange that back to btc and yo your country currency

iamTom123

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Quote from: jacee on August 29, 2017, 12:58:29 PM

Quote from: Metros on August 29, 2017, 12:55:06 PM

That's more expensive then sending money from MARS to Cambodia with a satellite technology.
Looks like Bitcoin is going to fail hard and Ethereum finally will take over.

Main reason why sending dusts or small amounts are to be avoided specially at times like this when you need a higher fee for your transaction to get confirm fast. If you want to send money with cheaper , yeas eth is a good choice. I doubt it will ever surpass bitcoin tho.

We have to admit it that Bitcoin still has this problem right now especially with sending minute amounts that is why it is advised that for now if possible we have to avoid sending like what OP did...just $1 of Bitcoin as the fees can indeed be astronomical depending on which wallet you are using. I am glad that here in my country wallet providers are not as greedy as that.

We are then hoping that come November this problem can be solved once and for all so that by next year we can hear less and less of complaints along this line. Bitcoin is designed to accommodate all type and size of transactions that is why there is really that need to upgrade or scale it before we open the door for becoming a mainstream cryptocurrency.

Frank0209

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If you want to decrease the transaction fee I think you should use Electrum wallet. With Electrum you can choose the amount you want to pay for transaction fee Cheesy

. But do not use two-factor authentication wallet in Electrum cause you will have to pay the addition fee for the better secure

).I don't know that I will have to pay addition fee when I use two-factore authentication wallet in Electrum that why I have used Electrum two-factor authentication wallet before and when I want to send about 2$ in Bitcoin I will have to pay 10$ for transaction fee

) But It wil be find if you use standard wallet, the transaction fee will be lower Cheesy

. But low transaction fee that mean you will have to wait more longer to get confirmations for your transaction Cheesy

Qunenin

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That sounds about right. Basically you guys will continue to accept this out of these companies for years and now that you actually want to move your Bitcoins around everything suddenly changing. The fact of the matter is that until you put your foot down and demand that these companies operate the difference set of fees nothing's going to change.

3kpk3

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I feel that Segwit and heavy traffic through the blockchain are causing a slowdown in the bitcoin network leading to such high fees and long transaction times. This is a problem, but bitcoin has survived bigger and far worse problems than this. I am optimistic and I feel that future developments in the bitcoin network will resolve these problems.

Vantix

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lol this is

Metros

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Quote from: helloeverybody on August 29, 2017, 03:41:32 PM

Quote from: leex1528 on August 29, 2017, 03:36:44 PM

Correct me if I am wrong, but wasn't Bitcoin back in the day the best way to send money around because there was next to nothing for a fee?

Is it that the fee is static and since Bitcoin has gone up in value so much that now its a 4.95 fee?

That's part of the problem. The other part is that more transactions are being sent now than there was in the past and thus zero fee transactions are no longer included in mined blocks. The only way to insure your transaction is included is by paying a large enough fee.

The fee isn't static. Most wallets allow you to choose a fee or pays a mandatory one but as the price of bitcoin has raised so has the fee in relation to dollars.

I remember for years all the Bitcoin devs claim that people in Africa need to pay high fee for Western Union when their family send them money.

Guess what? the irony.

Bitcoin can take hours to transfer and fee is $4.95 for even 1 cent.
WU takes less then 10 minutes and fee is $4.95 for $50

And just to get it right, Western Union is the most expensive service in the world, Bitcoin marketers used them as an example of why Bitcoin is the future.

So sadly, right now Bitcoin is the most expensive money service in the world, insane.
There is going to be big fall soon.

helloeverybody

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Quote from: leex1528 on August 29, 2017, 03:36:44 PM

Correct me if I am wrong, but wasn't Bitcoin back in the day the best way to send money around because there was next to nothing for a fee?

Is it that the fee is static and since Bitcoin has gone up in value so much that now its a 4.95 fee?

That's part of the problem. The other part is that more transactions are being sent now than there was in the past and thus zero fee transactions are no longer included in mined blocks. The only way to insure your transaction is included is by paying a large enough fee.

The fee isn't static. Most wallets allow you to choose a fee or pays a mandatory one but as the price of bitcoin has raised so has the fee in relation to dollars.

leex1528

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Correct me if I am wrong, but wasn't Bitcoin back in the day the best way to send money around because there was next to nothing for a fee?

Is it that the fee is static and since Bitcoin has gone up in value so much that now its a 4.95 fee?

Metros

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Quote from: leopard2 on August 29, 2017, 03:02:49 PM

OP I suggest a wire transfer of $1 and then come back and complain about paying $20 in fees for that Roll Eyes

If you want to transfer $1, why not use DOGE or LTC? Cheesy

1. If you go to the store and pay with FIAT/Visa/Wechat/Whatever, and buy cola for $1, you'll bearly pay a fee. if you do that with Bitcoin, you pay %500 fee, get the point? no need to be einstein to unerstand that sadly, Bitcoin will never be able to replace FIAT/VISA/BANKS, fact.

2. We're talking about Bitcoin, not DOGE or LTC. we could go to IOTA as well, zero fees, so what is your point?

Metros

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Quote from: Gotottack on August 29, 2017, 02:10:05 PM

Quote from: Metros on August 29, 2017, 12:55:06 PM

That's more expensive then sending money from MARS to Cambodia with a satellite technology.
Looks like Bitcoin is going to fail hard and Ethereum finally will take over.

Nah, Ethereum will never take over bitcoins. What's wrong with ethereum is that their development is centralized to the dev team which by the way holds a huge chunk of the total coins of ETH. A lot of people have voiced out that this coin is also a scam and that people are just making Vitalik rich from the rise of the price of Ethereum. Also, there have been discussions that there would come a time too that ETH will even have a more expensive fees than bitcoin itself.

Then if ETH will have high fees some other coin will replace it

CryptosapienZA

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Its unfortunate that many responding to your trend sound like they never read one single sentence from the original bitcoin white paper.

Unfortunately these days we have to avoid small BTC transactions like a plaque. Its absolutely just ridiculous that bitcoin has come to this.

leopard2

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OP I suggest a wire transfer of $1 and then come back and complain about paying $20 in fees for that Roll Eyes

If you want to transfer $1, why not use DOGE or LTC? Cheesy

Tszunami98

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These fees are already getting ridiculous and is starting to affect my budget. Wasnt all these crypto thing supposed to rule out the fees or cut out the middle man? I am starting to think that it would be better if bitcoin cash would just replace bitcoin and btc will just slowly die. I am not that good with technical terms or whatever is going on but those guys working on the newtwork are kinda incompetent in my opinion...or just greedy.

Gotottack

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Quote from: Metros on August 29, 2017, 12:55:06 PM

That's more expensive then sending money from MARS to Cambodia with a satellite technology.
Looks like Bitcoin is going to fail hard and Ethereum finally will take over.

Nah, Ethereum will never take over bitcoins. What's wrong with ethereum is that their development is centralized to the dev team which by the way holds a huge chunk of the total coins of ETH. A lot of people have voiced out that this coin is also a scam and that people are just making Vitalik rich from the rise of the price of Ethereum. Also, there have been discussions that there would come a time too that ETH will even have a more expensive fees than bitcoin itself.

alva5763

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I first noticed high fees when Coinbase increased their transfer fees. I noticed on exchange sites that the fee is much lower to transfer litecoin than to transfer btc so I change to ltc before transferring. $1 does seem a low amount to transfer but there was probably a good reason for doing so.

Topic: I send $1 worth of BTC and pay $4.95 in fee, is that a joke? 500% fee? ROFL (Read 1108 times)