INSANE BITCOIN TRANSACTION FEES!!! | Bitcointalksearch.org

Pan Troglodytes

member

Activity: 392

Merit: 39

Quote from: Tyrantt on January 22, 2018, 06:22:01 PM

Can't fees just be fixed instead of like this... I couldn't even send 1$ on 10$ that I've had, it's seriously getting ridiculous... Few days ago I was trying to make a transaction via blockchain.info wallet, at the first tiem I've tried min fee was around 340 sat/b, then I've waited for an hour or so and the min was 217 sat/b, then after 15-20min it jumped to 340 sat/b.

No wonder bitcoin has become and investment asset, fees are slowing down the bitcoin progress, everyone would just be better off switching to ETH or some coin like that, as I have, I don't really want to pay $7 fee on my 35$ transaction (tho I've had to).

The Lightning Network is slowly emerging, there is a testnet available and evidently its first pizza has been paid for in lightning-network-sent bitcoins. Even if it is not your thing, some other users will move their transfers into LN, in effect lowering on-chain bitcoin transaction fees too. It is happening just now, as I am writing this post, and the effect should be visible in no time, now.

Tyrantt

hero member

Activity: 1022

Merit: 564

Need some spare btc for a new PC

Can't fees just be fixed instead of like this... I couldn't even send 1$ on 10$ that I've had, it's seriously getting ridiculous... Few days ago I was trying to make a transaction via blockchain.info wallet, at the first tiem I've tried min fee was around 340 sat/b, then I've waited for an hour or so and the min was 217 sat/b, then after 15-20min it jumped to 340 sat/b.

No wonder bitcoin has become and investment asset, fees are slowing down the bitcoin progress, everyone would just be better off switching to ETH or some coin like that, as I have, I don't really want to pay $7 fee on my 35$ transaction (tho I've had to).

Laurayaki

member

Activity: 93

Merit: 10

That's one of those reasons that makes me believe that bitcoin will never be credible as a currency

CryptoBeefy

full member

Activity: 378

Merit: 100

It wasn't too long ago those fees were 3 or 4 times that! It's terrible for smaller transactions and who knows if it will stay the future king .. it's certainly opened up a path for other coins to enter the market and offer up their solutions!
For exchanges I end up converting to Litecoin and sending that around

1 currency now

full member

Activity: 235

Merit: 101

a sharp sword

Quote from: SakinaPrincess on January 04, 2018, 05:26:58 PM

Today the bitcoin fees wasnt that high. It was okey for me and the transaction went fast as well.

If sending money without worrying about the wait is something that you could do then just send the money with Multibit. They tend to send money with a 0.0001 BTC fee.

yoseph

sr. member

Activity: 868

Merit: 266

Quote from: SakinaPrincess on January 04, 2018, 05:26:58 PM

Today the bitcoin fees wasnt that high. It was okey for me and the transaction went fast as well.

The value and transaction fees of bitcoins fluctuates over a matter of time and it is one of the reasons why the fees are so high, we can definitely kiss goodbye the time when the fees were between $0.30 to $0.50. No wonder there is a lot of traffic in the network thus increasing the fees.

Pan Troglodytes

member

Activity: 392

Merit: 39

Quote from: Saidasun on January 04, 2018, 05:27:36 PM

Quote from: paulo013 on January 04, 2018, 05:25:08 PM

this is what i afraid withdrawing my btc to another wallet. the fee is almost half my amount that i going to transfer. but ist okay, i will wait for the fee to go low.

To avoid the fee you could just import your private key into another wallet. You would avoid all of the transaction fees.

that practice is not recommended unfortunately as it adds new private keys to your previously backed-up wallets, creating security issues. Also, there are a lot of wallets that simply don't support it. You might consider sweeping a private key but you are back at point 1 - it requires paying a fee.

And finally, the hardware wallets that are the most secure and recommended, don't support importing private keys either.

Saidasun

sr. member

Activity: 334

Merit: 275

Quote from: paulo013 on January 04, 2018, 05:25:08 PM

this is what i afraid withdrawing my btc to another wallet. the fee is almost half my amount that i going to transfer. but ist okay, i will wait for the fee to go low.

To avoid the fee you could just import your private key into another wallet. You would avoid all of the transaction fees.

SakinaPrincess

full member

Activity: 217

Merit: 101

Today the bitcoin fees wasnt that high. It was okey for me and the transaction went fast as well.

paulo013

member

Activity: 195

Merit: 10

this is what i afraid withdrawing my btc to another wallet. the fee is almost half my amount that i going to transfer. but ist okay, i will wait for the fee to go low.

Pan Troglodytes

member

Activity: 392

Merit: 39

Quote from: OmegaStarScream on November 21, 2017, 12:07:20 PM

SegWit is here to solve the high fees problem, the sooner services and wallets start using it, the faster you will notice the low fees. Lightning network is also going to help for doing instant off chain transactions. As for the blocksize, increasing it that much will make bitcoin just more centralized because most of the people won't be able to afford running a full node so only big companies will do that.

segwit is not implemented widely because of hidden interests of some groups I am afraid, and lightning requires opening and closing lightning channels for a regular fee. I am afraid we are looking forward to something bigger and more of a breakthrough type. We'll see what happens with time

Saidasun

sr. member

Activity: 334

Merit: 275

Bitcoin was never designed for sending micro transactions and it will never be. It will be only be worth sending very high amounts and paying high fees. Until the lightning network is introduced which will make the fees a little less expensive.

neite99

sr. member

Activity: 560

Merit: 250

The fees are tremendously high and this is the reason why ripple and other coins are experiencing a huge rise recently, and if btc don`t do something for fees its dominance will drop more.

batang_bitcoin

hero member

Activity: 3080

Merit: 603

Quote from: sean.maley on January 04, 2018, 04:38:20 PM

That is becoming a huge bottleneck for bitcoin'S future. I hope transaction fee problem will be solved in near future.

It will be solved in the future and that's what I'm trying to hope for too. There are people who are already a Segwit ready wallet to pay lower fees and have faster transaction, I haven't tried it at all but will surely try to use it when there's a need for me to use it. I can feel the pain of sending transaction with too much fee, the higher amount of bitcoin you'll send, the higher fee and size it goes.

Valentina N

full member

Activity: 798

Merit: 103

https://www.swanfinance.io/

Hello author I am agree with it's awful 21 century!! My Granny run faster then btc transactions to high fees and nothing behind this! I think its harmony situation if people want money they go on some risks and need understand all the problems and really understand any investment or any crypto manipulations are super high risky!

sean.maley

member

Activity: 85

Merit: 10

Machine Learning & AI - Trustless Ledger System

Quote from: danpaz on January 04, 2018, 04:24:12 PM

Merchants are in double thinking if they will still continue accepting bitcoin because some are just rather to hold their Bitcoin untill the transaction fee is lower than to send it right away and because some choosing custom way to send the confirmation takes about 4 days or more

That is becoming a huge bottleneck for bitcoin'S future. I hope transaction fee problem will be solved in near future.

charlie137

full member

Activity: 1204

Merit: 220

(ノಠ益ಠ)ノ

Quote from: christian07 on January 04, 2018, 04:31:08 PM

Actually fees are good in many ways like if your country need a transaction all over the world.If your problem is fees you can easily direct bitcoin in your wallet like in our country,It's like an easy problem if you search.I think also fees are not the problem because what will happen in crypto if the transaction are no fees or low fees,workers in crypto will not authorized this digital money if that happen.

this makes zero sense

drm

legendary

Activity: 1176

Merit: 1005

Quote from: danpaz on January 04, 2018, 04:24:12 PM

Merchants are in double thinking if they will still continue accepting bitcoin because some are just rather to hold their Bitcoin untill the transaction fee is lower than to send it right away and because some choosing custom way to send the confirmation takes about 4 days or more

Not only the fees are at fault here, also the transaction times form a problem for merchants.

christian07

full member

Activity: 265

Merit: 102

Actually fees are good in many ways like if your country need a transaction all over the world.If your problem is fees you can easily direct bitcoin in your wallet like in our country,It's like an easy problem if you search.I think also fees are not the problem because what will happen in crypto if the transaction are no fees or low fees,workers in crypto will not authorized this digital money if that happen.

danpaz

member

Activity: 70

Merit: 10

Merchants are in double thinking if they will still continue accepting bitcoin because some are just rather to hold their Bitcoin untill the transaction fee is lower than to send it right away and because some choosing custom way to send the confirmation takes about 4 days or more

Topic: INSANE BITCOIN TRANSACTION FEES!!! (Read 1545 times)