Topic: INSANE BITCOIN TRANSACTION FEES!!! - page 2. (Read 1524 times)
You all do understand though that this is because Segwit was slow to adopt, if it wasn't slow to get adopted it would have been lower. I have seen a lowering of fees this past week and I believe this is due to Segwit getting adopted more. If every one gets on board the fees will only go lower, lets adopt baby.
We're a long way away till you'll be able to pay for your coffee via Bitcoin, if that ever even happens. I have to agree though, sending insignificant amounts of BTC is unprofitable with such high fees, not much we can do about it currently, since fees are affected by the demand-usage of Bitcoin, which is extremely high due to the latest price spike.
I sent 0.04706 BTC to Kraken two days ago, ($515 worth at that time), for high priority, 2 blocks, I would have to pay $50 in fees, I opted for the lowest priority, 300 blocks, and ended up paying $6 in fees. I managed to get it confirmed by ViaBTC's accelerator, it would take at least 40-48 hours if I hadn't.
I sent 0.04706 BTC to Kraken two days ago, ($515 worth at that time), for high priority, 2 blocks, I would have to pay $50 in fees, I opted for the lowest priority, 300 blocks, and ended up paying $6 in fees. I managed to get it confirmed by ViaBTC's accelerator, it would take at least 40-48 hours if I hadn't.
This is why Bitcoin must evolve for it to become a viable mainstream currency. Other cryptos have solved the problems that Bitcoin has, I don't see how this can continue indefinitely, something like this can cause they so called bubble to burst
Check the price of those coin that solve the transaction fee problem Bitcoin price is very far from them. If those coins price will become like Bitcoin i bet the transaction fee will rise also. Anyway what i do when i am depositing Bitcoin and if it has a high fee i'll just wait for the transaction fee to lower before depositing money or withdrawing.
This is why Bitcoin must evolve for it to become a viable mainstream currency. Other cryptos have solved the problems that Bitcoin has, I don't see how this can continue indefinitely, something like this can cause they so called bubble to burst
Satoshi might never thought that BITCOIN will get that popular as currency across the globe. Basically he developed BTC to just demonstrate peer to peer transaction in practical without any third party interference.
Anyways BTC fees really getting crazy, it seems like BTC is not meant for small transactions anymore. Moreover the confirmation time is extending day by day.
I think these are the major reasons for boosting BCH is last few weeks.
Anyways BTC fees really getting crazy, it seems like BTC is not meant for small transactions anymore. Moreover the confirmation time is extending day by day.
I think these are the major reasons for boosting BCH is last few weeks.
you can use altcoin/fiat for transaction, fees is very low
i hope lightning network will implemented for bitcoin, so it will reduce transaction fees
i hope lightning network will implemented for bitcoin, so it will reduce transaction fees
The Lightning Network for Bitcoin already exists, and it doesn't reduce BTC fees at all. It can give you cheap transactions with other peers on the Lightning Network, but all you are doing is bypassing the Bitcoin network until final settlement, then you are back to the same old fees.
The only "solution" I have read so far is to use some other coin than Bitcoin for small transactions. Of course that fixes nothing, it's just admitting defeat. I would rather see Bitcoin Core alter the code so the miners get less fees, I mean they are already getting coins they mine on top of the fees, so why do they needs the fees?
you can use altcoin/fiat for transaction, fees is very low
i hope lightning network will implemented for bitcoin, so it will reduce transaction fees
i hope lightning network will implemented for bitcoin, so it will reduce transaction fees
I see bitcoin as a long-term investment and not as a form of payment, for that I use other reliable alticoins.
It's not an investment, holding bitcoin is not capable of producing more bitcoin ie. interest, it's not a Proof of Stake coin.
I see bitcoin as a long-term investment and not as a form of payment, for that I use other reliable alticoins.
thats a bit backwards. "people buy bitcoins just to store and speculate", and this is why "bitcoin is no longer good for making small transactions". we made it like this, or rather, the new guys.
The BTC block chain is full of SPAM transactions filling up the blocks thus increasing the fees, high fees mean more money for the fee collecting miners, put two and two together. 
Merchants don't care about the fees as you are the one paying it, not the merchants. Most of them have the bitcoins converted automatically to fiats upon receiving it. Those who don't it's because they are themselves bitcoiners
Waiting 30 minutes to confirm a transaction is decent compared with what we have ever seen from time to time. A merchant won't refuse a sale because it's taking 1 hour to confirm.
Bitcoin is not good for making small transactions it's why people buy bitcoins just to store and speculate
Waiting 30 minutes to confirm a transaction is decent compared with what we have ever seen from time to time. A merchant won't refuse a sale because it's taking 1 hour to confirm.
Bitcoin is not good for making small transactions it's why people buy bitcoins just to store and speculate
thats a bit backwards. "people buy bitcoins just to store and speculate", and this is why "bitcoin is no longer good for making small transactions". we made it like this, or rather, the new guys.
Fees are really high if compare with small transactions.
Few days ago I was about to pay $20 for something and the fee was about $14. Though the case was different that day (miners move to BCH).
Still I think we need a solution for small transactions, like $5 to $100
I don't know if it is possible or not, it could be better if we had a fixed value for transaction fees. Such as 1000 sats or 5000 sats for per transaction basis.
Few days ago I was about to pay $20 for something and the fee was about $14. Though the case was different that day (miners move to BCH).
Still I think we need a solution for small transactions, like $5 to $100
I don't know if it is possible or not, it could be better if we had a fixed value for transaction fees. Such as 1000 sats or 5000 sats for per transaction basis.
Bitcoin was never to be a currency in the sense FIAT is. You will never use BTC to pay for your coffee. The main purpose of Bitcoin is to be store of value, like gold. Do you use your gold to pay for your coffee? I guess not.
For these day to day uses, get some fast alt like Neo or Ether.
Your point of view is not invalid. But still bitcoin is being using for all types of uses. For these day to day uses, get some fast alt like Neo or Ether.
Yes bitcoin fees is totally insane now. Price hit breakout price and now miners demand hiigh fees for transactions. The thing is high fees won’t hold your transactions on pending... But hope there will be range fees for the bitcoin transactions really insane fees. Good luck
its just beacuse btc is like gold and have all his problem, if you want to make payments using blockchain system you have to use ethereum or other kinda of crypto that allow you to pay fast and with low fee like bitcoin cash too.
Fees are not high, donkeys.
Fees are not going to kill Bitcoin.
At least if you bother to do a bit of research about segwit and LN, rather than posting oneliners.
Segwit hasn't fixed the fee problem, and LN is not a Bitcoin Core project, it's another service, a competitor in some ways, unless that's their new strategy, let someone else fix the fee problem by taking clients off the Bitcoin block chain. At least if you bother to do a bit of research about segwit and LN, rather than posting oneliners.
You pay for something worth 10$ in Bitcoin: 50% fee
You pay for something worth 100$ in Bitcoin: 5% fee
You pay for something worth 100$ in Bitcoin: 5% fee
You send 10 000$ , fee is 0.05%
You send 10 000 000$ , fee is 0.00005%
Indeed, outrageous.
Guess I'll start using Moneygram or Western Union for this.
If anything was going to kill bitcoin this fee debacle surely will.
Fees are not going to kill Bitcoin.
At least if you bother to do a bit of research about segwit and LN, rather than posting oneliners.
And we should really have a moderator edit the title.It's so annoying on a 5" display.
Fees are going crazy high and lots of exchange website are making this worst, in our country some of store that accepting bitcoin has large fees and also a large amount of minimum payment for just one transaction.
What's with the FUD? https://bitcoinfees.earn.com/ shows you can expect to get a 15 sat/byte TX confirmed in half a day or less. Just because you are massively overpaying doesn't mean it's necessary.
Advice:
1. Use a segwit-enabled wallet when possible to reduce your own fee, and reduce fee pressure on everyone.
2. Use a fee estimator tool like the one above to pick a fee that matches you need for speed vs. cost of the TX.
3. Learn to sweep your wallet during quiet times if you have a lot of "dust" inputs clogging it up. (People complaining about $10+ fees obviously have not done a good job of wallet management and can save a lot in future fees by sending a TX emptying their wallet to a new address in the same wallet during a quiet time for a minimal fee. This way future TX will only need to reference the 1 new input instead of a bunch of small inputs, making the TX much smaller.)
Advice:
1. Use a segwit-enabled wallet when possible to reduce your own fee, and reduce fee pressure on everyone.
2. Use a fee estimator tool like the one above to pick a fee that matches you need for speed vs. cost of the TX.
3. Learn to sweep your wallet during quiet times if you have a lot of "dust" inputs clogging it up. (People complaining about $10+ fees obviously have not done a good job of wallet management and can save a lot in future fees by sending a TX emptying their wallet to a new address in the same wallet during a quiet time for a minimal fee. This way future TX will only need to reference the 1 new input instead of a bunch of small inputs, making the TX much smaller.)
Shoud be a sticky to peoples foreheads.
So what is Bitcoin Core doing to solve this too high transaction fee technical problem?
Since they activated Segwit the fees have still grown higher.
Since they activated Segwit the fees have still grown higher.
Jump to: