Low transaction fees | Bitcointalksearch.org

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

Quote from: Bruru on November 18, 2017, 07:05:39 AM

Last week I was introducing friend of mine into BTC, tried to send him 5 dollar in BTC using Mycelium, just for fun.
33 dollars was the suggested transaction cost. I'm doing non-segwit transactions on my Ledger for 5 satoshi's with confirmations in the first block.
Why are wallets setting such high fees ? Am I just getting lucky that my transaction aren't getting stuck (all the time) ?
Is this also the reason were having this transaction debate, bad fee management ?

Also: When I do a transaction, blockchain.info list my transactions as unconfirmed while they are already confirmed, what's up with this ?

Thx
Bruru

The major mining consortium members are pressuring development into keeping the blocksize small because it creates a fee market advantageous to the miners. A blocksize increase would allow more transactions to happen at once. This would mean transactions would confirm even with smaller fees. Devs (because they’re gutless pussies afraid their baby will break its leg on the park swing waited too long to act) now have to fear implementing anything using a “hard fork”. Using a hard fork means changing something so ingrained into the bitcoin protocol that a sort of “system reboot” is necessary to make it happen. That’s because everyone in the world will need to update their software all at once. This is like telling everyone in the world using MasterCard to throw away their card and get a new one today.

Mycelium and Ethereum don’t mix and play well with blockchain.info. Use this to check on transactions instead: https://blockexplorer.com

CohY4ohvoh

jr. member

Activity: 57

Merit: 10

i also try to send 50$ bitcoin and pay about 20$ fee bitcoin fee is so high.
i’m planning to move into segwit wallet better than normal non-segwit wallet.

aizadelacruz99

member

Activity: 295

Merit: 10

Thats a great news. When the transaction fee is low.

keithieY5

newbie

Activity: 50

Merit: 0

why you check wallet to know fee just made your own coins you have full control.

uses sites to detect fee on charts and know suitable one

bitcad4u

sr. member

Activity: 602

Merit: 255

Quote from: meanwords on December 24, 2017, 12:20:36 PM

Yeah Bitcoin transaction fee sucks to be honest, that's why I switch to new coins like DeepOnion which is a lot faster and cheaper.

Bitcoin is a digital currency.In trading you have to pay something as a fee.Now the price of bitcoin is raised and the transcation fees also raised as like that .In coinbase they had reducing 0.0022 btc as the transcation alone.It was nearly 40$ for a single transcation. This transcation fees will reduce the usage of bitcoin.

meanwords

full member

Activity: 1624

Merit: 163

Yeah Bitcoin transaction fee sucks to be honest, that's why I switch to new coins like DeepOnion which is a lot faster and cheaper.

ridgeview123

newbie

Activity: 51

Merit: 0

very good post with lots of useful information. Mark now and will read more later.

777Jolami

member

Activity: 700

Merit: 14

Transaction costs are too high. I do not want to trade with bitcoin. take more than 7 days to confirm. so boring

notbatman

legendary

Activity: 2212

Merit: 1038

WTFBBQ TX I'll be installing the LTC wallet...

Holy crap man.

farhan28

full member

Activity: 476

Merit: 102

Few month ago, Bitcoin has low transaction fees...back then it was easy to transfer bitcoin...but now it is so costly...you need to pay a big amount if transaction fees for a small money.. It is due to increase the value of bitcoin..but it is sad that now a days people don't want to pay in bitcoin because of high transaction fees

ihaveaquestion

full member

Activity: 563

Merit: 101

Haha you paid $33 dollars for a single transaction just a month ago, and now the fees are aproximately two times more higher than what you paid, you were lucky man, seriously.
I am glad that the fees are decreasing right now.

solarion

hero member

Activity: 966

Merit: 513

Quote from: Lieldoryn on December 24, 2017, 05:36:14 AM

My wallet actually offered to pay for the confirmation of the transaction of $ 75! And this price is for low speed confirm. I doubt that with the price of bitcoin will retain its popularity. I very much hope that in 2018 the problem of scalable transaction is resolved. Otherwise, the user can actually switch to using the bch.

You will find the bitcoin transaction fee recovered for the payment you done in future days. You will get stuck in the transaction you made now since the network delay and segwit effect.
Many people says that we may find that hard fork 28th of this month. We need to care about the amount we saved in our wallet now. That will help us to bump the value in the chart.

AVAMONEY

full member

Activity: 406

Merit: 100

Quote from: Anne8 on December 24, 2017, 05:05:00 AM

Quote from: EXtremeAEX on November 18, 2017, 07:18:20 AM

These are the recommended fees nowadays to get a good confirmation time of less than 30mins-1hour, which is roughly 2-3 USD, but sure, you can send at a lower fee and wait longer, and you are lucky for your transactions to go through fast. The reason for our debate is that the fees may seem too high if you are just spending >5 USD.

Perhaps your wallet defines a confirmed transaction as 'confirmed', but blockchain might take 6 confirmations to mark it as 'confirmed', so that a case of double spending would not occur.

So if we use the recommend fee like $33 then we still to wait till 1 hour? Such not good idea.
I hope this issue about bitcoin not make people leave bitcoin.

In part this is the impact of rocketing bitcoin price increases, attracting people interested for investing and trading into this business, that makes volume of transactions on the network is start busy stuck. For every transaction that wants to be confirmed and put into the block-chain must be willing to queue longer, on the other hand the miners have business part to choosing available transactions in the pool with higher fees.
This is not the real problem, because after all, it was started from the very sharp bitcoin price increase this year and many of us have taken advantage of it so we do not have to complain for it anyway.

HeRetiK

legendary

Activity: 3108

Merit: 2177

Playgram - The Telegram Casino

Quote from: shoreno on December 24, 2017, 05:48:40 AM

Quote from: Lieldoryn on December 24, 2017, 05:36:14 AM

My wallet actually offered to pay for the confirmation of the transaction of $ 75! And this price is for low speed confirm. I doubt that with the price of bitcoin will retain its popularity. I very much hope that in 2018 the problem of scalable transaction is resolved. Otherwise, the user can actually switch to using the bch.

some users are actually switching on to bch because they see that bch dont have any known issues like scalability and high transaction fees. this is also the reason on why bitcoin has decreased and bch is now starting to increase and pump. however bch is not the only alternative coin that can be used when sending or transafering money because some coins like doge , litecoin, dashcoin can also offers those features.

All of these alts, including BCH, will see the same issues once their adoption increases though. The only reason why most alts still have lower transaction fees is because barely anyone is using them. Should they ever run at capacity they'll face the same scalability issues that BTC has. But who knows, maybe the future of crypto-scalability simply lies in spreading your transactions across a multitude of blockchains instead of using just one.

The only alts that currently may have a handle on scalability are centralized (eg. XRP et al) which is more or less beside the point of cryptocurrencies however.

shoreno

full member

Activity: 1750

Merit: 118

Quote from: Lieldoryn on December 24, 2017, 05:36:14 AM

My wallet actually offered to pay for the confirmation of the transaction of $ 75! And this price is for low speed confirm. I doubt that with the price of bitcoin will retain its popularity. I very much hope that in 2018 the problem of scalable transaction is resolved. Otherwise, the user can actually switch to using the bch.

some users are actually switching on to bch because they see that bch dont have any known issues like scalability and high transaction fees. this is also the reason on why bitcoin has decreased and bch is now starting to increase and pump. however bch is not the only alternative coin that can be used when sending or transafering money because some coins like doge , litecoin, dashcoin can also offers those features.

SiDtHeBeSt

full member

Activity: 420

Merit: 106

Yeah, I think you are getting lucky that your transactions are not getting stuck. Lately the transaction fees have been pretty high because of the bitcoin network is currently recording high traffic. I had done a transaction recently which recommended fees which took me alot of time. I think you just got lucky with your transaction because it could have taken a lot more time with just 5 sat currently.

Lieldoryn

sr. member

Activity: 630

Merit: 272

My wallet actually offered to pay for the confirmation of the transaction of $ 75! And this price is for low speed confirm. I doubt that with the price of bitcoin will retain its popularity. I very much hope that in 2018 the problem of scalable transaction is resolved. Otherwise, the user can actually switch to using the bch.

Straux

sr. member

Activity: 412

Merit: 251

Sadly, with the bad scaling of Bitcoin, expensive transactions were inevitable from the start if Bitcoin were to become as popular as it is today. 33 dollars sounds like way too much that Mycelium is wanting, however with Mycelium, you are able to change the transaction fees to whatever you like - with the transaction time obviously changing.

Wipangga

member

Activity: 600

Merit: 10

which I know with your low cost transaction will be confirmed longer takes time because of the cost of lace, at the moment for me this bitcoin price is higher, so the transaction cost is proportional to the current price, so we will be more quickly confirmed.

Anne8

member

Activity: 280

Merit: 10

Quote from: EXtremeAEX on November 18, 2017, 07:18:20 AM

These are the recommended fees nowadays to get a good confirmation time of less than 30mins-1hour, which is roughly 2-3 USD, but sure, you can send at a lower fee and wait longer, and you are lucky for your transactions to go through fast. The reason for our debate is that the fees may seem too high if you are just spending >5 USD.

Perhaps your wallet defines a confirmed transaction as 'confirmed', but blockchain might take 6 confirmations to mark it as 'confirmed', so that a case of double spending would not occur.

So if we use the recommend fee like $33 then we still to wait till 1 hour? Such not good idea.
I hope this issue about bitcoin not make people leave bitcoin.

Topic: Low transaction fees (Read 671 times)