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Topic: question about transaction fees... - page 2. (Read 490 times)

sr. member
Activity: 476
Merit: 254
January 03, 2018, 04:12:12 PM
#52
Will there ever be lower bitcoin transaction fees. Because $10 is way too much to send money.

If its $10, a lot of people won't even bother to complain but what is happening is way more than that. I tried sending a transaction on blockchain.info now to confirm the fee, and its giving above $50 as the minimum fee which is 1hr+ which is not even sure it will  confirm in less than 3 hours. Even blockchain.info has a notification about the network traffic of bitcoin. We can only hope that this wouldn't last forever just a temporary event that would soon be over.
hero member
Activity: 1065
Merit: 510
January 03, 2018, 03:35:35 PM
#51
Will there ever be lower bitcoin transaction fees. Because $10 is way too much to send money.
For now theres no one can able to answer such question which we dont even know if it would lower again its fees or not. The thing i do see the possibility is when there is already a clear or non-congested network would be one of the reasons which fees would go down.For now better to avoid microtransactions because fees are way too high. Instead of making profits specially on tradings then fee will affect that thing for sure.
full member
Activity: 364
Merit: 106
January 03, 2018, 11:44:49 AM
#50
transactions in bitcoin do cost money, but that does not have a big effect on your bitcoin exchange
bitcoin only takes a fraction of our transaction amount

Actually, there are transactions that requires a high transaction fee (I think it depends on the exchange platform being used) And it is affecting a lot of traders and bitcoin users who wants to cash out small amounts of btc. There are some times in which the required fee is higher than the actual amount being withdrawn, itself.
jr. member
Activity: 162
Merit: 1
January 02, 2018, 11:25:51 PM
#49
BTC network is very busy and fees are not cost-effective for small amount transactions. I suggest you wait for the network to decongest unless it is an emergency or you are moving large amounts.
full member
Activity: 658
Merit: 100
January 02, 2018, 11:13:09 PM
#48
transactions in bitcoin do cost money, but that does not have a big effect on your bitcoin exchange
bitcoin only takes a fraction of our transaction amount
full member
Activity: 252
Merit: 105
Stake & Vote or Become a IoTeX Delegate!
January 02, 2018, 06:57:52 PM
#47
At present, the cost of trading Bitcoin is very high, affecting the transaction process of individuals. This is due to the fact that there are not too many Bitcoin dealers at the moment as it was a week ago. Your advice at the moment is to reserve the Bitcoin to invest in an ICO instead of a holding company because the Bitcoin rate is on the downward trend as investors focus on investing in altcoin instead of Bitcoin. as before. By investing in an ICO, you will have the opportunity to x10, x20 the amount of $ 200 you currently have if you invest in a potential ICO project. And I believe the future cryptocurrency will be Altcoin rather than Bitcoin because Bitcoin has a limit of 21 million BTC.
full member
Activity: 182
Merit: 120
January 02, 2018, 06:31:23 PM
#46
Transaction fee ia so high right now, you would be losing a huge amount for that. Maybe you could wait for a while when the trafgic in blockchain have been resolved.
member
Activity: 62
Merit: 10
January 02, 2018, 03:35:32 PM
#45
Since blocks are that hard to mine and BTC price is also very high txn can only be confirmed with high fees, it will be resolved though, check the development forum
sr. member
Activity: 1750
Merit: 267
January 02, 2018, 03:34:06 PM
#44
Wait until resolve it. In this time there are a lot of traffic on blockchain. For this reason the transaction fee is high. If you want to transfer your Bitcoin now, you will lose a big money. So it is the wiser decision to wait until resolve it again. Hope it will be resolved very soon.
sr. member
Activity: 980
Merit: 255
January 02, 2018, 03:27:35 PM
#43
I guess right now bitcoin as a way to move small amounts aren't the best thing. The transaction fees are quite high due to the congestion in the memory pools. This might not be resolved in the near future, but likely another push for a fork will happen due to this. I will hold out right now as the fees will totally be not worth it to move your bitcoins. This is not caused by ANX by the way, it is really because of the current situation of the blockchain.
You can move your coins any time you like but the issue is the fees are big so right now moving small amount of money does not really make sense, you need to move a lot of money so the fees make sense and that means we cannot make any small purchases with bitcoin, but this is going to be solved, the issue is when that is going to happen and we have no idea of that.
hero member
Activity: 798
Merit: 506
December 28, 2017, 07:28:26 PM
#42
Current transactions fees are getting better than a few days ago, decrease to 660 sats/byte which mean you will pay BTC0.0014 for median transaction size of 226 bytes.
So, if you want to send bitcoin worth $200, the fee is around $20. Pay $60 fee is ridiculous at current network condition, it's not just bitcoin mempool but something wrong with ANX. This is a common problem with exchanges or platforms which offers cryptocurrency services, that's why you should know how much the fees to withdraw.
member
Activity: 952
Merit: 41
December 28, 2017, 06:37:34 PM
#41
In this recent time bitcoin transactions fees has been very high and has lead to so many users of bitcoin not being able to cope with the high transactions fees and optioning to other alt like the etheruem, the high transactions fees is as a result of high traffic congestion in the blockchains network. Many users are carrying out transactions at the same time and this has also lead to thousands of unconfirmed transactions in recent time. The high transactions fees will reduced gradually as time goes on and everything will be back to normal.
hero member
Activity: 2310
Merit: 886
December 28, 2017, 05:30:34 PM
#40
Get used to it dude, bitcoin fees were always high but nowadays when we have huge traffic there is even higher fee... Unfortunately for people who has invested before and now want to withdraw their money or just send somewhere...
We will see how the new fork will help, maybe you will have better opportunity to send your BTC.
No, you are wrong. Bitcoin fees weren't high always, it was very, very low and economy 2 years ago. When we see high price, traffic grow too, much transactions were made because of high number of bitcoin users. But we got high price + high number of satoshi/byte, that's wrong here. We had a fork of bitcoin cash, I think it will do a good job to take original bitcoin's place.
legendary
Activity: 2170
Merit: 1427
December 28, 2017, 05:24:53 PM
#39
I think you have to wait for a few days may be transaction fees will go down.. 2 weeks ago when I want send my bitcoin and transaction fees reach $ 40 but in few day I try again to send my bitcoin and transaction fees dropped become $ 4..

In some cases you can't wait days for the transaction fees to go down, where they might even increase further. In this case, the transaction fees have dropped significantly, all the way to 0.00149BTC from +0.002BTC, which is a clean 25% decline. I however can't see anything that hints at the $4 fee that you are talking about. It might be that you were just lucky to have your transaction confirmed with just $4 in fees. Usually if you send your transaction with such a low fee, and especially with how cluttered the network is, miners won't even bother looking at your transaction because there are enough transactions they can confirm that contain a higher fee. It's either just luck, or you made use of a transaction accelerator.
full member
Activity: 196
Merit: 100
December 28, 2017, 05:18:16 PM
#38
Get used to it dude, bitcoin fees were always high but nowadays when we have huge traffic there is even higher fee... Unfortunately for people who has invested before and now want to withdraw their money or just send somewhere...
We will see how the new fork will help, maybe you will have better opportunity to send your BTC.
legendary
Activity: 3542
Merit: 1352
Cashback 15%
December 28, 2017, 04:42:43 PM
#37
That's nuts. Never paid more than $30 on my transfers in our local exchange and the fastest and economic fee they charge is 0.0001274 at the time of this writing. It could be that your exchange is also taking a cut on the transfers (which I find greedy) that is happening within their exchange as a means of them maximizing their profit. Either way, you need to look for another exchange that works for your needs. especially your BTC since that feels like a big rip off on you.
legendary
Activity: 3122
Merit: 1398
For support ➡️ help.bc.game
December 28, 2017, 02:56:55 PM
#36
I have like 200 $ in bitcoin on ANX. I wanted to transfer that to Binance exhange and I saw that if I wanted to I could only send like 140. Is the transaction fee really 60$ to send coin on bitcoin now? Or this is something ANX is doing? I can't see how that will pass as acceptable. Might as well use bank transfers, cheaper!

$60 is too much even with bitcoin congested network. I think you need to understand ANX fees. Try to read their terms about fees. It should be in the FAQ I guess.

The highest fees I encountered nowadays is around $40 at the current bitcoin price rate. Our local exchanger charges BTC0.002 to BTC0.003 as high priority. Do you see how much in bitcoin value are they charging you? Since you posted this thread on Dec. 27, the price rate that day is playing around $15,800 to $16,400 so maybe that's the reason why there's a bit of increase on USD value of their fees but still no changed in terms of bitcoin value.
full member
Activity: 490
Merit: 100
December 28, 2017, 02:09:08 PM
#35
I think you have to wait for a few days may be transaction fees will go down.. 2 weeks ago when I want send my bitcoin and transaction fees reach $ 40 but in few day I try again to send my bitcoin and transaction fees dropped become $ 4..
legendary
Activity: 3080
Merit: 1353
December 28, 2017, 12:57:34 PM
#34
I also find it very troubling because the price of BTC is already very high. When people trade very little, they can only buy a small part, but they have to pay very expensive transaction fees. This is unreasonable.

I understand where you coming from mate, and don't worry you are not the only one seeing this kind of issues. The fees are really killing us all, specially small and casual traders like you and me. That's why I give up trading like 6 months ago, but do seldom trading from time to time specially the peak of bitcoins. Was quite surprise that I have to pay high fees just to transfer my small profit.

I have like 200 $ in bitcoin on ANX. I wanted to transfer that to Binance exhange and I saw that if I wanted to I could only send like 140. Is the transaction fee really 60$ to send coin on bitcoin now? Or this is something ANX is doing? I can't see how that will pass as acceptable. Might as well use bank transfers, cheaper!

That's a total hold up mate. $200 is way too much. I think you need to get back at them and check why the fee's is too high. I'm not paying $60 if I were you. On the other hand, I understand you that hard aches, but bank transfers? I don't think so. Bitcoin is still a better alternative, I think its better if you would just wait till the mempool congestion will go down a little. But don't you worry, I think with all the testing on LN, it could be implemented next year and all this high tx and slow confirmations will be a thing of the past.
hero member
Activity: 2730
Merit: 632
December 28, 2017, 12:52:58 PM
#33
Using bank to send money now is far cheaper than bitcoin because of this transaction fees we are currently experience. Could you imagine I was charged  $300 for sending  $1,000 I think something has to be done about this before things get out of hand. The mining fees we are currently experience is across all the wallet providers and exchanges sites. I have decided to use ethereum for now for my transactions.
When we are talking on the current situation of fees then i would really switch back into our traditional bank transfers since they do only charge little bit cheaper than on the current fees of bitcoin asked as of now in each transfers. Back in previous weeks ETH network is congested but now it is gradually depleting and becoming normal again as long you put sufficient gas then it wont really be too hassle on confirmation times.
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