Reduced transaction fees - page 2. | Bitcointalksearch.org

Bitophile

newbie

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Quote from: roddy5 on November 27, 2017, 11:02:00 PM

How are you computing your transaction fees? Is it satoshi per byte or are you converting the transaction fee to your fiat currency. If you are doing the second then you are doing it wrong. You will see really notice that a $3 transaction before is now almost $10 that is because the price of bitcoin is going high. What you should always remember taht bitcoin is the currency and don't convert the fees into your fiat.

That would be in a perfect world. Aren't we still valuing BTC based on USD (and other FIATs) and celebrate when it crosses each milestone?

lionelho

full member

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We hope to, but this problem now is more related to technical. The bitcoin should implement the sidechain fot trading in order to include more transactions in a block.

mailsforcyr

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for any kind of bitcoin discussion you can find in the telegram channel. you will getthe latest updates
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pushups44

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I really hope the congestion can be eased and that bitcoin can scale, with reduced fees for transactions. Clearly, the network needs more capacity. Like Charlie Lee, who founded Litecoin, I think wider use of Segwit along with adopting the Lightning Network will be beneficial.

tmawheba

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My funda is use bitcoin when it is really necessary as the transaction fee is more and if we do more transaction more fee has to be given so just keep bitcoin and it will work on its own and we will get the benefits

TagaMungkahi

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Bounty Campaign Manager? --> https://goo.gl/YRVVt3

I don't really think that it is related with the price of BTC, it will be on the standard level, the solution here is another fork which we should wait and trust the developers that they can fix this issue. Though, honestly the confirmation also takes a lot of time, waiting is too long but it's okay, i know this kind of issue will be solved.

shezu007

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Quote from: davidjoshua on November 28, 2017, 12:29:20 AM

Reduction of transaction fees is very good, transaction fees greatly affect the current bitcoin Kiss

transaction fee should keep low by them because there are large number of people who are following bitcoin due to no taxes or very less taxes so if transaction fee is increased then people will leave using bitcoin or can decrease the used of bitcoin which is not better for the future of bitcoin. so transaction fee should keep low.

davidjoshua

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Reduction of transaction fees is very good, transaction fees greatly affect the current bitcoin Kiss

olubams

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Quote from: Bitophile on November 27, 2017, 07:54:18 PM

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

We are glad for high prices but that should not translate to high fees which is what a lot of people are clamouring about but I am kind of indifferent to situations like that because when I want to make a transaction, I consider the amount of time I have in my hand to wait for the transaction to get confirmed and that is what will determine whether I will pay high or low fees. For the small transactions, the best is to avoid it if possible by all means for now as its not anywhere close to being economical.

VitKoyn

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Quote from: Bitophile on November 27, 2017, 07:54:18 PM

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

If you use Bitcoin wallet that uses Segwit addresses it significantly reduces confirmation times and it can also help reduce transaction fees. But the problem is there are only few Bitcoin wallet that uses Segwit features right now like Trezor and Ledger nano s, while blockchain.info will implement it next year. The other solution on this scaling problem is Lightning network that uses off-chain protocol, it is still under development and when Bitcoin developers finds a way to make it compatible to Bitcoin network and successfully implemented it will surely solve high transaction fees and confirmation delays. Btw adding more miners will not solve this problem.

pooya87

legendary

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Quote from: Juggy777 on November 28, 2017, 12:07:31 AM

~There is no absolute way to get over the fees as it's the miners who control them

miners have no control over the fees! it is the network that determines how much the highest fee for highest priority is. right now there are 53K unconfirmed transactions in the mempool which means the fees will keep on rising as people pay higher and higher to get a high priority so that their transaction be mined in the next block found.
of course they wouldn't pay higher than certain amounts like 10000 satoshi/bye for example! so there will be a cap to it too.
you can also say it is the users who control the fee. but it certainly has nothing to do with miners.

Juggy777

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Quote from: Bitophile on November 27, 2017, 07:54:18 PM

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

There is no absolute way to get over the fees as it's the miners who control them and they don't care for end users, all they care is for their profits, so even with increasing prices you can't expect lower fees, however you can try your luck at various hours I once got a fee of 1.75$ for a transaction of 1400$ so it all depends on how well you can try your luck and that's how I am going about this days. Plus if you have small transactions then keep money in ether or bcc.

jafurih

newbie

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Bitcoin transaction fees are increased now.i wish to reduce the fees.but this charges are better than banks transaction charges.mining cost is increased.

FoxTheHuman

full member

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Quote from: Bitophile on November 27, 2017, 07:54:18 PM

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

when bitcoin is only $ 2,000 the transaction is still 0.0005 and when it reaches $ 9,700 the transaction cost is still 0.0005. It has not increased but the value of bitcoin has increased Grin

saedasda

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To lower the transaction fee is we need more miner to mine bitcoin because of unconfirmed transaction that why the fees is getting higher

fiulpro

hero member

Activity: 1862

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Its an issue that everyone is waiting to be solved..

The transaction fee of bitcoins is indiscriminate weather ypu do a small one or a large one ypu are gonna pay really high.

Because of this I have had lost .. 80% of my first salary..it was quote funny though.

There isn't anything like ..any movement or something nor..any news from the bitcoin creators that they will move forward to reduce it thus there isn't anything that can be said about it..

I hope a fork comes to solve this and .. the time it takes for one transaction.

aoihs00

sr. member

Activity: 700

Merit: 300

Cant say anything about the fees. It all depends on the miners community and how they re willing to solve the blocks with how much fees.

Just take a look at the last weeks transaction fees, they where off the chart. When miners decided to support the bitcoin cash then no one was able to process any transaction related to bitcoin. To minimise the stress they increased the transaction fees so that people won’t transact very easily. When there was fork situation then also fees were like 0.001 BTC per transaction and then also they had speed of 25 blocks confirmation. Now it is 5 blocks because there is nothing as such thats stopping them or getting them listed with fees, because too many transactions right now. So what if they become too greedy and started charging big fees at the point,? Because they know people aint gonna stop doing transaction. Anything can happen, not sure really when and how.

Md Saad

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Quote from: allthebitandbobs on November 27, 2017, 08:05:08 PM

It is very hard to reduce transaction fees with all the transactions going on and the back log. THe mining difficulty is using a load of electricity which is not cheap .My golden rule use any other coin for transferring money unless it is necessary to transfer bitcoin

I think also like you When the price is going up at a high rate then you can't expect the low rate of fee, everything is going equally so the price of Bitcoin and the fee of Bitcoin also increase in a parallel way. I also think that when the fee will less than the proportionate rate of price then this thing will not be same.

CuriousGeorge

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KUWA.ai

Quote from: jtipt on November 27, 2017, 11:21:38 PM

Quote from: Bitophile on November 27, 2017, 07:54:18 PM

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

I think that's unlikely, fees are mostly depending on the congestion of the network. On a bad day when everyone was selling/buying bitcoin the fees were as high as 800sat/byte but on a normal day an 100 sat/byte has became the normal fee. I don't think it will decrease more than that.

That's right. the fee affected by how crowded the network is, sometimes people want their transaction to be ahead and always setting the most higher fee, if so many people do that, the recommendation fee will simply increase and unstabilize the ecosystem. just see when bitcoin pumped, the network will get crowded and there'll be so many unconfirmed transaction.

jtipt

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Quote from: Bitophile on November 27, 2017, 07:54:18 PM

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

I think that's unlikely, fees are mostly depending on the congestion of the network. On a bad day when everyone was selling/buying bitcoin the fees were as high as 800sat/byte but on a normal day an 100 sat/byte has became the normal fee. I don't think it will decrease more than that.

Topic: Reduced transaction fees - page 2. (Read 962 times)