Ridiculous fee and will it ever get back to normal?

solarion

hero member

Activity: 966

Merit: 513

Quote from: stomachgrowls on December 31, 2017, 01:37:27 AM

Quote from: Youbsilent357 on December 26, 2017, 12:29:49 PM

Hello, I have a wallet through bitpay. I also have a bitpay card. I’ve been using this for 6 months or so with no issues. I understand the recent fall off of bitcoin and the transactions clogged or full. Normally if I wanted to move 500usd from the wallet to the card it would be a 6-15 dollar fee. Now it’s wanting 100 or more. That’s just ridiculous. Will this ever go back to normal?? Bitcoin is recovering I see, but the transfers are still expensive. Any advice would be appreciated. Thank a lot in advance

No one knows on when it will go back which as being said above the more popularity of bitcoin the more pricier of its fees which we have seen through those times when bitcoins price tends to hit up new all time highs. Then its normal to think about those services who do offer like bitpay. They do need to cope up with fees because they wont really be just giving free transactions fees specially on any conversions regarding to their service. They will really impose it no matter what.

Whenever we find the bitcoin hard fork that time specially we are seeing the bitcoin value dumped as well as transaction fees increased in all the wallet providers. From the past 3 weeks bitcoin fees increased from 0.0003 btc to 0.0017 btc in blockchain and coinbase wallets.
Because of this many small earners not able to change the bitcoin like daily basis or weekly. Bitpay service is mostly depend on the payment API but recent days many low amount API comes in the market so choose that one dude.

Parodium

sr. member

Activity: 1036

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DMs have been disabled. I am busy.

Currently there is no direct solution for the high fees, using a segwit address will alleviate most of the problem, however its adoption is not complete, and many exchanges have not updated to segwit protocols. The best thing to do right now is push for increased segwit support, and contribute to the development of the lightning network, including bug testing the test networks.

stomachgrowls

hero member

Activity: 3010

Merit: 794

Quote from: Youbsilent357 on December 26, 2017, 12:29:49 PM

Hello, I have a wallet through bitpay. I also have a bitpay card. I’ve been using this for 6 months or so with no issues. I understand the recent fall off of bitcoin and the transactions clogged or full. Normally if I wanted to move 500usd from the wallet to the card it would be a 6-15 dollar fee. Now it’s wanting 100 or more. That’s just ridiculous. Will this ever go back to normal?? Bitcoin is recovering I see, but the transfers are still expensive. Any advice would be appreciated. Thank a lot in advance

No one knows on when it will go back which as being said above the more popularity of bitcoin the more pricier of its fees which we have seen through those times when bitcoins price tends to hit up new all time highs. Then its normal to think about those services who do offer like bitpay. They do need to cope up with fees because they wont really be just giving free transactions fees specially on any conversions regarding to their service. They will really impose it no matter what.

zsmith

member

Activity: 142

Merit: 60

I send transactions all the time at 22.2 sat/B, which ends up being around $1-$4 dollars per transaction, depending on how many inputs. I sent myself a payment today at 22.2 sat/B to consolidate and it confirmed in less than an hour. Use bitcoin core to set the fees to whatever you want to pay and also use coin control. I send my money to myself at low fees to bring it into a single input so I can spend it quickly at a higher fee rate and not feel bad because it didn't use much data and thus not much fee even though the rate itself is high.

If you aren't running a full bitcoin node, you deserve to pay higher fees because you are just a bitcoin flea--a parasite who doesn't otherwise contribute to the network. Not running a full bitcoin node is completely pleb tier. Since you are reading this on the internet you likely already have a computer and an internet connection. Even if you had to buy a computer to run a bitcoin node on, it would pay for itself in a couple transactions with people paying rates of $40-$100.

DomainTorrent

jr. member

Activity: 82

Merit: 2

I don't think bitcoin fees will ever get back to normal. Bitcoin is like a signature fashion. The more it becomes popular and in demand, the more its fees become pricier.

bob123

legendary

Activity: 1624

Merit: 2481

Quote from: Spendulus on December 27, 2017, 10:35:49 AM

I'm wondering if the Lightning network is effectively dead on arrival. Nobody is going to fund their transactions on Lightning if it costs $20-40 to put $100 into a hub....

There is no reason why the lighting network should be dead on arrival Huh

When lightning comes into play there won't be such high transaction fees... At least not after it all settled down.
Transactions are still being sent.. even with a fee of 20-40$. No reason why 'the first' user of lighting network wouldn't pay such a fee.
And if the adoption works fairly well the fees 'on the lighting network' will be very low. Transactions on the main chain will still be higher than in
payment channels, but they will definitely go down.

Quote from: Spendulus on December 27, 2017, 10:35:49 AM

I'm not saying that the concept and algorithm of BTH or BTG or whatever is the perfect solution...

BTG is a scam. I think this should be clear to everyone.
BCH is just a short-term solution. Doubling block size is basically just retarded. Thats the way my grandma would address the problem.
You can't just double the block size everytime the fees are going to rise. This won't work and will lead to extreme centralization.
BCH is currently handling a small small fraction of the transaction on the BTC. Noone knows how the BCH network will react to nearly full blocks.

Segwit is way more than enough short-term solution. But if people aren't ready to use segwit, there will be no improvement of the TX/s rate.
People shouln't really complain about the transaction fees without at least trying to use segwit addresses.

Nicol3

sr. member

Activity: 420

Merit: 250

I don't think these fees will ever go back to normal when it was still cheap because for as long as bitcoin keeps on increasing its price, it will for sure adjust depending on how it had increased too. I had the same scenario with Xapo and couldn't withdraw the last time I had bitcoins connected there because the transaction fee was the same amount I had placed there too; but eventually I stopped using Xapo because the fees are way too high for me.

Spendulus

legendary

Activity: 2926

Merit: 1386

Quote from: AdolfinWolf on December 26, 2017, 02:09:31 PM

Quote from: Youbsilent357 on December 26, 2017, 12:29:49 PM

Hello, I have a wallet through bitpay. I also have a bitpay card. I’ve been using this for 6 months or so with no issues. I understand the recent fall off of bitcoin and the transactions clogged or full. Normally if I wanted to move 500usd from the wallet to the card it would be a 6-15 dollar fee. Now it’s wanting 100 or more. That’s just ridiculous. Will this ever go back to normal?? Bitcoin is recovering I see, but the transfers are still expensive. Any advice would be appreciated. Thank a lot in advance

Taking a quick look at the mempool,( the backlog of bitcoin transactions), i really wouldn't say so.https://blockchain.info/charts/mempool-size

There's still over 100.000 transactions waiting to be confirmed, which are heavily driving up the fees.
You could maybe simply wait a little bit, sending it with less priority, or, try to contact a miner which will manually add your transaction into their block (something which accelerators such as https://pool.viabtc.com/tools/txaccelerator/ do.)

Quote from: Spendulus on December 26, 2017, 02:07:58 PM

Quote from: Youbsilent357 on December 26, 2017, 12:29:49 PM

Hello, I have a wallet through bitpay. I also have a bitpay card. I’ve been using this for 6 months or so with no issues. I understand the recent fall off of bitcoin and the transactions clogged or full. Normally if I wanted to move 500usd from the wallet to the card it would be a 6-15 dollar fee. Now it’s wanting 100 or more. That’s just ridiculous. Will this ever go back to normal?? Bitcoin is recovering I see, but the transfers are still expensive. Any advice would be appreciated. Thank a lot in advance

There are forces at work that want bitcoin to become a sort of "Digital gold," which cannot be used for transactions, due to high fees. They are / have destroyed the bitcoin ecosystem.

Other coins can move in and fill the gap, but meanwhile payment processors merchants and many users are very, very inconvenienced.

I recently did three transactions, read and weep.

BTC. 17.01 USD fee
BTH. 0.01 USD fee
BTG. 0.01 USD fee

Or maybe bitcoin simply isn't able to scale due to the massive influx of new users?

No. The fees in the market have destroyed the transaction utility of bitcoin directly. Scaling has nothing to do with this.

There are at least 3 levels at which fees are being jacked up.

1. Miners, in China mostly.
2. Inefficiency in many wallets not allowing coin control which directly drives fees way, way up
3. Exchange - wallets such as coinbase, jacking fees up over and above (1) and (2).

I'm wondering if the Lightning network is effectively dead on arrival. Nobody is going to fund their transactions on Lightning if it costs $20-40 to put $100 into a hub....

Bankers and MC/Visa and PayPal would like to see a big FAIL here, one way or another. You can bet they are working under the tables to affect the course of events.

I'm not saying that the concept and algorithm of BTH or BTG or whatever is the perfect solution, and maybe there is a necessary future for BTC as digital gold with high fees. Just wondering where all this is going.

Oceat

sr. member

Activity: 2506

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Quote from: Spendulus on December 26, 2017, 02:07:58 PM

...
There are forces at work that want bitcoin to become a sort of "Digital gold," which cannot be used for transactions, due to high fees. They are / have destroyed the bitcoin ecosystem.

I wonder when will it going to stop it is some kind of agony to the traders every time they do any transactions. Although transferring your Bitcoin in a pack is worth the fees but with just a small transactions, the fees are killing your Bitcoin slowly.

Quote from: AdolfinWolf on December 26, 2017, 02:09:31 PM

...
Taking a quick look at the mempool,( the backlog of bitcoin transactions), i really wouldn't say so.https://blockchain.info/charts/mempool-size

There's still over 100.000 transactions waiting to be confirmed, which are heavily driving up the fees.

This might be the reason why fees are getting expensive every time and a lot of complaints are flooding on this forum because of their transactions either not yet confirm or with a high fees.

AdolfinWolf

legendary

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Quote from: Youbsilent357 on December 26, 2017, 12:29:49 PM

Hello, I have a wallet through bitpay. I also have a bitpay card. I’ve been using this for 6 months or so with no issues. I understand the recent fall off of bitcoin and the transactions clogged or full. Normally if I wanted to move 500usd from the wallet to the card it would be a 6-15 dollar fee. Now it’s wanting 100 or more. That’s just ridiculous. Will this ever go back to normal?? Bitcoin is recovering I see, but the transfers are still expensive. Any advice would be appreciated. Thank a lot in advance

Taking a quick look at the mempool,( the backlog of bitcoin transactions), i really wouldn't say so.https://blockchain.info/charts/mempool-size

There's still over 100.000 transactions waiting to be confirmed, which are heavily driving up the fees.
You could maybe simply wait a little bit, sending it with less priority, or, try to contact a miner which will manually add your transaction into their block (something which accelerators such as https://pool.viabtc.com/tools/txaccelerator/ do.)

Quote from: Spendulus on December 26, 2017, 02:07:58 PM

Quote from: Youbsilent357 on December 26, 2017, 12:29:49 PM

Hello, I have a wallet through bitpay. I also have a bitpay card. I’ve been using this for 6 months or so with no issues. I understand the recent fall off of bitcoin and the transactions clogged or full. Normally if I wanted to move 500usd from the wallet to the card it would be a 6-15 dollar fee. Now it’s wanting 100 or more. That’s just ridiculous. Will this ever go back to normal?? Bitcoin is recovering I see, but the transfers are still expensive. Any advice would be appreciated. Thank a lot in advance

There are forces at work that want bitcoin to become a sort of "Digital gold," which cannot be used for transactions, due to high fees. They are / have destroyed the bitcoin ecosystem.

Other coins can move in and fill the gap, but meanwhile payment processors merchants and many users are very, very inconvenienced.

I recently did three transactions, read and weep.

BTC. 17.01 USD fee
BTH. 0.01 USD fee
BTG. 0.01 USD fee

Or maybe bitcoin simply isn't able to scale due to the massive influx of new users?

Spendulus

legendary

Activity: 2926

Merit: 1386

Quote from: Youbsilent357 on December 26, 2017, 12:29:49 PM

Hello, I have a wallet through bitpay. I also have a bitpay card. I’ve been using this for 6 months or so with no issues. I understand the recent fall off of bitcoin and the transactions clogged or full. Normally if I wanted to move 500usd from the wallet to the card it would be a 6-15 dollar fee. Now it’s wanting 100 or more. That’s just ridiculous. Will this ever go back to normal?? Bitcoin is recovering I see, but the transfers are still expensive. Any advice would be appreciated. Thank a lot in advance

There are forces at work that want bitcoin to become a sort of "Digital gold," which cannot be used for transactions, due to high fees. They are / have destroyed the bitcoin ecosystem.

Other coins can move in and fill the gap, but meanwhile payment processors merchants and many users are very, very inconvenienced.

I recently did three transactions, read and weep.

BTC. 17.01 USD fee
BTH. 0.01 USD fee
BTG. 0.01 USD fee

Youbsilent357

newbie

Activity: 1

Merit: 0

Hello, I have a wallet through bitpay. I also have a bitpay card. I’ve been using this for 6 months or so with no issues. I understand the recent fall off of bitcoin and the transactions clogged or full. Normally if I wanted to move 500usd from the wallet to the card it would be a 6-15 dollar fee. Now it’s wanting 100 or more. That’s just ridiculous. Will this ever go back to normal?? Bitcoin is recovering I see, but the transfers are still expensive. Any advice would be appreciated. Thank a lot in advance

Topic: Ridiculous fee and will it ever get back to normal? (Read 229 times)