Say it again? Bitcoin transaction fees expensive? - page 2.

Vishnu.Reang

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Quote from: seoincorporation on June 04, 2019, 12:24:42 PM

If you join to https://www.blockchain.com/es/btc/unconfirmed-transactions and see how much fees are paying the last transactions, you will find values between 0.0003 and 0.001, so, fees are getting high again, now we have a total of 36k unconfirmed transactions, so, maybe the network is under attack and that's why we have to pay these high fees. i'm not sure.

36 K is normal, I'd say. Back in 2017, at one point we had close to 250,000 unconfirmed transactions and some of the users were paying as much as $50 or $60 to get immediate confirmations. Considering the fact that approx. 5,000 transactions can be included in a single block, this backlog should get cleared within a day or two at the most.

proTECH77

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Quote from: oseikuf44 on June 03, 2019, 08:02:12 PM

I wonder why people spent just a fraction of dollar to pay for transanction fees on the blockchain and is delivered in just a blink of an eye ,yet they complain of high fees. What of western union ,money gram and other remittance services that charges exorbitant fees.

We all understand but here in particular we are saying Bitcoin transaction fee is high compare to other cryptocurrency coins around the industry. As at today there are upto 34k unconfirmed transactions and the fees are getting higher on daily basis now. Maybe the bear market contributed to these fee issue, sometime i convert Bitcoin to Ethereum before movement.

Ayiranorea

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Quote from: seoincorporation on June 04, 2019, 12:24:42 PM

If you join to https://www.blockchain.com/es/btc/unconfirmed-transactions and see how much fees are paying the last transactions, you will find values between 0.0003 and 0.001, so, fees are getting high again, now we have a total of 36k unconfirmed transactions, so, maybe the network is under attack and that's why we have to pay these high fees. i'm not sure.

Earlier similar kind of large volume of transactions got stuck to the network when the market turned bullish in an unexpected time period. By that time more than 90000 transactions got stuck. What we see at this moment is quite low and more transaction acceleration service renders will get into the market.

seoincorporation

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If you join to https://www.blockchain.com/es/btc/unconfirmed-transactions and see how much fees are paying the last transactions, you will find values between 0.0003 and 0.001, so, fees are getting high again, now we have a total of 36k unconfirmed transactions, so, maybe the network is under attack and that's why we have to pay these high fees. i'm not sure.

naufals4

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Quote from: Baofeng on June 01, 2019, 06:30:24 AM

Another proof that bitcoin transactions is still very cheap, the transaction below moves $500,000 million with less than $5 fees. This is a Binance external transaction. So for those proponents who says that bitcoin fees is expensive and slow, take a look, as everything is transparent on the blockchain network.

https://twitter.com/whale_alert/status/1134411929072676864

it all depends on the perspective you see it. maybe you think $ 5 is very cheap. but there are some people who realize that $ 5 is very expensive. this is because some factors such as the money withdrawn as in the picture shows the withdrawal of 500 BTC for it $ 5 is not a big deal. but if you draw around $ 15 on BTC for $ 5 as a transfer fee i think is expensive

Vishnu.Reang

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Quote from: RapTarX on June 04, 2019, 11:28:10 AM

Quote from: Bes19 on June 04, 2019, 04:29:09 AM

It looks cheap because the value is $500k but if the value is less than $50, a $5 transaction fee is too high! I am using a local wallet and yesterday the fee was 0.0006 btc that is for the low fee and the highest fee for faster transaction was 0.0017 btc not fair!

No, you can have transaction of $50 with far less fee than $5, it depends on your choosen fee. If you pay 1 satoshi per byte, I guess fee will not be beyond $0.05, in addition, if you have a lot of inputs, higher fee will be required. In that case, you can merge all the inputs into one when the fee is lower.

At 1 Sat/Byte, your transaction may take ages to get confirmed. I would recommend a minimum of 10 Sat/Byte, to get a confirmation within 4 to 6 hours. And that is going to cost you in the range of $0.20 to $0.30, which I would say is reasonable. In case you want an immediate confirmation, then I recommend paying 200 to 250 Sat/Byte, which will cost you around $5.

dat.ho12492

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Quote from: kotajikikox on June 03, 2019, 10:15:57 PM

No not too expensive.because I used it for transaction and it is not that much expensive than the other payment transaction using wallet coins.

I also think that bitcoin transaction fees are not too expensive because we should look at the value and potential of bitcoin, it is always too high, so transaction fees always need to be at a reasonable level, and from a lot of comments from people, the current fee is too reasonable. If someone still feels and complains that the fee is still too expensive and inappropriate, they can switch to using some of the top coin with cheaper price, this will require some additional processes but it will limit transaction fees, in line with the wishes of many people

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Quote from: Bes19 on June 04, 2019, 04:29:09 AM

It looks cheap because the value is $500k but if the value is less than $50, a $5 transaction fee is too high! I am using a local wallet and yesterday the fee was 0.0006 btc that is for the low fee and the highest fee for faster transaction was 0.0017 btc not fair!

No, you can have transaction of $50 with far less fee than $5, it depends on your choosen fee. If you pay 1 satoshi per byte, I guess fee will not be beyond $0.05, in addition, if you have a lot of inputs, higher fee will be required. In that case, you can merge all the inputs into one when the fee is lower.

Vishnu.Reang

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And how many of the Bitcoin users can afford to move $500,000 in one go? Let's talk about ordinary Bitcoin users, who have less than BTC0.10 in their wallet. I have been an active user here for 3 years. I still don't have 1 BTC in my wallet. Most of the times, they move less than BTC0.01, and for doing so they need to pay somewhere between 5% and 10% of that amount as the transaction fee.

Daniel91

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Quote from: Bes19 on June 04, 2019, 04:29:09 AM

It looks cheap because the value is $500k but if the value is less than $50, a $5 transaction fee is too high! I am using a local wallet and yesterday the fee was 0.0006 btc that is for the low fee and the highest fee for faster transaction was 0.0017 btc not fair!

If you try other methods to send your money, like Western Union, Bank Wire, Postal order etc. you will see that they have even higher fees.
So, in my opinuon even $5 is not to much and for higher amounts Bitcoin have no real competition.

Roukawa

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$5 might be small in your perspective but in some countries, this is already a high fee transfer.

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Quote from: squatter on June 04, 2019, 04:43:59 AM

Quote from: Bes19 on June 04, 2019, 04:29:09 AM

It looks cheap because the value is $500k but if the value is less than $50, a $5 transaction fee is too high! I am using a local wallet and yesterday the fee was 0.0006 btc that is for the low fee and the highest fee for faster transaction was 0.0017 btc not fair!

What wallet are you using? Does it use Segwit? Either way, it sounds like it's really overpaying. I suggest using a wallet like Electrum, manually setting fees, and estimating based on current mempool stats.

Yesterday the mempool was full, at one point there were 10 000 transactions with over 140sat/b
I sent a 25sat tx yesterday around 9 am (CE time) and it only got confirmed 6 hours ago.

If he would have tried to send it at the peak, and had 3 or more outputs then the next 6 blocks fee was indeed ~ 5$ and a next block one even worse.
If you have dust in your wallet and more than 5-7 , kiss a small fast transaction goodbye.

Also, we're behind 61 blocks from the normal, that's a 10% drop in capacity.

Quote from: stadus on June 04, 2019, 04:43:51 AM

Try making a small transaction with a fee of 25 cents or less and you'll see it will not confirm easily.

50 cents, ~20 hours and I was lucky, a 25cets tx wouldn't have been confirmed since Monday morning.

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Quote from: Bes19 on June 04, 2019, 04:29:09 AM

It looks cheap because the value is $500k but if the value is less than $50, a $5 transaction fee is too high! I am using a local wallet and yesterday the fee was 0.0006 btc that is for the low fee and the highest fee for faster transaction was 0.0017 btc not fair!

What wallet are you using? Does it use Segwit? Either way, it sounds like it's really overpaying. I suggest using a wallet like Electrum, manually setting fees, and estimating based on current mempool stats.

In general, fees are rising and it's not going to get much better anytime soon. I really think people should stop focusing on getting confirmed in the next block. If you're willing to wait up to a few days, you can still pay hardly anything in fees. If you can wait hours or half a day, you'll pay a small fraction of the fees you mentioned.

stadus

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Quote from: Aldrinx00 on June 03, 2019, 11:15:02 PM

This is great with a 500 bitcoin you only pay a mere $5 to transfer it, this just proves that cryptocurrency is more convenient to use. We don't need to go out and we just need a computer or smartphone and we can anything with our crypto holdings whether to buy other crypto or withdraw.

If you will generalize that statement I won't agree with that.
Try making a small transaction with a fee of 25 cents or less and you'll see it will not confirm easily.

My question, is how are you going to transact 1 usd worth of bitcoin when the fee is not reasonable..

I guess we need some big solution here which is the lightning network or off chain transaction.

iqlimasyadiqa

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Quote from: Pursuer on June 04, 2019, 04:22:36 AM

yeah it is cool to see bitcoin is not only capable of doing these huge value transactions but also it IS handling lots of them every day but when it comes to talking about bitcoin and fees as long as you are reporting everything in dollar terms you are not talking about bitcoin you are talking about fiat and you have already missed the point of bitcoin.

With bitcoin, we can make transactions with very large amounts, indeed fee transactions sometimes become a question because if the block is difficult then the transaction fee is quite large. but if we look at the positive side, we have got many benefits, both time, security and speed. so for me that bitcoin is a reliable medium of financial transactions and will make the era of the future much better.

Bes19

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It looks cheap because the value is $500k but if the value is less than $50, a $5 transaction fee is too high! I am using a local wallet and yesterday the fee was 0.0006 btc that is for the low fee and the highest fee for faster transaction was 0.0017 btc not fair!

Pursuer

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yeah it is cool to see bitcoin is not only capable of doing these huge value transactions but also it IS handling lots of them every day but when it comes to talking about bitcoin and fees as long as you are reporting everything in dollar terms you are not talking about bitcoin you are talking about fiat and you have already missed the point of bitcoin.

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Quote from: oseikuf44 on June 03, 2019, 08:02:12 PM

I wonder why people spent just a fraction of dollar to pay for transanction fees on the blockchain and is delivered in just a blink of an eye ,yet they complain of high fees. What of western union ,money gram and other remittance services that charges exorbitant fees.

Because less than 0.00001% use wu or moneygram daily.
And if you use bitcoin daily and you want your transactions to be included in the next block you will pay in less than a week more than what WU will charge you.

If you like bitcoin as a remittance option, fine, but that doesn't make it cheaper than card transactions unless you try and use LN. Sooner or later on chain payments will no longer be feasible for anything transferring less than tens of thousands.

Quote from: pooya87 on June 03, 2019, 09:43:34 PM

which is why this was a terrible example to post here in my opinion.

I'm starting to get really annoyed by those, rather than praise to BTC they look more like cringing desperation to show BTC has some good points. We f know that, we know it's faster and cheaper than international banking or other money transfers, but seriously, give it a rest.

What is far more annoying is that it was a cold wallet transfer, if we really compare it to banks those are not only instant but also carry zero fee.

Vinalians

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That is a really good proof of how bitcoin can dominate when it comes in paying fees. That is huge money there and only a small amount of money paid in fees. I just hope that if the value of bitcoin rise up the price of the fees will be lessened.
Some of the traders said that transaction fees are expensive because in my opinion they see the transaction fee back in the year of 2017 that BTC value reaches $20k and the fees are so high during that time.

Aldrinx00

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This is great with a 500 bitcoin you only pay a mere $5 to transfer it, this just proves that cryptocurrency is more convenient to use. We don't need to go out and we just need a computer or smartphone and we can anything with our crypto holdings whether to buy other crypto or withdraw.

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