The fees are crazy, 420 satoshis/byte, WHY?

szpalata

sr. member

Activity: 686

Merit: 253

Quote from: soloasi on May 26, 2017, 01:07:19 PM

soon a btc transaction will be more expensive than a bank transfer if this goes on, Huh

I hope it will be solved before we get there but let's also not speak badly about it as there are newbies who might not want to be a part anymore if we publish all these negative news on Bitcoin. It's sad to see these high prices per transaction but at least we know this wasn't the case two years back so let's hope it is resolved in time by whatever solution that may come up.

ScorpionKing

newbie

Activity: 26

Merit: 0

This fee issue showed a very good side of the miners, greedy to no end. However on the other hand, someone like ViaBTC is definitely a good addition to the BTC worth, sacrificing possible additional bitcents each block to confirm TX's stuck in limbo for a while.

GXHPP

member

Activity: 77

Merit: 10

These fees are set by us in the end, the users of the network trying to hop on each other to get confirmed as soon as possible, Of course it's high and should be reduced and network stress relieved. However I don't agree to a change that can damage BTC much or any forking etc...

TrumpD

sr. member

Activity: 602

Merit: 265

The past week, I sent a small amount of bitcoins 0.015, and I was made to pay almost $7 fees for it. I often wonder if the fees will come down soon and I sincerely hope so.I paid the fee suggested to me by the wallet, if I had set it lower, I ran the risk of the transaction taking forever to confirm. One of the major attractions of bitcoins is its low transaction fees. If fees keep increasing, I wonder how much bitcoins will become unspendable?

DomainReseller

newbie

Activity: 38

Merit: 0

I completely understand your complaints regarding this point, Last year, I never did a TX with mre than 0.00012 fees but right now it's always growing up, and it's impossible to confirm your TX within few block unless you at least do 267/b or so which is awfully expensive with the rising bitcoin price.

stromae

full member

Activity: 309

Merit: 100

The network wants more fee every day. It's hard to maintain low fees such as 100 satoshi per byte. So that you gotta put more fees.

OROBTC

legendary

Activity: 2912

Merit: 1852

...

In the past several days, I made two purchases via BTC. Both times I paid a lot (bought Au and Pt). I paid some 350 satoshis per byte, and I was very happy. Both times confirmed at the next block, so I was perfectly OK with that.be

Small trx will be more problematical if they don't fix the scaling problem(s). I could see an "Alt" coming in, better designed, that might blow BTC away out of the water.

cjmoles

legendary

Activity: 1176

Merit: 1017

If it's no longer economically beneficial to use bitcoin, then what purpose does it serve? There are so many other platforms that provide useful features....like darksend, turing completeness, speed, smaller fees, integrated market places, namespaces...etc. Why in the hell are we still trying to use such an antiquated platform? Let the whales HODL their useless digits....if they don't want to listen to the community, then we can find a platform that will. <----It's that easy!

atc1-REAL

member

Activity: 101

Merit: 10

I remember when you used to get that many satoshis in a faucet. Could never really transfer it. Now with these costs and the rising value, it becomes even worse. Ofc, whoever already has a farm up and running should have no problems.

Pab

legendary

Activity: 1862

Merit: 1012

The worst nightmare is to withdraw btc from exchanges,thay have standart low fee,there is no way to increase them.Big problem

Thekool1s

legendary

Activity: 1512

Merit: 1218

Change is in your hands

Quote from: soloasi on May 26, 2017, 01:07:19 PM

soon a btc transaction will be more expensive than a bank transfer if this goes on, Huh

It already is expensive than bank transfers mate, except for international wires. It is also expensive than the major payment gateways like paypal and payza. The scaling issue is not getting resolved any time soon. So the situation will only get worse. We can expect 500 satoshi/byte in the coming month cuz of all the hype which is being created around the bitcoin.

soloasi

sr. member

Activity: 477

Merit: 250

soon a btc transaction will be more expensive than a bank transfer if this goes on, Huh

concept2

sr. member

Activity: 750

Merit: 258

Quote from: sportis on May 21, 2017, 01:25:18 PM

Quote from: TastyChillySauce00 on May 20, 2017, 03:21:24 AM

Quote from: Thekool1s on May 20, 2017, 02:39:12 AM

Quote

stop using BTC all together is another possibility

Bitcoin was intended to be a tool for the masses, Not just privileged people. It was made to free people from the extortion of the banks.. Right now the miners have become the big banks.. And bitcoin is becoming more of a tool for elites.. If this continues and no consensus reached.. Bitcoin will lose its purpose..

I thought that it's already lost its purpose. The current fee is already crazy and now appear many accelerators which require you to pay some amount of bitcoin which is highly expensive compared to the normal fee for the exchange of faster confirmation. I know the accelerator's providers aren't forcing you but for those who are in need of their money have no choice but to use this service.
Such a pity for the faucet hunters who more likely to have bigger transaction size while their earning are pretty low.

People trying to earn money from faucets they actually are wasting their time. The purpose of faucets is people to learn how bitcoin works doing some transactions each other. For this reason usually these very small transactions are considered as 'dust' clogging the network and are discouraged because increasing the problem that already exists.

I do not think that faucets are the main reason here because there are still many other micro transactions around and they totally destroy the whole bitcoin blockchain system. The fees keep increasing day by day

sportis

sr. member

Activity: 406

Merit: 252

Veni, Vidi, Vici

Quote from: TastyChillySauce00 on May 20, 2017, 03:21:24 AM

Quote from: Thekool1s on May 20, 2017, 02:39:12 AM

Quote

stop using BTC all together is another possibility

Bitcoin was intended to be a tool for the masses, Not just privileged people. It was made to free people from the extortion of the banks.. Right now the miners have become the big banks.. And bitcoin is becoming more of a tool for elites.. If this continues and no consensus reached.. Bitcoin will lose its purpose..

I thought that it's already lost its purpose. The current fee is already crazy and now appear many accelerators which require you to pay some amount of bitcoin which is highly expensive compared to the normal fee for the exchange of faster confirmation. I know the accelerator's providers aren't forcing you but for those who are in need of their money have no choice but to use this service.
Such a pity for the faucet hunters who more likely to have bigger transaction size while their earning are pretty low.

People trying to earn money from faucets they actually are wasting their time. The purpose of faucets is people to learn how bitcoin works doing some transactions each other. For this reason usually these very small transactions are considered as 'dust' clogging the network and are discouraged because increasing the problem that already exists.

kvlolo

full member

Activity: 134

Merit: 100

Quote from: andreibi on May 19, 2017, 07:12:02 AM

Quote from: kvlolo on May 19, 2017, 06:12:13 AM

Quote from: andreibi on May 18, 2017, 03:58:32 PM

This site https://jochen-hoenicke.de/queue/#2h helps me a lot.

Steps to ensure fastest send.
1. These times you can never be sure of the fees to pay. So I strongly advice that whenever you send, you make sure to opt-in RBF (replace-by-fee) transactions.
2. Go check https://jochen-hoenicke.de/queue/#2h Right now it says there are 1,100 pending TX for 280+ sats per byte.
3. Check https://tradeblock.com/bitcoin/ to find out how much TX was included in the last 4 blocks and when was the last block found.
4. Determine the size of your send by using https://coinb.in/#newTransaction
5. Let's say 382 bytes is the final size of your tx. That's 0.0010696BTC.

From the above steps, you can approximate how much fees to pay.

Is that something like push service?

Yes, great for paper wallets.

That's cool. I'm thinking whether I need to set up a paper wallet. Grin

favours

full member

Activity: 180

Merit: 100

Lover of Bitcoin

Fuck Jihad Poo.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: CryptoDatabase on May 19, 2017, 09:52:51 PM

Quote from: Wind_FURY on May 19, 2017, 09:43:08 PM

Quote from: CryptoDatabase on May 18, 2017, 10:24:29 PM

Quote from: Wind_FURY on May 18, 2017, 10:15:38 PM

Quote from: Apollo777 on May 17, 2017, 10:48:36 PM

I agree it's getting quite ridiculous. Sent $10 worth of BTC to a friend to teach him crypto and I ended getting sticked $2.34ish in fees.

Stop sending small transaction on the blockchain if it is not that important. We should start to use Bitcoin more efficiently and stop taking the blockchain for granted. If you really need to send $10 to a friend use fiat or paypal. Or do what Roger Ver did, start using an altcoin.

Your comment is straight up retarded bud, I can send someone $100000 and it could very easily cost 1% of the fee a person sending $10 might face depending on how many inputs it receives.

This forum is getting really old with people like you tossing out dumbass suggestions for others when you don't even know how BTC even works.

Ok then what do you suggest? We have no choice but to adjust to what is going on in the network. Why would I keep sending $10 transactions on the blockchain when it would be easier and faster to send them to a friend through cash or paypal account to account transfer? If it is not worth using the blockchain then do not use it.

You keep referring to amounts of money but you aren't understanding that the amount of money sent is irrelevant. It doesn't matter if you send 100000 BTC or 0.00000001 BTC, the only thing that matters is the size of the transaction itself. Not sure what else I can say to help you understand that the amount of money or BTC being sent doesn't matter one single bit, nada.. nothing.. zilch.

Reducing transaction size is one way to solve this dilemma, increasing block size is another, decreasing block times is yet another, stop using BTC all together is another possibility, etc etc. There are many solutions to fix this problem, the issue is nobody can agree on anything

I am aware. But what I am saying is to be efficient in our usage of Bitcoin. The 24 hour wait for a $10 transcation worth of Bitcoins,because "you want to send it to a friend", is now pointless. Give him cash. The ineffiency for a small amount sent is not worth it anymore.

Kevin77

legendary

Activity: 1652

Merit: 1057

Quote from: bamboylee on May 20, 2017, 05:49:42 AM

They say that the fees are high because of spam attacks, but this just shows that if bitcoin gets more attention and transaction, it will not be able to handle it well. Spam attack or not, the fees are going to bloat more and more as more transactions are not being confirmed. We need to scale now but miners don't want to give up their large earning due to large fees yet.

Every bitcoiner is wishing for that, but unfortunately it is not yet happening. Like many people here I am also very confident about find the amicable solutions for block sizes in very near future but in between time what is going to happen would be really annoying as people start using altcoins for micro payments and personally I hate people moving toward any altcoins.

As of now, there is little relief right now, fees are coming down to below 300 satoshi per byte as unconfirmed transactions are also coming down from 200k marks.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: Thekool1s on May 20, 2017, 03:54:12 AM

Quote from: Dudeperfect on May 20, 2017, 03:29:25 AM

Even though the fees is increasing, I see it as a positive sign yet it is something that we should find a solution for. More and more people are showing faith in bitcoin and thus the network is getting overloaded with the transactions, thus the fees are getting higher and higher. Even though the current fees are far less than the cost of sending funds through fiat, I don't think we should take this for granted. I believe that if can do something for it soon then within a couple of years we would touch $5K on the price chart and exponential growth in the user base too.

Nope, it is not because of people showing faith in bitcoin, It is because of the spam transactions which are being done on the Blockchain. And Transactions fees right now are over the roof, I paid $6.4 to transfer 80 bucks and that too at 103 sat/byte, Now if i wanted to get confirmations in good time, the fees would have been around 18.3$.. Can you exactly tell me which Online payment Processor charges $6.4 to transfer 80 bucks and that too within 7+ days? None! Bitcoin is only good for HODL right now.

Even if those were spam attacks the message is clear.
Forget about the world using bitcoin. Forget about Europe. Forget about Poland alone.

If every citizen in Szczecin alone (I doubt more than 0.0001% of the people on this board heard of it) would go and buy a a bread with bitcoin...once a day, that and only that , the blockchain would be filled up.

bamboylee

hero member

Activity: 1148

Merit: 504

They say that the fees are high because of spam attacks, but this just shows that if bitcoin gets more attention and transaction, it will not be able to handle it well. Spam attack or not, the fees are going to bloat more and more as more transactions are not being confirmed. We need to scale now but miners don't want to give up their large earning due to large fees yet.

Topic: The fees are crazy, 420 satoshis/byte, WHY? (Read 5449 times)