The fees are crazy, 420 satoshis/byte, WHY? - page 3.

CryptoDatabase

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Quote from: Wind_FURY on May 18, 2017, 09:15:38 PM

Quote from: Apollo777 on May 17, 2017, 09:48:36 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.

Wind_FURY

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Quote from: Apollo777 on May 17, 2017, 09:48:36 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.

TryNinja

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Quote from: neoandtrinity on May 18, 2017, 05:18:45 AM

my friend send me btc from blockchain with default fee and 2 day not confirm and it be come ghost transaction disappear from my coinbase and even i use https://www.viabtc.com/tools/txaccelerator/ it say id does not exist

Maybe the "default fee" from the wallet you are using isn't high enought to be confirmed.
I had $2 in a old wallet and I sended this amount to my new wallet with a $0.6 fee. This is a very small amount and very bellow the amount sugested by my Electrum. But after 2 days (and using viabtc accelerator) my payment god confirmed.

You should always check https://bitcoinfees.21.co/ to see how much do you need AT LEAST to make a payment, even if you don't want to pay the "suggested" fee.

andreibi

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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.

vatived22

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This is the beginning, such fee is not yet crazy until bitcoin hit 10,000 and then i wonder what the fee will be then. The scaling issue will be bitcoin biggest challenge.

Carlton Banks

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Quote from: Carlton Banks on May 17, 2017, 02:57:34 PM

The bitcoinfees.21.co website, and mostly everyone's brain, is broken.

Look at the graph on bitcoinfees.21.co, it's pretty clear to see that 120 satoshis per byte is what you need to pay, no different to last week. Or last month.

Quote from: Nagadota on May 17, 2017, 04:21:32 PM

No it isn't. Fees of 120 satoshi/byte can leave the transaction unconfirmed for several days in most or at least many cases.

Quote from: Tyrantt on May 17, 2017, 05:01:51 PM

I've made a transaction with 120 sat/byte and I got 0/3 confirmations for 16+ hours, untill someone suggested me to use viabtc. So no, it's not.

I made a 140 satoshis per byte transaction today, and it took less than 6 hours. Maybe I'm lucky, maybe you guys are unlucky. Anyone can try it for themselves, pay on the low end of the scale, we call this "free-market capitalism"

SwagGirl

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Quote from: posternat on May 18, 2017, 11:19:31 AM

Quote from: neoandtrinity on May 18, 2017, 05:18:45 AM

my friend send me btc from blockchain with default fee and 2 day not confirm and it be come ghost transaction disappear from my coinbase and even i use https://www.viabtc.com/tools/txaccelerator/ it say id does not exist

Thats really Sad. Sadly that there are lots of unconfirmed transactions, and I am one of them Sad

I hope this will be resolve soon, I am waiting for so long to make my coin confirmed and making now impatient Sad

.. Lets see when this situation can become a little better for all of the bitcoin users.

This problem will genera ate a lot of free advertising which in the long run is works heavily in bitcoins favor. Stop and think about. Get ready for a huge price spike.

posternat

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Quote from: neoandtrinity on May 18, 2017, 05:18:45 AM

my friend send me btc from blockchain with default fee and 2 day not confirm and it be come ghost transaction disappear from my coinbase and even i use https://www.viabtc.com/tools/txaccelerator/ it say id does not exist

Thats really Sad. Sadly that there are lots of unconfirmed transactions, and I am one of them Sad

I hope this will be resolve soon, I am waiting for so long to make my coin confirmed and making now impatient Sad

.. Lets see when this situation can become a little better for all of the bitcoin users.

kvlolo

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Finally, the fee is dropping down now, though it's still much higher than it used to be.

Agrello

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Quote from: neoandtrinity on May 18, 2017, 05:18:45 AM

my friend send me btc from blockchain with default fee and 2 day not confirm and it be come ghost transaction disappear from my coinbase and even i use https://www.viabtc.com/tools/txaccelerator/ it say id does not exist

Thats unfortunate. What i dont understand is that this obviously could not have come as a surprise to the community and developers involved. Im confused as to why this was not thought about 4 years a go where a hard fork would have been much easier to achieve? Did they not foresee the network becoming this large?

I really hope there is a solution that does not end up putting the bitcoin network in a centralised situation.

neoandtrinity

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my friend send me btc from blockchain with default fee and 2 day not confirm and it be come ghost transaction disappear from my coinbase and even i use https://www.viabtc.com/tools/txaccelerator/ it say id does not exist

surix

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Last days I'm using 240 satoshis/byte and confirmation time is not that bad.

Of course for important cases I put a bit more.

I also found out that blockchain.info wallet has tendency to under-evaluate the fees (~120satoshis/byte) which caused me some troubles.

I use this website to calculate fees and always give me good result: https://bitcoinfees.github.io/

Amph

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because there are simply people that don't that you poor guy want the fee to be 100 satoshi bytes, they are willing to pay more just to get their transaction solved in seconds

then you have another one who is willign to pay even more to have an edge on those other people and so on, there is simply competition like there is mining or anything in this world

this competition isn't healthy for adoption, because average joe will simply stay away if he is obliged to $1.7 to send $1..but until the block limit is solved you are beating a dead horse

Sir Paijoe

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I think this will keep recurring and transaction costs will continue to increase, I'm afraid 5 more years of transaction costs bitcoin is more expensive than bank transfer.

buwaytress

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Quote from: BitcoinHodler on May 17, 2017, 07:00:09 AM

Quote from: kvlolo on May 17, 2017, 06:47:11 AM

Quote from: buwaytress on May 17, 2017, 05:26:58 AM

It's at 450 now but bear in mind this is the estimation to very likely get confirmed in the next block... the median fee is half that and still gets confirmed in hours (yes, I can't believe I'm thinking hours is reasonable now but I actually am getting used to it).

To be fair, my largest txs are all around 250 bytes or so... after learning to keep em small. So I'm still paying a pittance in terms of %.

Would you mind to share your skill on how to make transaction size smaller? I knew that using changing addresses would make size bigger.

it is not something you can do after the fact, you should do it before.
for example you shouldn't receive a lot of small transactions like 0.001BTC if it is a service and you are getting paid or withdrawing, then wait until it accumulates to a bigger amount and then request payment.

As Hodler says, you can't do much about what you already have in the wallet, but basically the amount of data used to spend determines how "big" your tx size is. The more bytes, the bigger. When your spend is made up of multiple inputs (such as from small amounts you might claim from faucets) they tend to get very big.

How I keep mybalances lean:
1. I try to accept only large payments into my main spend address - for me this is usually not smaller than 0.01 BTC (arbitrary, I just set it at $10 but of course it's almost worth double that now). Hodler has a good tip for holding out for bigger payments.
2. Smaller payments are received into a "dust" address. When this gets significant, say at 0.015 or more. I deposit the entirety of it into an exchange site. It WILL be a big tx, but I will usually pay a nominal fee since it isn't urgent for me to get it confirmed fast. When it's confirmed I just withdraw it back into my main address. It will come in as a single lean/small input.

Cryptolator

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Quote from: Apollo777 on May 17, 2017, 09:48:36 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.

That's 23% fee, that is unacceptable, I can't believe it. Don't know why they didn't went with something like a fixed fee of around 0.5% per transaction, so that the more you spend the more you pay, that is the logical way to go in my view...

Apollo777

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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.

Wind_FURY

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Quote from: White sugar on May 16, 2017, 09:47:36 PM

Quote from: Wind_FURY on May 16, 2017, 09:45:30 PM

Quote from: freedomno1 on May 16, 2017, 07:43:51 PM

Quote from: kvlolo on May 16, 2017, 07:42:17 PM

According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations. Anyone know why the fees are going higher and higher?

Wow 420 time for the weed references.
But to answer your question too many transactions occurring and not enough space to process the transactions at 1mb.
https://en.bitcoin.it/wiki/Block_size_limit_controversy

Yes and I would like to add that the cause of this is network spamming. There is someone out there who is constantly spamming and flooding the mempool to slow Bitcoin transactions down. Some say it is Roger Ver the others say it is Core's doing.

Whoever it is I can imagine him doing the evil villain laugh everytime he starts spamming.

Core people want to keep the status quo with 1MB blocks, spam the network would work against them

The big blockers claim the opposite. It is Core doing all the spamming because they want more attention on the scaling debate and the need for Segwit activation and offchain scaling. That is a valid point but the same could also be said with BU. They also have interests in scaling Bitcoin but doing it onchain. The worse thing is the want to hard fork the network away from Core. I have no problems with that only if the BU developers have proven to create better code and are better developers than Core.

Cryptolator

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What will happen in the future ? Does the fees will always raise and no one will be interested in using bitcoins anymore ? What are the solutions ? What if the userbase grow really fast and the transaction volume are ten time higher than right now ? This is a bit scarry I must admit ! :/

cengsuwuei

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#SWGT PRE-SALE IS LIVE

because volume transaction bitcoin is big
yesterday waiting list unconfrimation transaction until reach 200k transaction
i think bitcoin need incraese blocksize

Topic: The fees are crazy, 420 satoshis/byte, WHY? - page 3. (Read 5475 times)