Today fee of bitcoin transactions is increased

Angel Di

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Quote from: jeremypwr on July 24, 2018, 12:05:00 PM

That's rather strange, since whenever I send BTC it costs me roughly 4-5 cents, which is basically nothing.

As of recent, it's cost more money to send ETH than BTC.

I didn't like it a few times either. Because I think it's unacceptable. But at the time when large projects are on Eth, the network usually falls and transactions jump in price. Sadly it is

Rnd2012

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Yah, the fee of Bitcoin transaction increased and will be releasing an updated increase again because of Bitcoin price

john randolph

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It was maybe because your transaction size is large, based on multiple input. Or there is change in fee strategy by blockchain or by change in policy of BTC Administration.

jrrsparkles

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Quote from: jeremypwr on July 24, 2018, 12:05:00 PM

That's rather strange, since whenever I send BTC it costs me roughly 4-5 cents, which is basically nothing.

As of recent, it's cost more money to send ETH than BTC.

Yes,I noticed that too.The transaction cost of ethereum is much higher than the bitcoin now,Today I made $20 transaction of ethereum and $1 is the fee for that transaction but even when I transact the $100 of bitcoin still the fee is under half a dollar.

Osakrita

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Quote from: SKyy991 on June 21, 2018, 08:28:25 AM

what happended today, I sent 1 BTC into another wallet, and it took 2.5 USD. so high

That seem to be an exceptional case lately, most of my bitcoin transactions are in the the range of less than 10 cents. It will increase now that volume of trade has increased

btcdevil

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Bitcoin transaction fees going high is very common, when ever their is a market bull run that time the transactions are very high so for that the transaction fees goes up. But still the fees is not that high which we were facing in past. So i think this is common and when the market stabilize that time the transaction fees will also lower it.

jeremypwr

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That's rather strange, since whenever I send BTC it costs me roughly 4-5 cents, which is basically nothing.

As of recent, it's cost more money to send ETH than BTC.

bob123

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Quote from: stompix on July 24, 2018, 10:48:21 AM

Let's not generalize the situation based on a shit-hole of a country Grin

Well, it started there.. and it will will continue world wide.
I hope you are not believing that the steadily increasing debts will somehow disappear mysteriously. This would be delusional.

It is just a matter of time when the financial system in the US / EU is going to collapse.
On average, a currency has a lifetime of 30-40 years. Based on this, we are overdue..

Quote from: stompix on July 24, 2018, 10:48:21 AM

F2Pool and ViaBtc are playing around with those, they seem to be dropping off the restrictions at x size of the mempool as I've experienced myself this, checking for block confirmation on my tx and they kept ignoring my tx at 2sat/b with blocks not full.

And it's not the first time, they did it in January and in March also, constantly.

Thats weird.
I had quite a few 1 sat/B transactions confirmed within less than 3 blocks throughout the last week.

stompix

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Quote from: bob123 on July 24, 2018, 09:48:03 AM

Quote from: stompix on July 24, 2018, 09:28:49 AM

Because right now fiat value is all that matters.
As long as a coffee will cost 0.6 mBTC today and 0.3mBTC tomorrow nobody will care about what the price is in satoshi.

Well, in venezuela people are measuring food/groceries/.. in satoshis (or other cryptocurrencies).
These people don't care anymore wether some water costs 1 million bolivar or 2 million the next day. Their currency simply isn't worth anything anymore.
They are paying in satoshi equivalents. And they do not care what the FIAT equivalent is.

Let's not generalize the situation based on a shit-hole of a country Grin

Quote from: stompix on July 24, 2018, 09:28:49 AM

Some pools right now block any tx lower than 5sat/byte, that's barely 10 cents

Which pools do block transactions with a fee less than 5 sat/B ?
Most transactions in the last week were below 5 sat/B. So you are telling me that they do not include any transactions because the fee is 'too low' for them ?
[/quote]

F2Pool and ViaBtc are playing around with those, they seem to be dropping off the restrictions at x size of the mempool as I've experienced myself this, checking for block confirmation on my tx and they kept ignoring my tx at 2sat/b with blocks not full.

And it's not the first time, they did it in January and in March also, constantly.

bob123

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Quote from: stompix on July 24, 2018, 09:28:49 AM

Because right now fiat value is all that matters.
As long as a coffee will cost 0.6 mBTC today and 0.3mBTC tomorrow nobody will care about what the price is in satoshi.

Well, in venezuela people are measuring food/groceries/.. in satoshis (or other cryptocurrencies).
These people don't care anymore wether some water costs 1 million bolivar or 2 million the next day. Their currency simply isn't worth anything anymore.
They are paying in satoshi equivalents. And they do not care what the FIAT equivalent is.

Quote from: stompix on July 24, 2018, 09:28:49 AM

Some pools right now block any tx lower than 5sat/byte, that's barely 10 cents

Which pools do block transactions with a fee less than 5 sat/B ?
Most transactions in the last week were below 5 sat/B. So you are telling me that they do not include any transactions because the fee is 'too low' for them ?

stompix

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Quote from: HeRetiK on July 23, 2018, 10:56:08 AM

Quote from: stompix on July 23, 2018, 10:15:54 AM

So can you explain why during June 20-24 when BTC was at 6600-6000, the fee was on average 2.50$ while now, with BTC over 7500$ the fee is on average 0.70$ Huh

Price has nothing to do with the fee, stop saying that...

That's what happens when people still think in fiat terms Wink

While I wouldn't say that the price has nothing to do with the fee (ie. everything else being equal, BTC @ USD 300,- was cheaper to send in fiat terms than BTC @ USD 6,000,-) it definitely is one of the lesser factors as seen during the December 2017 mempool congestion.

Because right now fiat value is all that matters.
As long as a coffee will cost 0.6 mBTC today and 0.3mBTC tomorrow nobody will care about what the price is in satoshi.

Some pools right now block any tx lower than 5sat/byte, that's barely 10 cents, but if BTC goes to 1 million and those 5sat/byte will mean 12$ do you think everyone will keep on saying is just 5sat/byte?
People tend to say that bitcoin increases in price so the fees go up but it's the same when it goes down when they rush to dump coins to exchanges.

No, usage is the main factor behind the fees, and LN will prove this once for all....hopefully
I really don't want to experience 20$ per tx.

Findingnemo

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Quote from: ajpandey on July 21, 2018, 02:53:53 AM

Bitcoin is always costly in terms of transaction fee that's why alternatives are coming as Ethereum much convenient and less expensive. Even steller is too fast as compared to others, Neo is the nest option to send fund without any fee.

The transaction fee of bitcoin decreased pretty much from the past,now the price of bitcoin for a small transaction is 0.00002 BTC.Do you think this is high? Shocked

jahda1001

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Quote from: stompix on July 23, 2018, 10:15:54 AM

So can you explain why during June 20-24 when BTC was at 6600-6000, the fee was on average 2.50$ while now, with BTC over 7500$ the fee is on average 0.70$ Huh

Price has nothing to do with the fee, stop saying that...

That's what happens when people still think in fiat terms Wink

While I wouldn't say that the price has nothing to do with the fee (ie. everything else being equal, BTC @ USD 300,- was cheaper to send in fiat terms than BTC @ USD 6,000,-) it definitely is one of the lesser factors as seen during the December 2017 mempool congestion.

stompix

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Quote from: RyhaniFoyej on July 23, 2018, 10:03:33 AM

Quote from: SKyy991 on June 21, 2018, 08:28:25 AM

Today fee of bitcoin transactions is increased.
what happended today, I sent 1 BTC into another wallet, and it took 2.5 USD. so high

Of course the fee of bitcoin is increasing because the price of bitcoin is increasing now. Transaction fee was more when bitcoin's price was too high but later, when the price of bitcoin decreased, its fees also reduced. At present the fee has increased due to the price increase.
You can view the bitcoin's transaction fees from the link https://bitinfocharts.com/comparison/transactionfees-btc-sma7.html#3m

So can you explain why during June 20-24 when BTC was at 6600-6000, the fee was on average 2.50$ while now, with BTC over 7500$ the fee is on average 0.70$ Huh

Price has nothing to do with the fee, stop saying that...

RyhaniFoyej

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Quote from: SKyy991 on June 21, 2018, 08:28:25 AM

Today fee of bitcoin transactions is increased.
what happended today, I sent 1 BTC into another wallet, and it took 2.5 USD. so high

Of course the fee of bitcoin is increasing because the price of bitcoin is increasing now. Transaction fee was more when bitcoin's price was too high but later, when the price of bitcoin decreased, its fees also reduced. At present the fee has increased due to the price increase.
You can view the bitcoin's transaction fees from the link https://bitinfocharts.com/comparison/transactionfees-btc-sma7.html#3m

stompix

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Quote from: bob123 on July 21, 2018, 02:14:03 AM

Quote from: stompix on July 19, 2018, 12:39:07 PM

The problem is what to do with those "money".
For 99% of the people that are getting funds from an international remittance is almost impossible to use them all as BTC.

So, they will have to look for an exchange to transform those into the local currency.
At this point is either go for a 5-7% fee at an ATM or 2-3% fee on localbitcoins meeting a total stranger face to face or...use and exchange and...a bank!!

Which is quite counterproductive I would say... Cool

The same applies if someone was to send me some venezuelan dollars.
They are worthless here. I wouldn't be able to convert them because the flat fee would be higher than yearly wages in venezuela.

If i am insisting on only accepting one currency, sure. I will have to convert it and need to pay a fee.

But if i am somehow free of which currency i choose, i won't have to exchange it. And in this case (i guess thats what bitcoin aims for ?) BTC is definitely the better alternative (imo).
There would be no reason for me to exchange BTC if i can pay bills, rent and food with BTC (and i definitely wouldn't).

Common you're bringing in the discussion the most extreme example on the planet as an argument?
Maybe you don't know but you CAN'T receive Venezuelan bolivar (not dollars) in like 99% of the world.
Unless you have an account in bolivars or somali shilling or whatever you can't receive those, they will automatically be converted to your euro/usd/pound/whatever currency your account is in.

Quote from: bob123 on July 21, 2018, 02:14:03 AM

But if i am somehow free of which currency i choose, i won't have to exchange it. And in this case (i guess thats what bitcoin aims for ?) BTC is definitely the better alternative (imo).
There would be no reason for me to exchange BTC if i can pay bills, rent and food with BTC (and i definitely wouldn't).

This is the point: it aims for! We're not there yet.
And until you will be able to spend it all just like regular fiat you will still have to convert it.

ajpandey

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Bitcoin is always costly in terms of transaction fee that's why alternatives are coming as Ethereum much convenient and less expensive. Even steller is too fast as compared to others, Neo is the nest option to send fund without any fee.

bob123

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Quote from: stompix on July 19, 2018, 12:39:07 PM

The problem is what to do with those "money".
For 99% of the people that are getting funds from an international remittance is almost impossible to use them all as BTC.

So, they will have to look for an exchange to transform those into the local currency.
At this point is either go for a 5-7% fee at an ATM or 2-3% fee on localbitcoins meeting a total stranger face to face or...use and exchange and...a bank!!

Which is quite counterproductive I would say... Cool

The same applies if someone was to send me some venezuelan dollars.
They are worthless here. I wouldn't be able to convert them because the flat fee would be higher than yearly wages in venezuela.

If i am insisting on only accepting one currency, sure. I will have to convert it and need to pay a fee.

But if i am somehow free of which currency i choose, i won't have to exchange it. And in this case (i guess thats what bitcoin aims for ?) BTC is definitely the better alternative (imo).
There would be no reason for me to exchange BTC if i can pay bills, rent and food with BTC (and i definitely wouldn't).

Jerick01311

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Bitcoin trasactions Depend of # of Transactions
Small Amount Fee It Will be Increased if so many Are Get Transactions
It Will be increased to High amount. But if no transaction found It will back on Small Amount

.
Thats the reason 😁😁😁

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