Today fee of bitcoin transactions is increased - page 2.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: bob123 on July 17, 2018, 09:40:17 AM

Quote from: LoyceV on July 09, 2018, 09:57:22 AM

Quote from: HeRetiK on July 09, 2018, 08:02:54 AM

!snip

It may be worth to note that with bitcoin you are basically sending the money from yourself to the recipient directly.

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

bob123

legendary

Activity: 1624

Merit: 2481

Quote from: LoyceV on July 09, 2018, 09:57:22 AM

Quote from: HeRetiK on July 09, 2018, 08:02:54 AM

If you're talking about international remittance it's still a good deal unfortunately. PayPal, banks, Western Union, etc all take a bigger cut in that case.

This is not entirely true: I can send money by bank to any euro country without paying a fee. And even if I include the "commercial" banking fee, I can withdraw euros from for instance Kraken.com to my bank for just 0.09 euro.
The fee to withdraw Bitcoin is still 2.85 euro, almost 32 times higher.

Even after Bitcoin's fees dropped a lot, it can still barely compete to traditional banking fees.

It may be worth to note that with bitcoin you are basically sending the money from yourself to the recipient directly.

With banks, you are telling the guys who hold your money to send an amount to another institution which holds the money for the actual recipient.

Even ignoring the decentralised, immutable, and guaranteed aravial of the money, i think that this is worth paying more than via 'traditional banking'. For me, it is worth paying a few cents more to be the one who decides when to send the money, without a group of people who can refuse/freeze/undo my transaction (2.85 € seems to be quite high for the current mempool).

But i guess this is a matter of opinion. I am looking forward to a stable and tested LN release, so all of this problems will be solved once for all.

billknight

jr. member

Activity: 197

Merit: 1

Bitcoin transaction fee is always maintained at 0.0005. I think Bitcoin prices are rising so the transaction fees increase. This will be more serious if the price of Bitcoin increases to $ 100,000

manhhieudb4

newbie

Activity: 25

Merit: 0

Yesterday I also sent in the 2 bitcoin wallet to then know the high cost so high now do not know how to do

Mota satish

newbie

Activity: 78

Merit: 0

Bitcoin transaction fees are proving to be profitable for so called bitcoin "miners". Miners work out complex cryptographic puzzles to add transactions to the blockchain, a decentralized record of all bitcoin transactions

LeGaulois

copper member

Activity: 2940

Merit: 4101

Top Crypto Casino

Nah for me too, I am from "the great" Europe, and transacting with the outside of the Eurozone (but still Europe) is costly. I remember the first time it had cost me more in fee than the transaction itself. It took me three days to figure it out, I even called my bank to blame them and saying they did a mistake. In fact, the charges were well marked on the contract but in a very small size

I think most of us in Europe can send SEPA transfer free of charge, but in my country, they invented a fee some years back. It's called "account maintenance fee" LOL, of course, there is no maintenance. It's not a lot (~$7 per month) but at the end of the year, you gave it $80-90, when everything's automated now. And I haven't seen my banker since 2012, so I don't use his time. I'm not cheap but with this I can pay 3 months of internet connection unlimited or a year and a half phone plan.

Back to the topic, yesterday and today I did a few transactions, with 3 cents and 10 cents, it all went smooth and got confirmed pretty fast

HeRetiK

legendary

Activity: 3038

Merit: 2166

Playgram - The Telegram Casino

Quote from: LoyceV on July 09, 2018, 09:57:22 AM

Quote from: HeRetiK on July 09, 2018, 08:02:54 AM

If you're talking about international remittance it's still a good deal unfortunately. PayPal, banks, Western Union, etc all take a bigger cut in that case.

This is not entirely true: I can send money by bank to any euro country without paying a fee. And even if I include the "commercial" banking fee, I can withdraw euros from for instance Kraken.com to my bank for a just 0.09 euro fee.

I wouldn't count SEPA transactions as international remittance though, unless you're withdrawing to US / Canadian bank accounts in which case I'd be positively surprised and impressed

My personal experience with transactions outside of the Eurozone (but within Europe) have been rather sobering to say the least, with transaction fees ranging from EUR 10,- to more than EUR 30,- with little to no beforehand transparency on what fees I might expect. Might just be me having a shitty bank tho.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: Artisanal Miner on July 09, 2018, 10:52:13 AM

still i can process it with low transaction fees - today i processed it with $0.17

It depends on your transaction size: Anything above 1 sat/byte is unnecessary, see Fees are low, use this opportunity to Consolidate your small inputs!.
For $0.17, you could have made a 2.5 kb transaction, that's 14 inputs (non-SegWit) and 14 outputs. If your transaction was smaller, you paid more than needed.

Artisanal Miner

copper member

Activity: 33

Merit: 0

Converting Mining over "Internet of Transactions"

still i can process it with low transaction fees - today i processed it with $0.17

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: HeRetiK on July 09, 2018, 08:02:54 AM

If you're talking about international remittance it's still a good deal unfortunately. PayPal, banks, Western Union, etc all take a bigger cut in that case.

This is not entirely true: I can send money by bank to any euro country without paying a fee. And even if I include the "commercial" banking fee, I can withdraw euros from for instance Kraken.com to my bank for just 0.09 euro.
The fee to withdraw Bitcoin is still 2.85 euro, almost 32 times higher.

Even after Bitcoin's fees dropped a lot, it can still barely compete to traditional banking fees.

HeRetiK

legendary

Activity: 3038

Merit: 2166

Playgram - The Telegram Casino

Quote from: @CryptoBlockchain38 on July 08, 2018, 03:05:38 PM

Quote from: HeRetiK on June 21, 2018, 11:36:40 AM

The mempool doesn't look too full though (around 1500 unconfirmed transactions as of the time of writing).

Maybe your transaction contained a lot of inputs from various change addresses and/or incoming transactions? Either way it's nice to see that transaction fees of USD 2.50,- have become worthy of complaining again Wink

Correct but not when 0.01 BTC

What's not correct when talking about 0.01 BTC? You mean USD 2.50,- are worth complaining about when sending 0.01 BTC? Depends on your use case, I guess. If you're just trying to send some money to one of your buddies across the street, sure. If you're talking about international remittance it's still a good deal unfortunately. PayPal, banks, Western Union, etc all take a bigger cut in that case.

@CryptoBlockchain38

newbie

Activity: 9

Merit: 0

Quote from: HeRetiK on June 21, 2018, 11:36:40 AM

The mempool doesn't look too full though (around 1500 unconfirmed transactions as of the time of writing).

Maybe your transaction contained a lot of inputs from various change addresses and/or incoming transactions? Either way it's nice to see that transaction fees of USD 2.50,- have become worthy of complaining again Wink

Correct but not when 0.01 BTC

SHAWN-MIDWAYS

hero member

Activity: 686

Merit: 521

Quote from: cocoklogi on June 26, 2018, 04:31:42 AM

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

It was maybe because your transaction size is large, based on multiple input.

Are you kidding? do you really think 2.5 USD is high?

You're sending 6,000$ to somewhere and just paying 2.5$ USD I ask you again do you think its still high even it's not a 1% of the fee.
Do you know if you send money via bans they applied highly fee on your I still remember I send my father to send me 50,000$ and they give 700$ plus tax?

btj

member

Activity: 115

Merit: 16

Transaction fees not depend only on the number of inputs, but too number of outputs.

Quote

Size of transaction = Number inputs * (Input Size) + Number of outputs * (Output Size) + 10 Bytes extra fixed fee required for the framework of the transaction

Learn more from here: https://bitcointalksearch.org/topic/m.39966082

cocoklogi

member

Activity: 135

Merit: 41

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

It was maybe because your transaction size is large, based on multiple input.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: HCP on June 26, 2018, 12:24:08 AM

Don't forget that as the "base" block reward decreases at each successive halving... the transaction fees in a block will constitute a larger percentage of the total block reward. So, either the value of BTC will need to increase or the fees will need to increase or the cost of mining will need to decrease to incentivise the miners to continue to mine.

I doubt that option 3 is likely to happen (given increasing difficulty)... so we're left with increase of BTC value or increase of fees... or possibly both?

there is an option #4 which is finding a way to increase the sum of fees in a block which can be achieved by increasing the capacity. if the blocks contain more transactions then the total fees miners get will be higher without needing the fee per tx to go up.

HCP

legendary

Activity: 2086

Merit: 4318

Don't forget that as the "base" block reward decreases at each successive halving... the transaction fees in a block will constitute a larger percentage of the total block reward. So, either the value of BTC will need to increase or the fees will need to increase or the cost of mining will need to decrease to incentivise the miners to continue to mine.

I doubt that option 3 is likely to happen (given increasing difficulty)... so we're left with increase of BTC value or increase of fees... or possibly both?

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: stompix on June 25, 2018, 03:02:07 AM

I don't get your example, the tx is from block 125740 which had 4 txs, the reward, the tx you mentioned and two other tx with 0 fees

In 2011 the limit of 0.01 was there to prevent spam attacks but transactions with higher outputs than that were not affected. And it got removed from the clients altogether later on, as it was an anti-spam feature forced on the users
You can see in other blocks from the same period they all pay either exactly the same fee of 0.1 or 0.

Back to the price/txfee in sat/usd comparison...

Exactly 1 year ago...
Price in usd 2500, tx costs on average 2.5$,
Now, price 6000, average tx 1$, 6 times less in satoshi terms.

So no, there is absolutely no correlation.

i am talking about fee in BTC or satoshi not its value in USD. when price was low in USD, the fee in BTC was higher (0.01 then for example 0.0005 in 2012) and as price went up, the fee in BTC decreased to match the value.
and the fee has always been there to prevent spam attacks.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: pooya87 on June 25, 2018, 12:27:14 AM

Quote from: stompix on June 22, 2018, 02:15:44 PM

Quote from: reliable on June 22, 2018, 02:07:26 PM

Quote from: storyteller2121 on June 22, 2018, 02:04:34 AM

I think the price will go higher and higher. Bitcoin price vs dollar slightly lower than May. But it will rise, so as the conversion fee or sending from one wallet to another.

When the btc prices increases the transaction fees will also rise and I remember way back in December when the btc prices was above 15k the fees for like 0.1 btc was something like 30$+ and now for 1 btc it is just 2.5$

Fees have no correlation with the price of bitcoin...

what @reliable said is not right but in a way there is some correlations between the price and the fees.
for example when price was really low ($10 and lower) the fees in BTC were higher (for example 0.01BTC at some point) but as price went up such fees were unreasonable so they came down. now that price is in 4 digits were paying ~0.00000200BTC as fees.

eg. from 2011 https://www.smartbit.com.au/tx/c0e60912386aefeb6bf6c1b98834cbbb1babc704521057aef27a73631242cbdb

I don't get your example, the tx is from block 125740 which had 4 txs, the reward, the tx you mentioned and two other tx with 0 fees

In 2011 the limit of 0.01 was there to prevent spam attacks but transactions with higher outputs than that were not affected. And it got removed from the clients altogether later on, as it was an anti-spam feature forced on the users
You can see in other blocks from the same period they all pay either exactly the same fee of 0.1 or 0.

Back to the price/txfee in sat/usd comparison...

Exactly 1 year ago...
Price in usd 2500, tx costs on average 2.5$,
Now, price 6000, average tx 1$, 6 times less in satoshi terms.

So no, there is absolutely no correlation.

xYakult

sr. member

Activity: 518

Merit: 258

Quote from: ?? on ??

If I am not wrong, no matter how much you send you just only need to pay same amount.

Not all the time, transaction fees depends on few things like the number of inputs and outputs and also the current memory pool size where some wallets will suggest you to pay larger amount for transaction fees for the miner to prioritize your transaction so it will confirm faster than the others

Topic: Today fee of bitcoin transactions is increased - page 2. (Read 823 times)