Today fee of bitcoin transactions is increased - page 3.

pooya87

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Quote from: stompix on June 22, 2018, 01:15:44 PM

Quote from: reliable on June 22, 2018, 01:07:26 PM

Quote from: storyteller2121 on June 22, 2018, 01:04:34 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

stompix

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Quote from: reliable on June 22, 2018, 01:07:26 PM

Quote from: storyteller2121 on June 22, 2018, 01:04:34 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...
From March we've been experiencing fees of under a dollar on average while the price is well above what we've seen prior to November 2017.
Yet the fees were around 5$ at that time.

Unless the number of transactions will exceed the block capacity again we will not see again a rise in fees.

The last block confirmed this transaction:
https://blockchain.info/tx/96a800451c53a4074019ca0aac5d167e3118cd885c7ae74d0375eb5c0f963218
Fee per byte 0.675 sat/B or 1 eurocent per tx.

And yesterday was full of empty blocks Tongue

reliable

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Quote from: storyteller2121 on June 22, 2018, 01:04:34 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$+ and now for 1 btc it is just 2.5$

LeGaulois

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Quote from: btcdevil on June 21, 2018, 11:28:08 AM

Quote from: LeGaulois on June 21, 2018, 11:11:22 AM

Quote from: SKyy991 on June 21, 2018, 07:28:25 AM

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

$2.5 fee is too much for sending ~$7000$ ? Shocked

It's less than 0.04%
Go to Paypal to receive $7000 and you will feel the pain when you will see how much you're charged to receive the same amount. And don't forget to consider that the sender would also pay a fee to seed to you

Not only paypal but if you have gone some months back then that time bitcoin transaction was so high that you have to pay more then 2 to 5% of the transaction value to get your transaction get confirmed fast. It is nice to see that now bitcoin transaction fees has down back.

Yeah, I didn't forget this time don't worry Grin

It's funny to see people not happy to pay $2.5 to send 1 BTC, just 2 bucks... I would like to see what he could say if we go back to the period with high fees.
You can send bitcoins for cheap currently, it encourages people to make low payments instead t hold their coins

ra213

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Quote from: ?? on ??

https://estimatefee.com/ can help to estimate fees, but sometimes they over-estimate on fees for fast-confirmation.

Quote from: ra213 on June 21, 2018, 10:49:02 AM

The most wallets let you set the fee, so it's your choice how much you are willing to pay.

You can check this site to get a feeling how much do you need to get your transaction confirmed.
https://bitcoinfees.earn.com/

That website isn't bad, but people should see the horizontal graph rather than see their recommendation on "Which fee should I use?" section.

Never realized that there is a recommendation on the bottom of the page. Yes, seems ten times too high for a non prio transactions.

storyteller2121

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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.

eternalgloom

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Are you using a Segwit address? Can't imagine that you'd pay that much when you're using segwit.
Would be interested in seeing your transaction hash, because you haven't mentioned the size of the transaction either.

Don't think I've paid more than, say, 0.00005 BTC in fees per transaction since I've been using Segwit.

btcdevil

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Quote from: LeGaulois on June 21, 2018, 11:11:22 AM

Quote from: SKyy991 on June 21, 2018, 07:28:25 AM

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

$2.5 fee is too much for sending ~$7000$ ? Shocked

It's less than 0.04%
Go to Paypal to receive $7000 and you will feel the pain when you will see how much you're charged to receive the same amount. And don't forget to consider that the sender would also pay a fee to seed to you

Not only paypal but if you have gone some months back then that time bitcoin transaction was so high that you have to pay more then 2 to 5% of the transaction value to get your transaction get confirmed fast. It is nice to see that now bitcoin transaction fees has down back.

LeGaulois

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Quote from: SKyy991 on June 21, 2018, 07:28:25 AM

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

$2.5 fee is too much for sending ~$7000$ ? Shocked

It's less than 0.04%
Go to Paypal to receive $7000 and you will feel the pain when you will see how much you're charged to receive the same amount. And don't forget to consider that the sender would also pay a fee to seed to you

ra213

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The most wallets let you set the fee, so it's your choice how much you are willing to pay.

You can check this site to get a feeling how much do you need to get your transaction confirmed.
https://bitcoinfees.earn.com/

HeRetiK

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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

kevoh

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There are speculations that the increase in bitcoin transaction fees in the past day is due to Bithumb clearing out its wallet in order to secure the remaining funds that were not stolen.

Source: http://bitcoinist.com/bitcoin-transaction-fees-bithumb-wallet/

The fees might possibly go down after the euphoria has died down. But $2.5 is quite small to complain for sending 1 BTC Grin

SKyy991

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

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