Transaction fee much higher than what I will be sending

radjie

sr. member

Activity: 1792

Merit: 264

Quote from: aioc on February 11, 2021, 04:42:04 PM

I have $74 and I need the money and would like to send it to our local exchange I expect at least a $10 transaction fee on blockchain but got a big surprise when Blockchain is charging 0.00112176 BTC $53.74 I would end up sending only $20, this is to bad when you want to trade a small amount and you want to trade right away I will have a few hours or day before I can trade it.

converting your coins first is the best way to get lower transaction fees, as Bitcoin and ethereum have been charging quite expensive transaction fees so far. if you have $ 74 then too much is deducted from the transaction fees charged on Bitcoin or ethereum, maybe Ltc or Doge could be a recommendation to reduce transaction fees

Lantind

sr. member

Activity: 2324

Merit: 263

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: max6575 on April 26, 2021, 10:21:39 AM

with the issue of higher transaction fee trader might be focusing as more on trading within table to returns on expands as requesting funds for withdrawal to gains with difference on returns as follows with future terms of plan on completion.

Every time I read your comments on every topic, I always get confused and have a hard time understanding them, because you don't put punctuation from the first sentence to the other, why are you like that?

max6575

full member

Activity: 1176

Merit: 100

Vave.com

with the issue of higher transaction fee trader might be focusing as more on trading within table to returns on expands as requesting funds for withdrawal to gains with difference on returns as follows with future terms of plan on completion.

Viscore

hero member

Activity: 3038

Merit: 647

Live with peace and enjoy life!

This what we have experience now. Besides, not only Bitcoin transactions suffered from this but it also includes ETH and ERC20 tokens. Too disappointed in a situation that when you are in badly need of money and you need to withdraw your BTC's but it ended up paying 5% of the total value.

Lately, I withdraw some of my Bitcoin and it was just a $1 fee, but as I check the https://mempool.space/ the fees are shooting up again just like in the previous days. It has less priority so I expecting it takes days or even weeks to confirm.

Dewi Aries

legendary

Activity: 2716

Merit: 1092

Leading Crypto Sports Betting & Casino Platform

Quote from: ipanks on April 26, 2021, 09:20:01 AM

If your account has a converted feature from bitcoin to altcoin, you can select the other coins with a low transaction fee. But if it's not, I guess you can not avoid the high transaction fees and only wait for a while until the fees can reduce a lot. It seems your account needs to upgrade to have more features from that exchange.

Can be alternative way, for other people too. Because blockchain allow us to swap if we do KYC in their site. Because if too many inputs which is usually by old users, blockchain is used to save coin from faucets or anything which can send small amount of money. And OP look like have much money because bitcoin price increased .

sapnu

sr. member

Activity: 1050

Merit: 286

Way back, the transaction fee was not as high as to what we have right now, it is quite disappointing witnessing bitcoin and ethereum charging so high right now whenever you are sending money. Well, modern problems would require modern solutions that's why you can see many who converts their bitcoin or ethereum to other coins with low transaction fees before sending it to someone. Also, it is not really ideal to send small of amount of money since what may occur may become the same as you experienced wherein the transaction fee is much higher compared to the money you are sending. It would be best if you only make transactions when a huge amount of money is to be transferred.

Lantind

sr. member

Activity: 2324

Merit: 263

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: alex_andr25 on April 26, 2021, 08:24:47 AM

With such fees, everyone will soon forget about the blockchain on the Ethereum network. And even now it is already difficult to find a project that would use this network. All switched to BSC

I don't think it will have a serious impact on Ethereum because I see the value of Ethereum always increasing even though the users of the Ethereum platform have started to be quiet, and you should also know that within two days the cost of Gas on the Ethereum platform has decreased very well.

ipanks

hero member

Activity: 1610

Merit: 507

If your account has a converted feature from bitcoin to altcoin, you can select the other coins with a low transaction fee. But if it's not, I guess you can not avoid the high transaction fees and only wait for a while until the fees can reduce a lot. It seems your account needs to upgrade to have more features from that exchange.

ringgo96

sr. member

Activity: 1582

Merit: 279

For now, ethereum's transaction fees have decreased. I think if we compare it to the last few months today is the lowest. The existence of the Dex trade makes many transactions so that Gwei has increased. besides that in conversion the USD will also follow an increase. what is clear for now is if indeed you send a cheaper token. even with a low nominal value, it is still profitable

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

Quote from: alex_andr25 on April 26, 2021, 08:24:47 AM

With such fees, everyone will soon forget about the blockchain on the Ethereum network. And even now it is already difficult to find a project that would use this network. All switched to BSC

In fact, not everything is as bad as you think. And despite the fact that some projects choose BSC for themselves, the number of ethereum blockchain used is constantly growing. And this is one of the reasons for the large commissions in the network, which have recently significantly decreased after the Berlin hard fork.

alex_andr25

full member

Activity: 364

Merit: 107

With such fees, everyone will soon forget about the blockchain on the Ethereum network. And even now it is already difficult to find a project that would use this network. All switched to BSC

Lantind

sr. member

Activity: 2324

Merit: 263

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: ?? on ??

With the increasing price of bitcoin and ethreum, the cost of gas transactions today is very expensive even above the price we want to exchange, then the way to save gas costs you have to exchange your bitcoin for tron to make the cost cheaper, and this is indeed a problem for all of us because when the distribution of prizes many teams are delaying distribution on the grounds of high gas costs.

Actually this is also a bit confusing where in the past two days Bitcoin and Ethereum have experienced a price decline when the correction occurred, but Gas costs are still rising and not going down either, so the effect of Gas on the price of Bitcoin and Ethereum is only slight, because it arrived currently the transaction fees are still expensive, and I myself have never exchanged Bitcoin to Tron directly except through the USDT token bridge.

Sithara007

legendary

Activity: 3332

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

Quote from: Silberman on February 23, 2021, 11:58:47 PM

I disagree, there are justifications for the high fee, as we know the space on each block is limited and when everyone wants to get access to a scarce resource this drives up the price, this is not the fault of miners, this is just the way cryptocurrencies are designed to work, also as we know the size of your transaction has a lot to do with your fee, as the bigger the transaction size the more space occupies on each block and the more you have to pay for it.

LOL.. it's not the fault of the miners? Very funny. There was a proposal to increase the block size to 2MB. 99% of the users were in favor of it, but the miners refused to implement it. Since the decision making power is within their hands, they could simply veto any proposal that they don't like. They want users to pay $100 fee per transaction or more. Right now the users don't have any other choice, and therefore they are paying this much fee. Ultimately it will result in the growth of indirect payments, using BitPay or Coinbase rather than direct payments with Bitcoin. It is simply not viable to transfer small to medium amounts with BTC right now.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: torrantz on February 19, 2021, 11:28:08 PM

Quote from: Kena Banned on February 16, 2021, 07:42:31 PM

Im curious have you solve the problem? May you share your experience if its solved.
Because i think for Bitcoin tx fee shouldnt as much as shown in your pic.

That's true the fee should be less than this if customized properly with the risk of the transaction being ignored by the miners. However, the transaction size also depends on the input and output of that address meaning there's possibility that the transaction size might be bigger than usual. Though, it's still no reason to justify this crazy fee, really hoping that this would get settled very soon but guess what, that's just a dream because there's no real sign of fixing this up till now.

I disagree, there are justifications for the high fee, as we know the space on each block is limited and when everyone wants to get access to a scarce resource this drives up the price, this is not the fault of miners, this is just the way cryptocurrencies are designed to work, also as we know the size of your transaction has a lot to do with your fee, as the bigger the transaction size the more space occupies on each block and the more you have to pay for it.

Fivestar4everMVP

legendary

Activity: 2394

Merit: 1082

Leading Crypto Sports Betting & Casino Platform

It is like this for a lot of people, I personally have experienced this so many times I can't even count, so it isn't a new thing, there have been times when I want to send or trade a token on uniswap or even to move the token to a centralized exchange, I realize that the fee I have to pay is way more than the worth of the currency I want to transfer or trade, everyone was hoping eth.2 will solve the high fees issue but then, it's just getting worst and worst every day blessed day, I don't know when this menace can actually be put behind us for good.

libert19

hero member

Activity: 2520

Merit: 952

Quote from: republicrypto on February 11, 2021, 04:48:54 PM

bitcoin and ethereum has a very high transactions fees now
i think its better to exchange your bitcoin to tron or doge first, then after that you can send it to your local exchange with low fee my friend
regards

That will also need fees right? Conversions aren't free?

Banulit

full member

Activity: 674

Merit: 100

Many small funded investors are having problem and it is really painful for them especially seeing that the transaction fee is way higher than what they will receive especially with BTC and ETH. This problem must be resolved by the developers of these crypto coins or else many crypto enthusiast will change and shift into using a much cheaper transaction fee blockchains such as TRX, ADA and DOT.

X-ray

hero member

Activity: 3010

Merit: 524

Leading Crypto Sports Betting & Casino Platform

Quote from: ?? on ??

It is really a pain in the ass seeing that transaction fee ballooned like this wherein it way bigger than what you want to transfer. I think the developer of both bitcoin and ethereum must do action about this because it really hurts plenty of small time crypto enthusiasts.

The possible thing for ethereum and bitcoin to implement the sidechain solution. Ethereum code developers have a big problem with the miners. It's quite difficult to fix the problem that faced by both of coins.
The solution must have passed the various process to be able implemented in the blockchain. I think that if it's impossible to see both of coins will be fix its scalability problem in a short time.
I think you must try to understand about how the mechanism of EIP and BIP implementation are working.

Flor1982

full member

Activity: 714

Merit: 100

This is normal especially for these two most famous cryptos in the market. We should expect this because they are the most in-demand right now in talking of crypto investments and when there are a lot of transactions going on, blockchain proposes the best fee to get your transaction a success as fast as possible, which is why it is high at this moment.

maxig.boroday

newbie

Activity: 36

Merit: 0

Dont know which exchange or application you are using but that transaction fee is ridiculous! Its even higher than your own asset lol, the fees should always depends on how much you are transferring but its not your case as shown in the image, Even tho we know how pumped up Bitcoin and Ethereum are that fee is beyond my imagination already....

This is why I do not use any app/exchange, always looking on the small fees one but secured! Maybe next time, try to use exchanges like T1 exchanges which has small fees.. Im using Kucoin to buy Ethereum and also for withdrawals but havent encounter such high fees than my assets

Topic: Transaction fee much higher than what I will be sending (Read 572 times)