Transaction Fees are SPIKING ! - page 8.

btcdevil

legendary

Activity: 1302

Merit: 1027

Quote from: MahaRamana on February 22, 2017, 04:13:14 PM

All time high for the transaction fees : https://bitcoinfees.info/

Now more than 50 cts for the 3 blocks fees !

The network is BLOATED and more people want to confirm transactions on the network.
The result is spiking transaction fees that might seriously hurt the network and its growth in 2017 if there is nothing done very quickly.
If nothing is done and transaction costs keep spiking, a lot of activity will move to cheaper rising networks like DASH. I am not saying it is a bad thing but Bitcoin is NOT well positioned right now at the technical level to benefit from its rise in popularity.

It is all natural that the price is also increasing so high due to that their are so many traders who are just waiting for this price increase and now they are transferring the bitcoins to the exchanges to sell it. Due to which their is so many transaction that it is creating late due to heavy transaction and their is high traffic so in this what happens that who ever pays the more high transaction fees their transaction is getting cleared soon. So it just like pay high and get VIP treatment of your transaction to get soon confirmation.

franckuestein

legendary

Activity: 1960

Merit: 1130

Truth will out!

Quote from: OROBTC on February 22, 2017, 04:19:36 PM

...

This is serious, as there are some wallet addresses that EXPIRE after a certain number of hours, if the trx does not go through, BTC could be lost forever...
...

BTC won't be lost forever.

Some third party services, merchants or even people like you and me using a wallet like Electrum can set an expiry date for a payment request. An example of a use case could be to prevent customers from submitting payments after the quoted price is no longer valid.

That's why your bitcoins won't be lost and wallet addresses don't expire. In case you send bitcoins to a third party service like kraken or you use a payment gateway like coinbase, you'll have to follow its rules and this is not bitcoin's 'fault'.

Coinbase example:

Quote

What happens if a payment is received after the window has expired?

If a customer pays a merchant after the 15 minute window has closed, a few things happen:
Coinbase forwards the funds to the merchant's wallet along with a note explaining that the payment was late.
Coinbase sends an email to the merchant to notify them about the incoming transaction.

source: https://support.coinbase.com/customer/portal/articles/1544747-what-happens-if-a-merchant-payment-window-expires-

another example w/ bitpay

other companies will ask you to send them a support ticket as they'll take care of it. But again, this is just their police to protect their customers from aggressive price fluctuations, not because addresses really expire. Their expiration date is just the duration they accept for a payment to be made. If you send bitcoins to an 'expired address', that address will contain the amount that you sent, bitcoins don't disappear from nowhere Wink

OROBTC

legendary

Activity: 2940

Merit: 1865

...

It's chappin' my butt too. I just paid $0.97 a little while ago, it confirmed right away (first block). I sent one out yesterday with $0.90 or so, it took a couple of blocks even using ViaBTC's acceleration service (they only take 100 trx per hour though).

This is serious, as there are some wallet addresses that EXPIRE after a certain number of hours, if the trx does not go through, BTC could be lost forever...

EDIT: Interesting observation there, Holliday.

Holliday

legendary

Activity: 1120

Merit: 1012

Transaction fees MUST replace the block subsidy to secure the network.

Competition for censorship-proof transactions on the most secure decentralized ledger in the world is a good thing.

Only spoiled brats who want to send pennies around the world, instantly, for free, are crying. They could care less about Bitcoin's unique use case which makes it truly valuable.

RawDog

legendary

Activity: 1596

Merit: 1026

Quote from: MahaRamana on February 22, 2017, 04:13:14 PM

All time high for the transaction fees : https://bitcoinfees.info/

Now more than 50 cts for the 3 blocks fees !

The network is BLOATED and more people want to confirm transactions on the network.
The result is spiking transaction fees that might seriously hurt the network and its growth in 2017 if there is nothing done very quickly.
If nothing is done and transaction costs keep spiking, a lot of activity will move to cheaper rising networks like DASH. I am not saying it is a bad thing but Bitcoin is NOT well positioned right now at the technical level to benefit from its rise in popularity.

This is good for Blockstream. Now more people will need lightning and will pay Adam Back to let them conduct their transactions on his side chain. This higher the fee, the better it is for Adam to start collecting fees on his private platform. Keep it up. Way up.

MahaRamana

sr. member

Activity: 338

Merit: 250

All time high for the transaction fees : https://bitcoinfees.info/

Now more than 50 cts for the 3 blocks fees !

The network is BLOATED and more people want to confirm transactions on the network.
The result is spiking transaction fees that might seriously hurt the network and its growth in 2017 if there is nothing done very quickly.
If nothing is done and transaction costs keep spiking, a lot of activity will move to cheaper rising networks like DASH. I am not saying it is a bad thing but Bitcoin is NOT well positioned right now at the technical level to benefit from its rise in popularity.

Topic: Transaction Fees are SPIKING ! - page 8. (Read 5736 times)