Transaction fees grow 1300% | Bitcointalksearch.org

teilwalL05

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Quote from: JCLee on November 21, 2017, 01:02:20 PM

Quote from: freightjoe on November 21, 2017, 12:54:31 PM

Quote from: schaituch007 on November 21, 2017, 10:41:21 AM

if transaction fee increases to such extent, no small investors will show interest to buy it

It is much worse - it means that small investors cannot sell and get the Bitcoin out without the miners' stealing your profits as fees

I don't think they steal money from small investors

. It's what they deserve received cause if there are no Bitcoin miner your transaction will stuck forever, they have to spend a lot of money to invest in mining Bitcoin so this small amount is not a big problem, although the fee has increased a lot till last year but the price of Bitcoin has increased too so don't worry about it.

Yep! many are arguing about this a lot I really think this is not a real big deal for now, Miner fees are what they need then give it to them they deserve something from us from the job they are doing and I think it is very expensive to sure mine for a block and what if miners then suddenly stop from mining because of the cost it takes even if the electricity is free you can sure see the need for the maintenance needed for the RIG's or the big internet bill they get from time to time. and I think there is a need for a special cooling or hydraulic cooling needed for the place of the mining RIG.

JCLee

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Quote from: freightjoe on November 21, 2017, 12:54:31 PM

Quote from: schaituch007 on November 21, 2017, 10:41:21 AM

if transaction fee increases to such extent, no small investors will show interest to buy it

It is much worse - it means that small investors cannot sell and get the Bitcoin out without the miners' stealing your profits as fees

I don't think they steal money from small investors

. It's what they deserve received cause if there are no Bitcoin miner your transaction will stuck forever, they have to spend a lot of money to invest in mining Bitcoin so this small amount is not a big problem, although the fee has increased a lot till last year but the price of Bitcoin has increased too so don't worry about it.

freightjoe

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Quote from: schaituch007 on November 21, 2017, 10:41:21 AM

if transaction fee increases to such extent, no small investors will show interest to buy it

It is much worse - it means that small investors cannot sell and get the Bitcoin out without the miners' stealing your profits as fees

schaituch007

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if transaction fee increases to such extent, no small investors will show interest to buy it

freightjoe

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Quote from: neolexx on November 21, 2017, 06:30:10 AM

Quote from: freightjoe on November 21, 2017, 02:58:26 AM

Quote from: davis196 on November 21, 2017, 02:53:14 AM

Quote from: freightjoe on November 21, 2017, 02:42:50 AM

The data is very clear. In the past year transaction fees have grown more than 1300%:

https://blockchain.info/charts/cost-per-transaction?timespan=1year

a year ago it was less than 5$ per transaction, now we are close to 70$ on average.

The number of transactions increased ,the bitcoin price increased as well so it`s normal for the transaction fees to increase.Anyway,this chart doesn`t explain anything.What is this 68 USD cost per transaction?
Is this the cost to send 1 bitcoin to some other address for a set amount of confirmation time?
If yes,then 70$ is less then one 1% of the bitcoin price,which is quite normal.

That is still much more expensive than what I pay at my normal bank now for larger transactions

Do You count the price bank fee for managing your account? Do you mean international transactions of in your domestic region?

Yes and yes. That Bitcoin miners drive up the price just ensures the banks remain competitive and there is no need to switch to BTC

bug.lady

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Quote from: khaled0111 on November 21, 2017, 06:24:09 AM

You can choose a customized fee and your transaction will be confirmed (choose a reasonable fee).
I think your analysis is wrong, take a second look at the chart : https://blockchain.info/charts/cost-per-transaction?timespan=1year
Now take a look at bitcoin price chart: https://coinmarketcap.com/currencies/bitcoin/#charts
You will find that the cost per transaction "in bitcoin not usd" is the same during the whole year, it's just btc price rising.
The chart is about cost per transaction (miners revenue divided by the number of transactions) not transaction fee.

yes but I have been saying above, and I stand by what I said: the rise of bitcoin price is no excuse here. With growing BTC price in USD, the miners should be happy to get lower BTC fees and constant USD fees over time. They are running a business after all, and their business revenue is USD not BTC. My guess is that they universally exchange their BTC into USD the moment they grasp it.

rodel caling

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Quote from: freightjoe on November 21, 2017, 02:42:50 AM

The data is very clear. In the past year transaction fees have grown more than 1300%:

https://blockchain.info/charts/cost-per-transaction?timespan=1year

a year ago it was less than 5$ per transaction, now we are close to 70$ on average.

for example a charges fee for every transactoin is 0.0001 for sending the bitcoin amount of 0.004 so if you converted into the dollar the transaction fees are increasing because bitcoin are also increasing the price value comparing into the dollar rate value and i think nothing additional increase charges for the fees.

neolexx

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Quote from: freightjoe on November 21, 2017, 02:58:26 AM

Quote from: davis196 on November 21, 2017, 02:53:14 AM

Quote from: freightjoe on November 21, 2017, 02:42:50 AM

The data is very clear. In the past year transaction fees have grown more than 1300%:

https://blockchain.info/charts/cost-per-transaction?timespan=1year

a year ago it was less than 5$ per transaction, now we are close to 70$ on average.

The number of transactions increased ,the bitcoin price increased as well so it`s normal for the transaction fees to increase.Anyway,this chart doesn`t explain anything.What is this 68 USD cost per transaction?
Is this the cost to send 1 bitcoin to some other address for a set amount of confirmation time?
If yes,then 70$ is less then one 1% of the bitcoin price,which is quite normal.

That is still much more expensive than what I pay at my normal bank now for larger transactions

Do You count the price bank fee for managing your account? Do you mean international transactions of in your domestic region?

Geroxanney

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The bitcoin commission sometimes grows to unreasonable limits. Bitcoin scaling can solve this problem

khaled0111

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You can choose a customized fee and your transaction will be confirmed (choose a reasonable fee).
I think your analysis is wrong, take a second look at the chart : https://blockchain.info/charts/cost-per-transaction?timespan=1year
Now take a look at bitcoin price chart: https://coinmarketcap.com/currencies/bitcoin/#charts
You will find that the cost per transaction "in bitcoin not usd" is the same during the whole year, it's just btc price rising.
The chart is about cost per transaction (miners revenue divided by the number of transactions) not transaction fee.

BingoDog

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You have to know that the circumstances on the market are no longer the same as they were before. There are much more transactions and much more users, the cost of bitcoin has changed too and all this influence the transaction fees too. But not all fees are exaggarated so you also have to be careful what service do you use and whether you can control the fees or not. Miners are those who are leading this game so what would be the final result depends also on them.

Anne8

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Quote from: freightjoe on November 21, 2017, 02:42:50 AM

The data is very clear. In the past year transaction fees have grown more than 1300%:

https://blockchain.info/charts/cost-per-transaction?timespan=1year

a year ago it was less than 5$ per transaction, now we are close to 70$ on average.

I have surprised reading this thread. Why is it so high?? So if bitcoin price is the reason then its not good.
People want bitcoin even higher price but with low cost.

Faolom

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Quote from: davis196 on November 21, 2017, 02:53:14 AM

Quote from: freightjoe on November 21, 2017, 02:42:50 AM

The data is very clear. In the past year transaction fees have grown more than 1300%:

https://blockchain.info/charts/cost-per-transaction?timespan=1year

a year ago it was less than 5$ per transaction, now we are close to 70$ on average.

The number of transactions increased ,the bitcoin price increased as well so it`s normal for the transaction fees to increase.Anyway,this chart doesn`t explain anything.What is this 68 USD cost per transaction?
Is this the cost to send 1 bitcoin to some other address for a set amount of confirmation time?
If yes,then 70$ is less then one 1% of the bitcoin price,which is quite normal.

I fully agree with you, but 70$ I think too much. Who knows how much the price has grown since that time? %?

maydna

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if the fee is grow until 1300% then i think it will makes the price is increase really higher because no one will send bitcoin with high fee. if the fee from 0.0005-0.001 btc become 0.005 btc then i think people will need a break and they need to save more bitcoin because they will thinking about the fee. i think the price will makes adjustment for the fee so we don't have to pay the fee with higher fee and i think the fee is just for temporary and soon the fee will be decrease.

secondgarlic

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This is one of my biggest concerns regarding bitcoin. When can we expect a decrease in the fees? Because the current status is unacceptable in my opinion, the high transaction fees prevent bitcoin from becoming a reliable mode of daily payment.

endlasuresh

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Quote from: freightjoe on November 21, 2017, 02:58:26 AM

Quote from: davis196 on November 21, 2017, 02:53:14 AM

Quote from: freightjoe on November 21, 2017, 02:42:50 AM

The data is very clear. In the past year transaction fees have grown more than 1300%:

https://blockchain.info/charts/cost-per-transaction?timespan=1year
a year ago it was less than 5$ per transaction, now we are close to 70$ on average.

The number of transactions increased ,the bitcoin price increased as well so it`s normal for the transaction fees to increase.Anyway,this chart doesn`t explain anything.What is this 68 USD cost per transaction?
Is this the cost to send 1 bitcoin to some other address for a set amount of confirmation time?
If yes,then 70$ is less then one 1% of the bitcoin price,which is quite normal.

That is still much more expensive than what I pay at my normal bank now for larger transactions

Yep, I have never such fees in Paypal or money bookers, Egold etc as I see a lot of fee is occurring when I am trying to exchange money. It is hard to exchange or pay money someone since so many people exchange little amount of money when they are new to each other, also we are unable to trust other because we all live in different places.

people and investments are raised from world wide, also the price of Bitcoin that made to increase the transaction fee.

richlipkin

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It is a multifaceted story. People often send with higher fees because of the algos on wallets that guess fees based on the network state. But I have personally sent with much lower fees than that and had my tx go through.

Posts like this are one-dimensional and seem to be propogated to spread the political narrative of the people who are filling the blockchain with zero-transaction-fee spam.

kapipindot

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Transaction fees did increase in our local bitcoin exchange wallet. Last year its was just .5 -1$ per transfer to blochchain.info now I was surprised when I helped a friend to fund his wallet. Transaction fee from fiat to bitcoin was around 10$ for a 40$ worth of bitcoin. Bitcoin price that time was 400$. I guess transaction fees were adjusted because the price of bitcoin rocketed. Total injustice for us small time investors.

bug.lady

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Quote from: mocacinno on November 21, 2017, 03:28:19 AM

Quote from: bug.lady on November 21, 2017, 03:22:48 AM

Quote from: mocacinno on November 21, 2017, 03:04:43 AM

I don't know where they get this number:
https://bitcoinfees.earn.com/

At the time of writing, the optimal transaction fee for a 95% chance of getting into the next 3 blocks is 270 sat/byte.
An average transaction is still 226 bytes. This comes to an optimal transaction fee of 61k satoshi's, that's 0.0006 BTC = about $5 at the current preev rate.

If you use a segwit wallet, the fee is a lot less, if you're willing to wait longer than 30 minutes (on average), the necessary fee also drops.

The only way to reach a $70 transaction fee is by using a massive amount of inputs/outputs, not using a segwit transaction and overpaying your fee

Anyways, 5 USD is not the acceptable level either. And the rise of bitcoin price is no excuse here - with higher price, the miners should be happy to get equivalent USD fees, i.e. transaction fees should be accepted even in lower in BTC

I do have to agree with you that $5 is to much... But miners are running a business. They make about 2,5 BTC/block in fees (at least, that's what i calculated a couple weeks ago). If they have sufficient high-fee transactions, there is no incentive for them to pick low-fee transactions and lose out on these fees.
You have to realise nowadays, most miners are no longer idealists who mine to decentralise the network... Nowadays, the bulk of the miners are big companies that invested millions in ASIC's, and they want to make a profit (since this is their job, they do it to support their families, and the families of their employees).

so basically you are saying that it is the thing of supply and demand. You are right. But where do the high fee transactions come from?

Obviously it works the other way around too. If the blocks had space to allow for more transactions it would not be reasonable for miners not to include even the outstanding low fee transactions, because not including them would be a lost profit. And if the provider of the high fee transaction knew, that it is unnecessary to make the fee so high, even if it is, say, 10fold smaller, it WILL be included in the next block, then the transaction fees would lower for everybody.

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Quote from: bug.lady on November 21, 2017, 03:22:48 AM

Quote from: mocacinno on November 21, 2017, 03:04:43 AM

I don't know where they get this number:
https://bitcoinfees.earn.com/

At the time of writing, the optimal transaction fee for a 95% chance of getting into the next 3 blocks is 270 sat/byte.
An average transaction is still 226 bytes. This comes to an optimal transaction fee of 61k satoshi's, that's 0.0006 BTC = about $5 at the current preev rate.

If you use a segwit wallet, the fee is a lot less, if you're willing to wait longer than 30 minutes (on average), the necessary fee also drops.

The only way to reach a $70 transaction fee is by using a massive amount of inputs/outputs, not using a segwit transaction and overpaying your fee

Anyways, 5 USD is not the acceptable level either. And the rise of bitcoin price is no excuse here - with higher price, the miners should be happy to get equivalent USD fees, i.e. transaction fees should be accepted even in lower in BTC

I do have to agree with you that $5 is to much... But miners are running a business. They make about 2,5 BTC/block in fees (at least, that's what i calculated a couple weeks ago). If they have sufficient high-fee transactions, there is no incentive for them to pick low-fee transactions and lose out on these fees.
You have to realise nowadays, most miners are no longer idealists who mine to decentralise the network... Nowadays, the bulk of the miners are big companies that invested millions in ASIC's, and they want to make a profit (since this is their job, they do it to support their families, and the families of their employees).

Even if the miners would pick, let's say, transactions with a 10 sat/byte fee, while there are 270 sat/byte transactions sitting in their mempools... Do you think the people that payed 270 sat/byte would be happy? They payed a lot of money to have a decent shot at getting a fast confirmation, i guess they would be pissed off if they saw block after block being broadcasted filled with low fee transactions while they were still waiting to see their high fee transaction end up in a block...

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