Transaction fees grow 1300% - page 2.

Gens09

sr. member

Activity: 434

Merit: 250

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.

Obviously this is not a surprise to everyone i guess because we all know the the bitcoin price in the market is skyrocket so i guess we would also expect a higher fee in every transaction for a 0.001 fee on the last year would not cause you a lot but for the price of bitcoin today you could now notice that the small amount of that bitcoin is already increases a lot today.

bug.lady

member

Activity: 196

Merit: 23

Large scale, green crypto mining ICO

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 if lower in BTC

hugeblack

legendary

Activity: 2506

Merit: 3645

Buy/Sell crypto at BestChange

no this is Because two reasons
1) huge spam that happen after 11/11 it was full block size fee(1000 sat) that will make chart up .

2) huge increase of bitcoin price from 1,000$ to 8,000$ that much fee increase.

now coinbase and blockchain.info will support 2x which will make number of fee reduce fast in future and when price stable also fee when be down so don’t worry

your chart is wrong (cost of fee which is increase because price) this is real chart

https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

mocacinno

legendary

Activity: 3402

Merit: 5004

https://merel.mobi => buy facemasks with BTC/LTC

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

freightjoe

full member

Activity: 238

Merit: 109

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

davis196

hero member

Activity: 2968

Merit: 913

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.

buwaytress

legendary

Activity: 2842

Merit: 3536

Join the world-leading crypto sportsbook NOW!

Sorry but if you use charts that include all the spam transactions as well as send-to-many transactions then you're not getting a real picture of efficient cost. When spending from my own wallet, I've still managed to keep fees very reasonable, never above 0.5% of total amount and on average far below 0.05%.

Just yesterday you could send txs for 10 satoshi per byte and get it confirmed in hours.

I get that a lot of people are complaining about high fees especially when withdrawing from services online but those are fees levied by the services. When in control of your own funds and wallet you can navigate around peak network times to get really cheap fees.

freightjoe

full member

Activity: 238

Merit: 109

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.

Topic: Transaction fees grow 1300% - page 2. (Read 516 times)