Topic: Whales = high fees - page 2. (Read 607 times)
Yo do have options though. For instance, if you want to move the bitcoins from one exchange to another then simply convert them to a coin which takes smaller fees and then after transferring to the exchange revert it to bitcoins. If you want to transfer bitcoins from one wallet to another then wait for the amount to get a little bigger until you can afford the fees. You can also import the private keys into a different wallet provided that the wallet supports it. Besides that, I don't think we should move bitcoins if the transaction amount is less than $100. We should probably accumulate more amount and then transfer so that we spend less on fees.
If you are moving 100s of BTC around then you don't mind paying $2 transaction fee to get it done quick. You can afford it. It hurts the rest of us though as we can't. Btc will always be at the mercy of the whales.
This is correct, if we find the fee separation according to the value then everyone here to make money that too normal people saving the funds little by little in one wallet or cold storage. Mostly whales will not do such special activities to avoid fees.
So current transaction fees is very feasible for the every fellow bitcoiners. I believe nothing need to change in fees if they required most convenient one then they can pick the segwit wallet.
Fees seem to be considerably higher today than when they were at the price peak a short while back. Interested to know why.
This is far from mania but I do wonder what the next mania will look like in terms of cost of moving coins. We don't have Bitmain spamming any more. Maybe we won't need them next time.
This is far from mania but I do wonder what the next mania will look like in terms of cost of moving coins. We don't have Bitmain spamming any more. Maybe we won't need them next time.
If you are moving 100s of BTC around then you don't mind paying $2 transaction fee to get it done quick. You can afford it. It hurts the rest of us though as we can't. Btc will always be at the mercy of the whales.
So you're saying that if you move 100 BTC and you wanted a high fees for that? People are always transacting bitcoin and other cryptocurrencies from one exchange to another. And that action is mostly used by arbittraders. Just be lucky to pay on that small fee.
Even if is high fee some of us can still send some tx with 10 satoshi /fee and use segwit if possible, and even if we not have hundred of bitcoin we have some and this is how networks works, but i agree when bitcoin price grow the fees also grow.
If you are moving 100s of BTC around then you don't mind paying $2 transaction fee to get it done quick. You can afford it. It hurts the rest of us though as we can't. Btc will always be at the mercy of the whales.
I agree that the bitcoin network is not in favor of the people that don't hold many bitcoins.
But, still I wonder which will be the reason that a whale will ever move 100 bitcoins? If they do so it would be about selling them maybe, right? And from that point they cannot be defined as whales.
The fees is increasing everytime the price of bitcoin goes up because that's the time when people start doing more transactions. Some of them are depositing money to a different website, other withdraw it while some just transfer their funds to friend or other wallets they have. The number of transactions is increasing a lot during this periods of time and so miners take advantage of that and ask a higher fee because they know people are ready to pay more in order for their transactions to be confirmed faster.
i disagree because first of all there aren't that many whales to fill all the blocks and cause a fee spike! since there are on average 2000-3000 transactions per block which is ~300k tx/day. how many of it belongs to whales?
besides how many transactions does a whale create every minute anyways? they have to create lots of them to actually fill a big part of many blocks and cause a spike. otherwise one whale making one tx every couple of days paying high fees (even $100000 fee) is not going to change anything!
the problem comes from two sources:
1. bitcoin is not yet capable of handling this much adoption and with price rise that only increases so the fees go up since there is no enough room in blocks for everyone.
2. spam attacks are still a thing. they can be from enemies of bitcoin or even idiotic projects that rely on pushing nonsense data on bitcoin blockchain to get their shitcoin mined! like this crap: https://bitcointalksearch.org/topic/proof-blocks-will-always-be-full-if-veriblock-price-is-over-000000410-btc-5129187
besides how many transactions does a whale create every minute anyways? they have to create lots of them to actually fill a big part of many blocks and cause a spike. otherwise one whale making one tx every couple of days paying high fees (even $100000 fee) is not going to change anything!
the problem comes from two sources:
1. bitcoin is not yet capable of handling this much adoption and with price rise that only increases so the fees go up since there is no enough room in blocks for everyone.
2. spam attacks are still a thing. they can be from enemies of bitcoin or even idiotic projects that rely on pushing nonsense data on bitcoin blockchain to get their shitcoin mined! like this crap: https://bitcointalksearch.org/topic/proof-blocks-will-always-be-full-if-veriblock-price-is-over-000000410-btc-5129187
I don't mind paying $2 for moving my coins, and usually I move amounts between BTC0.05 and BTC0.10. I can understand your concern, in case you are using Bitcoins for micro-transactions. I would admit this as well, that Satoshi had stated that micro-transactions as one of the intended uses of Bitcoin. But changing times need a change in the rules. We can't keep the fee too low. As you may know, after 10-15 years, the block reward will get reduced to very low amounts and transaction fee will remain as the primary revenue source for the miners.
If you are moving 100s of BTC around then you don't mind paying $2 transaction fee to get it done quick. You can afford it. It hurts the rest of us though as we can't. Btc will always be at the mercy of the whales.
I don't have to make a transaction for 100s bitcoin, but I make a small transaction of bitcoin, and I don't mind to pay $1-$2 for transaction fee because I can receive my bitcoin in another wallet in short time.Besides that, I think that will help the network to run well if pay that fee and our transaction can get a confirmation in less than 30 minutes.
When you want to move your bitcoin, don't move less than 0.001 btc, so you don't have to pay the high fee, but if you still want to move that amount of bitcoin, then you should pay the fee no matter how much the fee.
Then you have to make sure the amount you send is enough for you to accept the pay.
Used wallet such as segwit wallet, actually I'm using this one and it's very cheap especially if you are sending from segwit to segwit address.
Fee's are really high and I understands the sentiment of a typical people who transact small and want to enjoy small fee but that's how it is now, unless all people are willing to shift to segwit.
Used wallet such as segwit wallet, actually I'm using this one and it's very cheap especially if you are sending from segwit to segwit address.
Fee's are really high and I understands the sentiment of a typical people who transact small and want to enjoy small fee but that's how it is now, unless all people are willing to shift to segwit.
This conversation highlights the need for the Lightning Network to make progress so that more activity can be pushed to layer 2. The fact that we are having this discussion shows that more infrastructure is needed to take transactions off the main chain. The reality is, the main chain is necessarily limited by design, so high fees are inevitable with widespread adoption.
Then you have to make sure the amount you send is enough for you to accept the pay.
Used wallet such as segwit wallet, actually I'm using this one and it's very cheap especially if you are sending from segwit to segwit address.
Fee's are really high and I understands the sentiment of a typical people who transact small and want to enjoy small fee but that's how it is now, unless all people are willing to shift to segwit.
Used wallet such as segwit wallet, actually I'm using this one and it's very cheap especially if you are sending from segwit to segwit address.
Fee's are really high and I understands the sentiment of a typical people who transact small and want to enjoy small fee but that's how it is now, unless all people are willing to shift to segwit.
Buying a product or service for a small cost,the Commission of $ 2 really seems big.
It is big in terms of the overall ratio, but you can save a lot in fees by using the bc1 address format of SegWit. It can save you like 30-40% in fees without doing anything, so isn't that enough reason to upgrade?I use the Electrum client both on my desktop and smartphone and it works extremely well. Give it a try and see for yourself how much you save in fees compared to legacy format addresses
If you want even cheaper (and faster) transactions, then LN is the right option for you. The only downside for now is the fact that it is very early on and the overall adoption isn't as widespread yet, but we'll get there eventually.
LOL! You guys think that the high fees are caused only by the ones moving around 100s of Bitcoin? Really??
How about the arbitrage bots? Every time there's a spike in the price, the fees go high. I've seen this behavior for months. As soon as the price "levels", the network gets free again. For arbitrage the time is crucial and they'll pay high fees. We, the others, have to wait. And yeah, blame the whales.
Yes, this happens whenever there is some big increase in the price of bitcoin. Similar form of transaction fee increase happened when the price of bitcoin increased during the 2017 bull market. Once it took days for confirmation as more transactions got stuck to the network even when more fee were added to the transaction. By that time transaction accelerators played a big role. How about the arbitrage bots? Every time there's a spike in the price, the fees go high. I've seen this behavior for months. As soon as the price "levels", the network gets free again. For arbitrage the time is crucial and they'll pay high fees. We, the others, have to wait. And yeah, blame the whales.
I think that if You sell 1 bitcoin then the Commission of $ 2 you will not even notice.But the problem takes place if we are talking about micropayments.Buying a product or service for a small cost,the Commission of $ 2 really seems big.
Using segwit addresses definitely helps a lot and it also pays to check what kind of fee you should be paying, in order to get your transaction confirmed in X amount of time.
Most wallets will "charge" you too much fees, I've just always checked the fees manually on https://bitcoinfees.earn.com/ and then I lower them, depending on how long I want to wait for confirmations.
Sometimes I really don't mind waiting a couple of hours, so at those times I can pay significantly less fees.
Most wallets will "charge" you too much fees, I've just always checked the fees manually on https://bitcoinfees.earn.com/ and then I lower them, depending on how long I want to wait for confirmations.
Sometimes I really don't mind waiting a couple of hours, so at those times I can pay significantly less fees.
Bitcoin transactions don't care about how much value you transact, only how many inputs/outputs you use. Fees rise because a lot of addresses become active, not because whales move a lot of money - in fact if whales have reasonably consolidated funds, they would be much more efficient in the network than many people with smaller amount.
Anyway, the biggest impact on network fees can be accounted to market activity, when people move a lot of coins to exchanges to sell them, it quickly clogs the mempool.
Anyway, the biggest impact on network fees can be accounted to market activity, when people move a lot of coins to exchanges to sell them, it quickly clogs the mempool.
In last bull run fees are go up to $50 or even more, and fees will always go up in times such as now. Things work that way, and if any user want to get quick confirmation they need to pay price for that. Problem is that big number of users think that they need to pay fee which is shown in their wallet, instead to calculate their own fee based on how quick transaction should be confirmed. Some fee can also be saved with SegWit, so switch to wallet that support such address.
Let's take an example how you can save on fee by using SegWit wallet for confirmation in next 2 blocks :
For legacy transaction with 2 inputs / outputs user need to pay : 112 satoshis/byte -> size 374 bytes -> 41888 satoshis -> $3.38
For SegWit transaction with 2 inputs / outputs user need to pay : 112 satoshis/vbyte -> size 265 vbytes -> 29680 satoshis -> $2.39
So it is easy to save $1 on such transaction, and it is easy to use fees calculator like this : https://www.buybitcoinworldwide.com/fee-calculator/
Let's take an example how you can save on fee by using SegWit wallet for confirmation in next 2 blocks :
For legacy transaction with 2 inputs / outputs user need to pay : 112 satoshis/byte -> size 374 bytes -> 41888 satoshis -> $3.38
For SegWit transaction with 2 inputs / outputs user need to pay : 112 satoshis/vbyte -> size 265 vbytes -> 29680 satoshis -> $2.39
So it is easy to save $1 on such transaction, and it is easy to use fees calculator like this : https://www.buybitcoinworldwide.com/fee-calculator/
On my experience Botcoin fees sre not stable, fees varies depending on how congested the blockchain is. The more congested the more you need to pay higher for your transaction to be in queue, else your transaction will take time bbefore it reflects.
Fees spiral up because many wallets use the "best fee" to be included in the next block by default.
Most of my transactions don't need fast confirmation, so I barely pay high fees.
Most of my transactions don't need fast confirmation, so I barely pay high fees.
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