Why are fees going so high? | Bitcointalksearch.org

adzino

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Quote from: joinfree on October 16, 2017, 10:54:55 AM

I dont know, but fees are being a little bit high right now, i remember that last week i made a payment of twenty dollars and i had to pay four dollars for fees of this transaction, about 35% of what i sent, this is crazy, fees really needs to go down because a lot of people will stop using bitcoin if this will happen to everybody who wants to send little payments.
I do send big payments too, but for those that are little i have to pay a fortune..

You chose to spend $4 on fee. You could have adjusted your fee (most clients allow you to set custom fee) to smaller amount and just wait few more minutes before your transaction gets confirmed. As long as your transaction does not get dropped, your transaction will confirm. I usually send with a fee of <$0.20 and get confirmed within ~20-30 mins.

whalesburg

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I think the fees are higher, because the maintenance of the blockchain is now more complicated and expensive - the number of transactions is growing daily. This is especially noticeable with a large number of transactions with small amounts.
In addition, the price of Bitcoin is also growing..

BurhanPSG

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Quote from: Kronos21 on October 16, 2017, 10:46:43 AM

Quote from: Anonylz on October 16, 2017, 10:41:07 AM

You are paying less than before, i remember that a few years ago you had to pay 0.003 bitcoins for every transaction (about $1 a few years ago) but you are now only paying 0.0005 at max, and you are complaining about this. I dont understand why there is a lot of people complaining, just stop making payments of $10, bitcoin is only for holding purposes, not to pay for candies or coca colas.

This is a big problem. To bitcoin has been successful it is necessary to use in everyday life. Trade is the best it can be. Without small transactions will not trade. Now the person has to transfer a large amount of bitcoins into Fiat and then pay for your purchase. This means that bitcoin encourages the use of Fiat. I believe that this is wrong and will have negative consequences if the situation does not change.

Fee is very in need, with a good goal to make transaction run smoothly and can be mutually beneficial for both parties. I think the transaction will not run without existence of fee, let's just say this as a bonus or tax that must be paid.

joinfree

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1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

I dont know, but fees are being a little bit high right now, i remember that last week i made a payment of twenty dollars and i had to pay four dollars for fees of this transaction, about 35% of what i sent, this is crazy, fees really needs to go down because a lot of people will stop using bitcoin if this will happen to everybody who wants to send little payments.
I do send big payments too, but for those that are little i have to pay a fortune..

AmXProX

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I think fees are based on the demand, when more blocks are to be solved fees goes high.

BurhanPSG

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Quote from: Lindworm on August 22, 2017, 10:50:41 AM

Hi,

I don't understand why the fees are getting so high right now? Smaller transactions get eaten alive.

Your question is true I think now for fee every transaction is rising. I do not know why anything like this can happen.
But I think this also depends on amount of transactions we have done.

redcucumber

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SOLARIS COIN

strikingly fast bitcoin prices rose to high this year from 1000 usd now its ath is 5000 usd i also think the fees are based on what is the current price of the crypto king bitcoin when change the fees also change so its inevitable to be high when bitcoin price are keep rising

Kronos21

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Quote from: Anonylz on October 16, 2017, 10:41:07 AM

You are paying less than before, i remember that a few years ago you had to pay 0.003 bitcoins for every transaction (about $1 a few years ago) but you are now only paying 0.0005 at max, and you are complaining about this. I dont understand why there is a lot of people complaining, just stop making payments of $10, bitcoin is only for holding purposes, not to pay for candies or coca colas.

This is a big problem. To bitcoin has been successful it is necessary to use in everyday life. Trade is the best it can be. Without small transactions will not trade. Now the person has to transfer a large amount of bitcoins into Fiat and then pay for your purchase. This means that bitcoin encourages the use of Fiat. I believe that this is wrong and will have negative consequences if the situation does not change.

Cindy1983

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For me it's not too high the transaction fee right now is about 0.0002 - 0.0005 BTC. The amount of Bitcoin we have to pay for transaction fee is almost the same but the price of Bitcoin is so high at this time so the equivalent value of this amount increase too so if you want to pay less for transaction fee I think you should use Electrum wallet cause with this one you can set up the amount you want to pay for transaction fee beside Electrum is very secure too.

Anonylz

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You are paying less than before, i remember that a few years ago you had to pay 0.003 bitcoins for every transaction (about $1 a few years ago) but you are now only paying 0.0005 at max, and you are complaining about this. I dont understand why there is a lot of people complaining, just stop making payments of $10, bitcoin is only for holding purposes, not to pay for candies or coca colas.

skyflakes88

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at first i think i don't understand why their are keep changing time to time then when bitcoin price shoots high i notice it is base on what the bitcoin price is when it raised up the fees turns high and when the demand is high the bitcoin price is high, basically buy bitcoin when its dead or when the demand is low

xbl1008

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because bitcoin is also soaring high fees are based on the price of bitcoin if bitcoin raised its price due to positive news and mass acceptance of bitcoin to the public which causes more users of this medium of exchange and investors who want some capital appreciation

kotajikikox

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Quote from: Lindworm on August 22, 2017, 10:50:41 AM

Hi,

I don't understand why the fees are getting so high right now? Smaller transactions get eaten alive.

everytime bitcoin price goes uprising the value of fees become high i think not bitcoin keep increasing almost everyday the transaction fees are not increasing but not many wallet are in the highest transaction fees you find out wallet that fit to your location for the lowest transaction fees.

AGD

legendary

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Keeper of the Private Key

My next test, if fees are high or not.

Spoiler: They are not

https://blockchain.info/tx/3f7832c09687497feef130c6a271c8dda9b5e74d5c8f558ad07428c98273dac7
2.5 sat/b first confirmation within a few minutes.

Vishnu.Reang

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We need a more uniform fee structure. The average fee goes as high as 400 Sat/Byte sometimes and when the load is quite low, it can be less than 5 Sat/Byte. For example, during the last block (483690) transactions even with a fee of 1 Satoshi/Byte got confirmed. And as of now, there are only around 1,900 unconfirmed transactions.

liuqi

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Quote from: Ayiranorea on September 05, 2017, 12:40:01 PM

The transaction fee completely depends upon the price increase of the bitcoin. As the price increases, so will be the transaction fee. This at time increases much more than expected at times, which is based on the increased transactions getting stuck to the network. For overcoming it, people use an increased fee.

This seems that you have completely overview and assumption about the bitcoin fees rate. When first segwit and BU implementation annouched from that time onwards only bitcoin transaction fees increased in every online wallet. There is nothing to say that bitcoin fees is depend on the cost of a bitcoin.

Ayiranorea

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The transaction fee completely depends upon the price increase of the bitcoin. As the price increases, so will be the transaction fee. This at time increases much more than expected at times, which is based on the increased transactions getting stuck to the network. For overcoming it, people use an increased fee.

damrianto

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because the needs have begun to increase and the cost of living starts high, then for that we have to go to invest with bitcoin agr the cost of the road does not feel high.

ramyon

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ScripterRon

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Quote from: Aztek on September 04, 2017, 06:06:13 PM

Quote from: malikusama on August 22, 2017, 11:14:29 AM

As the number of users in bitcoin network are increased a lot during the past couple of years the transactions per day is increased and so the transactions fee is raised as its demand is increased. The transaction confirmation is prioritized now the more you will pay the transaction fee (miner fee) the more quickly your transaction will be confirmed.

Bitcoin system follows the principle of law of price demand where the increased of people supporting bitcoin as a from of using it as a mode of transaction it could also be a good way on development and growth to bitcoin price, value, transaction and security making it more capable on being a mode of transaction. And as a user of Bitcoin we should also be a part of its development so bitcoin would have development and growth to its price.

True. As the transaction load has decreased (the mempool on my node currently has just 1,620 pending transactions), the fee has been decreasing. The estimated fee is now 0.0015 BTC/KB (150 Satoshis/Byte). Still high compared to last year but much lower than it was a month ago.

Topic: Why are fees going so high? (Read 1659 times)