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Topic: Why are fees going so high? - page 3. (Read 1662 times)

sr. member
Activity: 588
Merit: 250
August 31, 2017, 10:02:34 AM
#39
I already predicted this exact scenario when I posted my "It's about time to turn off PoW mining" thread 3 years ago.

If Bitcoin was Proof of Stake or at least PoS+PoW hybrid, we wouldn't care if PoW miners are chasing short term profits, because that's the nature of PoW.

it is partly because they are giving away free money to anyone who mines bitcoin cash these days. right now you can find a block every 1 or 2 minutes there so obviously miners prefer the free money for the time being until the difficulty is adjusted and they move back to the real valuable coin. during this time there is a longer time for finding blocks.

on top of it we always have the spam attack issue with bitcoin and block size is still 1 MB with no SegWit since it is not yet activated.

Yes, this is what's going on. They are pulling ahead mining rewards on BCH to shower money on the miners, causing the BTC blockchain to suffer. There are virtually zero TX on the BCH chain, so the miners are not serving customers (actual TX), only serving themselves in a short-sighted way, chasing the carrots that the BCH gang are dangling.

This is a good example of what happens when miners incentives are out of alignment with what is good for the bitcoin ecosystem, and how hostile attackers can game the system to attack Bitcoin. How many newbies (or even more experienced users) complaining about high TX understand that it is a result of people who have separated from bitcoin, and how many are blaming Bitcoin itself or its devs or community?


Well, you are brave! The chances of persuading people to switch to POS will be even less than persuading people to go for Segwit2x. Too many vested interests who want the status quo to remain.
Do you think when we change Bitcoin system to PoS can help us solve the problems of Bitcoin at now? Because as per my knowledge, PoS is a protocol use wallet of user in network for mining coins, but if do not have a huge community in Bitcoin use PoS wallet, we cannot run this system stable.
full member
Activity: 616
Merit: 100
August 31, 2017, 09:36:10 AM
#38
yeah i feel it too, i feel bitcoin fees is too high for me, because on bittrex to withdraw bitcoin we need pay 0.001 btc as fee, its feel high because i just withdraw 0.01  Angry Angry, its fell low fee if we withdraw in high amount to, i think fee amount should compatible with withdraw amount right?
hero member
Activity: 798
Merit: 502
August 31, 2017, 09:33:53 AM
#37
Fees is going so high because many people use bitcoin now so it means more user more transactions and miners can't do all the task for that so you need to pay higher fees if you want your transaction to be completed first.
hero member
Activity: 2268
Merit: 789
August 31, 2017, 09:04:23 AM
#36
Hi,

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


I guess the reason behind that is due to the price of bitcoins increasing per day. You also need to consider that there are approximately 8-10 million bitcoins left to be mined out and this calls for supply being drained constantly through time. Also, the primary goal of a business is to earn money, therefore increasing their transaction prices as bitcoins popularity constantly increases seems to be the obvious move.
member
Activity: 258
Merit: 10
The next step in Financial Markets evolution
August 31, 2017, 08:53:44 AM
#35
Difficulty is rising, number of transactions is rising, so it needs more for which you should pay.

Lightning is supposed to fix this, though it's not arriving anytime soon
member
Activity: 86
Merit: 10
August 31, 2017, 08:05:19 AM
#34
Difficulty is rising, number of transactions is rising, so it needs more for which you should pay.
legendary
Activity: 1148
Merit: 1006
August 31, 2017, 07:55:55 AM
#33
Hi,

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

Maybe this cryptos are being more popular to the mainstream than before so they are taking the opportunity to increase their value so that they can gain more money. That is the only thing I know why they are risen up their fees. Or maybe they have a lot of consumers that why it happens because we all know the supply and demand law that if the demands are high so are their value of it.

I think it is like this. Either they are making more money because they d=know more people will just buy and sell whatever the fee will be as fee is still so less than the average profit ratio for bitcoin. More solid reason is the supply and demand law, they have more demand then they simply up the fees.

This is also one reason. Now the Bitcoin is becoming famous in all over the world and the demand also increasing. Daily new people are entering this world and buying coins. So now people will not care for a fee if it is high also they will buy and do transaction because they want to make a profit. i think it will come down and again it may increase to 0.001 BTC this is possible.
hero member
Activity: 1092
Merit: 523
August 31, 2017, 07:10:32 AM
#32
Hi,

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

Maybe this cryptos are being more popular to the mainstream than before so they are taking the opportunity to increase their value so that they can gain more money. That is the only thing I know why they are risen up their fees. Or maybe they have a lot of consumers that why it happens because we all know the supply and demand law that if the demands are high so are their value of it.

I think it is like this. Either they are making more money because they d=know more people will just buy and sell whatever the fee will be as fee is still so less than the average profit ratio for bitcoin. More solid reason is the supply and demand law, they have more demand then they simply up the fees.
hero member
Activity: 752
Merit: 501
August 30, 2017, 08:20:33 PM
#31
There have been reports of fees as low as 10 Satoshis clearing still. It isn't that they are high, but you need to pay a high fee for your transactions to clear fast.
sr. member
Activity: 728
Merit: 265
August 30, 2017, 07:33:33 PM
#30
I think it's because of the increasing also of bitcoin value, that's why the transaction fees are also getting higher and higher. I think they should be fair enough if it has a smaller transactions then they should also lower the fees for it, really the small transactions are eaten alive and these small earners has nothing to earn for because of the high transaction fees. Hoping it will be updated and change.
legendary
Activity: 1652
Merit: 1088
CryptoTalk.Org - Get Paid for every Post!
August 29, 2017, 07:11:06 AM
#29
I already predicted this exact scenario when I posted my "It's about time to turn off PoW mining" thread 3 years ago.

If Bitcoin was Proof of Stake or at least PoS+PoW hybrid, we wouldn't care if PoW miners are chasing short term profits, because that's the nature of PoW.

it is partly because they are giving away free money to anyone who mines bitcoin cash these days. right now you can find a block every 1 or 2 minutes there so obviously miners prefer the free money for the time being until the difficulty is adjusted and they move back to the real valuable coin. during this time there is a longer time for finding blocks.

on top of it we always have the spam attack issue with bitcoin and block size is still 1 MB with no SegWit since it is not yet activated.

Yes, this is what's going on. They are pulling ahead mining rewards on BCH to shower money on the miners, causing the BTC blockchain to suffer. There are virtually zero TX on the BCH chain, so the miners are not serving customers (actual TX), only serving themselves in a short-sighted way, chasing the carrots that the BCH gang are dangling.

This is a good example of what happens when miners incentives are out of alignment with what is good for the bitcoin ecosystem, and how hostile attackers can game the system to attack Bitcoin. How many newbies (or even more experienced users) complaining about high TX understand that it is a result of people who have separated from bitcoin, and how many are blaming Bitcoin itself or its devs or community?


Well, you are brave! The chances of persuading people to switch to POS will be even less than persuading people to go for Segwit2x. Too many vested interests who want the status quo to remain.
sr. member
Activity: 434
Merit: 270
August 29, 2017, 07:10:34 AM
#28
i have the same question, becuase its not easier to pay small amount without paying same amount in fees.
so gone ar the days paying for coffee using bitcoins.
sr. member
Activity: 714
Merit: 252
August 29, 2017, 06:33:47 AM
#27
Because the bitcoins price, I think its normal fees since the value of bitcoin always increasing, And High Fees useful for speed up a tx confirmation.
AGD
legendary
Activity: 2070
Merit: 1164
Keeper of the Private Key
August 29, 2017, 06:25:53 AM
#26
Fees are low again.

/thread
member
Activity: 267
Merit: 11
August 29, 2017, 06:23:03 AM
#25
Because now many people are doing transactions, I think you can also choose how much cost you will choose because the transaction costs are getting bigger will also make your transaction quickly finished.

Yeah so true. If you dont wanna wait just choose the high fee.
The fees have 3 types and you can choose the fee and it indicates how long it will take to confirm.
Transaction fees are high because the bitcoin's price is also increasing. And also the miners are having hard time in hashing in the blockchain because of its congestion.
full member
Activity: 322
Merit: 100
August 29, 2017, 06:03:14 AM
#24
Hi,

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

Maybe this cryptos are being more popular to the mainstream than before so they are taking the opportunity to increase their value so that they can gain more money. That is the only thing I know why they are risen up their fees. Or maybe they have a lot of consumers that why it happens because we all know the supply and demand law that if the demands are high so are their value of it.
legendary
Activity: 1806
Merit: 1003
August 22, 2017, 01:22:21 PM
#23
I already predicted this exact scenario when I posted my "It's about time to turn off PoW mining" thread 3 years ago.

If Bitcoin was Proof of Stake or at least PoS+PoW hybrid, we wouldn't care if PoW miners are chasing short term profits, because that's the nature of PoW.

it is partly because they are giving away free money to anyone who mines bitcoin cash these days. right now you can find a block every 1 or 2 minutes there so obviously miners prefer the free money for the time being until the difficulty is adjusted and they move back to the real valuable coin. during this time there is a longer time for finding blocks.

on top of it we always have the spam attack issue with bitcoin and block size is still 1 MB with no SegWit since it is not yet activated.

Yes, this is what's going on. They are pulling ahead mining rewards on BCH to shower money on the miners, causing the BTC blockchain to suffer. There are virtually zero TX on the BCH chain, so the miners are not serving customers (actual TX), only serving themselves in a short-sighted way, chasing the carrots that the BCH gang are dangling.

This is a good example of what happens when miners incentives are out of alignment with what is good for the bitcoin ecosystem, and how hostile attackers can game the system to attack Bitcoin. How many newbies (or even more experienced users) complaining about high TX understand that it is a result of people who have separated from bitcoin, and how many are blaming Bitcoin itself or its devs or community?

legendary
Activity: 1708
Merit: 1036
August 22, 2017, 12:45:14 PM
#22
it is partly because they are giving away free money to anyone who mines bitcoin cash these days. right now you can find a block every 1 or 2 minutes there so obviously miners prefer the free money for the time being until the difficulty is adjusted and they move back to the real valuable coin. during this time there is a longer time for finding blocks.

on top of it we always have the spam attack issue with bitcoin and block size is still 1 MB with no SegWit since it is not yet activated.

Yes, this is what's going on. They are pulling ahead mining rewards on BCH to shower money on the miners, causing the BTC blockchain to suffer. There are virtually zero TX on the BCH chain, so the miners are not serving customers (actual TX), only serving themselves in a short-sighted way, chasing the carrots that the BCH gang are dangling.

This is a good example of what happens when miners incentives are out of alignment with what is good for the bitcoin ecosystem, and how hostile attackers can game the system to attack Bitcoin. How many newbies (or even more experienced users) complaining about high TX understand that it is a result of people who have separated from bitcoin, and how many are blaming Bitcoin itself or its devs or community?
sr. member
Activity: 1750
Merit: 267
August 22, 2017, 12:31:15 PM
#21
In this time everyone use Bitcoin who works on online. There are many transactions happen in a single day. It is so pathetic for that transaction fee is unbearable for low incoming people. They should use coinbase to coinbase transaction. But Everyone don't use it. For this reason it happens. Though it takes big fee, the transaction made very soon.
hero member
Activity: 966
Merit: 500
August 22, 2017, 12:09:03 PM
#20
Because now many people are doing transactions, I think you can also choose how much cost you will choose because the transaction costs are getting bigger will also make your transaction quickly finished.
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