Why are fees going so high? - page 3.

flyingcat

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Quote from: alyssa85 on August 29, 2017, 07:11:06 AM

Quote from: kokojie on August 22, 2017, 01:22:21 PM

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.

Quote from: ebliever on August 22, 2017, 12:45:14 PM

Quote from: BrewMaster on August 22, 2017, 11:44:13 AM

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.

gesdan

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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

, its fell low fee if we withdraw in high amount to, i think fee amount should compatible with withdraw amount right?

Soranith

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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.

qwertyup23

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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.

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.

genesis.vision

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The next step in Financial Markets evolution

Quote from: CryptonomyCapital on August 31, 2017, 08:05:19 AM

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

CryptonomyCapital

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Difficulty is rising, number of transactions is rising, so it needs more for which you should pay.

bitcoinmasterlord

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Quote from: prtty2gal2 on August 31, 2017, 07:10:32 AM

Quote from: sheryl26 on August 29, 2017, 06:03:14 AM

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.

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.

prtty2gal2

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Quote from: sheryl26 on August 29, 2017, 06:03:14 AM

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.

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.

Kaller

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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.

Hexah

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Activity: 728

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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.

alyssa85

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Quote from: kokojie on August 22, 2017, 01:22:21 PM

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.

Quote from: ebliever on August 22, 2017, 12:45:14 PM

Quote from: BrewMaster on August 22, 2017, 11:44:13 AM

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.

btctousd81

sr. member

Activity: 434

Merit: 270

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.

vennz17

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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

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Keeper of the Private Key

Fees are low again.

/thread

Fafabol

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Quote from: nrvasquez on August 22, 2017, 12:09:03 PM

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.

sheryl26

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Activity: 322

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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.

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.

kokojie

legendary

Activity: 1806

Merit: 1003

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.

Quote from: ebliever on August 22, 2017, 12:45:14 PM

Quote from: BrewMaster on August 22, 2017, 11:44:13 AM

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?

ebliever

legendary

Activity: 1708

Merit: 1036

Quote from: BrewMaster on August 22, 2017, 11:44:13 AM

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?

Rana590

sr. member

Activity: 1750

Merit: 267

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.

nrvasquez

hero member

Activity: 966

Merit: 500

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.

Topic: Why are fees going so high? - page 3. (Read 1659 times)