Why the transaction price of bitcoin so high? - page 4.

Baofeng

legendary

Activity: 2576

Merit: 1655

Quote from: Anno MMXVI on July 26, 2017, 06:17:55 AM

For me it is so high because the Bitcoin Cash, Bitcoin Unlimited, Bitcoin XT, Bitcoin Classic cartel is spamming the network in order to enforce their proposals, which are mainly destroying Core and increasing the blocksize limit.

Mempool have just a few backlogs compared to last couple of months were it experience a lot of bottlenecks because someone is spamming the network to cause traffic and to slow the network down. And as far as the fees, I think its fair that we are paying miners to make our transactions. So in order to "prioritize" it, certain fees must be incurred. This is the reason why we have Segwit to increase the blocksize. To ease the network so that bitcoin transaction can be quick will a minimum fee to pay.

CryptosapienZA

full member

Activity: 378

Merit: 101

Basically bitcoin is a victim of its own popularity. The more people join the network, the quicker the blocks get full. Each block can only contain a fixed amount of transactions, which means that during times of high network congestion (lots of transactions happening), fees will rise as the miners can only fit only an X amount of transactions. In such cases they also pick the transactions with the highest fees, this cause more delays and slow conformations. Fortunately Segwit2X is here, hopefully all that will be ancient history in 2018, otherwise we can forget about mass adoption with these high fees

jakelyson

legendary

Activity: 2240

Merit: 1069

This just shows that there are still a lot of bitcoin users who do not know how miners fee works and how it is computed and adjusted according to mempool. I think there is already tons of threads here discussing that so i will not explain it here anymore. But i advice op to at least learn the basics of bitcoin so he won't be surprised about this things.

micher143

hero member

Activity: 798

Merit: 500

Quote from: Proton2233 on July 26, 2017, 04:52:04 AM

Why the transaction price of bitcoin so high? I honestly do not understand the reasons for such prices. All say that this is a fee to miners, but how much time need to a regular PC made all the necessary calculations, and their equipment is much faster. Can somebody explain why the transaction price is high, but if you take part in mining the minimal income?

That is because you are going to be prioritize in the transaction traffic and regarding to upgrade of the system this coming August 1 there will be a event called segwit and it is the solution for the delay and traffic of the transaction, I think after that the transactions will be fast again and will gonna have a low fee.

Samueltalk

sr. member

Activity: 308

Merit: 250

High bitcoin transaction costs will be easier to confirm if you make transactions because the miners will be easier to break the block. Conversely, if the cheap transaction fee will make your transaction will require some confirmation, because the miners are difficult in breaking the block.

Anno MMXVI

member

Activity: 78

Merit: 10

For me it is so high because the Bitcoin Cash, Bitcoin Unlimited, Bitcoin XT, Bitcoin Classic cartel is spamming the network in order to enforce their proposals, which are mainly destroying Core and increasing the blocksize limit.

adzino

copper member

Activity: 2968

Merit: 575

www.Crypto.Games: Multiple coins, multiple games

Bitcoin transactions are in high demand now. If the network currently stays the way it is now right, we can only see the fee rising. Right now we all can just hope for proper scaling solution which is on its way for getting faster and cheaper transactions.

pearlmen

sr. member

Activity: 322

Merit: 250

Quote from: matuson on July 26, 2017, 05:25:07 AM

I recently listed 0,07 bitcoin and paid for the translation 0,0009 bitcoin. I do not know is expensive or not. It seems to me that it is not too much, but if I transferred a smaller amount then the transfer fee would be the same, and this is a problem for those who want to shop in web stores.

You don't know whether what you paid is high or not, yet you opened a thread for that purpose? I will suggest you compare the amount you paid now to similar payment some weeks back when the noise about transaction fees was the highest then you know whether its high or not. Similarly, I made some transactions some days back in which I paid the lowest fee and it confirms within 10 minutes which I feel is very fair to the miners compared to those high days.

sotoshihero

hero member

Activity: 850

Merit: 504

I think fees is reasonable as of this moment. Also with the activation of Segwitx2, we expect that the transaction is faster and with having low fees. We have yet to witness after August 1 maybe or are they started already?

TravelMug

hero member

Activity: 2632

Merit: 833

Quote from: Proton2233 on July 26, 2017, 04:52:04 AM

Why the transaction price of bitcoin so high? I honestly do not understand the reasons for such prices. All say that this is a fee to miners, but how much time need to a regular PC made all the necessary calculations, and their equipment is much faster. Can somebody explain why the transaction price is high, but if you take part in mining the minimal income?

Where have you living dude? Under the rock? Bitcoin transaction fee has been expensive before but now the network spam has stop so the transaction fee is beginning to lower as well. So to prioritized your transaction, you have to pay a high fee, but if you are not in a hurry, then pay transaction that you can afford, but just be ready to wait for long confirmation. You can go here to check what is the latest minimum transaction fee you can use:

https://bitcoinfees.21.co

HatakeKakashi

hero member

Activity: 1274

Merit: 513

I dont know also why the transaction of bitcoin is very compared to the last few years the fee is only 20k satoshi even you sent high amount. Today the amount of fee is depends how much you send and thats not good for us. And take note high fees plus slow confirm the transaction thats not good performance i hope the fee will become again 20k because if the price of bitcoin increase the fee ofcoarse will decrease that what I want happen.

secdark

sr. member

Activity: 490

Merit: 250

Quote from: matuson on July 26, 2017, 05:25:07 AM

I recently listed 0,07 bitcoin and paid for the translation 0,0009 bitcoin. I do not know is expensive or not. It seems to me that it is not too much, but if I transferred a smaller amount then the transfer fee would be the same, and this is a problem for those who want to shop in web stores.

if you transfer a bitcoin you should transfer a big one because if you transfer small one the fee is the same and nothing we can do with that sort of in big amount of bitcoin transfer it will add up but not really big. Unlike those days that you cant feel the fee you can send all you want but not it is not. When it comes to online, the buyer will always shoulder about the fee and nothing we can do about it

giveen

hero member

Activity: 826

Merit: 1004

The reason transaction price is high because the value of bitcoin has increased and also there are many new investors which slows the network and transactions with high fees will always be given priority.
If you have your coins on a wallet or any exchange you can't decide the fees as coinbase has a fixed fees , xapo has 2 options faster speed or standard fees , and default fees for all exchanges is 0.001 except for poloneix which is 0.0001. If you want to save fees the only way is using your own wallet and you can check the fees here : https://bitcoinfees.21.co. Don't keep it too low the transaction may end up never getting confirmed.

matuson

sr. member

Activity: 420

Merit: 255

I recently listed 0,07 bitcoin and paid for the translation 0,0009 bitcoin. I do not know is expensive or not. It seems to me that it is not too much, but if I transferred a smaller amount then the transfer fee would be the same, and this is a problem for those who want to shop in web stores.

talkbitcoin

legendary

Activity: 1372

Merit: 1032

All I know is that I know nothing.

because they are not high at all.
you have either never made a bitcoin transaction in last month or anytime before 2017 or you are using a horrible bitcoin wallet that is giving you bad advice for bitcoin fees.

currently you can make a transaction with lowest fee possible (some even reported 1 satoshi/byte) and get it confirmed in next block.

#EmptyMempool

Proton2233

sr. member

Activity: 434

Merit: 252

Why the transaction price of bitcoin so high? I honestly do not understand the reasons for such prices. All say that this is a fee to miners, but how much time need to a regular PC made all the necessary calculations, and their equipment is much faster. Can somebody explain why the transaction price is high, but if you take part in mining the minimal income?

Topic: Why the transaction price of bitcoin so high? - page 4. (Read 1883 times)