Bitcoin Forum

Now recently i have seen many people complaining about the bitcoin transaction fees and the time to process payments. I have been using xapo as my wallet since starting and i also feel that this is the wallet for the solution to both of these issues.
Now xapo normally sends all your payments instantly who's value is 0.01 btc or more. For the rest it may take 24 hours. What i have noticed is is that xapo doesn't take any fees when you send it instead they group multiple transactions to save fees for the smaller amounts and for bigger amounts doesn't charge any fees. In terms of speed also most of the payments i send i confirmed within 20 minutes. Let me know what you think about xapo or your experience or opinion about it

I don't use Xapo, but Coinbase wallet used the same system of free transaction and after some time they removed it, now you must pay fees there. I believe the same will happen on Xapo sooner or later, transactions can be free now for Xapo users, but aren't for Xapo itself. The only solution for this is a general solution that will afect all transactions, that is what community is trying to implement, but the opinions are divided yet about the best option.

Both xapo and coinbase doesn't give full access to our bitcoin in the wallet and all internal bitcoin transaction (free one) they have is just off chain transactions not a true bitcoin transaction. When you have to pay to bitcoin address that is not associated with xapo or coinbase they will charge enough fee to cover transaction fee so there is no point in using them if you are not dealing with just xapo or coinbase addresses. For normal bitcoin transaction i find electrum a good choice. You will never loss control over your bitcoins there.

The thing is, we do not want to become dependent on third party services and have to rely on them to do transactions. Services like Xapo is also

centralized and can be shutdown or targeted by hackers and if we rely on these services and they go down, then we are stuffed. So NO, we have

to sort out the scaling problems and this must be done soon.  >:(

I have used Xapo in the past and I really enjoyed it because before the advent of increase in the fees, the have transaction fee free system where one won't pay for transaction fees, I think this was limited to only Xapo users then from what I read and that's why I had to stop its use. However, its really a good thing because the transaction fees these days is on the high side and even has gone beyond the higher fees=faster transactions. I guess I will have to give a try once more.

Online wallets are a godsend to hackers.  When you control your own coins, you have the option of keeping yourself low-key and trying to avoid getting traced.  In online wallets' cases, just like exchanges, they're a public company which control thousands and thousands of coins.  If a hacker manages to hack a hot wallet like they do with loads of exchanges, every user is screwed.

Batching transactions is fine but you can batch your own.  Just use Electrum's "send to many" for example.

I can confirmed what is said for Xapo because I also use it and it offers good solutions for the users. They are taking care of customers taking into consideration current issues. Security is other issue and its true that it could be targeted by hackera but there is still no perfectly secure Bitcoin service.

The only solution to slow payments which is as a result of backlogs and the unforgiving  high fees we are forced to pay would only be solved by moving on to altcoins just to echo a message of a desperate solution to the scaling which is the source of our current problems.

now imagine your funds are locked into a LN channel with Xapo..
they got shut down.
you broadcast your 'initial channel setup' transaction. (losing xapo income)
so the Xapo administrators broadcast their CSV revoke to claw back the funds and then make you have to be part of the same bankruptcy administration process.

hope this makes you see that LN may not be the end solution either

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imagine we are at $1 tx fee due to blockstreams tearing apart of the fee control mechanisms, then offer 75% discount if their 2merkle soft cludge gets activated. people move their funds over to segwit keys hoping for a 75% discount.
46million outputs hit the mempool over months-year to get everyone into new keytypes) bringing the native tx costs up to $4 and resulting in the segwit tx cost getting to $1 (check how fast we went from $0.25-$1 in the last year to show how easy it is to do)
...all for a 'hope' of 2mb utility out of the 4mb buffer(2merkle:block inside a block)
people then complain the mempool is still bloated and tx's are delayed. so now demand that its now made 'hard' by removing the soft 2merkle cludge to make it a real 4mb 1merkle (single block).
the 'fee discount' is removed and now the fee become over $4 to use..

this second scenario is what dvs want to play out first to then hope people prssure themselves into using LN but i thought id make it clear that LN is not an end solution first just to get people to realise the problem/trap they are setting themselves by the whole
'go soft, then LN then hard' roadmap

I tried Xapo once, sending bitcoin to the xapo wallet and then send it back, I wanted to check about their confusing fees. I don't like the UI, I usually like simple things but Xapo doesn't catch my attention. BTW, the reset password process is like a nightmare..
This say, Xapo can't be used as a solution for the fees problem. Go to tell to a pure Bitcoin/crypto guy that he needs to use a web wallet  :D

Xapo isn't a solution. First of all, it's centralized wallet where users don't have full control of their coins and this is absolutely against bitcoin philosophy.
And I think it's only question of time when they will start to charge transaction fees. They already don't allow to send small transactions. Coinbase also had free transactions for long years, but finallly they started to charges fees, because they wasn't able to cover transactions fees anymore.

I do not use XAPO and I agree that xapo is not a solution, you will find it in the near future that xapo will be charging their clients due to high fees in bitcoin transaction.  The solution for this is an upgrade in bitcoin scaling.  May it be a blocksize, segwit then ln, will probably solve this slow confirmation and fees problem.

I read the replies and found out most of you are saying that xapo is online wallet so it takes away your privacy. First if you are not doing anything wrong then why do you want any sort of privacy when you store your coins in an online wallet.
Second for now xapo doesn't charge any fees and i have a feeling they won't do that in future also because as i mentioned they send transactions together so it's fast for us also and cheaper for them. And also to get the speed at which xapo sends using a electrum wallet or anything else you will need to set fees as 0.0015.

I also have the same experience with one of my wallets which is CoinPayments. I can easily send my Bitcoin to a wallet belonging to someone who have it also in CoinPayments but they are already charging for a transaction along this nature. I am glad that Xapo is still not collecting fees but I am sure that soon they will think twice on this policy as they also need more revenuers to be able to survive in this very competitive market.

What we really need is a long-tern solution for this problem. We are hoping that soon a consensus can be reach on what can be the best solution for this problem.

I guess that was pretty fair for everyone who wanted a fast transaction and if you dont want to pay high fee just be patient waiting for your transaction to confirm that was a great idea in other bitcoin wallets but not fair for other bitcoin who was just started using bitcoin as a currency.

The dramatic increase in total number of transactions has caused congestion and that has caused a ripple effect on the transaction fees. Before, fees are held to very minimal levels, some even free of charge, because of the manageable number of transactions being processed. Now that some are making money with higher transaction fees, these exchanges didn't want to be left behind by the miners who have been benefitting on all of these.

I haven't tried Xapo yet as I am not doing frequent transactions in these days but yes whenever I do, I try to put higher fees and use tools like viaBTC transaction accelerator to boost the confirmation. If I am not wrong then sites like localbitcoins does the same (combining multiple transactions) and thus the transaction gets faster confirmation then rest of the methods other than higher fee transactions.

I been using Xapo before, but since xapo have new terms about receive and send money have a fee, So there i move.
Fee for each transaction by xapo's 50k satoshi. That's so expensive. Seem you better have personal wallet. were you can setting fee for transaction.
Just count should to be fast take a block, sometimes 30k satoshi's enough.

The solution is not in the wallet but should be in the blockchain itself. We cannot give up our control over our bitcoin just to have a faster transaction. We cannot ignore the scaling problem forever.

At the moment, if you want no-fee transactions, you will have to stick to Coinbase-to-Coinbase transactions. It should be free and instant. Otherwise, I can't think of other methods.

If I want to really want to save miner fees, I will have to make xapo which is an online wallet my wallet  which is a NO cause I'm not fond of it .  The current online wallet I use now is for just converting my bitcoins into my local currency .

Solving the issue about confirmation time and fees will really take a long debate because the system now has also an advatage for special situations where you want to prioritize your transaction as well as for the miners to have more income . Although what others have said in this forum about first come first serve is nice, we just have to set a minimum fee, I just doubt that miners will accept it .

Yeah i just do this for a fast transaction pretty good you have a choice for your transactions if you wanted a fast transaction you can just pay high fees that pretty much fair for me and also a good feature for manu bitcoin wallets.

I've used them before mainly because of the faucets but I eventually stopped after I found this forum.Afaik xapo should only charge you fees if you made a bitcoin transaction with a non xapo account. I don't think this is a good solution to save miners fee because you can't back up your bitcoin wallet on xapo, there's a chance your bitcoin could be stuck/lost once the site goes down. For group transactions I use blockchain/electrum to save fees.

All the online wallet transaction has been consuming 0.0004 btc for a single transaction. Are you sure that xapo is consuming less fees for transaction as a network fee as the mentioned amount is lower.
I noticed in blockchain, As every transaction has been completed there is some bits always remaining in the wallet. May I know, What's the reason for that.

Miner fee is compulsory.if you don't give minimum fees the transaction will take long time to confirmation. Use blockchain wallet for low fee or zero fee, . You can set your own fee, but if you don't give them appropriate fee its take long time to confirm the transaction.

There is really no forcing people to keep using Bitcoin you know? there is a limit for every thing and the limit for people willing to pay fees is around $2 Personally I wouldn't use Bitcoin if I see that I can't afford it, I agree about all the decentralized and government free currency but will you pay more than what you are paying using traditional payment processors?
Everyone will eventually do some calculations and when they see there is already a service processing your transactions in less than a minute without any delays starting from 30 minutes and going as long as 48 hours, they will get cold feet, and then miners will remain with their useless and cheap stashes of coins.

Payment processors exist only to process your transactions unlike Bitcoin miners, they can chose to ignore your transactions, meaning there is no obligation for anyone to actually process your Bitcoin's transactions.

The fee required for instant confirmation is rising, due to the increase in the number of transactions. Even the implementation of Segwit is not going to help in the long term. We need a permanent solution.

This is a problem that continues to grow, the fair if more and more users then the transaction to be slow. I think this is a weakness of the bitcoin side because it does not anticipate the magnitude of the transaction.

The solution is to petition the miners to raise the blocksize..right now they are a little unsure what to do  -- please tell them we want more capacity.  The core roadmap is not being accepted because core already lost the trust of the miners.... so lets just ask for 2mb hard fork, its very freakin simple.

Here's the thing I love about our speed, i.e. it is not possible at low cost can make transactions fast. the solution to getting a fast transaction is cost.

I just dont used bitcoin to transfer money unless i really have to .I used a altcoin with a lower fee and faster transfer time.If i am stcuk to use bitcoin i make sure i transfer alot at a time .Small transctions will kill you  with fees

Miners not seeing a solution in Segwit (which indeed is not a solution) doesn't mean they have lost trust in the Core team - it's just something that plays in your mind, and that's it. Thing is that Segwit is by far the best option that we have right now. If the miners that signal BU support right now were really seeing value in BU, they would allocate enough hash power to initiate a hard fork. Let's be honest, if you have zero confidence in something, why would you not directly act and shift over to something that works better? In this case, simply because BU isn't better. ;)

I still think a static figure is shortsighted to put it mildly.  If there has to be a hard fork, let's make it one that doesn't result in the need for another one when we hit the new static limit later.  If people want to have all this drama repeated again in the future, then I have to assume masochism on their part.  The solution should be adaptive (https://bitcointalk.org/index.php?topic=1890666.msg18826042#msg18826042).  Forget the overly simplistic 'whole numbers' mindset.

I was a xapo user but they locked my account for some reasons that i don't know what exactly it is so i leave it alone, but that's not a big deal since i didn't put all of bitcoins our there. Like people mentioned above it's not xapo's fault but the blockchain itself, i remember the time when we sent bitcoin simplest,faster and cheapest of course we didn't have to calculated how much fee to get fast confirmation, but now seems like annoying, i have tired to calculate how much fee should i use before do a transaction in order to get fast confirmation, i hope this problem will be fixed soon by the community.

I think the solution for the slow payments or confirmations and also the fees is having a lot more miners in the network to sustain the needs of the bitcoin network. We all know that the numbers of bitcoin users are increasing so it makes a lot of traffic from the network because of the transactions and the only thing that i know that can solve this problem is having an extra more miners in the network so the confirmation will be fast and the transactions will be faster and there is a possibility for bitcoin to charge a cheaper fee.

Having more miners is not the right idea to have and is not a good solutions of slow payments fees, because it's a reverse psychology as what have mentioned. It will not help resolve network traffic but rather makes the problem worst, it will remain same as what non miners experiences. Blockchain networks slow payment fees has the solutions of making the services fast by means of improving the network speed, and must accept suggestions from the users so they maybe have transparency of what's been goin on; in order to make it fast payment fees transactions.

Correct,ive been using coinbase in the past because they dont really charge you some fees when you make transfers of bitcoin into another wallet but later on they do already demanded some fees which i do really consider it too high compared on other wallet but still a good choice because it confirms in no time dont like on having smaller fees or not putting at all.I strongly believe this will also happen to xapo even though im not using it but later on it will surely demand some fees.

It is only a matter of time that even Xapo starts collecting fees from its users as the fees are increasing they are loosing in money doing transactions and from what i understand they are not earning any profit by being a wallet,i am not sure how they are managing to put the fees,i would like to know how much money they are spending on a daily basis as transaction fees.

I think the solution for the slow payments and for the fee is can be done only by the core team of bitcoin because they know what is the best for bitcoin and they can fix it by applying some improvements for bitcoin. We just need to have patience for waiting for the fix and after that we can really get a faster version of bitcoin.

Xapo is a web wallet and it is always not recommended to use web wallet to store your bitcoins, using this web wallet for faucet earning is good but storing the bitcoins is not safe.

Will the core really solve the problem or can just worsen the situation. As we have heard and read on the news about bitcoin that Bitcoin Unlimited nodes have crashed and today the only thing working is the core developers code. If it is true that the spam attacks on the network are done by the BU then we can expect lower fees and fast confirmation coming from the core but it is still not clear as to what or who caused the high miner fees. Possibly even if the core developers take over the price will still climb up. I hope I am wrong.

i always use exchanger for my wallet, even i know it is not 100% safe because we not hold the private key but for sending / receive not get any problem yet

Indeed for now some say that gives the high fee will provide confirmation in speed becomes faster than normal (default). But I get or feel is fee high or standard has the same rate of speed, it could be said that the higher fee just dumped a lot of money. Unless we have some reasoning then it's worth using a high fee. Because sometimes the way I use different with you, or perhaps a website can take advantage of the exchangers in order to get the confirmation of the greater of the wallet that we have
 

Theoretically, if you pay a high fee, your transaction will be confirmed quickly, and most people will agree. However, it is only partially true, in fact, reasonable charges always give a quick confirmation time, so do not waste too much money to pay for the miners. Especially in the present time, bitcoin surge dramatically, which makes the cost we spend much more expensive than before.

If you all see the fee structure of xapo most if you will be shocked. If the amount you receive is less than 0.0006 they will charge you fees otherwise no fees. And it is mentioned for sending transactions fees is 0.0005 but till now they have never charged me. Check it out guys : https://in.xapo.com/fees/. Maybe they will introduce fees in future idk it's better if we take the advantage of this offer

You wont know such thing because its only on owners side knowing their profits on certain transactions.I don't know why they aren't still charging or adjusting some fee on any transfers because which I saw most of exchange and online wallets do already charge fees on each transfer.If they can able to sustain the fees on their users then it would be fine but we don't have any complaints if a certain transaction would be long or fast.It does depend on the fee putted on.

Seriously what are you some big whale how has thousands of bitcoin with yourselves. You will mostly have bitcoin in a smaller amount and I'm assuming you may purchase few things using bitcoin. If you have a wallet you will always have to pay fees and wait for hours. While with xapo no fees and 1 confirmation within 4 minutes.