Bitcoin Forum

According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations.  Anyone know why the fees are going higher and higher?

http://savepic.net/9301554.jpg

Wow 420 time for the weed references.
But to answer your question too many transactions occurring and not enough space to process the transactions at 1mb.
https://en.bitcoin.it/wiki/Block_size_limit_controversy

This happens when there are a lot of unconfirmed bitcoin transactions. As of right now, there are over 200,000 unconfirmed transactions. You can check for yourself here: https://blockchain.info/unconfirmed-transactions

The more transactions there are, the higher recommended fees are going to be.

That's why.

Supply and demand.  There is a natural market for fees based on what people are willing to pay and how much space there is in the blocks.
Demand has been rising but the block space is still 1mb.

Fees will keep increasing until they are so high that most people will not pay more.  At that point, Bitcoin will stop growing.

SAD.

Because of Bitcoin Core developers incompetence.

Why are there so many transactions? is it because bitcoin is getting more popular?


I sent 100 bucks and the fee was $2.70, i thought it was too high so i changed it to 0.50cents, and now its been 2 days and my transaction is unconfirmed,

it seems it wont go thorough,  


im thinking its time to cash out half my bitcoins, and take home some profit in case it crashes

This is unfair, the developers already developed a solution that they think will help alleviate this problem, but it has not gained traction with the miners, this is more an issue of politics and economic interests than an issue of technology.

Things are really getting crazy as transactions are not getting through even with higher fees as the average fees keeps on increasing , i am still waiting for a transaction made a couple of days back with 0.0018 btc still pending and still i could not see one confirmation which is really crazy and this is really bad for the growth of bitcoin. I am not sure when we will see a solution for these issues,something has to be done to counter this issue as it is a flaw in the current design.

The fees also increase because of the value increase of BTC itself. These high fees make alt coins more attractive. It's not surprising that all altcoins combined now have surpassed btc in total marketcap at 52.5%.

Core developers must be focused on this issue, 200k unconfirmed transaction base here https://blockchain.info/unconfirmed-transactions is really intimidating.
And maybe before the price reach 2k, the price will be more than 500 satoshis/byte to get faster confirmation. And of course, Fees will be more high and higher until... I don't know what will happen soon.
 

Depends what you mean be growth sure.   It will stop the number of transactions.

The total amount transacted could still grow.  However, I think you are crazy if you believe
a limit on the number of transactions won't hurt Bitcoin.

Another spam attack. The mempool jumped from normal levels to 150k unconfirmed transactions in less than 24 hours

I don't know what are THEY trying to accomplish with this, surely is costy and can't be maintaned forever.

So i've been monitoring for a while and the rate of unconfirmed transactions exceeds the number of transactions being processed so it is always going to climb.

How can you be sure it is a spam attack and what's the benefit if it is?

I can't say I blame you I had a transaction stuck for weeks a month or so ago from a site that didn't update the fee since they just started spiking and were caught off guard, after that I decided to come back and lurk on the forum to see what was up. Then that got me addicted to Bitcoin news again ^^. And as long as your coins are in profit its fine to take profits.

200k unconfirmed transaction, it's crazy, no wonder the fees are so high.

Yes and I would like to add that the cause of this is network spamming. There is someone out there who is constantly spamming and flooding the mempool to slow Bitcoin transactions down. Some say it is Roger Ver the others say it is Core's doing.

Whoever it is I can imagine him doing the evil villain laugh everytime he starts spamming.

Core people want to keep the status quo with 1MB blocks, spam the network would work against them

Agree with the two of you.  The lunacy of the SW v. BU (etc?) is wearing on me.  Lately I have been paying about $1.50 for simple transactions and/or speeding up trx at ViaBTC's service.

Maybe I'll take some profits as well by buying gold.  No worries about changing fees, long confirmation times, drama, and so on.

It is certainly OK to take profits.  I would rather hodl for awhile longer, as the BTC technology may get fixed and become big.  Really change things?

Subjective.

Sorry this has been going on for over two years. The 1mb blocksize limit is the problem. In life when there is a stalemate, one simply change strategy to gain the best result. Being stubborn doesn't help at all.

i don't think this is all because of spam attack (at least not until i see some proof). this one has lasted a very long time, the spam attacks have always been ending soon to restart again not just last above 10K (currently 200K)!

are they trying to kill bitcoin with this?!!

This is because miners also need to make money but I think they have gone too far with that. With what they are doing, they are inadvertently (or otherwise) stunting the growth of bitcoin and just trying to squeeze as much profits from their day to day operations. And if you don't pay premium, expect to get your patience tested.

miners are currently earning about 21,000 USD from each block they mine from the block reward of 12.5BTC on top of that they are earning ~3BTC from transaction fees equal to ~$5000 and that $5000 is not something they deserve.

transactions fees were not a significant source of income, now they are, at least during the congestion times.

things changes in bitcoinland

It's definitely not something that they deserve, but they're getting it nonetheless and there's not a lot that can be done to stop them beyond just not making transactions, forcing the queue to empty more and making it so that they can't keep forcing these fees through spam attacks.
While they do mine, and should be rewarded, getting an additional 25% of what they should be earning is stupid.

I think the only thing we can blame for this crazy increase on the fees is the continuous sending transactions and the unconfirmed transactions are growing more and more and i think this is where the miners take advantage this thing and they charged high fees so they can get profit.

420 because bitcoin is smoking

It's at 450 now but bear in mind this is the estimation to very likely get confirmed in the next block... the median fee is half that and still gets confirmed in hours (yes, I can't believe I'm thinking hours is reasonable now but I actually am getting used to it).

To be fair, my largest txs are all around 250 bytes or so... after learning to keep em small. So I'm still paying a pittance in terms of %.

I think it's the pool operators. They're the ones who have most to gain from high fees, more so than miners. I'm interested to see where the tipping point is for all of this. It can't continue forever.

I've never bought into the idea that servicing everyone's naked greed is great for BTC. At some point you need to show a little long term vision. Very few in the mining space seem to be capable of that.

Didn't you know? It's miners day. While they are celebrating with +4BTC fee incomes per block, others are desperately spamming ViaBTC's accelerator tool.

I just tried for fun to send in a random unconfirmed transaction, usually it would take a minute or two to reach the limit ~ right now it's more like 30 or so seconds.

There is simply no way to deal with this situation than to either include a relatively lower fee that might take hours to confirm, or you need to go with +0.001BTC as minimum fee.

Nothing we can do about this the demand of the bitcoin is increasing in a high number in every second and supply of the bitcoin is becoming limited there are still bitcoin not yet mined so the price is going up so fast almost 2000$ in just a few months also no doubt in they prices we will get a high fees ofcourse.

Would you mind to share your skill on how to make transaction size smaller?  I knew that using changing addresses would make size bigger.

it is not something you can do after the fact, you should do it before.
for example you shouldn't receive a lot of small transactions like 0.001BTC if it is a service and you are getting paid or withdrawing, then wait until it accumulates to a bigger amount and then request payment.

I doubt if people stop using Bitcoin for small amounts and median transactions we would have a growing price.

Let me provide an example;

Even with earth being an unique planet in an unique orbit around the sun and with every thing perfectly fit together there is a chance in the future people can make other planets such as mars habitable, it will take time but it is possible.

Bitcoin being unique doesn't dismiss the possibility of people abandoning it for a better solution.

Average users will stop transacting eventually but they will not go back to traditional networks rather will seek alternative to BTC which could pouch more investors from Bitcoin and take them towards that alternative, after all Bitcoin itself is an alternative so miners must consider this and calculate the longest term profitability vs an expensive asset but without any users.

This will turn Bitcoin to the one thing it was designed to destroy , centralization.

In my opinion that fees are crazy high its because of the increased number of users in bitcoin that causes the flooding of transactions.  When there is a flood of transactions it would mean that the blockchain traffic is very slow and that confirmation will take very long. Higher fees are done by some site so they can get a higher priority so that there transactions could be processed much faster.

Cost of doing business  just got high and that suggested 420 satoshis/byte you will be paying is to speed things up for you

You don't have to pay it unless you want to join the waiting list which might take several hours for you and everyone else.

Strictly speaking the problem is not "block size" but "transaction capacity" being too low. If you could increase TX capacity 1000-fold without changing the blocksize that would solve the problem, correct? And that's just what Bitcoin Core is offering with Segwit + Lightning Network. Other coins (Litecoin, Syscoin, Vertcoin) have adopted this solution with no reported ill effects. This demonstrates that the anti-Core FUD by those working hard to block any progress in Bitcoin was wrong all along. Yet rather than apologize to the community we see them here without apology continuing their campaign of obstruction against Bitcoin.   :-[

It's not same all the time. Right now there are 197k+ unconfirmed transactions and as the popularity is increasing so is the traffic. I think it'll be 500satoshi/byte when Bitcoin price reaches 2k. Need to find a solution about it.

This is bad. I saw someone on the begginners thread that his transaction still not confirmed https://bitcointalk.org/index.php?topic=1921433.0
The fee is getting higher and higher. They should do something about it. This is unfair for bitcoin users. The fee is hurting.

I am also experiencing the same problem, I made a transaction a day ago, I paid a high fee for it, however, until now, it has not been processed, even, it Viewed as an unrecognized transaction. This is bad

Yeah Einstein
People who use bitcoin are to blame for those transactions..

I'll give you an idea, but please don't tell anyone cause idiots might really try it.
We should all stop using bitcoin.
And there will be no more transactions filling up the mempool and the blocks.

For god sake.
Full blocks and rising fees means that bitcoin is used, there is demand for bitcoin and we can hope for more popularity in the future.

Other coins adopting Segwit is pointless because they haven't reached their capacity limit, do not have a back log of txs waiting. Segwit provides no benefits for other coins. Making comparison between altcoins and BTC is like comparing an apple with many oranges. Thus we don't know if there is any ill-effects and until they reach reached their capacity limit, no ill-effects can be seen. All is unseen at the moment.

Bitcoin needs a new consensus mechanism for things like this.  While I don't think a hardfork would do too much harm to the market, it would be a shame if it did.

Because Bitcoin works.
And the fees, it's a little bit more if you "want" the 10min confirmation ... http://imagizer.imageshack.us/a/img924/5531/ljRAha.png

https://tradeblock.com/bitcoin

miner problem.
blame us.

https://bitcointalk.org/index.php?topic=1918030.0

I see. For a same amount (accumulated from certain transactions, lets say 1 BTC), less transactions smaller size, more transactions bigger size, isn't it?

Certainly, and now, the trading floors are seeking to optimize that. They are increasing transaction fees to increase its speed, we and they all pay a high fee for fast execution

I won't be surprised if it reaches 2,000 Sat/byte by the end of this month. It is impossible to reach a consensus on Segwit due to the stupid 95% rule. So the block size remains constant, and the backlog is increasing beyond tolerable limits.

OMG the funniest shit I have seen for a while here  ;D You made my day  ;D ;D  ;D

I think this is really a high fee and maybe it will rise even higher in the future. Previously, we do not have to complain too much about the issue of Bitcoin transaction fee but now the issue is getting more and more attention. Its fee is rising, this is really crazy as you say. The high fees like these can affect the popularity of Bitcoin, others want to know about Bitcoin but if they see charges like this they will probably stop learning about it. I hope in the future this issue will be resolved

crazy 95% indeed for segwit to be activated, and it won't happend. what next then?

we can expect a bigger and bigger fee for those people who want a fast and almost instant transaction which everybody want it! looks like the debate will not ended in the near future , we are as a non-miner suffering. really torturing . unless you are patient enough to wait for 3 days to get confirmed.

That's just sad. I remember when I could pay a few cents to send my friends some satoshis just for fun.
Now, I can't send amounts lower than $1 because I will need to pay the double just in fees.

We better get a solution asap or bitcoin will only be useful to send high amounts of cash.

I'll give you that one mate. ;)

But there is a follow up question for that, WHY?

I cannot understand why the developers do not impose an effective solution in coping with that deteriorating issue. That is the reason why many bitcoin users are sick of bitcoin. Too much waiting time and over the top transaction fees. Having a solution to this problem is a must and very needed.

Yeah, even the fees are high, you can still have to wait in order for your confirmation to be confirmed and it really sucks to wait and to pay a high fee like that. More people are joining our world, but they are really making a mess around here

POS (bank debit card) use a transaction fees of 2% in my country ... http://imagizer.imageshack.us/a/img631/4035/xPdQcG.gif





Bitcoin network is cheap even now ... http://imagizer.imageshack.us/a/img905/1874/1ZULYh.gif but you need the right fees to pass the transaction.



And that, it's new (following the rules in Bitcoin).

The bitcoinfees.21.co website, and mostly everyone's brain, is broken.

Look at the graph on bitcoinfees.21.co, it's pretty clear to see that 120 satoshis per byte is what you need to pay, no different to last week. Or last month.

Not really a need to bring that up here especially since there is already a solution that was brought forth but there are certain pools who shall remain nameless that don't want to participate. If you were a miner would you like 420 sat/byte or 25 sat/byte...? It all comes from greed.

In one hour, the average blocks found are around 4 - 5 blocks, sometimes less. The current transactions per second averages around 4 TX. That's 14,400 transactions in one hour. They can only fit about 2,200 TX per block, which means 3,400 transactions will have to wait for the next hour. And it accumulates over time.

If we kick the can further down the road, the devs can increase the blocksize to 1.3mb per block and there will be no delays for everyone. I don't know why they can't do this sooner. I'm sure everyone will agree delayed transactions are bad.

Actually is a civil war already. I guess the general public will have to suffer with all of this war going on between the 2 factions. Consensus will not be met unfortunately and no one will give an inch. Delayed transaction are really bad specially if we are heading to new level with Japan and other nation accepting bitcoin now.

Why people complain about the bitcoin fee I don't know. Bitcoin is a great way of payment and as such we have to make a few compromises and one of them is to pay the highest fee when you need to confirm your transaction in the next block that will be mined. As an average fee it is ok to wait for about 2-5 hours to have the first confirmation.
Think of it as when you pay a SWIFT in the bank, if you pay with SAME VALUE DATE you send the money within the same day , if not , the receiver takes 2 days normally until he receives the money.

No it isn't.  Fees of 120 satoshi/byte can leave the transaction unconfirmed for several days in most or at least many cases.  Note that on the site it says 5 blocks to infinity and half the transactions sent with those fees are not confirmed.  A lot of people send fees of that size, but a large portion of that is ignorant Blockchain wallet users and other newbies who didn't choose a wallet with decent fee estimation.

Sure, a transaction doesn't really need to confirm within the next block so you don't actually have to pay fees quite that high, but even 220-240 satoshi/byte fees often take an hour or so.  Litecoin transactions are much cheaper because the blocks aren't all full.

It's a spam attack, but they're definitely capable of keeping it going for long enough.

Way back on July 4, 1776 a group of people revolted against their overlords for paying too high of taxes. What do you think will happen to an imaginary currency if people get tired of it? You can use it alone if you want but your outlook on the problem is wrong.

Well that might as well ruin bitcoin. Since there a lot more people joining in by every day and in a a few years we'll be paying fees high as with fiat money.


I've made a transaction with 120 sat/byte and I got 0/3 confirmations for 16+ hours, untill someone suggested me to use viabtc. So no, it's not.

I think they are and they are aware of this all, but they cannot implement a fix when the majority of miners do not vote for the fix they are offering.  They need 95% of consensus, so what else they will do if the consensus is not reached.  They cannot do a thing that does not have consensus so why other people blame them?

You can switch to Ripple. Cheap transactions, hot air is easier to move than (digital) gold.

Trouble is you cannot own XRP, just borrow it... ;D

IMHO the best way forward (if scaling wars cannot be resolved) is dual wallets and dual acceptance: BTC and LTC, so you can use large/small payments with the same ease.

Either BTC scales or LTC acceptance is improved or else, worthless crap like XRP will take over, and we will have just another fiat currency.  :( :( :(

because volume transaction bitcoin is big
yesterday waiting list unconfrimation transaction until reach 200k transaction
i think bitcoin need incraese blocksize

What will happen in the future ? Does the fees will always raise and no one will be interested in using bitcoins anymore ? What are the solutions ? What if the userbase grow really fast and the transaction volume are ten time higher than right now ? This is a bit scarry I must admit ! :/

The big blockers claim the opposite. It is Core doing all the spamming because they want more attention on the scaling debate and the need for Segwit activation and offchain scaling. That is a valid point but the same could also be said with BU. They also have interests in scaling Bitcoin but doing it onchain. The worse thing is the want to hard fork the network away from Core. I have no problems with that only if the BU developers have proven to create better code and are better developers than Core.

I agree it's getting quite ridiculous. Sent $10 worth of BTC to a friend to teach him crypto and I ended getting sticked $2.34ish in fees. 

That's 23% fee, that is unacceptable, I can't believe it. Don't know why they didn't went with something like a fixed fee of around 0.5% per transaction, so that the more you spend the more you pay, that is the logical way to go in my view...

As Hodler says, you can't do much about what you already have in the wallet, but basically the amount of data used to spend determines how "big" your tx size is. The more bytes, the bigger. When your spend is made up of multiple inputs (such as from small amounts you might claim from faucets) they tend to get very big.

How I keep mybalances lean:
1. I try to accept only large payments into my main spend address - for me this is usually not smaller than 0.01 BTC (arbitrary, I just set it at $10 but of course it's almost worth double that now). Hodler has a good tip for holding out for bigger payments.
2. Smaller payments are received into a "dust" address. When this gets significant, say at 0.015 or more. I deposit the entirety of it into an exchange site. It WILL be a big tx, but I will usually pay a nominal fee since it isn't urgent for me to get it confirmed fast. When it's confirmed I just withdraw it back into my main address. It will come in as a single lean/small input.

I think this will keep recurring and transaction costs will continue to increase, I'm afraid 5 more years of transaction costs bitcoin is more expensive than bank transfer.

because there are simply people that don't that you poor guy want the fee to be 100 satoshi bytes, they are willing to pay more just to get their transaction solved in seconds

then you have another one who is willign to pay even more to have an edge on those other people and so on, there is simply competition like there is mining or anything in this world

this competition isn't healthy for adoption, because average joe will simply stay away if he is obliged to $1.7 to send $1..but until the block limit is solved you are beating a dead horse

Last days I'm using 240 satoshis/byte and confirmation time is not that bad.

Of course for important cases I put a bit more.

I also found out that blockchain.info wallet has tendency to under-evaluate the fees (~120satoshis/byte) which caused me some troubles.

I use this website to calculate fees and always give me good result: https://bitcoinfees.github.io/

my friend send me btc from blockchain with default fee and 2 day not confirm and it be come ghost transaction disappear from my coinbase and even i use https://www.viabtc.com/tools/txaccelerator/  it say id does not exist

Thats unfortunate. What i dont understand is that this obviously could not have come as a surprise to the community and developers involved. Im confused as to why this was not thought about 4 years a go where a hard fork would have been much easier to achieve? Did they not foresee the network becoming this large?

I really hope there is a solution that does not end up putting the bitcoin network in a centralised situation.

Finally, the fee is dropping down now, though it's still much higher than it used to be.

Thats really Sad. Sadly that there are lots of unconfirmed transactions, and I am one of them :( I hope this will be resolve soon, I am waiting for so long to make my coin confirmed and making now impatient :( ..  Lets see when this situation can become a little better for all of the bitcoin users.

This problem will genera ate a lot of free advertising which in the long run is works heavily in bitcoins favor. Stop and think about. Get ready for a huge price spike.

I made a 140 satoshis per byte transaction today, and it took less than 6 hours. Maybe I'm lucky, maybe you guys are unlucky. Anyone can try it for themselves, pay on the low end of the scale, we call this "free-market capitalism"

This is the beginning, such fee is not yet crazy until bitcoin hit 10,000 and then i wonder what the fee will be then. The scaling issue will be bitcoin biggest challenge.

This site https://jochen-hoenicke.de/queue/#2h helps me a lot.

Steps to ensure fastest send.
1. These times you can never be sure of the fees to pay. So I strongly advice that whenever you send, you make sure to opt-in RBF (replace-by-fee) transactions.
2. Go check https://jochen-hoenicke.de/queue/#2h Right now it says there are 1,100 pending TX for 280+ sats per byte.
3. Check https://tradeblock.com/bitcoin/ to find out how much TX was included in the last 4 blocks and when was the last block found.
4. Determine the size of your send by using https://coinb.in/#newTransaction
5. Let's say 382 bytes is the final size of your tx. That's 0.0010696BTC.

From the above steps, you can approximate how much fees to pay.

Maybe the "default fee" from the wallet you are using isn't high enought to be confirmed.
I had $2 in a old wallet and I sended this amount to my new wallet with a $0.6 fee. This is a very small amount and very bellow the amount sugested by my Electrum. But after 2 days (and using viabtc accelerator) my payment god confirmed.

You should always check https://bitcoinfees.21.co/ to see how much do you need AT LEAST to make a payment, even if you don't want to pay the "suggested" fee.

Stop sending small transaction on the blockchain if it is not that important. We should start to use Bitcoin more efficiently and stop taking the blockchain for granted. If you really need to send $10 to a friend use fiat or paypal. Or do what Roger Ver did, start using an altcoin.

Your comment is straight up retarded bud, I can send someone $100000 and it could very easily cost 1% of the fee a person sending $10 might face depending on how many inputs it receives.

This forum is getting really old with people like you tossing out dumbass suggestions for others when you don't even know how BTC even works.

I think the cost 420 satoshis/byte is still cheaper than bank transfer, I think the most important is the speed, because of the bitcoin can send money faster and more secure than bank transfer.

Is that something like push service?

Yes, great for paper wallets.

Hmm, I think this is not a question that is good enough. You need to know it happened because the price the higher the bitcoin, where I see that any increase in the price of the bitcoin transactions fee for sure will definitely be high. The cause of it all because of the amount of the transaction that is always high and it closes or opens a new block should be in order to receive or obtain a confirmation of every transaction we do. This is a reasonable thing, because despite the high price we would always get a lot of advantage
 

I think its the beginning of something bad, If the devs don't do anything about it. I paid $6.4 fees to just transfer 80 bucks and i am afraid it will take at least a week to confirm. 109.53 sat/B and the size is Size: 3278 bytes. Now if i wanted to get quick confirmations, the fees would have been double or even triple. That's a big no no!. Take Payza or Paypal e.g, Instant transactions while paying 2.9% + 0.30 cents that is  $2.62 for 80 bucks. The current fees is already thrice the amount approx. My $30 transaction is still pending, Its been 3 days already, I always use the Default Fees suggested by blockchain.info.

Devs enough talk, Just do something about it..  Bitcoin is really jamming up now.

Depends what kind of transfer.
From my bank account to another account same bank , it's instant and 0 fees.
To another bank account the fees are up to 5 euros for sums up to 100k.
In Europe we have SEPA.

When it comes to big payments worldwide bitcoin still has the edge but if you're sending small amounts to a friend the banks are winning.


And there will be an idiot in the next minute replying that bitcoin wasn't designed for small payments.
Of course, maybe Satoshi when he wrote his paper on bitcoin was also an idiot.

Until the devs toss away their pride and do a compromise or something ...HODL.

Most of them are newcomers who are just starting out their journey, its not their fault, I don't blame them. Any person with a sane mind knows the transaction fees are out of hand. Bitcoin is becoming more of a currency for the Privileged and the Devs and the community is still debating about the issue.  Bitcoin is kind of booming right now and there is a lot of hype going on around it, Imagine a new user coming to bitcoin and they see all this fees  & delayed transaction mess. SMDH. I agree Bitcoin is only Good for HODL right now.

I just want to know when high fees and long transfer times are going to have more of an effect on the user base.

Mainstream commerce-
Long transaction times mean no store will ever accept Bitcoin.
Do stores ignore Bitcoin?
Do they use a third-party solution that promises faster confirmation times, and deal with additional fees, setup costs etc? Are these services reliable and trustworthy?
Does another currency with faster transactions overtake Bitcoin because it offers merchants the ability to take payment in person?


Darknet-
Lets be realistic. Drug addicts are super impulsive. A fentanyl addict isn't going to wait three days for their BTC to confirm when they are running low.
Some kid with $100 of Bitcoin might not be able to afford the transfer fee and still buy that bag of weed he wants.
Do they pay higher fees or choose another coin if given the option?
Will use of another coin like Monero, Litecoin, Dash, Ether get integrated/ become more popular on these sites? What would that mean to the price of the coin?

Suppose I agree to what you are saying which I am not actually but it is just a supposition if I agree that yes it is right to pay 420 satoshis/byte what positive impact will it have on my transaction? Or what facility are we going to accept after this much increase?

Even the transactions to those countries have not been started and we are here to pay more what if the number of the transactions which will definitely increase after a time, we will be forced to pay more than what the current is discussed? It is not impressive.

Ok then what do you suggest? We have no choice but to adjust to what is going on in the network. Why would I keep sending $10 transactions on the blockchain when it would be easier and faster to send them to a friend through cash or paypal account to account transfer? If it is not worth using the blockchain then do not use it.

You keep referring to amounts of money but you aren't understanding that the amount of money sent is irrelevant. It doesn't matter if you send 100000 BTC or 0.00000001 BTC, the only thing that matters is the size of the transaction itself. Not sure what else I can say to help you understand that the amount of money or BTC being sent doesn't matter one single bit, nada.. nothing.. zilch.

Reducing transaction size is one way to solve this dilemma, increasing block size is another, decreasing block times is yet another, stop using BTC all together is another possibility, etc etc. There are many solutions to fix this problem, the issue is nobody can agree on anything

Bitcoin was intended to be a tool for the masses, Not just privileged people. It was made to free people from the extortion of the banks.. Right now the miners have become the big banks.. And bitcoin is becoming more of a tool for elites.. If this continues and no consensus reached.. Bitcoin will lose its purpose..

Well we as users don't want that to happen and I know the elites does not want that to happen too so eventually a consensus will be made to fix the problem we have now. I just hope the consensus that will be made will be the best solution to the high fee and long confirmation times so that bitcoin can continue to serve its purpose. For now I will just wait for confirmation even if it takes long rather than paying high fees it will get confirmed anyway.

Paid 120 per byte and transaction was stuck for 5 days until it was eventually rejected.

I think fee are still not of a issue as it is not much if you consider bitcoins benefit and also the fact there is no taxes involved in it. Bitcoin is not only for the elite as you can have a smallest portion of the coin that is Satoshi., if you cant afford to buy a full Bitcoin.

I thought that it's already lost its purpose. The current fee is already crazy and now appear many accelerators which require you to pay some amount of bitcoin which is highly expensive compared to the normal fee for the exchange of faster confirmation. I know the accelerator's providers aren't forcing you but for those who are in need of their money have no choice but to use this service.
Such a pity for the faucet hunters who more likely to have bigger transaction size while their earning are pretty low.

Even though the fees is increasing, I see it as a positive sign yet it is something that we should find a solution for. More and more people are showing faith in bitcoin and thus the network is getting overloaded with the transactions, thus the fees are getting higher and higher. Even though the current fees are far less than the cost of sending funds through fiat, I don't think we should take this for granted. I believe that if can do something for it soon then within a couple of years we would touch $5K on the price chart and exponential growth in the user base too.

Nope, it is not because of people showing faith in bitcoin, It is because of the spam transactions which are being done on the Blockchain. And Transactions fees right now are over the roof, I paid $6.4 to transfer 80 bucks and that too at 103 sat/byte, Now if i wanted to get confirmations in good time, the fees would have been around 18.3$.. Can you exactly tell me which Online payment Processor charges $6.4 to transfer 80 bucks and that too within 7+ days? None! Bitcoin is only good for HODL right now.



I agree its not mandatory, But here is a thing. https://pushtx.btc.com is charging me $70 to push my 80 buck transaction.. and $5.4 for a $30 transaction... Talk about extortion..

I agree with this.

Bitcoin started as a cheap and fast service. Now it's slow and expensive. It's becoming like bank wires.

Bitcoin has already lost most of its appeal in our crypto-community, but because the price is so high many seem to ignore it. Many people here are sick and tired of this situation and want a solution now.

If this situation continues, I think it's gonna die, as I already said in my previous thread: https://bitcointalk.org/index.php?topic=1917152.0 (https://bitcointalk.org/index.php?topic=1917152.0)

To be more clear, Bitcoin is gonna die as an everyday payment system. It will be used only by a wealthy elite to buy yatch and supercars. Totally losing its purpose...

They say that the fees are high because of spam attacks, but this just shows that if bitcoin gets more attention and transaction, it will not be able to handle it well. Spam attack or not, the fees are going to bloat more and more as more transactions are not being confirmed. We need to scale now but miners don't want to give up their large earning due to large fees yet.

Even if those were spam attacks the message is clear.
Forget about the world using bitcoin. Forget about Europe. Forget about Poland alone.

If every citizen in Szczecin alone (I doubt more than 0.0001% of the people on this board heard of it) would go and buy a a bread with bitcoin...once a day, that and only that , the blockchain would be filled up.

Every bitcoiner is wishing for that, but unfortunately it is not yet happening. Like many people here I am also very confident about find the amicable solutions for block sizes in very near future but in between time what is going to happen would be really annoying as people start using altcoins for micro payments and personally I hate people moving toward any altcoins.

As of now, there is little relief right now, fees are coming down to below 300 satoshi per byte as unconfirmed transactions are also coming down from 200k marks.

I am aware. But what I am saying is to be efficient in our usage of Bitcoin. The 24 hour wait for a $10 transcation worth of Bitcoins,because "you want to send it to a friend", is now pointless. Give him cash. The ineffiency for a small amount sent is not worth it anymore.

Fuck Jihad Poo.

That's cool. I'm thinking whether I need to set up a paper wallet.  ;D

People trying to earn money from faucets they actually are wasting their time. The purpose of faucets is people to learn how bitcoin works doing some transactions each other. For this reason usually these very small transactions are considered as 'dust' clogging the network and are discouraged because increasing the problem that already exists.

I do not think that faucets are the main reason here because there are still many other micro transactions around and they totally destroy the whole bitcoin blockchain system. The fees keep increasing day by day

soon a btc transaction will be more expensive than a bank transfer if this goes on,  ??? ???

It already is expensive than bank transfers mate, except for international wires. It is also expensive than the major payment gateways like paypal and payza. The scaling issue is not getting resolved any time soon. So the situation will only get worse. We can expect 500 satoshi/byte in the coming month cuz of all the hype which is being created around the bitcoin.

The worst nightmare is to withdraw btc from exchanges,thay have standart low fee,there is no way to increase them.Big problem

I remember when you used to get that many satoshis in a faucet. Could never really transfer it. Now with these costs and the rising value, it becomes even worse. Ofc, whoever already has a farm up and running should have no problems.

If it's no longer economically beneficial to use bitcoin, then what purpose does it serve?  There are so many other platforms that provide useful features....like darksend, turing completeness, speed, smaller fees, integrated market places, namespaces...etc.  Why in the hell are we still trying to use such an antiquated platform?  Let the whales HODL their useless digits....if they don't want to listen to the community, then we can find a platform that will.  <----It's that easy!

...

In the past several days, I made two purchases via BTC.  Both times I paid a lot (bought Au and Pt).  I paid some 350 satoshis per byte, and I was very happy.  Both times confirmed at the next block, so I was perfectly OK with that.be

Small trx will be more problematical if they don't fix the scaling problem(s).  I could see an "Alt" coming in, better designed, that might blow BTC away out of the water.

The network wants more fee every day. It's hard to maintain low fees such as 100 satoshi per byte. So that you gotta put more fees.

I completely understand your complaints regarding this point, Last year, I never did a TX with mre than 0.00012 fees but right now it's always growing up, and it's impossible to confirm your TX within few block unless you at least do 267/b or so which is awfully expensive with the rising bitcoin price.

The past week, I sent a small amount of bitcoins 0.015, and I was made to pay almost $7 fees for it. I often wonder if the fees will come down soon and I sincerely hope so.I paid the fee suggested to me by the wallet, if  I had set it lower, I ran the risk of the transaction taking forever to confirm. One of the major  attractions of bitcoins is its low transaction fees. If fees keep increasing, I wonder how much bitcoins will become unspendable?

These fees are set by us in the end, the users of the network trying to hop on each other to get confirmed as soon as possible, Of course it's high and should be reduced and network stress relieved. However I don't agree to a change that can damage BTC much or any forking etc...

This fee issue showed a very good side of the miners, greedy to no end. However on the other hand, someone like ViaBTC is definitely a good addition to the BTC worth, sacrificing possible additional bitcents each block to confirm TX's stuck in limbo for a while.

I hope it will be solved before we get there but let's also not speak badly about it as there are newbies who might not want to be a part anymore if we publish all these negative news on Bitcoin. It's sad to see these high prices per transaction but at least we know this wasn't the case two years back so let's hope it is resolved in time by whatever solution that may come up.