Bitcoin Forum

Hello everyone :) So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?

Without an increase in units this will not solve the problem and I don't care about what they think about the miners. If the transaction cost is reduced to minimum then bitcoin will die. Who's ready to lose all your money to the miners was good?

Where on earth have you been mate? This ain't really a new thing now and miners are really having a filled day with lots of cash. I think in a way you have answered your own question. Simply state; congestion!
Bitcoin is a fixed size block chain and each of this block can only have a particular amount of transaction, so in the process that there are lots of transactions going on(congestion), there will be an increase in fees since miners will only be able to fit a certain number of transactions in a block,... and the faster your transaction can get cause miners love it attractive. Who would blame them? Hopefully upcoming developments should solve all these.

So basically Bitcoin is dying, in a way? I don't see any real world pratical usage for Bitcoin then if the transactions costs are so damn high...

The good thing is that segwit is just around the corner now, plus a bigger block we should theoretically be able to handle up to 4 times as many transactions until offchain solutions like LN can be developed further and tested.

Already,transaction fee was very for bitcoin.But when network started to grow,1 MB block size was not enough to handle huge number of transactions.Also some spammers sent spam transactions to make network conjested.It resulted in huge increase in transaction fee.But now,even before segwit activation,spammers have left the network and now transaction has once again fallen down like before.

Bitcoin is the crypto currency of the future and it was created primarily for large purposes, therefore, transactions are correspondingly high, but with the help of this currency one can earn very well.

Wasn't Bitcoin created for micro-transactions and that a transaction should cost only a few cents?

It is always tough to finish a transaction these days without paying a considerable amount. Otherwise, your coin will be paused and clearing them will be tedious process.

You can use this site - https://bitcoinfees.21.co/ to choose what fees you want to use, and the fees themselves are relatively flexible - you can pay very high fees and get confirmations within 5-10 minutes, or pay less and wait longer. There's no need to fear that your coins will get stuck and lost if you pay smaller fee, I once paid 25 sat/byte and waited for almost a month (this was during recent spam attack). I think some users are pushing fees higher because they want instant confirmations, even though they might not actually need it and could have waited a couple of days instead.

It depends on where you are sending your bitcoin from, different wallets will have different structure in place for example Mycellium has a few choices, economy, priority etc. 

I have noticed over the last week that even with a small fee my transactions have been going through much quicker than they were a few weeks ago when the fees were very high.

What was the transaction id?  What was the size in kb of the transaction?  

You are paying by the size, so if you were spending using lots of tiny faucet-size inputs vs one larger input, you pay more.

Without knowing this, everything else is just speculation that can't answer your question as to why the fee was high.

All transactions that take place over the Bitcoin network require a miner fee to be attached in order to incentivize the network to process the transaction. Since the network can only process a limited number of transactions per second, transactions with a higher miner fee are prioritized over those with a lower miner fee.

Recently, the Bitcoin network has been experiencing congestion which has increased the time it takes for a transaction to be confirmed as valid by the network. This can cause wait times of hours or even days for transactions without a sufficient miner fee attached. This does not create a very good user experience.

Maybe in these days confused between fork and segwit we will have a solution

Bitcoin rate now is 2k$+ That's reason why the fees is so high, every fees has been deceided by the Bitcoin network :) You can use coinbase I saw their fee very low

I would really like to see the transaction txid if possible. There hasn't really been too much congestion lately, so it might be possible that you overpaid, unless the transaction had a lot of inputs.
You should always check the proper amount of fees that you should pay instead of relying on your wallet to calculate the fees.

Some people have already mentioned this website, but I'll share it too:
https://bitcoinfees.21.co/

Always check there before sending your transaction.

Yeah I would like to see OPs transactions as well.
Blocks aren't fully lately, the spamming has stopped.
Right now you can send txn for a low to normal fee size, depending on how urgent and what size your transaction is.
Of course the wallet someone uses plays a role as well.

7 euro is too much for a 24 euro transaction and i would like to ask on what wallet you are using? If you are using blockchain then theres an option on where you can able to edit or set up a particular fee. that 7 euro is way too high for a fee and going back on previous months the max fee did i see is between 2-4 usd which is already high, how much more on 7eur. This is one of the reasons why do people switch on alts like ETH less fees less confirmation times which what im doing as of now.

Not sure what fees you're exactly referring to, but Coinbase requires people to include a fee of +0.001BTC for external transactions. That's exactly the reason why you see a lot people complain.

Other than that, the price definitely plays a role, but it is mainly related to the high level of spam going through the network at the time an attack takes place.

It might very well be coming from the side of the miners as they definitely have a motive. But that can also be said about the Bitcoin Unlimited side. Whatever it is, it significantly influences the fees.

Yup this transaction fee is high almost they are taking 30% of your product price. Now the Bitcoin transaction fee is high I agree, but this is too much I think no one will order this product if they continue this same fee. Let's wait for 3 weeks I believe that this problem will be solved by this month end.

Try sending money another way. See what the fee is. Then explain why that service is not dead.

what was the transaction size? i doubt is really 7 euro and 7 euro is like 350k satoshi at the moment, which is like you are sending a TX of 1300 bytes, if really is true, try to use an accelerator next time

the transaction fee for bitcoin is not high now 60 satoshis per byte can get confirmed within the next block try to custom transaction fee and set it to 60 - 70 satoshi/byte around 10k+ satoshi

When did you make your order because at the moment fees have extremely dipped and you should be able to enjoy low transaction fees . 7 euros high which is ~0.003344 BTC at the rate of 1BTC=2081 EUR which am finding hard to believe...Unless you were charged extra fees from your online store.

You are using an exchange to store and spend your BTC.?
If you use a wallet like mycelium then you wont be even paying half of that fees. Use economy level fees and your transaction will be fast enough.

Right, right now, we are all paying a very high premium for all bitcoin transactions, it's becoming a must-have charge. It is like the charge to maintain the current transaction, because bitcoin is having some small chunks, it can not meet the needs of the market.

yes i also wondering about this,have been so long not use bitcoin as payment,and when i do,its shocked,the fee was raised,in simple way i just found that bitcoin which transacted with many address will take more cost,it mean the fee will be larger,and also the amount of transaction also influence to fee of transaction,more large transaction take more fees.

Since Op hasn't shown us his BTC transaction ID and I doubt that there is a company which is accepting bitcoin directly.
So since some kind of bitcoin payment operator is included in this equation, the most likely scenario is that there was some kind additional fee associated with this TX.
Sometimes (way more often than you even think) there are multiple fees associated with sending money online.

The tx fees has come down to normal levels now, so I do not know what wallet service you used. Some of these services are raping uniformed

users by not adjusting their fees to the current situation. You should give us more information to determine why your fees are that high. Yes,

Bitcoin can manage micro transactions very well under normal circumstances.. but for a while now, people with hidden agendas were spamming

the shit out of the network and this has lead to an increase in fees. SegWit will make these attacks a lot more expensive, so things are looking

much better for the future.  ;D

You could actually set your own customize miners fees in your bitcoin wallet when you are sending the transaction to the blockchain network, actually the miners fees have already been reduced a lot for the past few weeks, as the huge number of unconfirmed transaction stuck in blockchain is clearing out well recently.

It is probably because bitcoins high price and congestion in the blockchain. In order to complete your order in the fastest way pay high if its not so priority pay low. Miners are no question that they are one the riches nowadays, lets see what happen after August 1 event if that problem can be addressed hopefully.

How can you claim such a thing? 6 months ago, transaction fees were very normal, but the miners were totally happy too. What changed during the time?

Why would it die if transactions fee is reduced to minimum? High fee mean fewer transactions and lower fee means more transactions and more transactions mean more user are coming and using, and more will come. Do the math and stop being dependent on mining income. Buy your own bitcoin and don't wait for the handouts. Look at the bigger picture and not just self serving act.

Well this is what you have chosen. You may have gone for the highest transaction fee, it would be much better if you chose a minimum transaction fee and waited for some time to confirm the transaction. Anyway this could be learning for you and believe me learning is earning. ;) I hope you will go for the minimum fees in the future.

Yeah this is way high man 30% is almost unaffordable for me, though the bitcoin transaction fee is high but this is insane. It seems sort of a scam to me, why will someone pay this much high transaction fee for anything. I am not ready to pay this even after 30 years. I think this could be something charged mistakenly. Otherwise the transaction fee is not this much high.

There seems to be some confusion about the fee. The mining fee is used by bitcoin owners to send. It varies with demand, but  since it is competitive it trends toward the lowest profitable fee. If you are using a service to hold your coins you do not actually own any coins and the service can charge whatever they like. Yet another reason to run a node and own your coins.