Bitcoin Forum

With the growth of bitcoin value to 4000$ bitcoin is establishing  themselves as one of the most wanted cryptocurrencies. While this is good as the demand will make it's price increase, I am thinking of what may happen to the transaction fees ?  They seem to grow proportionally because the miners are taking advantage of the numerous transactions happening, and they select the ones that have a higher transaction fee.

Will these continue rising ?
How can this be solved without affecting deeply bitcoin?
Will this give an upper hand to bitcoin cash to increase it's value, as it looks like their transaction fees are lower ?

 

That is possible if segwit failed to do it.
The bitcoin core team update the Bitcoin code by a soft fork that happen in last August 1 for preparation of segwit2x.
That is possible.
BCH have a lower fees on their transaction but they need a lot of support from miners to make a BCH transaction faster

the block size is limited and will always be limited, no matter to what number.
as it fills up, whether it is because of adoption and more real transactions or spam attack or a combination of both, some transactions will be left out. they will end up paying higher fees to compete for that limited space so fees will go up.
so unless you can do something about that space and eliminate it completely i don't see any other way of reducing fees for long term not just temporarily.

That is possible.
BCH have a lower fees on their transaction but they need a lot of support from miners to make a BCH transaction faster
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Bitcoin Cash also takes days to confirm a transaction.

Instead of Bitcoin Cash, if you want lower fees consider other currencies - Litecoin comes to mind immediately.

Good questions, hopefully segwit2x improves the fee situation with minimal negative consequences. Good luck to you!

They should be a lot lower now than they were a couple months ago. It was absolutely ridiculous.

It is ridiculous but they made it as a business so if Bitcoin price goes higher then usually some wallets adjust the fees too depending on the value of bitcoin currently.

when SegWit support reached about 100% the spam attack stopped and mempool started to become empty again (for  a couple of days it went up again but it is now empty once more). and when it is empty the transaction fees become lower because there is no more "competition" or as some call it the fee wars :D

bitcoin cash blocks are empty even though they are mined rarely!
last time I checked it was 1 or 2 blocks per hour and each about 200 or 300 kB only!

and just like any other altcoin (like Dogecoin for example) when the usage and price is low the fees will also be low.

I think transaction fee will be lower because I see in my mycelium the fee is not too high but in exchanges still using high fee for transactions. the price will keep rising as we know many people is interesting with bitcoin now and they start to buy and sell and this makes the price is up. the rest question, I am not sure and I need to find another source to find the answer.

It is normal to see that the bitcoin transaction fees are also rising aside from the price of its own because the demand is getting bigger and bigger and the network needs a lot more work from the miners and the only thing that can get more miners is to give them higher rewards so bitcoin can attract more machine to support and sustain its network.

In the past it was possible to get a transaction without any conformed fees if the inputs and the out puts had a high a high priority and followed some rules and in 2017 the free transaction is still nearly possible if you don’t care and you don’t want a fast transaction because if you cannot pay the high transaction fees then you can go through free transaction but it will be slow to conform it will take a few hours or may be the whole day.   

Not so near but exact on the target! This explains everything and fixes all sort of question I had in my mind regarding fee for transactions. How could I not figure it out earlier? With the increase in price and users, the burden must have increased and that is why the transaction fees have also a stirred up.

The other day I paid something like 60 satoshis per byte to get my transaction through (that was the recommended minimum on Blockchain.info and today it was double that so I would have to second this that fees are going up a lot.

I hope there is a solution to this increasing fee problem because I do not fancy paying 3-5% for transactions that take up to an hour to process...

Will this give an upper hand to bitcoin cash to increase it's value, as it looks like their transaction fees are lower ?
- Bitcoin cash or BCH now is in the process of promoting their coins, that's why they're doing everything for it to make their value get higher.
But because of the support is not enough to make the demand for BCH will increase. The flow was too slow, though their transaction for their client is too low only.
 

Maybe another spam attack.
Bitcoin is rising to new highs every week. I could definitely imagine a few people who doesn't like to see this and therefore spamming the network to make it frustrating especially for the newbies entering this space and buying their first bitcoins.

everything in this world if the thing is indemand or popular price will be increasing, the bitcoin now is very popular and keep inceasing the price you need expect the transaction fees are increase due to the popularization of bitcoin in the crypto currencies thats only my opinion about this topic, thank you.

Hopefully the wars in the transaction field is something to be looked out for the bitcoin users, and try to make it more smooth and with decent fees for the users. The mempool can get again full, and we get this strange and high transaction fees.

Once again, the situation is turning really bad. Right now a total of 57,000+ unconfirmed transactions are in the queue, with a total size of 61 MB. And you may find this hard to believe, but all the transactions with a fee of less than 261 Sat/Byte were turned down during the last block.

I do expect for this thing to happen since when the price tends to reach new heights and just as expected unconfirmed transactions bloated again as of now which have 50k+ unconfirmed transactions on the network and just as expected too the average fee did really rise up and here we are again on this kind of situation which did happen already in the past where fees do increase on this kind of events.

I think this happens because miners Bitcoin is not too much and Bitcoin Prices are getting higher. Makes block breaking on BTC slower and transaction fee up. This is just my opinion.

transaction fees is rising due to many reasons
let me tell you some reasons
1:- Many wallet's owner know that bitcoin price will increase so that they will gather much bitcoin as they can in the form of transaction fees.
2:-want to rule over the market of bitcoin by gathering more bitcoin.
3:-the fear of interference of government that cause huge tax for wallets owner.
  

Yup, it will rise and rise until the system have a minimum withdrawal. In my country our wallet have an expensive fee. You cant withdraw just a small amount because it is very deficit, you need to save it more higher for it to lessen the fees. We all know that bitcoin will grow high, this is one of the reason why bitcoin wallets risen up the transaction fees.

The Bitcoin will increase again and again because many people will invest and the demand of bitcoin today is increase as the price increase up to 5000$ as today bitcoin is in $4000...

It does not seem to be a matter of increasing transaction costs as long as bitcoin prices keep rising and it will continue to happen.
Obviously provides an advantage for bitcoin cash because the transaction is much lower.

Higher fees are now the reality, times of cheap Bitcoin transactions are over. But money, and Bitcoin has become a money, has its price. Miners demand their share and want to cover their expenses. Each of us has to know how much is prepared to pay to deal with Bitcoin. And no matter that bitcoin cash transactions are cheaper, it can't compare with Bitcoin in any way.

yes you are right, the transaction fees further increase in the future, it depends upon the price. More price increase, then more transaction fees increase, but as we know it will same for us because increase in profit make us so rich that we cannot have any effect of transaction fee, but if the transaction fee become less then it will be more profit for us.

Wasn't Segwit supposed to solve this as a short term solution or is it because Segwit isn't really activated yet? I still can't see BTC getting mass adopt worldwide (replacing cash) even when BTC was the very first crypto to emerge and currently the closest, if the transaction fees keep rising..

There recently was a spam attack and I saw it was up to somewhere around 63,000 unconfirmed transactions at one point. looks like it is down to under 30,000 now.

I would think the transaction fees would be going down now right? As always, you don't have to pay a higher fee to be put into the next block, unless you want to...If you want to wait you can pay a lot lower than 1 or 2 USD. If you don't care about it getting there for a few days or a week you could do a very very low fee(the accepted minimum).

I think yes it will always rise and to overcome this I see only the banking system is the answer. what if we make a wallet and send our Bitcoin to that wallet and in exchange, it will give us a temporary money which we can use instead of Bitcoin till our transactions became confirmed. this way I am sure many users will use that type of wallet and it will really help the economy.the only problem is the trust or we should come with even better ideas I know I am a stupid in these.

Bitcoin Cash is another just another altcoin, and we have plenty of other altcoins where transaction fees are far lower than Bitcoin's.
I wouldn't pick coins solely because they have low transaction fees - most of shitcoins have low transaction fees because nobody is using them.
Bitcoin Cash is another example of this pattern, lower fees and long confirmation times...

i tried to calculate the fee from local wallet which found better than exchange and web wallet some cases it goes over 0.002 bitcoin , i hope bitcoin foundation find the way to fix this because 0.002 at 4300 $ different than a time of 300 $ price .

It is amazing  to find such volume of unconfirmed transactions at a time like this, when most Bitcoiners are holding tight to their Bitcoin. Must be that some people are putting up a stage to score some cheap points against Bitcoin, because if it were to be whales moving their coins, they would certainly have known better than use less fees for their transactions.

Bitcoin transaction fees rising only I think because bitcoin is also rising. But I'm not sure about it, because there are some exchanger giving their charge amounting 0.001BTC like in bittrex, while in yobit.net was 0.0015BTC higher than bittrex though most of the coins listed in yobit was a shitcoins compare into bittrex is not.

Transaction fees have increased with the increase in the number of users but different exchanges have different transaction fees. Some offer low charges while other have decided to earn profits in this golden period of bitcoins where prices keep on rising in the market. Choose those exchanges which have lesser fees to tackle with this problem. I like bittrex personally.

But how will bitcoin ever catch on with the mainstream public if the transaction fees are as high as they are now?

The fees vary according to the rising bid, because the fees vary as the hash rate increases, and as the fee increases, the approval period changes, I prefer to pay consistently high wages, and my transactions are confirmed more quickly.

If the government happens to interfere by charging taxes, then it will turn out really bad for we users, because wallet owners will start to charge even more fees. They might even turn the taxes over to users to make more income

Without any errors here, the transaction fee has been defaulted, the web wallet is always the default of what you pay, so you have to accept it.

This is really happening again. Our wallet provider are rising the transaction fees again. It is not a good thing for those newbie on this community. It might get them disappointed and discontinue using Bitcoin because of the very high cost of transaction fees. I hope that it will soon return to normal. Those transaction fees are big things for others.

My opinion about this is the rule of supply and demand. I think the higher our supply of bitcoin, the lower our transaction fees, but it will depend to how fast we want our transactions to be approved. The faster the transaction, the higher the fees are. I think to those fees what are they concentrate on the most.

I think, the fees will become higher as the structure of bitcoin and blockchain itself become more difficult and bigger. When big Icos will start using blockchain on 100%, the companies will raise the fees. The transaction fees may be will stay as it is, but companies want to make profit. At the start of every ico, it will be very cheap to use it, but after you will pay a lot of fees.

If we are going to look at the transactions that are made on block chain or in any market or sites there is a lot of feed or type of transaction mad everyday. And if we want to strengthen up the security of every transaction on Bitcoin system or other crypto-currency fee is regulated for it to develop more. So the fees is just a help or what we can compare as a tax for the users to have security in every transaction they are going to be made.

Of course it is a big deal for the other users of bitcoin because that is already a money that is being wasted because of the required high and expensive fees and it is getting bigger and bigger as the years pass by on bitcoin and i think we should request and tell the developer team of bitcoin to do things that will help for the fees to lower down so the newbies will be able to start and make more profits.

I think the more bitcoin is increasing its price the more the transaction fees are rising too. I just think the are balancing the price of bitcoin and its transaction fees that's why if it increases, they also adjust the transaction fees according to how high the volume is.

As the price increase continues the transaction fee increasing along with it is quiet a common thing and people need to understand the true facts. Also few wallet service providers are increasing their rates and in specific bit.ac has a very big transaction fee than other wallet providers.

Once in a while fees are expected to increase when there is congestion and If miner services are urgently required

Without affecting bitcoin i highly doubt it if thats possible because a hard fork will be needed to pave way for segwit or lighting network or other alternative is to wait for prive to go up as we as asured of less transactions to be carried out

Fees will not give BCH the advantage
Bitcoin cash transaction fees are only lower because there is little activity on its network and lets not forget bitcoin has been there  ;)

It's more or less the question if the transaction volume will remain that high. It could be that high due to the high amount of bitcoin being bought and sold during the price race.

But eventually, after the currency has reached some more or less stable value in the future, the transaction volume might also reduce quite a bit, resulting in falling miner fees.

Again , this non sense is soo false is not funny anymore.
BTC was at 4500 last weeks and the fees where half of what we have now.

There is no relation between the price of BTC and the fees.
The single thing that matters is the number of transactions you have waiting to be confirmed.
If we had 100kb blocks, I can tell you we would have had 5$ fee for a simple tx while bitcoin was at 100$.


Again, dead wrong.
There are graphs everywhere with the the tx fee in usd value and you can see it has not followed the BTC price.
What it did follow was the size of the mempool.

You need have to remember in the past although Bitcoin has increased, but the fees still not highest like now. Because we also know fee Bitcoin calculate via size block of our transaction, but the fees of every Kb always increase after Bitcoin have breakout on market, why? ...

I think if you expect a free fee for your transaction you will never be able to find a confirmation within a few days and of course your transaction will be cancel and your bitcoin will be back on your wallet. The current fee is really terrible. At some exchange sites even, like in c-cex. To do bitcoin transactions. You have to use a fee 0.002 btc equivalent to $ 8 / transaction, that's a crazy fee

Yesterday i try to send 0.1$ from blockchain they ask for 1.92 fee for that transaction .is to big for 0.1$

Its really getting absurd at the moment, now for your transaction to go through successfully, then you will need to pay the equivalent of $3 for a regular time transaction in blockchain whiles $4 fee for a priority transaction. I believe something must be done to reduce the fees involved.

We were able to do things very cheaply from the beginning, now it is very expensive, the first two basic principles of Bitcoin contradict each other, it is not cheap and fast anymore, it has to be fast or cheap, I do not know how the system works in Bitcoincash.

yup ! as explained above block size of btc blkchain remains same no matter what the price of btc is said by 2nd guy in 1st page of this topic which is quite true.
You cannot expect low tx fee from now on because of spam tx attacks :"

the price of the bitcoin is very high and the transaction of the bitcoin is also increasing and I think it is very normal to see the transaction fees is rising along with the price of the bitcoin and it is making the demand of the bitcoin bigger and bigger but the system of the bitcoin still needs a lot of improvement and the circle of bitcoin is growing very fast and it will attract more people because bitcoin has become more trust worthy

I think that should be due to the fact there are now lots of transactions going on on the blockchain due to the rising potentials of the market. People have started seeing the potentials of the market and have started investing both time and money in the market.

I thought the scaling debate was all about fees coming down. So whats going on?