Bitcoin Forum

I was wondering at the very high of the transaction fee. Does it increase with bitcoins? Or will it be resolved and return to previous transaction fees?

Bitcoins value does affect the transaction fees (not in the amount of Bitcoin used as a fee per se, but the value of transactions fees in USD). That cannot be changed.
But transaction fees will go down once the Lightning Network is implemented.

After seeing your thread I am curious as well on how they can do it, Segwit is in control of the situations they surely doing something to work it out let's just hope it is a good choice because I think there are surely some that are against on this smaller transaction fees and let's understand them because they surely put their efforts and time in bring up the value of bitcoin and we can not push the majority of people that are complaining about the high fees.

I think that transaction fee is just the stagnant price of it. Because btc has a growing price. That fee could would be seen as a low value until the price goes up. There might be even a chance that that fee would increase as the price increases.So for me, if you want a faster transaction, better pay the minimum fee which is i think.001. Any value lower than that could be of less priority.

I feel the high transaction fees is not something that will leave us anytime soon and I don't see it as a challenge though because I still carry out some transactions recently and the fee was relatively cheap even with reasonable waiting time which is something I am impressed about. But we should be mindful that as we are happy about increase in price we should not ignore transaction fees.

Fee is OK for large transactions but is really PITA when you need to do micro transactions. My last two where micro and fee was 1/4 which really doesn't make sense at all. I am hoping for some solution as well and trying to use ETH in the meantime for small payments.

Yes right now fee is really high but this will not remain same for next few months when lightening network will be activated fee will be almost zero. Off chain transactions will be possible within bitcoin ledger that will allow users to send bitcoin without any network confirmation and fee for such transactions will be almost zero.

I don't know actual date of its activation but next update after segwit is lightening network.

the transaction fees can come down if:
1. spam attack stops or somehow prevented!
2. miners stop filling blocks with their own crap (BitFury)
3. miners stop mining empty blocks (AntPool, F2Pool)
4. hashrate doesn't drop like a while ago because of BCH so that blocks are found on a regular basis.
5. we get a capacity increase (something like what SegWit does).
6. the wallets fix their broken fee estimation and fee increase steps so that decreases the rate at which fees rise!

Fees grow when there is a spam attack, and when it stops they quickly go down. Also, you need to develop some habits that will help you to reduce your fees. For example, you can pay to many addresses in the same transaction, so when you do some transaction, ask yourself if maybe you want to do another, like depositing to an exchange or something. Always check current fee status on https://bitcoinfees.21.co/ - don't trust your wallet and don't overpay if you don't need to get confirmation in next block. A little wait will not hurt you, but will help to save you a good amount of fees. If you have to do a lot of small transactions, you may want to use some online wallet that processes withdrawals in batches - this way you'll have to pay only 0.0001 BTC per transaction. Just don't keep all your money online. If you are sending coins from exchange to exchange, you can do it via altcoins, it's much cheaper than BTC.

I don't see anything wrong in the fees. /s

Honestly, the fees are so high that you cannot send any penny transaction anymore unlike in the days, and I'm not talking about its equivalent in USD. Back then, 10k satoshis would be the most common fee that you could pay and your tx would be confirmed within the next block but now, you need to pay AT LEAST 211k sats for your tx to confirm.

I hope LN solves the problem for this.

You can decide how much to pay for fees, but more you pay and more the transaction is faster
But in generally now the fee is high, we hope in the future it become lower

This is one of the major issue bitcoin are facing and its annoying.the transaction fee are unreasonable.i hope the lighntning network that there talking about really solved the issue..it will be easier and more convient for everybody if the transaction will be reduce or no fee at all.

The fee may increase further. Wang Chun and his F2Pool have reneged from the New York Agreement. All the other major players are still supporting the NYA, including Bobby Lee (BTCC), Valery Vavilov (Bitfury), and Marek Palatinus (Slush Pool). But without the support from F2Pool, I don't think that they will get the required hash power to implement the hard fork in November.

I think the transaction fee depends on the bitcoin value, don't do Frequent trading transactions if you don't need in urgent.

the current fee that we feel is still high, segwit still trying to make things better especially about transaction fees. but one of the things that I feel now is the faster delivery time, whereas the total fee I spent a few months ago is the same as the present one. of course there are significant changes, but not all of them but this is quite helpful at all.

Segwit will not have an impact until a lot of wallets include the segwit format addresses. Right now I know that Bitcoin Core 0.15 will have the segwit format addresses so you can easily send segwit transactions. Currently only advanced users can do that, so it's still limited to using the console. Once it's on the GUI i predict segwit transactions will be used a lot.

Until then you can wait for the weekend to make transactions really cheap.

Apparently Segwit is supposed to help ease the transaction fees a bit and Lighting Network implemented is supposed to solve the issue to a huge extend (while coming with its' own set of problem too).

I think the rise in fees depends on the number of queues. so the more queues that make transactions at a time, then the fee will also rise. the other thing I think is maintenance. I'm sure, technology as big as blockchain would also require huge maintenance costs.

There are two things a user can do right now to reduce fees. One is convert to a Segwit wallet, of which there aren't very many of course. The second is to use a wallet with manual fee control, again there aren't too many.

People scream about $5 fees when a decent amount of the time a 50c or 20c fee is sufficient. It's their wallet forcing those stupid high fees because they're not reactive enough.

I'm thinking that it is fair as the value of bitcoin increases, fees should increase too but that's too much and it isn't right for me as everyone is complaining about it. This is why everyone is in bitcoin to have lesser fees and I do believe that it will be fixed soon.


Another one thing that needs to be consider, only blockchain.info I can see to have the cheapest fee.

I didn't realize I was overpaying so much until recently. When I use my Electrum wallet now, I slide the fee slider all the way down to "within 25 blocks" and I still generally get confirmed in the next block. I could probably switch to manual fees and cut that in half and not experience any issues, if I were to guess.

But the reality is, the vast majority of the time, I don't mind paying a couple bucks if it means I can get a transaction confirmed quickly. But I also gave up on microtransactions a long time ago.

It's a neat little lesson in what happens when you partially hand over control of your transactions to third parties.

It does get on my tits when people whine about it being billed as free. Not being free is baked into its code and was from minute one. Fees have definitely become excessive but they're a necessity and in the future there won't be an operative Bitcoin without them.

maybe in the future will start many new exchanger competitors, so the more competitors the higher the opportunity for the decline in  transactions fee

I think the issue was during the pre August 1 when the fee was too high the wallet providers had to implement the option of either going for the priority confirmation or not and this is what blockchain.info also did and that is what is still being done without any update and won't even make any difference if one choose 1hr+ or within the 1hr and the fee disparity is so very high.

truely correct like my wallet i use transaction fee are very high i'm shock for the amount fees deducted for single transaction more or least 20% but i have no choice i need to use my bitcoin for my personal need.

The higher the coin value, the higher the commission. I think this is right, because bitcoin brings very good profits in contrast to other currencies and this justifies a high commission.

Its not right! Do you earn so much in bitcoins that you can pay 10$ transaction fee? About whom you are talking? And what is with people who decide to join here and buy some bitcoins? Do you see that picture? A person buy 50$ worth of bitcoins and decide to gamble with it, or trade, and what's happen? He send amount to casino/exchange site and his amount there is 37$???? What?! Why would he use bitcoins? He didn't start yet but he is in 13$ minus.
High fees are not good for mass adoption, if we wish to see that transaction fees need to be normal and like in beginning cheaper then banks. But with current fees just very rich people and criminal's cab pay this high fees. Nothing justify a high commission.

There are wallets that allow you choose your fees like Electrum. Be sure not to set the too low otherwise your transaction may take forever or never confirm.

The increase in transaction fees correlates with the increase in Bitcoin price. This problem can be solved by making the block size bigger or implementing lightning network which we will decide in November.

Nope, that is gonna happen dude , but theirs a possibilty that exchanger can lower their transaction fee.

What is lighting network ? Would you please explain it to me?

I think no. The high transaction fee is normal in the bitcoin and I can say that high transaction fee is one of the most disadvantages of the bitcoin. I really pissed off always because of the high transaction fee when I withdrawing my bitcoins.

I recently read about off chain transactions and lightening network, so once it will be applied then all the transaction fees and transaction times problems will be resolved and the fees will become negligible to null.

I am not that optimistic. What if the number of users increase by 10 times or even 100 times? Will the lightening network be able to accommodate all these transactions? If something like that happens, then even Bitcoin Cash's 8 MB block size may prove to be inadequate.

yes very high fee. not like before with no fee. Why is it so and why it is still increasing. Is it because of the constant rise of bitcoins?

How do those who earn less money and just pay the fee they can endure so they can totally earn nothing. So what happens to this is really to rich people?
 

So this is also my question. will it resolve? Or will it stay in conjunction with the rise of bitcoins prices?

Yes of course it is possible to reset the high prices of the bitcoin transactions. And it will be a good step, because most of the people who are hesitating while doing their transaction in bitcoin due to a high level of transaction fee, they will feel relax and ok with the low transaction fee, and it is also mandatory for the overcome on all other crypto currencies and other cash paper money.