Bitcoin Forum

If you trade your BTC on websites like Bittrex or Cryptopia the fees can be $5, sometimes the fee is equal to half of your withdrawals. So do you think the fee is too high? If not then explain to me, please.

I am not aware that Bittrex is charging that much for trading...all I know is that the charge per transaction is very minimal. I have been using Bittrex since I got enamored with trading many months ago and I still do some trading from time to time with Bittrex since it is very newbie friendly.

Are you talking perhaps with withdrawing your Bitcoin from these exchanges to your own personal Bitcoin wallet? I am aware that there is already a significant reduction of fees since the Segwit was activated many days ago and come November we would have another upgrade that can hopefully deal with making the transactions faster as it should be and that can result into lower fees since there would be less clogging.

Usually the default fee is 0.0003 whether for small or large transactions, you can raise the fee for confirmation to be prioritized.

The rates of the exchange house must be consulted in the tab "fees" to know the value. 8)

I'm using coinbase wallet and I feel its transaction fee is really high. It's changing everyday maybe I just need to pay 0.0004 BTC for transaction fee at the last day but It'll increase 2 or 3 times at the next day :(. And now it's 0.00115 BTC fee for a transaction. About transaction fee on Bittrex or poloniex I feel it's ok cause It's always stable, it's not changed although BTC price decrease or increase

Are you talking about the Bitcoin network transaction fee? Or just the cut that these exchanges make whenever you make a trade?

yes i also feel the transaction fees is increasing on many wallet day by day on coinbase i used to pay around 30-40k fees back in when btc was around 1000$ and now btc price has surged so did the transaction fees on wallets . to send 0.01 btc if you are paying 0.001btc its way too high

when you "trade" your BTC on websites like those which are exchanges you pay "trading fees" not "transaction fees" and trading fees in dependent on the platform you are using. bittrex takes 0.25% and cryptopia takes 0.2% on each trade.
if you paid $5 that means you paid 0.00108BTC and that means you have been trading with ~0.432BTC and that is normal.

transaction fees they take for withdrawal is always fixed no matter what. bittrex takes 0.001BTC and cryptopia takes    0.0008BTC which are $4.6 and $3.68 respectively.

if you don't like either of these fees you can stop using those services and use another one that offers lower fees. (good luck finding a more trusted place).

It's Hugh now,but you can see gradual decline when segwit gets properly Integrated, also lightning network could easily eradicate the need for fees soon

I guess the question you need to ask yourself is, "why am I withdrawing $10 at a time?" Bitcoin isn't coffee money anymore. These types of fees can largely be avoided by manually entering correct fees per 21co (aim for a 0-1 block delay, not next block). As for the exchanges, they have to deal with lots and lots of inputs, so their transactions are large. As long as blocks are full, there will be this sort of fee pressure.

So when it comes to exchanges, you should be limiting the number of times you withdraw. Make larger withdrawals to your local wallets where you can control the fees (and your transactions are smaller). And start batching your payments in general to save on fees.

Bro, haven't you heard of Lightning Network? You can use the Lightning Network to make almost instant, free transactions... it will be launched in 2018 most likely and Bitcoin will be like it started only much higher price. hahaha

Currently, the transaction fees are a little high for my taste, even if we are talking about small transactions. The fees are not supposed to increase so much, regardless if the price rises or falls. Everyone should be free to send even the smallest amounts at a certain percentage, maybe on a sidechain.

Transaction fees weren't that much really high because you choose altcoin then you accept the fact that you are talking about, you would also know that not only one process when you are trading your coin. Expect that you spend money for fees before you can get your money. Other trading sites have high transaction fees that's why it is better to hold and wait for the price to increase.

That is true, this lightning network will send bitcoin price to another highest again. This is what I like with bitcoin, it continues to innovate to meet the public demand. I hope that bitcoin price will be lower as I find it expensive on my opinion added to that that btc value is increasing.

It is not only 0.0003 for both smaller an larger amount of transactions,some wallets do not let you personalise fee.
Recently i moved from coinbase to xapo thinking that it would minimize fee but there is no option to edit your fee.
Their system auto detect amount that you are to transfer and increase network fee accordingly.

The fee is as high as people are ready to pay. Try 20-30sat/b and it will get confirmed. It might take 10-60 minutes or sometimes a bit more.
If you hold your Bitcoins on centralized exchanges, they chose the fee for you. It's not Bitcoins fault. Bitcoin is working fine.

As we know, Bitcoin's fee in poloniex doesn't change but it doesn't mean that they will not adjust the fee and any other wallets since Bitcoin's price is increasing and so thus its value meaning to say even if it remains stagnant but if we consider its value it is rather getting expensive do they?

Yes now the fees are too high :( me too i have payed high fees for transactions
But i think in the next month we can see a stabilisation and the fees will lower

Yes i think that right now fees are too high, two days ago i had to send a payment of $20 to a guy, and i had to pay $6,5 of fees for that transaction, that is too much money, even more fees than PayPal or any other payment gateway.
But i am not complaining at all, because i use altcoins most of the time and transactions are fully confirmed in less than two minutes and fees are usually less than $0,15

in coinbase.com platform a fix of .0003 transaction fee is quite reasonable you can tell if it is too high unless your bitcoin value is too low like you send .008 btc and a tx fee of .0003 is to much high but a bitcoin of .08 and a tx fee of .0003 is quite low, the transaction tx fee may vary from site to site. some charges are thru fix percentage and some are thru fix btc value.

I don't think so that such a reputed exchange like Bittrex would be charging such a huge charge.I have seen that in poloniex,the transaction fee is just 0.0001 btc and in bittrex also,it seems a little bit near to it.The transaction fee in other wallets is high and if you set the transaction fee low,then it would not get confirmed quickly.But we could also notice that their is a sudden fall in transaction fee this week and transactions get confirmed very quickly with even very low fee.We could continuously enjoy low transaction fee once segwit gets completely locked in in november after which high increase in  bitcoin price could be expected.

Sounds like you are referring to the trading fee which is a percentage of the traded amount? On the other hand, transaction fees are paid to the network in order to get your transaction on the block. It is not neccessarily as built into the bitcoin network, but in order for your transaction to be processed in a reasonable amount of time, a transaction fee is needed to incentivise miners to process your transaction.

You can read more about it here: https://en.bitcoin.it/wiki/Transaction_fees

Most exchanges charge a flat fee that does not really change with the price of Bitcoin, but the cost of transaction fees (in satoshi/byte) that will ensure your withdrawals get confirmed within a reasonable amount of time. I've seen that's about 0.001 BTC across the board and the only reason that's $5 now is because BTC price is almost $5,000. That also means the value of coin you receive is higher, so you're still the overall winner.

Of course it seems exorbitant if you're talking about a withdrawal of 0.002 BTC, which is why it is anyway always encouraged to lump your withdrawals together. You save yourself some fees, and help keep the network free from unnecessary multiple transactions. This is also true when managing spends from your own wallet. If you don't need it urgently, wait until you reach a higher threshold before sending them on.

Another trick? Exchange your BTC for an alt... LTC or even DOGE. You pay much less (although lose on the spread).

The transaction fee is definitely pretty high and that is one of the main problems with Bitcoin, the transaction fees make it inefficient to make smaller dust transactions, which in turn makes it impossible to use Bitcoin in everyday life.

I think the exchanges charge a higher transaction fee than normal since they don't want you to withdraw.

I think that transactions fees are bit high when you do small transactions as the transactions fees in some wallets are around $5 which is high and it difficult to use for daily needs or something.But it us quite negligible when do a transaction of worth 1 btc something this is good features of bitcoins I think.Transactions fees are bit worth it if you compare the price of bitcoin now.As miners gains profit from transactions fees so to keep miners from shifting to other crypto currency i guess it has increasing as many miners have shifted to bitcoin cash as it is more profitable to mine it.

Ya correct .Now the transaction fees for bitcoin is very difficult to Due to considering the price of bitcoin. Previously the most of is sold with huge profit. So I think the developer should consider this and reduce the transaction fee for the growth of bitcoin consideration. This also reflect the price of bitcoin.

Eventough that the fees of BTC transcations have increased a lot in the last time, they're still nowhere near to 100% of he amount you're withdrawing. You should check your settings.
But I can understand that many people don't want to pay high fees to be prioritized so that their transactions will get confirmed quicker. That's why many altcoins are booming because people simply take advantage of the features they offer instead of sticking to BTC. Until Segwit is trough, I don't see an amelioration of this situation, that's why I use DeepOnion since a week. It's safer and faster and I don't need to wait for 30 minutes until my transaction got it's confirmations!

As much as I know about the transaction fee it depends upon the volume of the transaction amount and the time, means in less time or more time. When all these things decided then the transaction fee is allocated and decocted.

I think it is normal because it give you the choice that how many bitcoin you want to transfer and in how much time you want it in your specified location.

It all depends on getting the best deal for you. Bittrex charge fee isn't high for me. And charges vary depending on your bitcoin  wallet site when making your transfers. So, you can look out for the best wit minimal fees but wallet security is also Paramount.

Yes that's right. But there are simply other coins that offer more speed and a better price compared to BCT at the moment. And the consumer usually wants the "best".

It is fair that you do trade on other wallet because it is like a tax and some people get some coin on mining and they really get a money from the trading into another wallet.

Transactions fees became higher than before. But for big transactions it still lower than banks fees.

Transaction fees are still reasonable.  It is worth noting that sometimes the exchange are charging a fee and this fee does not reflect the actual cost of sending it, something to keep an eye on.  Most exchanges are reasonable but some charge high fees, worth taking a closer look when you pick an exchange.

I think its a little bit too high for now but bitcoin is still growing. With time it will stabilize and I believe the fees will reduce.

yes if according to my dah dah same our income in btc ... reasonable if the cost in btc in say high-quality do not have high thoughts we just follow do not complain with the high cost price

There's a upwards trend to BTCs fees right now that will last until the correction finishes after this last rise spike on the coin value.

I do not think so. because if trading in two big market is more benefit and faster than other exchange which has lower fee.

yes but i don,t know why , coinbase also now $10+ , day by day there fee incress

Bitcoin is still gaining popularity and people are still knowing about this coin and yeah this maybe the main reason that transactions fees are bit high but as it will gain more user circle as well as it will be frequently used then there is a possibility that these fees will get low and if this will really happen then it will also be used as the payment and people will use it freely as cash money and that time will be revolutionary.

There is a network jam in the Bitcoin blockchain and that is why the transaction fees have become higher. Not to worry because the issue will be resolved soon and fees will be lower in a few days. If you want to transfer your coins from one exchange to other then you could just get some other coins with less transaction fee (for example DGB) and then transfer them to the other exchange and then exchange them back to BTC or whatever coin you like. The transfer would be done quickly and with lesser fees  ;) ;)

Yes there are a lot of transactions stuck in the network, so it's taking a long time to get delivered our bitcoins in our account. But I think very soon this issue will solve. Even I tried to send $70 worth of bitcoins to my other account it asked me $10 plus fee this is really too high.

As you said, so much transactions stuck in the network, but people want their transaction to be confirmed first in the next block as soon as possible, as a result they set their fee to the higher thus increasing
the recommended fee that makes transaction fee becoming that expensive.
Maybe you just need to use transaction accelerator if you can't stand with this condition.

YES, most people here on my country are asking to have bitcoincash as a same factor what bitcoin is that can convert into fiat anytime like btc !
this will reduce the trasfer fee .. convertion fee as of now here is at 200-220 USD per 1 bitcoin! and a trasfer fee of 9 USD per trasfer..