Bitcoin Forum

I realize why the fees are currently so high, but curious as to what sort of transaction with this high of a fee would normally be covering? .1BTC, or more?

For those not wanting to look below, its a .005BTC transaction with a fee of .00224835BTC

https://imgur.com/3Ywi4EM

No kidding! 

I had 3 transactions stuck in the network.  I use Mycelium, and I hit the "bump fee" button just to see how much it would take:  $42 they wanted to bump the fee, and there's no way to customize it!

Luckily two of those transactions went through, finally.  The 3rd one I suspect is going to take another day at least.  As I wrote in another thread, one of the three was a purchase that won't get shipped until they get one confirmation.  This is why bitcoin generally sucks as a currency.  Still love it as an investment, though. 

I hate selling bitcoin or buying stuff with it.  It leaves me with a cold, empty feeling inside that I detest.

Is there even a guarantee the bump fee would push it through that much faster? Holy crap! Times like these where you don't want to move it at all

Just saw that the recommended normal fees on Mycelium is 800 sat/byte! That brings an normal tx fees to $10~15! I have never seen so much fees. Considering how much time it was taking to get confirmed in past few days, I doubt even this much fees is going to gaureentee confirmation within an hour or so.

I started a thread first on the anomaly: https://bitcointalk.org/index.php?topic=2394879.0

Yeah, things are especially bad at the moment. I've had a transaction stuck in limbo for a few days. I use Electrum and I increased the fee, and 11 hours later, it still is not confirmed. It's not especially urgent, but I just wanted to see if increasing the fee would help it confirm within the few hours. I'll wait a day then try to increase it again. Full disclosure though: my fee is still pretty low. You probably need to set it unusually high if you want it to confirm within a few hours.

50%++ to pay the fee ;D
Yeah it's right, better to use btc as investment not as currency, more profitable
Aside from its high prices, sometimes it takes to long for a single transaction

... and this is what makes this whole system lose credibility! Until they resolve this kind of thing, BTC, BCC, ETH etc etc will never be king over cash. It's ok if you're a money laundering drug lord or something, you're not going to care. A normal every day person is not going to want to do a transaction that has 1/3 fees attached.

My apologies!
Did not see when I did a quick check prior to posting

I don't think there's a guarantee.  I'd like the option of just bumping the fee a little--being able to completely set the fee to your liking would be a real plus on that wallet, but I suspect that option is not to be. 

My eyes almost popped out of my head when I saw that.  The amount of the transaction itself was about $200 worth, so bumping for $40 on top of paying something like $6 initially--that's insane, and there's no way I'd do it. 

Completely agree. Bumping/customizing your fee would entice transactions to be processed much faster, but then may lead to all around high fees? Has a standard % based rate ever been considered across the board that wouldn't be subject to change under market conditions?

 yes i think the cost is huge for every withdrawal, yesterday i did not exchange my bitcoin because of the piece of 0.003, i am very loss if it happened every withdrawal. with bitcoin prices falling at a high cost I'm sure few do bitcoin withdrawals.

Isnit for real?damn more than a half of the transaction is fee.were in the world is this happening?can anyone give a good explanation why this things happens?i really cant believe it,if this continue how could a smaller user can adapt the situation?this would be a burden to more users

Today was brutal with the fees

Made the mistake of expediting a Electrum transaction a few weeks ago when trying to get BTG. Never again. Lost like $17 and it did nothing but cost me that.

This is what happens when miners switch side. No one is left to mine the transactions, now we have over 140K of unconfirmed transactions. And transactions needed higher fees to push them on top of priority list to get confirmed first. BCH offers higher blocks but that is not a solution to this kind of problem either. We have to bear with this ridiculous high fees until the miners switch back to bitcoin.

This is really annoying, just now i was trying to transfer bitcoin, coinbase to brittrex and it asking me to pay $11.50 fees. Like seriously?

Because of the entire trading mania going on between Bitcoin Cash and Bitcoin, there has been an extraordinary amount of transaction coming and going to and from exchanges. Because of this, the mempool is oversaturated even more than usual and there are more transactions competing to be included in each block. Bitcoin Cash forums such as the reddit /r/btc subreddit are having a blast with all of this as an example of how Bitcoin Cash is "superior," but they are basically ignoring their own problems (such as scaling) which make Bitcoin the more popular branch of the fork.

Wow a very large fee to be paid 50%, if I think it's too much, I've handled the same nominal 0.005 btc in blockchain fees that I pay is not too big not even up $ 1, because I refresh many times. to get the lowest cost.

Why so big fee?? Is it because the price of bitcoin?
If transaction fee getting bigger, might be bitcoin will not exist anymore.

sadly that disproved the whole idea of bitcoin being decentralized some bunch of miners controlling bitcoin which will affect badly on the crypto world any i wont assume the worst i hope they turn to a solution way soon

Why so big fee?? Is it because the price of bitcoin?
If transaction fee getting bigger, might be bitcoin will not exist anymore.

this is a function of the state of the network, not the congestion (but the congestion is adding to the problem). you could pay a 100 usd equivalent fee right now; while you will be first in line when a block is mined, its the interval of block mining thats the issue right now.

i can only suggest, if you are coming from or to an exchange, that you utilize alternate coins (look for ones with low withdrawal/transaction fees ). its not really practical to try and pay for any btc products or services on an automated payment portal; chances are your temporary address will expire before you get your initial confirmation. if you have to brave the network (coming out of a wallet for example) expect 6-12 hours minimum at standard fee levels  :-\

Men that is a messed up situation just for sending a few bucks the required fee to confirm it is almost 50% and that is really sucks because of what's happening between BCH and BTC as some people moving a large volume of their coins into BCH probably thousands of it added the price crash and the FUD that is spreading to the community, we better to keep our btc this coming days after this event is settled down because i don't want to waste my money just by a one transaction and just confirmed late hours.