Bitcoin Forum

Hi,
this morning i was surprised to see that to transfer 1.4btc from my ledger nano to kraken the cost of the transaction fees was 17$??
Anyones have some reasons why it costs do expensive?
Thanks

it happens alot
these days miners are charging alot

Use segwit?

It is not the miners charging exorbitant fees. It is just that there are a lot of transactions pending and limited transaction capacity. The only way out is if Segwit 2x or Lightning network get implemented. The transaction backlog will reduce after a few days, but that is not a long term solution.

Some time later it will grow and grow. If now it`s 17$ - 2 years later it could be 50$+
If BTC price is 500 000 $, then middle fees will be 250$ per transaction.

probably lot of unconfirmed transaction in the queue so you need to pay more for miners to get priority

Right now its about 100k waiting which is not normal usually between 20-30k

https://blockchain.info/unconfirmed-transactions

Well for that amount in BTC that is not a bad fee considering current network conditions. This is the fee you must pay to get the transaction through. You can pay less using wallets that allow custom fees,  but that just means you will have to wait a little while longer until the network can confirm it. Anyways BTC is not meant for spending right now it's meant for saving.

This is stupid.
The fee has nothing to do with the price.
The fee is determined by the number of transactions that wait to be included in a lock. Offer and demand for the space in a block.
If no one would pay more than 1$ the fee would go to maximum 1$.
But there are one who can't wait and pay 5-10-15 or even 20.

Who do you think is going to pay a fee of 250 when even an international transfer between different banks is going to be cheaper?
Already people who want to transfer 10 or 20$ are choosing to wait, if the average goes to 50$ they will probably quit or try and use segwit.

The only reason for the high transaction fee is due to the number of unconfirmed transactions are more than the normal condition.So the blockcahin community needs more miner confirm the transactions as quick as possible so they are attracting miners through by giving high rewards for the confirmation process.So we have to pay that high rewards to the miners to completing our transactions.

This nothing i was to send BTC payment to 6 people at the sametime and i needed to pay 13$ just to split the money. It is getting insane, i recommend payout to people in ETH or LTC, but they don't accept.

yeah me to in my wallet i want to send some bitcoins but i saw the fee so i didnt do it

Thanks for you replies.

The commission for the transaction has recently become very large and what if the transfer amount is not large? I think bitcoin not soon will be used for micropayments.

It is becoming an obsolete technology due to the infiltration of the core developers and steering BTC in the wrong direction.

They want to make banks that settle on the BTC blockchain, but you will not see anything of it. You will have a classic account and people in the power to part you from your money.

So you think 17$ is too much for transfer 1.4 BTC which currently cost over 9000$?

Of course we would all like to pay less fee,but given the current situation this fee is quite normal if you want to your transaction be confirmed in a reasonable time.There is always option to set your fee manually,pay less fee and use some transaction accelerator to speed up your transaction.

Until the current problems are resolved we have to get used to such things,and of course you have to keep in mind that there is always a way to pay less fee if you think that recommended fee is too high.

I think it make sense that the fee $17 to send 1.4 BTC. I see in other thread  the fee is almost tje same with the amount they sent around $22.

$ 17 for me is a big expense. I usually see transaction fees in the floor about 2%. Consider the profitability of the transactions to calculate your profit.

that's normal because 90k ++ Unconfirmed Transactions
https://blockchain.info/unconfirmed-transactions
more fee more fast confirmed, low fee using altcoin.

This may be because the fee of miners is basically calculated based on the amount of transaction data. Many inputs in transact cause the transaction size to be very large, so it will cost more. A lot of feedback here means that bitcoin in the wallet address is the accumulation of many previous transactions, now, the more the number of these transaction entries, the higher the cost. For a size above 1BTC it is not a high cost. I myself have sent 1.2BTC and got fee $40

Is there any option to choose from how fast you want your transaction to be confirmed? Like low, medium, and high? When I send bitcoin to another address using third party wallet app, I always do prefer to use low fees only because I know it will get confirmed before the end of the day and there are free accelerator to help and push our transaction ID.

Yes it is absolutely decentralized system. People themselves influence the commission. Now a large attack on bitcoin with small amounts of transactions. So, my advice to the author of the topic is only wait. Soon the commission will return to normal.

Its occurs because of pending transactions. At the weekend more than 150k transactions pending according to BTC dump and BCH pump.
If you need to send your coin Exchange to Exchange you shoul use LTC or ETH. These coins more cheap to send.

That is because BCH got pumped and began to be more profitable than mining BTC.
This way the difficulty is not adjusted for the current low total hash power.
Blocks get mined very slow so it costs more to get your transaction in the blockchain.
We have to wait for the difficulty correction that happens every 2016 blocks to get back to the normal transaction times.

Sometimes it happens but not all the time. The largest price that I have in transacting is only 6$. Well it is because of these miners. They are charging so much right now. Before it was only a little, probably 3$ below.

I think one of the greatest reason for this is miners are trying to pull the crowd into BCH coin. Yes, because it doesn’t cost much to transact that coin and this cold change the mentality of the people to transact with the BCH and not the bitcoin. This is just to put the bitcoin economy to poor line and collapse it in the first place. Thats what I think about it and I’m sure that there is no other reason for that. Otherwise why anyone would want to leave so many transactions of bitcoin which can simply fulfil the daily needs of every miners. Just think guys.

Core Bitcoin is a shitcoin that is designed so Fees are always getting higher.
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

Stupid people paid the insane fees.

Smart people use Bitcoin Cash or Litecoin instead.

I agree with you. increasing transaction volume as at present only the only way is to increase the transaction fee to conduct transactions faster. maximum 1 megabyte at any time is not enough. This is also the reason the BCH. when transaction fee are too high, we will favor a more optimal plan

I remember the days when you could ACTUALLY do a transaction for free. How things have changed.

On your 1.4 BTC transaction it represents 0.18% of the amount you are transferring (with a BTC @ 6500$)
So it's not that big in relative value compared to fiat currency international transfer.

Dont worry, later it will grow and grow.

 

this was kinda on you. first, most wallets let you control fees; if you cant get a new wallet. secondly, this is the current state of the network. dont know if you are aware of the backlog of unconfirmed transactions (not sure if this is resolved yet, havent checked) but people are raising the average bid in a quest to get a faster confirm. problem is, you could pay 100 dollars worth of fee its not the fact that the fees are high, the slowness is coming from the fact that it is taking a really long time to make blocks at the moment (bch bullshittery).

indeed the fees prices gotten way high lately not all of us have even 1 bitcoin we only transfer small amounts all the time they really should fix that issue soon >:(....

Very ridiculous though but I think miners are beginning to charge more money for confirmation these days.

yeah the fees is too big for now , the miners still switching to bicoin cash to stack unconfirmed balance on bitcoin lol ..

it is because the price of bitcoin so high but rate of fee still same. Commonly a transaction is required at least 2202 sat/bit . i am sure that actually you can decrease the transaction fee if you use blockchain.info .
But you transaction will potentially unconfirmed or it will be confirmed for a long time.

That is the reason why I consider bitcoin in its current state as an investment instrument only (like 'digital gold'). It is not a payment system, it is too slow, expensive and unpredictable. It may be used for transferring large sums and for this purpose it is much more convenient and safe than, say, gold bullion. But for day-to-day payments? I have my credit card, thanks.

yeah seems to be some a lot artificial tx volumes in bitcoin since bcash pump, coincidence?! hmm probably not.

This one not really recommended at this time, bitcoin's hash power have decreased after all these dramas with bch but wait until the situation becoming normal again then we can have a little risk of using low fee of being unconfirmed.
Even in my opinion, recommended fee is just not enough, we should atleast adds some additional fee in order to over take other transactions with less fee if you prioritize the confirmation.

$17 is actually on the low side at the moment. If you've got multiple inputs and multiple outputs to your transaction then really you're completely screwed and you're left to pay exuberant amounst of transaction fees.

Right now it's actually a lot better.

A lot of this is generated by the fact that volume of bitcoin cash went so far up, and market activity was just so great. Nothing we can do.

THANK YOU FOR SAYING THAT

I might also add that its NOT for day-trading either.

oh, i have faced such unpleasant thing too. when transfer i have paid the commission of $10. how can it be? bitcoin means the minimum commissions.

since value of bitcoin goes higher and higher lets assume that the fees in all wallet platforms will also increases. Its in the flow of the blockchain, everything is directly proportional to each other. my fee for transferring eth to another wallet and having a withdraw cost 10$ already. So i learned that i must save more eth/btc before i withdraw them.

its tactical action of segwit2x comunity. He want show us what the old bitcoin network cant live anymore.
I dont be surprised if in the near future peoples call segwit2x for doing somethins with this.
Or bitcoin will become crypto only for big players

That is incorrect, get your Core Devs off their incompent lazy asses and have them

1. Fix your difficulty adjustment, so it does not take 2 weeks for the difficulty to reset
2. Increase the block size to 2mb or 4mb

If they do this you will have transaction capacity to spare and reasonable fees for the foreseeable future.

Your problems with segwit coin are because the core devs are incompetent.

Almost every other coin in existence today has a higher transaction capacity than those losers!

I don't think $17 to transfer $9-10K worth of bitcoin is all that high. Sure we all were spoiled with the sub-dollar fees to transfer any amount before this mess, but I think with growth will come higher fees. If you are really worried, when you are ready to sell just up your asking price by $17, the way bitcoin's price is moving around that should only delay your sell order by a few minutes.

With so much miners that went to bitcoin cash before so the mining fee became expensive but after the hype of bitcoin cash. Many did went again back to bitcoin and now they are into mining again, the fees can be paid as low as 81sat/b now. And the lowest total fee I saw yesterday was only 2 USD though it's still quite expensive for the people who only have small transactions but that's great as unconfirmed transactions are now back at 77k.

Many miners went to BCH, and the number of transactions seems to have increased as well.
That leads to really astronomic numbers in the transaction fees.
I try to switch to a different currency to make transactions whenever that is possible.
Many Shops have already started to accept not only bitcoin, but many other crypto currencies as well.

First of all, the algorithm of fee estimation on some wallets has serious problems.

Second of all, please take a look here:

https://bitcoinfees.earn.com/

As of 2017-Nov-15, you can get your transaction confirmed within 10 blocks for about 160 satoshi per byte, which is very reasonable;

I suggest you use wallet that have replace by fee funciton (electrum for example), set a low fee and wait. In worst case, you replace it with higher fee. You will not get stuck like this.

Almost half of the hash rate went to BCH, but there was noticeable increase in the number of transactions. That makes me worried about the future scenario. The number of users are rising at a rate of around 10% to 15% every month. If the tx fee increases any further, then Bitcoin will be solely used for medium term and long term investment and not as a currency.

use 10~15sat/byte with electrum
you'll get confirm withing 6 hours

~~. I heard that there are $700 billion Bitcoin transactions were delayed. So, your information does not make me surprised. This is the worst weakness Bitcoin will have to improve

1.4 BTC is a big amount you may need more fees for that money to be transferred to another wallet. do even think that you can send 6500$ In a bank without having a big fee to use their services? and wait, that is only the recommended fee you need to send because there is a lot of transactions that are stocked into the Blockchain , Why not use a custom fee to send your money? and just wait for it to be confirmed (This may take long if you do use with a little fee.)

i think because about the price of bitcoin very high so the fee will be high too.. when the price bitcoin $700 the fee is $3-$5 but for now the price of bitcoin reach $7500 so the fee of bitcoin reach $17 so high

This is incorrect. Bitcoin price has nothing to do with the fee. It is because there are too many unconfirmed transactions currently.

Obviously you don't understand how it works. These scenarios can be pegged to law of supply and demand. When there's a lot of demand (transactions) that the supply (miners/hashing power) unable to cover for it, fees (price) will go up. Bitcoin's hash rate just drop almost half from about 10,000,000 TH/s to about 5,000,000 TH/s, some miners (maybe bitmain) switched to bcash to take advantage of difficulty adjustments of both coins. Hence this is happening. I think this is all coordinated to try to dismantle bitcoin so these people can gather sentiments that bitcoin is no longer viable. Because all of you plebs only care about low fees and fast transactions. Just use alts or paypal for fuck's sake.

well as of now the transactions are very high so you should expect that amount for fees. but after a few days the transaction fees will be lower so if you can wait for that if you are going to have another transaction the better.

You have got nearly $ 10,000 and fees less than 1% is too much? It's unnormal if your transfer 0,01 Btc or less...

This happens when large number of transactions get stuck to the network. Recently more than fifty millions worth of bitcoin through around 130k transactions got stuck on the network due to the sudden drop and the price retain. During these days people prefer transaction accelerator and other services.

No it isn't a mistake. At the time of the transaction, a big volume was traded and over 100 k transactions where pending on bitcoin, thus high time processing and cost. And you can note that, compare to the notional of the transaction (1.4 BTC) the amount is rather small actually.

The high bitcoin price means the cost of shipping will be high. When multiple transactions occur simultaneously, costs will increase.

it happened to me last week, i was transferring 3$ for the fee of 17$ i was like a cat inside a chicken booth.

The costly transaction fee today and these past few days is because of the bottleneck in the blockchain. There are many transactions that were made in order to slow down Bitcoin's transaction processes. So in order to cope with the said attack, higher transaction fee is required in order to make your transaction pass through the network. This is inevitable unless you want to wait for hours up to days just to make your transaction be confirmed and finished.

fees really  suck on BTC right now bch helped it a lot becouse of EDA system they have and bitcoin had not stable 10 min blocks.
I think that bicoin should have better diajustment for difficulty that current.
Olny good LN can help - while even segwit is not deafault on many exchanges.

Bitcoin keeps rising and transaction fees also go up, I'm a little annoyed when I trade Bitcoin because the fee is so high then I always exchange it to Ethereum.

yes, because fee for byte. if you want send some btc with a small fee, it will take a long time, but depending on mining block. last month, I send a small amount btc, but confirmation transaction only takes 5 minutes, with fee 2 Mbtc  .

the unconfirmed transactions queue is piling up in these last few days due to some mining problem i read some news about mining in china . which is making the fees go up terribly.
low fees transactions are stuck for weeks now one of my transaction with low fees took 3 days to confirm.

Fees are increasing because the blocks are full (1mb cap). They will start going down (no idea when it'll estabilize though) once the scaling solutions are applied to the blockchain, such as Lightning Network.

Meanwhile, we can use altcoins to do cheap and fast transactions while we wait for Bitcoin to evolve.

It's because many miners are changing the coin they are mining, some are into altcoins and others are into bitcoin cash. So the division starts there and if you want your transaction to get confirmed immediately, just pay higher fees.

But a $17 fee for a transaction, I will only avail this if I don't have any other choice. I will adjust and make it possible to pay lower fees since not all the time I'm in a hurry when I'm sending or receiving a transaction.

Also accelerators seems to be helpful to me by doing it alone but if I'm in a rush for sending bitcoin through an exchange because of FOMO, I'll pay higher fee.

I don't think $17 to transfer $10-12K worth of bitcoin is all that high. Sure we all were spoiled with the sub-dollar fees to transfer any amount before this mess, but I think with growth will come higher fees.

For years people say "use Bitcoin for these reasons" and one reason is no fees.  the fact there were always fees was overlooked because they were intangible, less than pennies. Now people say it cost $17 to transfer $10k and thats OK because its a lot of money, can't expect no fees.  I think this case is an outlier, but typical fess are in the order of $5-10 for next block, $3-5 for sometime in the next hour or less for "when ever the network feels like it. maybe".

Problem is my bank charges me $0 for instant transfers within national banking system and about $15 for international transfers.  Bottom line is high fees remove a use case for Bitcoin, cause problems for adoption.

The increase in the fees is bothering me as well. For larger amounts such a fee would be acceptable, but for small amounts or daily transactions, the fees are simply too high right now.

Yes , this is very annoying . All of us are facing this problem with wallets such as mycelium . For transaction of $5 also they are asking for $10.
Now listening to $17 makes it more frustrating . The thousands of pending transactions need to be settled as soon as possible otherwise many people can think of dumping bitcoin for its mere high transaction fees . I hope a better solution than s2x come along in order to deal with this.  

The transfer fees is charged according to no of transfers not by the volume. $17 for 1.4 BTC are too much. You did not mentioned your wallet or trading platform.

Yes it was happening to me, couple weeks ago my transaction fee almost above 10%. Maybe that is cost for faster transaction if don't want your transactions take forever.

If you want to send cheaper transfers, you could just wait for more time if you are not in hurry. But it seems like transaction fees are gonna be higher and higher until the next fork.

that is a big amount.. congested load of traffic in the blockchain
 of course the fee will also rise it is just basic
but some of reasons maybe the exchanger or site you've trying to use has so much many pending transactions
they will use other way to confirm but I don't know what is it called hahahahah.
but thats basically it.. expect that in much more value rise of coins the more the fee will get rise too

Now is more than 20$ for 1 transaction!

BTCfee is big worry for bitcoin investors we need to understand paying hefty fees to miners will definitely impact a lot in long run for bitcoin