Bitcoin Forum

Hi, Do you think is tehre any interest to reduce the transaction fees for bitcoin? Many alts are focusing on speed and low fees while bitcoin has made little effort.

Well segwit has already technically reduced the fee in half and there is a plan to implement the lightning network in the future so saying bitcoin hasn't made any progress in terms of solving this issue is totally wrong. You can use 30 to 50 sat/byte and use transaction accelerators to get fast confirmations. Also people need to stop associating bitcoin as a perfect solution. Think of bitcoin as the first computer, it wasn't fast but it was the first step towards the right direction.

Few hard forks have been dished out to solve this problem but no one wants to move and support the new coins. I too don't want to support those coins because it's hard to trust a new coin that is similar to bitcoin and the prices can be easily manipulated bitcoin cash can be an example of what i'm talking about.

Yea, segwit and hard forks have definitely reduced the transaction fee price and that's a great outcome, but the coins that have come out of the forks are just practically worthless. No one trusts them; they just seem more like attacks on the main coin Bitcoin.

Segwit is been taken in bitcoin to increase the block size and due to that number of confirmations will be increased so fees amount you afford for the each transaction will be reduced too.
However, if you use any desktop wallet means you will be able to change the transaction fees and I mean modifiedable and can reduce fees but I am sure that you transactions will be reach in some hours.

Today I transfer my bitcoin to my other wallet and it seems very fast and fee's I used is "within the next 10" blocks and I don't have any complains though about the fees. Of course the higher the fees, the faster your transaction can be pick up by the miners. Yes, there is only a planned to integrate LN but I'm not sure when it is going to be implemented.

As for the alts very fast and focusing speed, maybe they are quick because their network is not yet saturated and the blocks are not even filled in, unlike bitcoin that the blocks and mempool are always full and clogged. Its not that bitcoin has made little effort, the community hasn't made any real consensus because of many factor, like political bickering amongst them.

Wrong! That is segwitx2. Segwit is to optimize the code,  remove out the junk data from the transaction and place it in a separate block, you are mixing two different things. You need to learn more about segwit. 

Just interest? They have already taken many steps to lower down the transaction fee. It was one of the major issues bitcoin users were facing in the past but after segwit it has reduced a lot than before. With the passage of time as the technology is evolving day by day we are getting more solution to this problem, and lightning network will make it more better.

Yes, in bitcoin is now quite a large commission. I wonder how the situation will develop further when people start switching more to forks with less commission for the transaction.

Most people don't realize that a very important aspect is that fees largely depend on usage. If a certain coin doesn't experience much actual network usage, which applies to the far majority of the coins, the fees that you use to send a transaction through these networks will be ultra cheap. In some cases you can even send your transactions without including a fee at all. People initially were praising Ethereum for being fast and cheap, but as soon as Ethereum started to enjoy a decent bit of adoption, the fees started to sky rocket, and its network suffered difficulties several times in quite a short period of time. If every altcoin claiming to be fast and cheap experiences the same level of network usage, people will change their view on altcoins completely. Also, people were claiming to ditch Bitcoin for other coins because they are faster and cheaper, but they still use the "slow" and "inconvenient" Bitcoin. ;)

Actually there is no way to reduce the transfer fee, but there are a few tips that everyone knows. In particular, you should follow unapproved transactions before making a transfer, and it would be better if you set a price accordingly.

Well, you can reduce the fee though by customize the fee and if the confirmations takes too long, you can use txid accelerator. There are many free txid accelerator out there.


Nah you can reduce the transfer free, just click the Customize Fee when you want to send your bitcoins or you can check here https://bitcoinfees.earn.com/ to know how much is the normal fee.

Bitcoin does need to take some steps to reduce the cost of transfers, and as prices rise, the high cost of transferring money has clearly hindered the flow of bitcoin.

when you want to compare bitcoin fees with altcoins the question is, can they keep their fee low if the circumstances were the same?
and the answer is no.

first of all most of them won't even be able to handle the amount of transactions that bitcoin is handling on a daily basis.
secondly when their blocks become full and if by a dim chance they were worth $9000+ then their fees would be the same as bitcoin and in some cases even more.

Exactly people need to understand this, the fees will always increase in fiat terms, let's say it costs 10 cents to send a payment on dash network, or 0.001 dash. It will cost the same 0.001 dash if the price reaches 9k per dash. But in Fiat it will seem like 10x more. So technically no coin has solved this issue so far..

Bitcoin Transaction fees are very low but if you need to first Transaction so you need to pay high fees look like blockchain.

Of course there is, Bitcoin developers really want to make transaction fees to become low again and that's the main purpose of having a Segwit, Segwit2x and eventually Lightning network. Bitcoin is having a big number of transactions per day compare with those Altcoins that's why the transaction fees is going up too.

I Believe other cryptocurrencies are targeting speed and lesser fees because they have low price rate. Nobody would like to have a coin that is worth just $150 bucks and cost a fee of 10 bucks to send and receive. Bitcoin has a high price rate, so that’s why they are setting fees at a higher rate which is really bad. They do everything in favor of the old guys and not even considering the new guys.

There are a lot of BIP or Bitcoin Improvement Proposals about this and as you can see, some of them are being turned down and not supported. I guess it will take time before this problem is done.

has many ways to solve this problem but no one wants to act to support new coins. I do not want to support those coins that are similar to bitcoin and can easily be manipulated bitcoin cash can be an example of what I discussed ..

Yes and we await for those times because i think there could be a better way of resolving this than a hard fork  and we need such workable and practical solutions with optimum security that can guarantee the bitcoin ecosystem safety and security of their bitcoins.

Bip as u Can see some of them are being turned down or not supported

Transactions with bitcoin are easier than credit cards or debit cards, and can be accepted without a seller account, which makes a lot of people transact, but they are not legal in some places so we have to reduce those transactions to avoid them, things that are not in want.

Bitcoin Transaction fees are required. They should pay attention to small things

Sometimes I find good opportunities and miss them because the transaction fees would be too high

The fact is that the current bitcoin transaction fee is very high. There is a solution for BitCoin that is segwit, segwit2x to be able to improve transaction speed and reduce transaction costs.

Sure there is. The primary purpose of Segwit was to address transaction malleability in Bitcoin. Eliminating unreliable transaction IDs was necessary to implement the Lightning Network (at least based on how current LN code is written).

The Lightning Network will leverage a network of payment channels to enable much cheaper, off-chain transactions. Basically, users will open channels with one another and with merchants/services/exchanges, creating a network. Each participant in this network locks some BTC into a special multi-sig address, which allows them to spend BTC within the Lightning Network. Whatever they spend off-chain in the LN will count against the BTC they've locked on-chain.

Since LN transactions don't require on-chain confirmation, they can have much lower costs (propagation, bandwidth).

The fact is that because of fees bitcoin is loosing slowly the purpose to serve the economy. I mean who is willing to pay a coffee, a lunch or even a watch in btc if they have to pay a ridiculous amount of fees? Today, almost every BTC transaction is > than 0.1. Just look at the average transaction over the years and you will realize how btc is becoming only a speculation tool. I think this could be a major issue in the future: as for today BTC just cant compete with the traditional banking system for small transactions.

I see 2 main factors which could decrease the btc value over time and remove people interest: 1)the security (this is not an issue at least until now) 2) inappropriate fees (this is becoming a real concern)

Can't you still feel the reduced fee? I know why you can't it's because the price of bitcoin is totally high now and before we don't care if the fee is 0.0001BTC - 0.001BTC when the price is still 3 digits.

But now we feel the pain when we are converting the fee to dollars. I personally can say that the fees now are good and very low compare when there is an attack to the network.

Everything seems to be good now and you can even pay 10 sats/b and gets confirmed within the day or two. Just don't look at the conversion, look at it per sats or with mbtc.

I don't think that there is an increase in the transaction fees. You can still do a  transaction of 30 satoshi per byte but it looks more expensive now because 30 satoshi has more value today than before. Try looking into the transaction fee in bitcoin currency not in your fiat.

It takes 5$ to send 25$, is this a low fee to you? Bitcoin is a store of value and nothing else, using it for purchases or other things it's pointless.

What kind of exchange do you have that has 0.1 greater fee? Well if that is the problem in your side I really think there is a reason behind it, because in my side I have no problem with the transaction fee, it may increase because of the value of bitcoin but it is not increasing base on fiat value, miners might increase the transaction fee but it is because they are just going with the flow on the pump of bitcoin.

This is quite interesting! If Bitcoin lowered the fees and improved the speed, all bitcoin copies would die very fast.

Segwit is already available which in play reduces fees, but this companies running on top of bitcoin blockchain seems not interested of implementing it, or hesitant, or lacks technical knowledge to implement it. Actually, you can tweek your transaction fee, but web wallets does not.let you do that. Try other wallets. With mycelium I've tried sending about 20$ with less than 1$ fee and got confirmed withn an hour and you can actually go lower than that.

the transaction fees are included with your bitcoin transaction in order to have your transaction processed by a miner and confirmed by the Bitcoin network. The space available for transactions in a block is currently artificially limited to 1 MB. This means that to get your transaction processed quickly you will have to outbid other users.

I remember when i bought a game for steam just 1.50 euro, and the fees costed me 4 euro. You can actually see that the fees are really high. Some people are saying that the fees are not that high. Is this normal than ? Buying a game while the fees are higher than nearly everything.

I hope something is done to reduce the fees even further because as of right now it is still not an affordable day today case use. Even with the current improvements the fees are still too high and this is unacceptable.

Transaction fees have been killing in mist transactions made. By the time you eventually have the Cryptocurrency converted to your fiats, what you receive has been short changed with almost 30% deducted. It is quite an area that needs to be looked into for adjustments. I did here of someone that paid as high as 30$ as transaction fee for a 100$ payment! Quite outrageous! There are also sites up now used to speeden transaction processes and definitely with their own charges.

Is there any tool that can provide statistics to set a fee, like the gas station tool for ethereum?

You can visit this website (https://bitcoinfees.earn.com/) before sending a transaction to know if what is the best fee to use during that time.

I will tell you only two main things which will be the best answer of this topic.
Suppose if your price is increasing by bitcoin? Right then the price of transaction is increasing too.
If you are earning a lot from bitcoin. Then the transaction value is nothing toward your profit.
Suppose you earned 800$ and the transaction fee is 2$.
Whichone value is great? Is it 2$? 100% no.
So we should ignore transaction fees because it's there policy to circulate bitcoin and earn from that.

Yes, that's the one issue that bothers me about BTC. I admire other cryptos trying to reduce fees and I think it should be like that: Available and cheap.

I think is more of a political issue. If bitcoin were really decentralised, as oposed to having around 20 large mining hubs that have the ultimate decission, users would have more of a say. I think that will eventually be bad.

Bitcoin transaction fee is very cheap then other to transaction money around the world. Due to this quality of bitcoin people are making transition in bitcoin instead of the other currencies. And people are also taking interest in the bitcoin for the invest and trade due to low transfer rate.

transaction with bitcoin hurts me..  :(

Sad truth for us bitcoiner to experience it everytime we transact peer to peer, its really hard to send 100 USD to someone and then pay a 15 USD just to send it,
The Good News is Bitcoin Developers are doing all possible things to make our lives as bitcoiner more better

Bitcoin transaction fee is so high recently and we all don't want to use bitcoin for buying/selling small items with low prices. The fee is from 14$ to $25 for each transaction now. If you buy something at 20$ price and you have to pay 15$ fee, that's really unacceptable. I have to use ETH in most transactions recently due to its low fee.

I guess you are right about the forks in the sense that they are intended to create a new coin, but also to force a move in the Bitcoin main stream that does not seem to happen by natural evolution. Maybe more centrally managed coins can make faster changes.

Sorry but I fail to see your math. If I want to move 10 dollars and the fee is 2 dollars I just won't bother to consider it. The price of the transaction rising because the price of the coin is rising is not a valid argument because I want to make use of the coin in small quantities at a reasonable price, not just for hodling it for ever.

Bitcoins biggest problem right now is speed and fees. With lightning network it will solve this problems and I believe it will get its reputation back from the investors. I think it will make Bitcoin superior again!

I also believe that the lightning network will solve the problem for the near future. But at the moment, even without this, payments are made with minimum interest rates per transaction.
Mempul is unloaded from ddos attack with small payments.

Well, we are just waiting for the mass adoption of the lightning network. That will help bitcoin get back on the right track of faster transactions and, hopefully, lower fees. Got to admit, it's what is killing BTC right now. Like ETH is poised to top it if nothing is done about it.

The lightning network will come soon and the speed of the transactions will rise and the fees will be low.
Its just a matter of time.

There is surely a way of trading-off speed and fees, not that I am a technical expert in how, but having to wait for a few hours does not seem competitive with Alts. I think Bitcoin is not competing with forks, but with other coins.

Bitcoin's transactions are fine.  Bitcoin is the crypto use for really expensive purchases.  50 dollars seems like a lot if your buying something small but use it for buying a million dollar house and the transaction fee will be small.  Bitcoin is more of a store of value at this point.

presumably the cost of bitcoin is still reasonable and in accordance with what we can in bitcoin, and we should be able to accept the cost in bitcoin, and if possible to choose me choose should be more minimalist cost in bitcoin .. :D

The changes in question are BTC 0.0002 fees for Bitcoin transit and acceptance transactions, scheduled fees based on trading volumes with significant reductions in the Luno Exchange, and some minor changes for each country.

I have been hearing this for quite some time now (around three months?). I have lost my confidence in the core team. First, they went back on the NYA and sabotaged the SegWit2X implementation. And then they delayed the implementation of the lightning network. The fee remains extremely high, and as a result Bitcoin is losing its market dominance.

If any of you have made any transactions in the few past days, i think you will notice that the transactions fees has greatly reduced and though i don't know the reason why, I hope it stays the same for a very long time before the developers decide to increase the block size which will solve most of the problems.

Yes, that's the one issue that bothers me about BTC. I admire other cryptos trying to reduce fees and I think it should be like that: Available and cheap.  ;D ;D

True friends, bitcoin exchanges are not showing any interest to reduce the transaction fee. We all should come together and do a humble request to reduce the bitcoin transaction charges. That might help to wake up them.

I think that a request is probably not enough. I am not against bitcoin, as I have some, but I am going to stop using it as a vehicle for moving money from one place to another frankly. It no longer makes sense.

Bitcoin is still prevailing because people had made it survive people who are from the team of core developers. Infact today itself the fees of bitcoin has fallen upto great extent I have myself made a transaction with a fees of merely 6 sats/byte without segwit. I think with introduction of segwit and the protocol implementation of lightning network fees can be neared out to even .5 sats in future. Which will be too big of an achievement for bitcoin. The only problem we are facing is the fees only.

Segwit adoption reduces the fees! Look at this article https://news.bitcoin.com/bitcoin-fees-are-falling-amidst-greater-segwit-adoption

Etherum gains value against Bitcoin, Etherum's lower transfer fees have reduced the interest on Bitcoin. Also people are constantly interested in cheap and fast technologies.

Naturally, the fees for Bitcoin transactions should be reduced. It goes without saying. Exchanges do not do it, but I hope that cryptobanks will solve this problem, and BTC operations will be cheaper.

The fees are not great but like a previous poster said, BTC are trying to reduce the transaction fees through segwit, etc. I think in the next few months the fees will drastically reduce however some other lesser known coins are in the forefront of low transaction fees right now.

Hello guys anyone tell me that what is the amount to be paid to withdraw our bitcoin from our wallet??

Well the fee depends upon the rate of Bitcoins thus one cannot expect the fee to go down suddenly because the profit that we make us equivalent to the profit others are making through the Bitcoins when it's price hits high.

Thus we generally think that our profit should have the prime importance.

I do think that it's a little unfair to force them to reduce the fee when that's dependent upon the price of Bitcoins itself.

I think in the end the transaction will be faster and the fees will be lower.
The Bitcoin start this all cryptocurrency so he have kind of "old technology" but I believe they will change it soon.

just stop worrying about it, and it goes away. Is not important Relax. LN is almost ready

All Bitcoin users want lower fees.
Lower fees guarantees the continuity of the cryptocurrency and makes it more competitive.
You are wrong because many solutions exist that can reduce fees such as SegWit and Lightning Network but it is up to users to implement them.

Bitcoin transaction fees may really put us in a sigh sometimes but I much prefer it is good to pay the transaction fees by choosing a genuine platform like block chain because it is very rich platform to be safe from hackers.

I think raising fees will help miners make your trading faster and safer. I do not see any Altcoin trading as fast and a little fee, simply because its value is too small so the transaction fee does not become too high. However, Bitcoin is different, its value is too high and we have to pay more fees for miners to do the work.

I heard theres a cool way to reduce Bitcoin transaction fees by moving your BTC coins from a Bitcoin Segwit address. Infact theres a proven testimonial from one of Bitcointalk.org old time user. He transferred a huge Bitcoin account from a segwit address and pays only $1 usd worth of mining fee.

It's true that many alts are focusing on speed and low fees contrary to bitcoin's high fee transaction. It's not that bitcoin has made little effort because i have read about Bitcoin Lightning Network that allow users to have almost free of charge transaction.

We all known that bitcoin is tax free coin and due to which people are investing here more. While there is a negotiable transaction fee on transacting bitcoin because if you compare transaction fee of bitcoin with other places then it is negligible other places like bank are getting very high taxes even on small transaction while now a days bitcoin transaction fee is 0.2-0.8$ which is too low.