Bitcoin Forum

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

It is very hard to reduce transaction fees with all the transactions going on and the back log. THe mining difficulty is using a load of electricity which is not cheap   .My golden rule use any other coin for transferring money unless it is necessary to transfer bitcoin

Based on what I read, if the Lightning Network is in position, the transaction fees in the bitcoin side chains will be greatly reduced. Not sure how long it takes to implement the LN.. Hopefully not too late as Bitcoin user base is growing fast these days

The solution proposed to these is the Lightning Network, though a lot of people are waiting for it to be implemented, we still don't know when will it be implemented.

And I think even if the price pump 4 fold or ten fold more, without the implementation of LN, there will be no time that the fee will reduce.

Is there any place where I can follow Lightning Network development?

Actually, that is my concern also. I think that it is not fair to charge high transaction fees to those small transactions. What if I only need to send $5 to someone? The transaction fees is almost the same as the amount to be send. I would like to suggest that instead of a fixed transaction fees, why not get a small percentage based on the amount to be send. That would be fair to everyone.

I think the best solution for this is that we should have more miners to cover up the unconfirmed transactions. So that though we minimized the fees up to 50sat/transaction it can still be confirmed for a little amount of time.

The transaction capacity is currently scarce because that's the limit written on the code and that has been kept there intentionally by the  developers.
Remember that bitcoin is a fixed-size blockchain and each block can contain a certain amount of transaction, when there'r high amount of transactions happenin
at the same time you always have to expect bitcoin fees to became higher.

In theory, at least. It's also worth noting that the Lightning Network can't really work at its best without segwit. Segwit adoption is still fairly low, so we'll have to wait a while for that. Only then will we be able to consider implementing it fully, probably.

Some altcoins already implement the Lightning Network with good success, but it's still relatively new. Altcoins are testing it for Bitcoin, in a sense, so when it does get implemented in the Bitcoin network, I'm sure it will be close to flawless.

There is some new technology floating around called Lightning Network. It's off chain so it frees up the bandwidth of the actual blockchain. I see real potential in this. As more users flood the block chain and use Bitcoin, the mining times will be slower and fees higher. LN is a good solution to this problem that continues to decline. I'm keeping up to date on their development.

Bitcoin Fee always rises even 10-fold, due to the Bitcoin price and slow Block transaction so it takes a long transaction time for each Bitcoin shipment. So the cost of fuel that we spend more because of the long journey that we travel. :)

How are you computing your transaction fees? Is it satoshi per byte or are you converting the transaction fee to your fiat currency. If you are doing the second then you are doing it wrong. You will see really notice that a $3 transaction before is now almost $10 that is because the price of bitcoin is going high. What you should always remember taht bitcoin is the currency and don't convert the fees into your fiat.

I hope that the lightning network can be realized earlier. Now such a transaction cost is very high, compared to the development of special currency is very bad. Many practical applications are not easy to cooperate with bitcoin.

That is the way most of us thought things should be but an higher price also means an higher demand and since the space in each block is limited then that means that the price of the fees will go up as well, something has been done with the activation of segwit but it is still not enough.

I think that's unlikely, fees are mostly depending on the congestion of the network. On a bad day when everyone was selling/buying bitcoin  the fees were as high as 800sat/byte but on a normal day an 100 sat/byte has became the normal fee. I don't think it will decrease more than that.

That's right. the fee affected by how crowded the network is, sometimes people want their transaction to be ahead and always setting the most higher fee, if so many people do that, the recommendation fee will simply increase and unstabilize the ecosystem. just see when bitcoin pumped, the network will get crowded and there'll be so many unconfirmed transaction.

I think also like you When the price is going up at a high rate then you can't expect the low rate of fee, everything is going equally so the price of Bitcoin and the fee of Bitcoin also increase in a parallel way. I also think that when the fee will less than the proportionate rate of price then this thing will not be same.

Cant say anything about the fees. It all depends on the miners community and how they re willing to solve the blocks with how much fees.

Just take a look at the last weeks transaction fees, they where off the chart. When miners decided to support the bitcoin cash then no one was able to process any transaction related to bitcoin. To minimise the stress they increased the transaction fees so that people won’t transact very easily. When there was fork situation then also fees were like 0.001 BTC per transaction and then also they had speed of 25 blocks confirmation. Now it is 5 blocks because there is nothing as such thats stopping them or getting them listed with fees, because too many transactions right now. So what if they become too greedy and started charging big fees at the point,? Because they know people aint gonna stop doing transaction. Anything can happen, not sure really when and how.

Its an issue that everyone is waiting to be solved..

The transaction fee of bitcoins is indiscriminate weather ypu do a small one or a large one ypu are gonna pay really high.

Because of this I have had lost .. 80% of my first salary..it was quote funny though.

There isn't anything like ..any movement or something nor..any news from the bitcoin creators that they will move forward to reduce it thus there isn't anything that can be said about it..

I hope a fork comes to solve this and .. the time it takes for one transaction.

To lower the transaction fee is we need more miner to mine bitcoin because of unconfirmed transaction that why the fees is getting higher

when bitcoin is only $ 2,000 the transaction is still 0.0005 and when it reaches $ 9,700 the transaction cost is still 0.0005. It has not increased but the value of bitcoin has increased  ;D ;D ;D

Bitcoin transaction fees are increased now.i wish to reduce the fees.but this charges are better than banks transaction charges.mining cost is increased.

There is no absolute way to get over the fees as it's the miners who control them and they don't care for end users, all they care is for their profits, so even with increasing prices you can't expect lower fees, however you can try your luck at various hours I once got a fee of 1.75$ for a transaction of 1400$ so it all depends on how well you can try your luck and that's how I am going about this days. Plus if you have small transactions then keep money in ether or bcc.

miners have no control over the fees! it is the network that determines how much the highest fee for highest priority is. right now there are 53K unconfirmed transactions in the mempool which means the fees will keep on rising as people pay higher and higher to get a high priority so that their transaction be mined in the next block found.
of course they wouldn't pay higher than certain amounts like 10000 satoshi/bye for example! so there will be a cap to it too.
you can also say it is the users who control the fee. but it certainly has nothing to do with miners.

If you use Bitcoin wallet that uses Segwit addresses it significantly reduces confirmation times and it can also help reduce transaction fees. But the problem is there are only few Bitcoin wallet that uses Segwit features right now like Trezor and Ledger nano s, while blockchain.info will implement it next year. The other solution on this scaling problem is Lightning network that uses off-chain protocol, it is still under development and when Bitcoin developers finds a way to make it compatible to Bitcoin network and successfully implemented it will surely solve high transaction fees and confirmation delays. Btw adding more miners will not solve this problem.

We are glad for high prices but that should not translate to high fees which is what a lot of people are clamouring about but I am kind of indifferent to situations like that because when I want to make a transaction, I consider the amount of time I have in my hand to wait for the  transaction to get confirmed and that is what will determine whether I will pay high or low fees. For the small transactions, the best is to avoid it if possible by all means for now as its not anywhere close to being economical.

Reduction of transaction fees is very good, transaction fees greatly affect the current bitcoin :-* :-* :-*

transaction fee should keep low by them because there are large number of people who are following bitcoin due to no taxes or very less taxes so if transaction fee is increased then people will leave using bitcoin or can decrease the used of bitcoin which is not better for the future of bitcoin. so transaction fee should keep low.

I don't really think that it is related with the price of BTC, it will be on the standard level, the solution here is another fork which we should wait and trust the developers that they can fix this issue. Though, honestly the confirmation also takes a lot of time, waiting is too long but it's okay, i know this kind of issue will be solved.

My funda is use bitcoin when it is really necessary as the transaction fee is more and if we do more transaction more fee has to be given so just keep bitcoin and it will work on its own and we will get the benefits

I really hope the congestion can be eased and that bitcoin can scale, with reduced fees for transactions. Clearly, the network needs more capacity. Like Charlie Lee, who founded Litecoin, I think wider use of Segwit along with adopting the Lightning Network will be beneficial.

for any kind of bitcoin discussion you can find in the telegram channel. you will getthe latest updates
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We hope to, but this problem now is more related to technical. The bitcoin should implement the sidechain fot trading in order to include more transactions in a block.

That would be in a perfect world. Aren't we still valuing BTC based on USD (and other FIATs) and celebrate when it crosses each milestone?

SegWit is active for quite a while now, and the majority of the services still haven't switched over to SegWit, which is quite annoying to be honest. It took us an incredible amount of time, drama and effort to get it activated, but it severely lacks actual usage. Not sure what services as Coinbase are waiting for, but a player from this magnitude can definitely give a first push forward when it comes to SegWit. Lightning Network is something that we'll get eventually, and will massively contribute to a better and cheaper currency experience, which is what most of the people here are desperately waiting for.

Bitcoin fees don't rise or do not fall following the bitcoin price.
We gad higher fees in terms of USD when BTC was at around 3k than when it was at 8k

The fees are always determined by the number of transactions that wait to be included in the blocks and the willingness to pay a larger fee.
Demand and offer for the space in the block. Simple as that.
The price per coin is irrelevant.


Miners don't control fees.
Probably you have no idea how the whole thing works so better shut up that giving wrong advice and causing misunderstandings.
The ones that decide how much are they willing to pay are the users. Even the spammers of the chain have this possibility , they can check how much they want pay for each kb they spam the chain.
If nobody will pay more than 10satoshi/b miners will create 1mb blocks with 10sat/b transactions.
If we all decide it is worth paying 4000sat/b , then that will be the new average fee.

It is not going to happen,at least, not for now, the fees are ridiculous high because there are not enough miners to cover all those hashpower that we need in order to process the transactions a little bit more faster.

But this is not the real problem, the size of the blocks are the real thing that are making the transactions goes much more slowly than before, and of course, much more expensive than before.

I just remember when i had to pay more than $20 worth of fees on november 12, i dont even know why did i paid them, but in the end, they are still at $6 at the moment, and they are so expensive compared to the fees of two or three months ago.

The bitcoin fee is very expensive and time consuming.
Bitcoin tries a very large system and they are gradually improving their system to meet the needs of their customers ;D ;D ;D

Let us hope that is soon enough, it may happen at some point in the next year but there is not a definitive date, but I'm sure that when that happens  a lot of people are going to have to eat their words when they said the lighting network was not going to work.

As long as the bitcoin price increases, transaction fees are also striking. I don't really expect fee's to come down, just make sense, bitcoin increasing so the fee's are also increasing.

Yes absolutely right, the transaction fee is ridiculously high. Im wondering why ethereum can do it for a cheaper amount while bitcoin makes it difficult for its loyal customers. There should be a permanent resolution for this concern.

I would say this is the only time exchanges only make their profits co'z ever since the price dropped they only made a small amount of transaction fee's.

i think the fee wouldn't down because it's already like that even the price not higher yet, and not it looks very high because the price of bitcoin and the fee is depends on KB and not value

No we do not need another fork, we need the solution of the devs to be fully implemented and that is not going to happen until next year, the only thing we can do now is to wait and see if the lightning network works, I have no doubt it will, but we will have to see it with our own eyes to finally settle that issue.

Well we can only follow the price of Bitcoin, because the cost of bitcoin also follow the price if the higher the cost will also rise and if the price goes down the cost will also go down, because now it is very difficult for us who have small. Capital goes to Bitcoin, WitDraw cost is also more expensive.

I hope this one will be implemented soon, good thing bitcoin's price is going higher and the cost of the fees is being compensated by the increase of the price in fiat but once the lightning network is implemented it will surely entice more people to invest into bitcoin.

No , will have same value number of btc will reduce (less than 0.00XXX) and number of fee will decrease (0.0000xx) but it’s value same as fee of (0.00xx)today .

hope i explain what i talk about   fee will reduce in btc and have stable amount of Dollars

Once people see that the lightning network is going to work people are going to forget about all these forks, the forks are just temporary on their nature I hope people do not invest in them or they are going to sloe a lot of money when the price of the forks goes to zero.

Without integration of Lightning Network we won't see small transactions fee.. The higher will the demand for BTC  transations , the more will be overloaded the Network and the commission fee will be higher. So, just wait!

I think when Bitcoin development launching a success Lightning Network first transaction, this would become to solve all of this. But in fact, it will takes more time for some wallet service and exchanges accept this, since it will have impact in miners which miners will takes first tx with more high fees in mempool to be mined priority.

Yeah its really a big problem for us here now..a lot of fees have really been rising now ,as bitcoin is rising fees have been rising too ,crazily..when we about to withdraw it reaches 20% that fees would deduct our cash

https://www.torproject.org/donate/donate-options.html.en

(Due to the current state of the Bitcoin market, our payment processor, Bitpay, will not allow us to accept donations of less than 100 USD. However, we can also accept donations, including smaller donations, through Bitcoin Cash)    :D

It is sad but that is the current state of the bitcoin network, any payment below 100 dollars is no longer worth to make with bitcoin, that is why it is getting harder and harder to make business for people in the forum that are selling their digital products.

use paypal  :)