Bitcoin Forum

With such higher fee, I think bitcoin will be doomed

A friend of mine (a newbie in crypto) bought $110 btc, yesterday he tried to sell for profit but blockchain was asking $98 fee out of $110. That is insane, lmao

Any new coin should need to rise up and vanquish bitcoin, like Litecoin and Dash, Bch is also good.

At the moment it is very difficult to make small transactions on the bitcoin network.

It should become easier once the scaling starts to work better.

All in all, a 110 usd transaction should not cost 98 usd unless it was made up of many small transactions in the first place.

10 usd should probably be enough to send the coins.

The blockchain isn't asking anything, you can send transactions without any fees whatsoever if you wanted but of course that would mean it's at the bottom of the priority list to get processed.

Use manual fees depending on your time sensitivity and use fewer inputs if you can.

Yes bitcoin is bad as a means of payment. And coins of the next generation are much better in this case

Oh this one again, bitcoin is doomed  ::)
I agree that the fee's are getting ridiculous though.

thats is too huge fees just for $110 btc,,
what is wallet/exchange did your friends use on it ?

I adhere to the same opinion. Bitcoin in my opinion is too overpriced and does not correspond to its price. I think that there are more promising coins deserving more attention

gold now, too, do not pay))))

Etherium also has some problems with fee today, but developers improve it constantly. Bitcoin can not come to an agreement

we all know about the fee issues, which are pretty fucked up right now. you don't have to lie about it like this which is too obvious!

if your friend did really "buy" bitcoin he only has 1 transaction in his wallet. spending 1 transaction to create 1 output is going to give him a transaction of size 180-190 bytes. lets round it up to 200 bytes.

blockchain.info is known to give very low fee estimates so i doubt if it gave him any more than 250 s/b but lets take the highest fee which was 435 s/b.
http://statoshi.info/dashboard/db/fee-estimates

your friend paid 435*200 = 87,000 satoshi fee = $12.18
and that is the highest fee, people usually pay 100 s/b which makes it $3

He was using blockchain

Any wallet that asks for such a high fee obviously has something wrong with its code. There is no need to pay such high fees. The only reasons wallets do this is to speed up transactions as fast as possible, which makes no sense because you end up paying mostly fees anyways.

$98 fee is absolutely ridiculous, fees right now are around $5-$10, still pretty ridiculous and I agree that bitcoin will suffer from this, hopefully in time some solution can be found to greatly reduce the fees or bitcoin can be a victim of its own success.

The transaction fee is high, i agree but saying it will doomed is a NO NO....... BTC is the king of all cryptos......

Yes, something must be done like b2x or else people will leave btc and adopt other coins. I'm also planning to move to another coins like ltc or dash.

the fee is so high yes that was right but we have to take the risk of it even though , for some new or you are take a lot of experience here when you see the fee that cost too much will say that it is to much and it may be doomed.

It varies from moment to moment. It doesn't take much time to fall from king to slave.

thats why im using alts anyway, im not quite enjoy the fee. but money is money, ill take it anyway

it will become a collectible in that case if the fee is that much. I am not aware of it as it is not affordable for me. Thanks for letting know the reality.


I hope the BTC board will address this issue as time goes by. ALt coins cannot no way match up with Bitcoin family.

Indeed the transaction fees in bitcoin network are high nowadays before i can pay a single cent for a high priority fee but now, you will pay 10 dollars or more for a high priority although devs are now testing lightning network to bitcoin main network i hope this could be the solution on high transaction fees we are currently facing. But if this fails bitcoin will be doomed and another cryptocurrency will emerge and take the spot for the bext bitcoin.

I'm not a newbie in crypto btw, I'm talking about the future of bitcoin, if higher fee and pending transactions doesn't matter at all then why bch was forked and why they was going for b2x that was cancelled later.

I think that you have not checked the preference option where you can manually change the transaction fees and then you can pay according to it. because what transaction fees you are getting can be wrong.

That's what I'm talking about, how about if someone want to do a small transaction less than $10 and he have to pay $13+ fee and it will be even higher in the future. A lot of new crypto currencies are emerging, let's see which one gonna take down bitcoin.

This only happens when the price is fluctuating every now and then you can try later when the price seems to be more stable or just use custom fees and ask someone to accelerate the transaction for you some users do it for free on here or use some paid accelerator service.

With lower fee, transactions stucks and takes weeks to confirm, don't you know that.

bitcoin network become so busy recently. send small transaction will worth smaller because of the fee.

normally i choose some other altcoin to send somewhere like etherium to make smaller fee.

i hope bitcoin will not take any big fee in future to make people more interesting. and make quicker transaction as its name as currency.

I don't believe your cock and bull story about that friend of yours. No Blockchain can ever do that. If you are a fan of BCH tell us and leave Bitcoin alone.

yes of course, fee to high
a few days ago, i am transfered amount of btc satoshi from market to vipbitcoin
and i get a big fee for that, around $15 - $40 ....
But i have to do it .....

If your friend is using blockchain.info(if this is what you mean when you say blockchain) he can manual put fees and send it with very low fees. If he want to wait of course, and transaction will be confirmed sooner or later.
0.006 is very high fee, i am not sure why it is so high, maybe your friend have lots inputs? That would explained it, but since you said he bought bitcoins, there should be only one input, right?

If your friend has received those bitcoin in many small amount from faucets before than yes he might have to pay very high fee when sending it out. It is normal for bitcoin but your friend can also choose to use very small fee on that transaction and wait for confirmation which might take more than a week.

Ask him to use confirmtx and viabtc tx accelerator services for free to accelerate transactions and get faster confirmation.

Then don't, no body has a gun to your head

Well. Your friend can just wait for the bitcoins price to drop for a little while and then maybe conplete the transactions. Due to the drastic fast rise in the value of bitcoin their investors surely have made a lot of profit but there are some problems arised too due to this. The fee for transactions is no doubt disheartening but we really just can't expect that only good happens without any problem. That's not possible.
So all we can do is wait! :)

Bitcoin is doomed to collapse either way. Those who are buying it now should be willing to wait for years to sell it for profit. It will crash very soon.

No disrespect meant. Since your friend is a noob, he might have mistaken $9.8 for $98, don't you think so? Four days ago, I sent $150 via blockchain and was charged a mere $2+ fee and the transaction was confirmed within 15mins to my surprise.

Anyway, that is not taking away the fact that Bitcoin transaction fees are insane this day and that could be responsible for the  numerous unconfirmed transaction in the blockchain

i once opned a thread about this issue i had 60 USD transaction costs,

BTC and Ethereum has a busy network few days ago,because thousands of transactions are pending thats why the fee is too high.

Everything in this world is not actually made to last and therefore Bitcoin and Blockchain technology has no exemption.
Bitcoin is overrated this year and the price is very high and so as the transaction fees because as an owner we cannot deny whatever the fee in order to transfer Bitcoin from wallet to wallet and this issue also is addressed into other cryptocurrencies.

I saw a Legendary member, that I don't remember the name of explain this pretty well; he was talking about how each "input" (coin received, which makes up your transaction) of your transaction, increases the transaction size by X-bytes (180 or so?))

So basically it was something along the lines of "If you want to send .01, the fee is determined by the size of the transaction and how congested the network is for confirming transaction; if you received that as increments of .001 or one lump of .01 determines how much gets eaten by fees."

Not all .01's are created equal. At a certain point, the amount of coin your receiving could be essentially "not worth it" if it is small enough to be competently eaten by the fee it brings because of it's Byte-size.

I do not have many bitcoins. Yesterday, waves of falling, growth of bitcoin began. I wanted to sell, but since the amount was not big my profit was the price of the transaction. I was shocked. Put the minimum price. Day passed. The transaction is frozen.

This is all temporary problems in bitcoin. I also have bitcoin and they are normally passed on. Coin invincible!

That's so true. Whenever the price of btc rises ,the fees goes up too and they are higher than the transaction itself sometimes. But give it sometime and it will go back to its normal rate ,once most of the transactions were processed. It still kind of sucks that you can't make such trades right away, Hopefully this matter won't last for long. We just need a solution for more scalibility in the blockchain and bitcoin will be all fine.

I think transaction fees are not small problems. I hope that transaction fees for bitcoin and other coins will not be a problem in the future.

Adapt or die. Bitcoin isn't going anywhere. You need to realize that there are steps in place to fix the transaction fees but patience is your best weapon in these trying times.

Let me show you noobs today's fee because you think I'm f**king lying. check the screen shot, $127+ fee. Now you believe what I said.

https://i.imgur.com/l7pnCGM.png

It's pity that exchanges has a high fees for withdrawal. For example Bittrex takes 0.001 BTC. 0.001 * 15000 = $15. For a withdrawal! I guess this is not a normal thing at all.

Fee is their bread and butter, if they do not take that high fee, how will they survive?

People forget BTC is SOFTWARE.. but think of it as GOLD. NOO. It´s software and it suffers Obsolescence...

It already consumes the energy of ENTIRE COUNTRIES..

at 15000$, fees can be around 15$/20$... if it it goes to 30k$ in 2018... fees will be doubled...

takes hours and even days to complite transactions...


Is this better than a simple traditional bank wire????. No.

The people that tells you it will go to 100k$.. 1M$... whatever.. are early adopters... people that hold a lot of them and wanna play with you the  PONZI... Nobody that respects tecnhology and blockchain would tell you to buy Bitcoin..... Is like a developer told you to buy an Apple  I because it´s the first computer... everyday passing is more and more useless and more and more deficient,

Wait for the lightning network - this will allow smaller bitcoin transactions on the network.


BTC

But after all, they have already announced that the bitcoin transaction has been successfully carried out using the "lightning" project, in which it will no longer be necessary to wait for transactions to be confirmed and they will be made quickly. In addition, this project allows you to make transactions of small amounts and commission for them will not exceed one dollar. So basically, all the sore problems of bitcoin are still solved and he is ready again to rush up to new price heights.

If you use web wallet blockchain you can actually use the customize fees feature, where you can set the fees manually around 0.0001-0.001 or more. It's true when the network is busy, the transaction fees are high, from your story which blockchain asking $98 fee out of $110, this certainly doesn't make sense. When the network is preoccupied with the many queuing transaction queues that are stuck waiting, of course this is one big problem, but I do not agree with your opinion that bitcoin will doomed.
We all still waiting this solutions, but i believe this can be solves soon or later.

 That just means you pay less fees and wait more hours to complete the transaction..

It doesn´t solve the problem of privacy.
It doesn´t solve the problem of the energy cost that this obsolete network needs to be mantained  wich is an ECO disaster for China and Russia where most mining farms are set..
It doesn´t solve the fact that banks are already implementing self blockchain technology and testing transactions way faster and cheaper than the BTC network.

https://www.kaspersky.com/blog/bitcoin-blockchain-issues/18019/

I have a feeling that bitcoin was being created as a trial coin...looking at the duration of transactions, I don't believe in the distant future of bitcoin

That is if you want top priority. Why is that so hard to understand? If you want to ship a bag of shit across the world within days, that will cost you a lot as well.

I mean Eth is slowed down to a crawl because of a single game. That shows that any and all network will be slowed down/have the fees increased if it's heavily used. Sure, the combination of 1MB blocks and 10 minute block times are getting very slow these days, but it doesn't matter, even 1GB blocks could be filled with junk and we could have the same fees eventually. Amateurishly, cobbled together forks certainly aren't the answer.

Just familiarize yourself with fees (sat/kb) and time to expect the transactions to confirm (https://bitcoinfees.earn.com/) and waith for the solution everyone can agree on.


If you use a web wallet - or any other custodial wallets - you do NOT own your coins, the site with which you trust does because they have the private keys. If you use your own wallet, you can always finetune how much fees you would like to pay.


What privacy?
Energy cost is negligible even if it uses more than a dozen countries combined. We're talking about Bitcoin here and we're rushing towards cheaper and cheaper renewable electricity and if anything, Bitcoin's pushing that race as well.
As if banks would ever create a truly fair, decentralized and trustless blockchain... You have got to be either kidding be or be spectacularily naive. I mean you can get million times faster transactions than BTC with a centralized "blockchain" but that should be frowned upon by everyone. "self blockchain..."

And as I said, any real blockchain will have high fees if it's heavily used.

TL;DR: Some of you really need to re-evaluate why you're here and if you even understand the benefits of true cryptos like Bitcoin.

Hello. There are serious transfusions of capital. Yesterday Bitcoin's capitalization reached 306 billion, Now it is 250 billion. It decreased by 56 billion dollars. A lot of money was withdrawn altogether from the market, the rest were transferred to violas. By capitalization of 7 billion rose Ethereum, 7 billion Nem and Litecoin, because we saw their strong growth today, also in the IOTA.

Most for some reason waiting for the addition of futures for Bitcoin (themselves not understanding why), but no one knows how to behave market. My opinion is that this will negatively affect the price. Yes, this news made many pay attention to Bitcoin, because the price soared. But the big players, most likely, will prepare a surprise. I think before the 18th. Already, we see strong price fluctuations in the market. The price can really fall to 9k (if you do not look at the growth of the last month, such a price is still good), and if it goes back up, then consider us carried.

I came out the day before yesterday at 70%, I wait in the violas, even though Bitcoin falls and the violas follow him, but not so much. Be careful, I hope I'm wrong.

Yes or no. Bitcoin will survive in the long run, but it will probably be dethroned by some altcoin in the future. Hodling is a lie when it is dethroned.

whaaat?! $98 out of $110 that's insane. too huge fee but for me, i dont think bitcoin will doomed. 

That $98 fee seems really high. I did some test transactions with my Ledger Nano yesterday and the fee was about $10 with Bitcoins on the Segwit branch for small amounts or $23 for sending 5 BTC. Maybe the $98 fee are the fees for legacy bitcoins on a wallet provider that is a cyber pirate and known for high fees.

I don't think Bitcoin was designed for smallish transactions like buying coffee. I was only planning to use BTC for large transactions or a rare purchase of alt coins.  

PS I disagree that Bitcoin is doomed, BTC is where institutional money is likely to pile into.

The fees will all depend on how well you want your transaction to be processed. I you want it processed instantly, you will pay of course bigger than the usual. I think you are billed high because you didnt notice the transaction rate that is picked.

Now the fee is very high because of the price also very.
We hope next future bitcoin can fix the fee of sending no matter how much we send then it will be same low fee.

When the price of btc increase the fees increases too. I hope this can be resolved too much high fees when doing withdrawals. With these fees possibly bitcoin could be doomed, anyway we dont know yet what will happen but I will always watch the moves of bitcoin.