Bitcoin Forum

90% of all bitcoin owners have less than 0.1 BTC each

the fees to transfer $100 worth of BTC cost around $25. that is outrageous

that means 90% of the owners cant even afford to transfer their coins without losing a lot of money

Yes the fee is too high, I hope there is a way to lowering the fee of bitcoin transaction. The current fee will not good for daily transactions, I am sure that people will prefer like to use paper money if the fee is still high.

Right now, fees are even higher than you transaction. I was trying to send around $5 to external wallet but thwn the fee is $8. Fees are getting crazy.

Estimate fee ( https://estimatefee.com/ ) seems to believe that if you are prepared to wait 7 days for a confirmation, the fee for a "standard" transaction should be $0.63.

This is supposed to be the money of the future.

I personally don't want to wait a week and pay 25% fee. That's some bullshit

Yes.  >:( It should be done something about that!

I have most of my transactions stuck at blockchain. Although i payed the fees for the transactions, I can't confirm any of my transaction. One of my transaction is stuck from 4 days and it is really annoying me now. I tried to use some of the best transaction accelerators but they are of no use. Hopw the problem will be resolved sooner as i am now facing some major issues due to the network congestion.

Yeah the price is too high because of more number of pending transactions and the transaction done oer second is very less than normal tine I don't know why this is happening but lot of bitcoin miners maybe inactive.Maybe it is the effect of mining banned in China but not sure when this problem going to solve if the price keeps increasing then it is not good for the bitcoin future.

This is one of the sad side of this beautiful market. This muıch transaction fee is not really sustainable. I believe that will effect the future of bitcoin.

People don't care. Euphoria is rampant. People will continue to buy due to FOMO and thinking it will go up forever. Bitcoin pays no dividend and produced no cash flow. I am glad I cashed out my initial investment. No such thing as profit until cash is in your bank account.

This is really a problem since the past when bitcoin only are gaining an upper value many are sure irritated with the fees over the transaction, but even if many are thinking about the Outrageous transaction fees let's look on the bright side bitcoin will still be bitcoin regarding its transaction fees, every time bitcoin surge its price we can see that the transaction fees also would increase as well, I really think this is necessarily for the miners fee and everything and if you are not OK with the transaction fees right now then wait for it to go down or you can check this service https://btc.com/stats/unconfirmed-tx to see what transaction fee is more economic for you.

I thought also, If fees were this high then bitcoin will need a front coin to support microtransactions. I hope lightning helps.

Yep. And people choose to believe that statement despite all these glaring flaws because they know that in the grand scheme of things, Bitcoin is still in its infancy. Bitcoin has a community and a group of developers that are trying to ensure that Bitcoin evolves with the times. That part has hit a snag partly because of Bitcoin's explosive boom, but I have no doubt in my mind that these problems will be solved eventually. For now, I'm willing to wait it out.

The good thing is the progress of development of Bitcoin lightning network is running nicely. We can see it already been successfully tested on the mainnet test. Although, it still needs more development to be able to reach the perfect and stable state.

I love bitcoin and is a huge advocate for it, but I do not exchange using BTC. As mentioned above it is way too expense and slow - but it keeps is value and that is all I want.

I use LTC to exchange, it's much faster and cheaper, have a look at the price increase of LTC due to this. LTC is going to skyrocket due to the increase of use.

I've seen comments from prominent members in the crypto space that LTC will reach $500 shortly.

The silver of the cryptospace.

Unfortunately, nobody is going to use the lightning network if the fees to open and close a channel are high.

They've had 8 years to foresee this let alone figure it out.  8 years is an eternity in the software world.  If they have not solved this by now I tend to lean toward the idea that there is no solution that will make everyone happy...and right on queue the futures markets open to allow the billionaires to ease their way out of the sinking ship.  Note that the fiddlers are still playing music as the Titanic is halfway underwater.

bitcoin has a massive demand lest 7 months, a lot of people start saving some BTC,  compressing on network and high fee to be confirmed.

you win fast free money without making anything, 100$ will be 120$-170$ so when paying  25$ for the fee it’s mean you send 100$ with 0 extra money right?

 

Too damn HIGH! You sned 25$ and you pay 5$ what the hell? Is it a bank in disguise or something? I feel you man, this is indeed outrageous.

Simple solution: use the real Bitcoin. Real Bitcoin has near zero fees.  It always has.  Bitcoin.com

you don't know that because "bitcoin owners" don't hold a flag telling the public how much bitcoin they own. all you saw is some stats on some website telling you how much each transaction output is worth and at least half of them are change addresses and the other half is the result of the spam attacks against bitcoin network.

the cost of sending a bitcoin transaction which can be $1 worth or $1,000,000,000+ is worth the same and it is worth $12. that is with current bitcoin price. maybe you think bitcoin is worth $35,000 I don't know!

While I agree that the fees are high sometime this happened with me, on three occasions I had to transfer 1k each via Bitcoins, so first I incurred a 12$ fee, second time 6$ and third 1.45$. From what I understand is that during different time's there are different fees charged best is to transfer in the middle of the night and then see the difference, all you need to change your time of transactions and you'll benefit, check this method and post here.

Yes, it is too high. It should be reduced soon so that it does not become a hindrance on the progress of bitcoins.

Yes it is. Because fee's are constant in every exchange sites and we cant do anything about it.

How did you know that 90% of Bitcoin investors only have 0.1 Bitcoin each? lol. For now there is nothing we can do about this matter, because whenever Bitcoin price increases transaction fees will increase as well because there are lots of people who wants to make transactions which becomes the cause of congestion in the mempool and we can not do anything but to pay large transaction fees if we want our transactions to confirmed immediately and that's annoying, let's just wait for the lightning network mainnet to be released and I really think that this off-chain solution can solve this problem, I hope it will be available anytime soon.

This is a common sentiment of every bitcoin user, even the ones that has a lot of bitcoins. This is because a lot of users still do make small transactions even if they are extremely bitcoin rich. For example, if they want to buy a VPN subscription with bitcoins for themselves then it would cost like $100 per year then another, like you said, $25 for the miner's fee. Probably the segwit2x people are on to something. Likely another talks about another fork will occur due to this.

This is certainly going to present a problem for bitcoin and as many find out this they won't want to invest any more. Like others have said you could get cheaper fees but it would take longer. What's the point of that if the whole idea was for almost instant transactions.

imagine if bitcoin reach $1,000,000 how much is the fees? ;D

Such a high price per transaction forces the user to make small transactions. I personally have long put the coins in large amounts on the exchange and from there deduce the Fiat to a Bank card. Funny but it turns out that bitcoin itself forces users to use Fiat. It contradicts the idea of creation of bitcoins.

those fees are what really annoys me most. Its really hard to transact now compare to years ago.  Those people regulating these fees are trying now to abuse the soaring price of bitcoin. I hope they stop their greediness someday.

Yes 90% of all bitcoin holder was below 0.1 btc in there wallet and if the transaction fee is too high then it would realy affect this to a large community of bitcoin everytime bitcoin price goes up then the price also goes up. Yes thats true its because of the price goes up the btc that you are using for transaction few also goes up its just natural for this matter because transaction fee itself also is a bitcoin so if bitcoin price goes up the fee also goes up if bitcoin goes down the fee also goes down simple as that.

Bitcoin's selling feature as being a cheap way of transacting has never been much of a viable long term thing. It was obvious from the very beginning that the further we go in time, the more importance fees will have, and the further we go in time, the higher the level of adoption becomes, and the higher the fees will be.

As we speak, miners don't need to spam the network anymore to artificially inflate the fees, because the insane usage peak is doing that already. It's like an auction where the highest bidders are the winners - people outbid each other's fees to get their spot in the next block. It's a situation where economics are the dominating factor, and this is something that will not change with Bitcoin in current form.

Yeah - that's cool. It's cheaper in price and fees - looks like with BTC you have to (pre-) pay for lot's of useless over-engineering stuff  : SW, LN, RBF, shills, bubble ... does not make much sense ;)

Best to schedule your bitcoin transfers properly. Transfer from an exchange to anywhere would cost at a minimum 0.002.
If you look at it, fee to transfer is only 0.002%

It's just that the price of bitcoin had really risen a lot.

I'm assuming the creator, Satoshi, didn't forsee that bitcoin 0.002 transfer fee will be equal to $32 in such a short span of time.

that is the disadvantage Side of bitcoin when it goes in a higher value there's a possibility also that the fees of our transactions will be higher.   We should accept the fact that bitcoin fee is outrageous on this scenario  which is not good to us even though it has also a good advantage When the growth rate increasing.

That how it is right now and we can't deny that fact because everytime bitcoin go pumped up bitcoin fee also surges up, I think it would be best if there is limited price for every transaction just like exchanges because sometimes this wallets we have on a pc or a cp they almost suck what others earn. I think miners or mining industry would be profitable in this time around and if ever there is limit or should I say a determined consensus fee for every transaction then that would be good so that their is equality on every transaction fee for bitcoin.

Bitcoin now is not mentiones to be used for payment, its like gold and has his negative sides. Hold in your wallet and wait.

I hope that this just was a bad joke. BCH, as referenced by bitcoin.com as the 'real' bitcoin, is just a bad joke itself.
Changing blocksize is just a temporary fix. Its just delaying the problem. On-chain solutions to the scaling problem aren't going to be successful.
There has to be a second layer (like the lightning network, coming soon) to handle this problem.

This is rather a wet dream - but BCH is real and compatible to oldest Satoshi's versions - shops are coming back here.

Right now, there are around 50 million to 100 million Bitcoin users around the world. Let's say that the Bitcoins are distributed uniformly, which means that there is an average of BTC0.16 available to each user. This is the mean value. The median may be even lower and most probably somewhere around BTC0.001. Now considering that the average fees is around BTC0.0005, decide yourself whether the fees is high or not.

This is definitely a big issue. Opinions on Bitcoin vs Bitcoin Cash aside, the fact that Bitcoin is not usable at the moment is worrying. In most 'beginner resources' the features always listed are fast and cheap transaction fees. Beginners will have a hard time when they realize this is not the case anymore.

Possible solutions are also taking forever to be applied, maybe an even worse problem is the fact that the community is not able to agree on anything, there's a big lack of consensus.

The roadmap (https://bitcoincore.org/en/2015/12/23/capacity-increases-faq/) is not specific enough, I really don't know how close or how far away we are from implementing any possible solution.

We all have complains, the real question now is what are we going to do about them. We should start by getting more informed about the progress on for the lighting network or other possible solutions, how much time can we actually expect them to take to be implemented. I feel there's also a lack of communication between the developers and the users.

Bitcoin is about a decentralized, democratic fee system where users actually are free to decide the fee they want to pay and miners are free to accept whichever fees are paid as part of the transactions available in the network. That's actually the only outrageous thing about this concept, that you are not forced to pay any fixed amount. In fact, you can even choose to pay 0 fees if you would so prefer.

If you think about it, it is an equitable system. If you want to jump ahead of the queue and increase your chances of getting your transaction picked earlier than others, you pay more than what others are willing to pay for. You pay for that privilege.

If 90% of Bitcoin owners really own less than 0.1 BTC, then they currently own over $1,600 worth of coin. I have never paid more than $3.50 per transaction, and that's only because the value of Bitcoin has never been higher.

If, like me, you're willing to time your transactions and plan them ahead, willing to consolidate inputs periodically, and willing to wait days before confirmation in congested network conditions, then you also do not need to pay so much.

Transaction costs have been a key to the popularization of bitcoin. That's true. We need lightning trade too much. Let's expect a few altcoin to help us, and I think LTC, BTS, and NXT have these functions.

slowly bitcoin will become a holding / investing token if it is too expensive / slow to be traded in.
with less and less people using it day to day the value will  eventually go down.

I find it expensive as well, i just made a transaction where i place my bitcoins from an exchange into my local bitcoin wallet and it costs me $16 :(
i hope they can find solution to these because bitcoin has a big price as of now.

Because the price keep rising in the past week,the fee is rising too
You can set the lowest fee for your transaction and wait a long time

That's wishful thinking.  Everyone getting into it now probably have no idea of what they just bought.  As more and more people learn about these problems and the fact that in 8 years no one has been able to agree on a means to fix them, people will start dumping en masse.  It's like buying a Ferrari with 4 flat times that cannot be fixed.  It looks nice for awhile until someone wants you to take them for a test drive.  The perception of wealth and prestige vanishes in an instant even though the rest of the car is mint.

It won't be used as a store of wealth anymore since any of the top altcoins like LTC or Dash can take over that role and offer much faster transactions.  I look at the price of BTC and I cringe.  I can feel that something bad is going to happen soon.  Go back and read Forbes from 1-2 years ago.  The head dev at MIT was warning about this exact scenario and considered it something that could end BTC if not fixed...back then.

Guys, so many upsets about transactions fee! yes, the network load is incredible high, it's like thousands people want to get on the little bus
the same time. Of course fee will be high! Think about this like  your payment for priority boarding. If you are not in a hurry , so, put standart small fee and be ready to wait!

Yes . today I wanted to send some btc to external wallet and I got stuck when I saw the transaction fees is more than the amount.  :/ I stop sensing that :D

too high this affects us much more to us the smallest

We can lower fees by adjusting the rate of transaction, it is customizable depending on the amount. There is minimum amount should be paid for the transaction to be listed on the blockchain and I know there is free service that can fasten the transaction just search the service section.

I've never paid transfer fees. I've transferred 4 times. 1 from Coinbase to Coinbase user using email. $0

Other 3 were from gdax to my hardware wallet. $0 fees and they took about 2-3 hours. This is with 100k-200k in memepool.

I don't think it will change, is there a way to make it cheaper? don't think so, correct me if I'm wrong...

That sucks. It's not Bitcoin we enjoy to use because of low transaction fees. It does not work the way it used to be. And for me, $25 for every transaction you've made is totaly hurting me. People want a cheaper fees are now bound to wait for days in able to get their Bitcoin. That's very inconvenient. All you can do is to use only one-time  bitcoin transfer and don't transfer to often unless it's important. Also im a bit worried about putting my fees into low amount of fee because there's a possibility that it might get stucked at the process. That's messed up if that happens.

This is the problem nowadays, the slow transaction confirmation is forcing people to set higher fees in order for a miner to accept right away the transaction on the network. The average price is getting higher and higher as the number of transactions are also increasing (higher demand). I hope something would change, many people are affected. The purpose of bitcoin to be an efficient coin for sending and receiving coins is slowly fading away. A high transaction fee really hurts.

Few days ago, I paid around $15 to move BTC 0.04.
But, it was important and I was glad to see two confirmations after five minutes :)

Seems, Bitcoin core dev. do not do much to improve situation.
I think, Litecoin could take some payment traffic for micro-payments and should be more widely accepted by merchants.

Unfortunately, there are times that fees can be unreasonably high. But, if you get lucky, you can get great deals if you wait for them patiently.

Spent $10 sending $20 today. This is the type of stuff that will push more people to use Bcash

Which exchanges are you referencing for such high fees? For example, some exchanges depending on the country, have been given a green light to operate and therefore their fees are barely noticeable. Others, as I’ve heard charge upwards of 25%, which seems strange because sooner or later there will also be a taxation charge on the amount taken out. In a way these high fees are liking to a double taxation.

Bitcoin Fees are outrageous indeed, bitcoin will get a trouble in the future because fees are much higher than others so people will use bitcoin cash coz the fees are too low,  Micro-payments are not good at all in bitcoin coz your sending money but the charges is too big enough

It is impossible for new comes to get Bitcoin is a small ambt like the OP said even $100 is crazy and has high fee attachment. How must nee users practice using Bitcoin? When I started it was so cheap and I could use it all the time. Now it's too expensive to use to spend anything less then $100 and even then I question the fee.

The fees are high at this point of time. If scaling solutions like lightning network are implemented, then the fees will automatically reduce.
Also, there is a lot of media attention because of the price increase and that has attracted a lot of new people into the market. Once the price stabilizes, attention will die down and so will the number of transactions.

Yes, the commission for the transaction is very large, which causes discontent of the community. I hope the developers will make the price acceptable.

The fee of transaction is depending on how much unconfirmed transaction pending on the blockchain system, so the wallet website will suggest you to pay the higher fee than the average fee on the system.

Quite the opposite will because people have feel the taste of crypto currency and this is what cause the increase in volume which leads to hike in transaction fee. However, this will only make some bitcoiner switch to altcoin like the Ether,Xrp etc.

Less than 1% of the world has adopted crypto currencies. If the fees are this absurd already, what is it going to be like when more people try to transfer money using BTC and altcoins. The fees make no sense and are a big part of the overall money grab/scheme. The fees go to the miners and the whales. The big profits will also go to the miners and whales who will crash the market when they cash in

How much are the average fee prices now? Does anyone have a graph of fee prices over time or a good source to keep track of fees?

Try to send $60 worth bitcoin charged me $10.50 for it, been 24 hours still didn't receive it, lol what's going on?

Yes transaction fess as of this days is so high because their company or the trading sites need to adopt to the changes of value if Bitcoin. It is needed for them to raise the transaction fee so that their company won't lose their fund. If they didn't raise their fee then they will be down for good.

Suggest that we all use sewgit address, you can save fees about 50%

Indeed. This is the faster way to avoid this overfees

The CORE team and the BCH developers are still chattering about who is orthodox Bitcoins, but horrifying bank transfer fees have forced us to turn to BCH or other altcoin for lower transfer fees.

Yep, and so BitcoinSegwit market share plummed down.

Now, what do you expect if BCH could solve it?

Your transaction might be in clog thats why its taking to long to be verified in the network, you are not alone from this scenario there are many other who has been waiting for much more hours.
Thought they implemented lightning network already? this will reduce the fees and make the transaction much faster.

Why are bitcoin transactions already getting clogged when only 1% of the world is using bitcoin?

Shouldn't bitcoin be able to handle more than 4 transactions per second? This seems very inefficient

I can't think of any solid reason to pay such absurd fees and wait such long times, unless doing illegal/sketchy purchases :/

So how much does it cost using "SegWit" at the moment? Fees on bitcoin are around $35. Is SegWit still costing around $17.50?

It is a problem ages ago.
Some of us here are already used to it.
Hell even when Ethereum also increased their gas price just so to complete the transaction, we are used to it.
This is a problem with users also. Those who made too many transactions with just a little amount to pay are stucked there. Now, whose miner would want complete that?
You will understand this once you understand the miners. Pfft. Pay enough and the service will be done.

Surely this transaction fee issue will be a big problem if BTC price keeps increasing (and it probably would) in the future. The Lightning network can't come soon enough.

That's right fees are too high, I'm trying to transfer my funds to my other wallet but I will lose a lot of money because of the fee so I decided not to transfer at all, it's really a waste.Hopefully they can do something with this fee problem. One of the advantage of bitcoin is easy transactions but with this high fees,it's now painful in the pocket.

It doesn't cost anything to "use SegWit". What he means is that you should now look to use wallets with that can support it. Nodes that see your transaction will then see it as slightly smaller in size, so the fees you pay for the transaction become essentially become more efficient.

Fees on Bitcoin are NOT around $35. There is no fixed amount of fees, the effective fee you end up paying is completely based on the size of your transaction. For me, almost all of my spends have 1 input, at most 2 or 3. This means the majority of my transactions are around 225 bytes. To get an almost guaranteed confirmation within the next block at current conditions, this means I would need to pay under 10,000 satoshis as a fee (for an effective fee of 391 satoshis per byte based on https://bitcoinfees.earn.com/).

That's only $1.70 at current price.

You are the first person I have heard say the fee is under $2. Can anyone else confirm how much the fees are right now? I thought much higher

Use ETH  ;D

ETH is also slow nowadays. Kitties were enough to kill the network :D
I think that LTC is now the quickiest way to send money. I have never waited more than 10 minutes to transfer them. Fee is also very low and all exchanges accept LTC. BTC has never been meant to allow many transactions. I do not know if it is even possible to increase its capacity to the level of VISA or MasterCard.

We could not deny bitcoin fees is quite high because of its market price. Exchange market for instance would ask such amount for the blockchain transaction you made so i think it's better to transact big than transact a little amount where almost half of the amount being transacted goes to the charge fee.

I was worry with this fee and very long transaction. What will happen if those two thing continue happening?
It will affect to bitcoin itself about price. Marketcap also will decrease if it continue happening in future.

Yeah definitely the fees are just too much it even costs much higher than transaction of other remittancebor money sending firms. Which is why it's hindering the growth of price of bitcoin because its a bit of discouraging especially to its users who have been with bitcoin for a long period of time.

Yeah, currently that's right. However, BTC is investment tool at present. I think it is not used for payments. It is like a gold - you will never pay with gold :)

Too expensive a fee will clearly hinder further development of bitcoin, such as small payments, trading speeds and so on. I believe the community will solve this problem in the future.

alta, ridicula, btc vai morrer assim.
BCH E OUTRAS COIN DE FORK DOMINARAM

Some exchange wallets like XAPO even worst than others their transaction fees much higher than electrum or blockchain wallets. They used to be free long back but their charges are very high so I almost stop their wallet using.

In general, if this continues like this then many small amount transactions will shift to other altcoins like ETH or LTC.

Agreed. The "store of value" arguments are mostly nonsense and an attempt to sweep the issue under the rug. Bitcoin was designed to be "the" peer-to-peer digital, decentralized cash system, and if it can't become this then more competent development is needed. Other coins can do it, I see no reason why bitcoin can't. Even if a hard fork is required, if the exact same balances of all coins are retained with no pre-mining, I can't see why this would be an issue.

That is ridiculous but faucets and deposit sites have to make their money one way or the other just the way life works...

If this issue is not resolved any time soon
Bitcoin will be replaced by a superior coin
with better features and that has the solution
for the current problems.

It is a grave issue as what good will Bitcoin do
if a normal person can't use it to transfer money.

I feel bad for Mc Donald's, really bad. :)) They are gonna pay more on BTC fees rather than the hamburger

Bitcoin fees are main problem every bitcoiner feel fees to be regulated

Agreed. Almost everyone is bothered about it, and yet the core developers remain blind to this issue. Bitcoin is slowly losing the confidence of the users, and the alts such as ETH and BCH are using this opportunity to gain more users.

High transaction fees will kill bitcoin, but remember even if lots of people have stopped mining, there will be a difficulty correction to maintain the amount of blocks created. The cost problem is because people are mining as a business to make money. My understanding of the original theory was go use latent processing power.

There is another system which is peer to peer cash.  No worries.  Just go use it.

Totally agree the fees are a joke

Litecoin, can send thousands of dollars for less than a penny....

Bitcoin Cash is cheaper by far and will get 32MB blocks soon. Asics are more secure so why LTC?

I noticed the fees got a little better right now. I pay 0.30$ for a transaction that's 30 min -1 hour long and 3$ for a rapid transaction.

Bitcoin is now growing and it's possible to make good money on it, so invest in it until it falls down

We need to find a solution to make it cost friendly at least for the offline market transaction because there are some things of daily needs are available at the cost of Bitcoin transaction fee so why would anyone use Bitcoin if technically he is getting something for free? Using Bitcoin for the overseas transaction is still my favorite option.

Then maybe you should save more bitcoin and not always transfer it always so that you can save more and earn more rather than always transferring bitcoin. Because of bitcoin popularity thats why they make transfer rate higher.

Well, I guess you're right. Buying single candy by bitcoins having a fee that can buy you a whole pack of the same candy really wouldn't make sense. Which is why using it for overseas transactions or for big amounts is the most preferable choice for me also. But as lightning networks improve more and more each day, I think this issue will completely turn around sooner or later. I just hope that it wouldn't have to take so much time before effects are experienced because the fees still hurt even when they have decreased already.

True the fees are making bitcoin very hard to use , if i want to move my money quick i prefer most other alts over bitcoin at the moment.
I just hope they get their shit together soon and come to a agreement which will help bitcoin back in the right direction.
Because at this pace bitcoin is on its way to become obsolete soon.

It is definitely ridiculous. I really hope that due to it's slowness and high fess bitcoin will become the second choice in exchange currency, giving way to lite coin which is a lot cheaper and a lot faster.

Yes, the transaction fees are very high although transfers take too long. That's why I think if this problem is not solved, people will use other coins such as Ripple for sending money.