Bitcoin Forum

My Bitcoin core wallet just charged me $165 to send $181. https://blockchain.info/tx/30f824f4233ef331c12864bf3237c9a785b0e55a4c26bf3638aa9fbc8b067ebf

This is fucking the most stupid thing ever and I suppose we all have the freedom to choose to participate or not.

I will no longer be accepting Bitcoin Core Coin for the time being without a $200 additional fee... I'm truly sorry to have to do this, but this is absolute bullshit.

That's sad. Isn't there a way to check the txn size beforehand so that you can check the fee before sending?

BCash seems to be gaining ground because of the network issue + fee issue with bitcoin.

No one is going to pay you a $200 fee you may as well switch to Litecoin.

Bitfinex introduced trading on Chain Split Tokens (CST). The first such product of its kind, CSTs will allow Bitfinex customers to speculate on future fork events of the Bitcoin blockchain, specifically, the potential fork between Bitcoin Core and Bitcoin Unlimited. They have designated these CSTs as BCC (Bitcoin Core) and BCU (Bitcoin Unlimited).

CSTs will trade as BTC and USD pairs, initially without margin and they will reevaluate that decision if there is sufficient liquidity.

Users will be able to create CSTs by “splitting” a bitcoin through the Token Manager (located in the Order Type drop down menu of the sidebar order ticket). Once split, the BTC will be removed from their account for each BCC and BCU added. Through the same Token Manager, users will be able to reverse this process at anytime, trading in equal numbers of BCC and BCU to extract BTC.

If no fork occurs by December 31, 2017, then BCU will expire worthless and BTC will be given in exchange for each BCC holder. If, however, there is a fork, specifically Bitcoin Unlimited, then, as soon as they list Bitcoin Unlimited, they will exchange BCU tokens for Bitcoin Unlimited tokens as well as retiring BCC tokens in favor of Bitcoin Core tokens. More detailed information can be found in the Chains Split Token Terms and Conditions.

They are planning a few additional enhancements including a realtime display of total CSTs as well as segregated cold storage for the bitcoins that have been split, which we will periodically settle to and from their hot wallet.

"charged"

https://68.media.tumblr.com/7d5701aa1f97eb8664305e3c788b383f/tumblr_otmvicHMcU1qblf5xo1_400.gif

Don't you get to pick the fee amount?

The fees are crazy but currently it costs like $7 to send a transaction for it to be confirmed in an hour or two (usually mine confirms the next block)

Higher fees when the blockchain is clogged is normal. The same thing happens when you try to drive somewhere during rush hour.

Merry Christmas/Happy Holidays!

Merry Christmas to you as well bud!!

The fee is MUCH higher than $7 at the moment... https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

I do pick my own fees when sending from my Bitcoin Core wallet.

However, the estimated cost of the transaction was the same for 2 blocks as it was for 7 days... it is becoming increasingly clear that Bitcoin fees are being manipulated in such a way that the core wallet is being manipulated as well to grossly overestimate fees.

This "rush hour traffic" is just miners filling the blocks up on purpose and forcing high fees on the rest of us.  

Imagine if I have BAC Coin:

BAC Coin can handle 10 transactions per block and the min fee is 1 penny and I control the majority BAC Coin mining network, so I get whatever fees are spent.

Of COURSE I'm going to send 10 transactions with a $1 fee because I'm going to earn that money back after I mine the block and if you want to send a BAC coin you will have to pay at least $1.01.  If I didn't spam my chain... I'd earn only 1 penny from you instead of $1.01.

The "fix" to this is to increase the blocksize and more mining competition.  Increasing the blocksize forces me to risk more money per block in order to manipulate the users and more competition cause it to hurt more each time I miss a block full of my spam.

Merry Christmas guys, I suggest you should shift to altcoins for sending and receiving your payments.

Merry Christmas to you as well!!!!!!

I absolutely accept altcoins. <3

I specifically support CLAM, but I will accept almost anything that has liquidity.

(Reminder... if you had Bitcoin, Litecoin or Dogecoin on May 12, 2014... you have free CLAMS.  It only takes around 10-15 qualifying addresses to purchase a bottle of Pappy Van Winkle.)

This is good, no one is accepting bitcoin as payment method at the moment, and you should know that.
I have a small bussiness here in my country and i have been accepting bitcoin, but i stoped it since the fees climbed to $10 a few weeks ago. I am now acepting Ethereum and Golem.

Fees decreased lately and there are less unconfirmed transactions
It will be possible to get your transaction confirmed in few hours with 10$ fee.
Using SegWit addresses can help reducing transactions fees but how to convice everyone to change to SegWit.
With such high fees Bitcoin can't be used anymore as a payment method.

Wrong.


Ragequitting rather than giving customers bech32 addresses is certainly the way. /s

I do not understand why you gave away so much as transaction fees when you were using the core wallet as you could have easily spent coins with a much lower price,this transaction does not seem to be logical,the network is full all the time and i started with bitcoin because the transaction fees was negligible .

It's sad to see old hands feeling this way. I don't believe anyone thinks the current situation is ideal. But there are two things to note. First, I think if you study a longer term chart of fees paid vs. number of confirmed transactions, this congestion doesn't look like a natural trend, but rather a spike from out of nowhere. It was perfectly-timed with the difficulty adjustment to make the problem even worse:


Second, there are solutions being built. We've now seen Lightning transactions on the network. Isn't that exciting? Yeah, it can't be rolled out overnight. But we're getting there. Lightning would probably be here already if not for multiple years of infighting about how to scale and fix transaction malleability all at once. :-\

The fee story really needs to be sorted out quickly. I no longer use BTC for that reason. That is just too much to pay for a transaction fee. A lot of people are switching to BCH or LTC for that reason. If a transation is less than $100 then dont waste your money on BTC fees. Rather buy something else.

"charged"??? are you serious? i'm surprised to see a legendary user using the word "charge" when referring to fees.
First, you overpay the fee, a 1k sat/B fee is way too much, especially last saturday when the mempool was accepting 400 Sat/B fees as the optimate fee. But i guess you don't know how to set fees in your wallet, or you just wanted to get your coins asap.

But just in case you didn't know (which is very likely), the network is now accepting fees around the 200 sat/b range.

The 165$ charge is ridiculous, and way too much! An additional fee should help, and understandable. BCC transfer fee doesn't make sense!

I do think that its a serious issue that we need to control, if it goes on like this people will for sure switch to bitcoins cash.
We do need a soft fork also I don't know why they charge such a high amount, yes its in terms of bitcoins thus is legitly fixed but they should carter to the demands of a Normal person.
What if he only had 200$?
Its getting way out of hand.

Hey BAC,

The graph you presented appears to be the average transaction fee, which doesn't really take into account the satoshis/byte payment structure, which should be the correct way to measure. Yes, you did send at the peak of the network congestion, which is quite unfortunate :( But if you were willing to wait for it to cool down, as all rush hour traffic does, the fee would have drastically decreased.

Like I said, ~162 sats/byte is enough currently to get a transaction to confirm within the first 6 hours (its usually much faster from personal experience) according to https://bitcoinfees.earn.com/

I'm still confused about this though... why do you think the miners continuously spam transactions? They do not have full control over the bitcoin network, hence are still risking  a loss on their part, no?

If they ARE spamming the network... what would be their motive? I can only see two:

1. To make more money, as you said, with a small amount of risk as you claim, BUT continuously doing this would destroy bitcoin, if they truly have enough control over the network

2. To promote another coin, a coin that would solve all of bitcoin's current problems. In this case... it sounds as there is just as much  personal drive as the first scenario, no?

Can't deny there is a problem with bitcoin right now. But problems take time to solve. If you look at a bcash user's "bitcoin/bitcoin cash highway simulator", you'll notice a flaw in their own advertisement:/

Its a total waste since at last you would have received only $16 worth of bitcoin at last.Its ridiculous.It would be better if you had not transacted your bitcoins at all.This is getting more and more serious day by day.I hope that very soon,lightning network would get activated and fee would get return to its normal rate.

At first i thought the title was maybe some kind of propaganda trying to say that the feesare high and bad. They really dont need help on that department but when i seen what you posted i was shocked. Those transaction fees are hurting bitcoin name so bad that i feel the average person might be turned away. This could make for slower adaptation into main stream as well as less new innovation. Hopefully they will introduce some changes soon to fix this.

You know what else is bad for bitcoin? Spammers like you posting mindless garbage :-/

This is truth that this bullshit thing happened with you , and not only with you but also with many people that I seen .
About 4-5 friends in my circle told me to not to make withdrawal of bitcoin or transfer of bitcoin Because charge is high and problem of unconfirmation you will face ( about 5 days ago ) , but still I ignored them and made transaction with fee of 0.002btc (at hextracoin site) .
It was really stupid thing for me because at one side confirmation was not happening and at another side it got 0.003 btc with 0.002btc fee .
I think that was a temporary problem of unconfirmation that why the people were facing big fees as Well as problem of unconfirmation but now I don't think it will happen after segwit2x experient .