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Bitcoin => Bitcoin Discussion => Topic started by: spngebob on December 25, 2017, 06:45:37 PM



Title: Damn fees!
Post by: spngebob on December 25, 2017, 06:45:37 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?


Title: Re: Damn fees!
Post by: tora on December 25, 2017, 06:47:22 PM
I exchange to litecoin when transferring as the fee is lower and transaction is quicker.


Title: Re: Damn fees!
Post by: European Central Bank on December 25, 2017, 06:47:49 PM
They're falling now after the spam attack but they'll always remain vulnerable to malicious miners.

It sucks but it is what it is for now and none of us little people can do squat about it.


Title: Re: Damn fees!
Post by: Panfilov on December 25, 2017, 06:49:27 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

It's bitcoin holders reality. Wanted to buy — pay fees, sell — pay fees. You can't but bitcoin on $ 10-25, because it's silly... Fees amount is too high for little transactions.


Title: Re: Damn fees!
Post by: 1bitcoinsnet on December 25, 2017, 06:55:14 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Use this link for your friends to buy

https://www.coinbase.com/join/53c02b2b0bebf65219000005

They buy 100 BTC they instantly have 110 bucks

If they use a CC the fee is then 4 bucks

so 106 net

if they wire in big amount the wire is 10

if they do a bank draft it's cheap but 3 to 5 days to buy

so most newbs use a CC for a minor amount

100 buy with the link gets 110 btc less 4 points

so that's how they buy

then they can setup a GDAX account for the exchange and tranfer to GDAX then it's no fees to exit to an offline wallet

it's best setup for a newb


Title: Re: Damn fees!
Post by: Dani33 on December 25, 2017, 07:00:40 PM
The fees are so high i was looking for a good exchange with less fees, for the moment i know that pay with credit card is more expensive than a bank transfer


Title: Re: Damn fees!
Post by: buwaytress on December 25, 2017, 07:05:57 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Well, today a fee of 400 sats/byte is going to get you confirmed pretty quickly, whereas three days ago it would have taken more than twice that. It's unfortunate that of the past 12 months they decided to enter right now when the mempool is full up (but hooray it's coming down slowly). Though right now I wouldn't even mind waiting a few hours more (6 hours estimate according to bitcoinfees.earn.com) for 190 sats/byte. For an average transaction that should cost around 50k sats - 7 dollars. So you're getting ripped off by the fees of the exchange you're using.

Why not use localbitcoins? What you pay for is exactly what you get. Your maths is way off, too. 100-30 is 70, not 40. This isn't what "Bitcoin has become". You've always had to pay fees at exchanges. Try buying an alt, same spread, same fee.


Title: Re: Damn fees!
Post by: Captain_Planet on December 25, 2017, 07:10:17 PM
Well if you play (buy and sell) bitcoin for that amount then you will suffer with a huge fee as you explained. You should buy other crypto then sell them in any exchange for bitcoins, and later when you want to sell that amount of bitcoin then buy any other crypto, for example, litecoin or Ether and then sell that one for the fiat currency to gain profits.


Title: Re: Damn fees!
Post by: ajqjjj on December 25, 2017, 07:19:47 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Now fees completely ridiculous if you buy the bitcoins with the cash you have also you cannot be able to keep the bitcoins in the same exchange wallet itself. However you need to give security for changing the bitcoins to desktop wallet or cloud storage which is best place to keep safe your bitcoins. So you need to bear the fees for the transaction so buy high amount bitcoins than you wish than you can bear the fees. If you okay to wait for sometime do that please wait for a week fees will be reduced.


Title: Re: Damn fees!
Post by: aeternus on December 25, 2017, 07:24:50 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?
You will need to explain that to them or they are going to blame you forgot giving them all the information, explain to them that bitcoin can be spammed similar to what happens to emails, explain to them that some solutions are already underway but that if they want to get in bitcoin now, that is something they will have to deal for some time.


Title: Re: Damn fees!
Post by: Darmanin on December 25, 2017, 07:27:47 PM
stop making transfers in BTC and the price will finally drop


Title: Re: Damn fees!
Post by: dreamer81 on December 25, 2017, 07:32:42 PM
Just let them HODL. it will be fixed in 2018... but another coin will be much more interesting, and that is litecoin. It'll be the preferred coin for transactions!! thus price will be much closer to 1000 USD


Title: Re: Damn fees!
Post by: ashrobb on December 25, 2017, 07:33:14 PM
Fees and slow transfers are killing BTC.


Title: Re: Damn fees!
Post by: szpalata on December 25, 2017, 07:42:19 PM
Well if you play (buy and sell) bitcoin for that amount then you will suffer with a huge fee as you explained. You should buy other crypto then sell them in any exchange for bitcoins, and later when you want to sell that amount of bitcoin then buy any other crypto, for example, litecoin or Ether and then sell that one for the fiat currency to gain profits.

Yes the fees are on the ever increasing ride and the earlier people start using wallets where they could have the chance to fund transactions at fees of their choice the better for them because the online wallet companies are profiting immensely from these trades on the market.


Title: Re: Damn fees!
Post by: sobriket on December 25, 2017, 07:45:58 PM
Honestly, if you are going to buy $100 or $150 worth of bitcoins, dont do it ,it is not even worth it.
If you want to have some bitcoins buy at least one thousand dollars worth of it, otherwise the fees are going to eat all your money.


Title: Re: Damn fees!
Post by: zenrol28 on December 25, 2017, 08:01:07 PM
Just hold their bitcoins til the fee crisis ended. I'm sure after the fees subsided bitcoin's price will be higher than today and will give you profit. It's a waiting game, if you're impatient, you'll lose.


Title: Re: Damn fees!
Post by: Anyobsss on December 25, 2017, 08:15:55 PM
Is there really a particular reasom why bitcoin transaction fee has become that big. Few days ago i transferred my funds and have to pay 100 usd worth of btc just so my funds can be approved and transferred.

Back to the topic, yes you should tell it to them first that btc transaction fee has become huge because they will learned it anyway why there btc have become 40~50 usd worth of btc when they bought 100 usd. It's better to tell them beforehand.


Title: Re: Damn fees!
Post by: moli1 on December 25, 2017, 08:24:42 PM
Hit BTC Introduces Deposit Charges to Deal With High Bitcoin Fees..
The cryptocurrency exchange HitBTC has notified its clients that they need to pay a new fee to deposit bitcoin into the platform.
This move might be replicated by more exchanges in time as they try to find ways to cope with the high fees on the network other than not accepting new clients or advising their existing ones to use litecoin or bitcoin cash instead.


Title: Re: Damn fees!
Post by: Fappanu on December 25, 2017, 08:31:47 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

I really think that the reason why bitcoin transaction fee is increasing is because of the increase in bitcoin price. Bitcoin price is rapidly increasing it even grew a lot just this year. It's really expensive to transfer bitcoin from one wallet to another, that is why it is really advisable to transfer in bulk instead of chunks. I have tried to pay a fee that costed $20 and the amount of bitcoin that I transferred was just $50. So, I really think it's not worth to transfer in small amounts.


Title: Re: Damn fees!
Post by: FreelancerCoin on December 25, 2017, 08:34:42 PM
The one of the big problem in the bitcoin market is too high commission fee.

I think alternative will take a charge of bitcoin position soon.


Title: Re: Damn fees!
Post by: felipe04 on December 25, 2017, 08:35:43 PM
Just wait a little more i think everything gonna be alright like the fork this august 1 btc drop 65% and it almost gone but it's back 120% up.Don't make transaction if you can't accept the fees then make after this problems in fees,nothing gonna happen if you always think negative about bitcoin atleast plan to make big transaction instead a small so even if transaction fees are really high you can still has good and big amount of transaction.


Title: Re: Damn fees!
Post by: SMB-2525 on December 25, 2017, 10:21:33 PM
I keep a little BTC on coinbase for transactions.
I realize now that I have to convert to Ethereum or Litecoin for transactions.
More transaction fees.
I launched a small BTC transaction an hour ago with a .00225 fee: I do not control this on coinbase. No confirmations and the fee was 10%.  I was hoping for fast turnaround. At these fees and turnaround times, I might as well use fiat.

170,000 unconfirmed transactions. At 15 per second, we are closing 54,000 per hour.

I should add that my liquid cash is sitting in BTC in coinbase. So even with the high fees I am up on holding fiat. The problem is when I want fast turnaround.  So far, that is not possible so I wil lstart accumulating some etherium.


Title: Re: Damn fees!
Post by: Youghoor on December 25, 2017, 10:27:47 PM
The fees are so high i was looking for a good exchange with less fees, for the moment i know that pay with credit card is more expensive than a bank transfer

Yes of course, but that is not an excuse for doing payments with bitcoin. The price of the fees is insane right now.

It has been more than two weeks since i dont move my bitcoins out because of that.

Do you really think that paying upto $40 for a single transaction is worth it? Of course not, that is why i try to avoid using bitcoin for now.


Title: Re: Damn fees!
Post by: Rayner77 on December 25, 2017, 10:34:49 PM
The fees are so high i was looking for a good exchange with less fees, for the moment i know that pay with credit card is more expensive than a bank transfer

Yes of course, but that is not an excuse for doing payments with bitcoin. The price of the fees is insane right now.

It has been more than two weeks since i dont move my bitcoins out because of that.

Do you really think that paying upto $40 for a single transaction is worth it? Of course not, that is why i try to avoid using bitcoin for now.


I totally agree that $40 is a crazy amount and this is honestly getting ridiculous for me as well. :(


Title: Re: Damn fees!
Post by: FreelancerCoin on December 25, 2017, 10:35:55 PM
I think alternative will take a place of bitcoin that there are more faster transaction with lower commission fees.


Title: Re: Damn fees!
Post by: SMB-2525 on December 25, 2017, 11:33:21 PM
OK, I reran my transaction by buying Ethereum and it confirmed essentially instantly.
BTC confirmed after over 2 hours.

So the transaction model is if your trading partner takes an altcoin that your exchange supports is to convert to the altcoin and run the transaction.

BTC is a long term store of value,  I am happy to put my liquid cash there even for a few weeks and take it out when I need it.


Title: Re: Damn fees!
Post by: crzy on December 25, 2017, 11:45:37 PM
Just wait a little more i think everything gonna be alright like the fork this august 1 btc drop 65% and it almost gone but it's back 120% up.Don't make transaction if you can't accept the fees then make after this problems in fees,nothing gonna happen if you always think negative about bitcoin atleast plan to make big transaction instead a small so even if transaction fees are really high you can still has good and big amount of transaction.

It will surely back in normal after the last fork this year. The fees is really high, but if you think the possible return of your investment that is just a small amount. Bitcoin is really amazing and it will bounce back even higher. Its in history and it will surely repeat it.


Title: Re: Damn fees!
Post by: UsernameBitcoin on December 25, 2017, 11:47:13 PM
OK, I reran my transaction by buying Ethereum and it confirmed essentially instantly.
BTC confirmed after over 2 hours.

So the transaction model is if your trading partner takes an altcoin that your exchange supports is to convert to the altcoin and run the transaction.

BTC is a long term store of value,  I am happy to put my liquid cash there even for a few weeks and take it out when I need it.

May I ask how did you Bitcoin transaction clear after just 2 hours?

The current fees state to get your tx confirmed in under 2 hours takes a very large percentage of fees.

Are you really willing to lose such a percentage of your Bitcoin just to confirm your transaction that fast?


Title: Re: Damn fees!
Post by: vincentbeth934 on December 25, 2017, 11:49:10 PM
Why would I even pay A WHOLE LOT more just to get my transaction through faster? This shouldn't be how Bitcoin works. Banks are now better and faster than this.


Title: Re: Damn fees!
Post by: Dhaaaw on December 25, 2017, 11:59:49 PM
It's the chinese miners and the coinbase inside traders that are making the transaction fee so high with the network spam so people turn to bitcoin cash and they can earn more. But things are getting kinda better now the transaction fee is lower than 10$ at the moment. Try explaining that now :P .


Title: Re: Damn fees!
Post by: burdagol12345 on December 26, 2017, 12:04:54 AM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Will,in that scenario we cannot control that kind of fees,because every transaction that we made,and one this  example is changing fiat to bitcoins, there's certain amount they  put in  every exchanging site's that they want to deduct in your capital,every trading sites have  its own amount of service charge fee's.thats the reality of digital world because its decentralized and not controlled as one .while that  part of the miner  on how they can earn more money because there equipment helps in the block chain to make the transaction smoothly,and fast,maybe in my own opinion miners earns worth of there sevices in the block chain market.


Title: Re: Damn fees!
Post by: kenellis2017 on December 26, 2017, 12:08:09 AM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

When transferring, you can exchange to ETH or LTC as the fee is lower and transaction is quicker.


Title: Re: Damn fees!
Post by: CryptosapienZA on December 26, 2017, 12:39:17 AM
Just the other day, I was helping my niece download a BTC wallet. I had planned to send her $20 of btc and $20 of bch. The BTC amount couldn't be sent on my wallet even though I had more than $200. The fee was soo high because I had recieved the coins through many inputs


Title: Re: Damn fees!
Post by: abamatinde77 on December 26, 2017, 12:58:47 AM
i really dont know they doing this..i invest 50k satobsi at gambling site and it's fee? 100k satoshi wtf?


Title: Re: Damn fees!
Post by: ivrynx on December 26, 2017, 03:52:52 AM
i think this is due to a lot of transactions happening daily and the hr number of miners are still not increasing, ever since the value of bitcoin had reached 20k usd, there has  been a congestion in the network and the fees had started to rise, i think miners should also adjust at this time, since the value of bitcoin had dropped. in my opinion, the number of miners should also increase, in order to aid in the congestion of the network, if the fees are still high and there is congestion, people will look for another currency to replace bitcoin and this may be bitcoin's down fall, though it has a high value if not being used as currency and if people are having a hard time during transactions, the value might remain the same, but will be overtaken by another competitor.


Title: Re: Damn fees!
Post by: Wind_FURY on December 26, 2017, 04:03:32 AM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Start using Segwit. It is the best technological solution the Bitcoin Network has to help solve the "high fees" problem. I also call for the community to start asking their most used Bitcoin merchants and services to also start enabling Segwit on their side.

Stop using Blockchain.info and start using Green Address, https://greenaddress.it/en/. It is more secure and has Segwit enabled by default.

For other Segwit wallets for mobile and desktop, there is Samourai wallet and here is the instructions how to make one in Electrum.
Quote
Generate a BIP39, 12 words seed on https://iancoleman.io/bip39/, you can also use it offline for more security.

On electrum choose, create new wallet, I already have a seed, then on "options" choose BIP39, paste the seed then click next.

On derivation path path use: m/49'/0'/0'/0


Title: Re: Damn fees!
Post by: ethereumhunter on December 26, 2017, 04:09:05 AM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

I think you can explain to them what exactly happen with bitcoin plus what happens with the fee (if you know). but yes, this is a big problem for every bitcoin user and I think if this is not going to fix, we have a big trouble in the future. I don't know about this is being used by miners so they can earn more money but I think it is because the network needs more power to confirm the transactions and a small fee will get delay confirming. I hope soon this problem could be fixed so we don't have to face this experience again in the future.


Title: Re: Damn fees!
Post by: eann014 on December 26, 2017, 04:15:32 AM
Why it has huge fees in your country? We don't have that huge amount of fees here in our Country when we buy bitcoin it is depend on how much will you going to buy bitcoin, maybe it is your wallet. Make sure that their wallet is trusted before using that kind of wallet.


Title: Re: Damn fees!
Post by: Nunoluck on December 26, 2017, 04:24:28 AM
Why it has huge fees in your country? We don't have that huge amount of fees here in our Country when we buy bitcoin it is depend on how much will you going to buy bitcoin, maybe it is your wallet. Make sure that their wallet is trusted before using that kind of wallet.
We always can set the transaction fee, but I afraid if I set too low transaction fee, my transaction might be not confirmed. Is there any relation between the number of minner and their mining tools hash power with the fee of bitcoin transactions? Since bitcoin transactions are competting each other may be bitcoin transaction can be decreased by the increasing number of minner. How do you think?


Title: Re: Damn fees!
Post by: RobertoMakeli on December 26, 2017, 04:26:48 AM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?
you should exchange to ETH or Litecoin so the fees lower more than use bitcoin


Title: Re: Damn fees!
Post by: SiDtHeBeSt on December 26, 2017, 04:36:24 AM
Yeah, bitcoin's fees is pretty high compared to other coins. You told your friends only about bitcoin? There are pretty good altcoins in which they can invest their money in and they have pretty low fees as compared to bitcoin, for example ethereum. I think you should tell your friends to invest in ethereum as it's price is expected to go high and it is a pretty good altcoin with alot of potential. If they still want to invest in bitcoin, they'll have to pay the fees. I don't think you can do anything more.


Title: Re: Damn fees!
Post by: asayoyaasa on December 26, 2017, 05:20:29 AM
im not gonna lie, but thats kind of thing you need to say to your friend before they involve with cryptocurrency. also using alt would be nice decision


Title: Re: Damn fees!
Post by: Turkish88 on December 26, 2017, 05:37:01 AM
what irony ))) When people's tell about blockchain and bitcoin, he operate with anonymous adresses of bitcoin network and low transaction fees, but in real case not everything is fine as it seems.


Title: Re: Damn fees!
Post by: spngebob on December 26, 2017, 12:54:59 PM
Don't make transaction if you can't accept the fees then make after this problems in fees,nothing gonna happen if you always think negative about bitcoin atleast plan to make big transaction instead a small so even if transaction fees are really high you can still has good and big amount of transaction.
That's it?
Don't make transactions if you can't handle the fees?
Make large transactions?
That is stupid.
When transferring, you can exchange to ETH or LTC as the fee is lower and transaction is quicker.
Which part of my post you don't understand?
Yeah, bitcoin's fees is pretty high compared to other coins. You told your friends only about bitcoin? There are pretty good altcoins in which they can invest their money in and they have pretty low fees as compared to bitcoin, for example ethereum. I think you should tell your friends to invest in ethereum as it's price is expected to go high and it is a pretty good altcoin with alot of potential. If they still want to invest in bitcoin, they'll have to pay the fees. I don't think you can do anything more.
What are you doing in bitcoin discussion? Go to altcoins. Or trading discussion.
Why it has huge fees in your country? We don't have that huge amount of fees here in our Country when we buy bitcoin it is depend on how much will you going to buy bitcoin, maybe it is your wallet. Make sure that their wallet is trusted before using that kind of wallet.
What the fuck does this mean?
Jessus posts here.

Start using Segwit. It is the best technological solution the Bitcoin Network has to help solve the "high fees" problem. I also call for the community to start asking their most used Bitcoin merchants and services to also start enabling Segwit on their side.

Stop using Blockchain.info and start using Green Address, https://greenaddress.it/en/. It is more secure and has Segwit enabled by default.

For other Segwit wallets for mobile and desktop, there is Samourai wallet and here is the instructions how to make one in Electrum.
Quote
Generate a BIP39, 12 words seed on https://iancoleman.io/bip39/, you can also use it offline for more security.

On electrum choose, create new wallet, I already have a seed, then on "options" choose BIP39, paste the seed then click next.

On derivation path path use: m/49'/0'/0'/0
This. But most services are not doing it, i am not sure why. Sorry for stupid question, can I use that address for mycelium?


Title: Re: Damn fees!
Post by: Wind_FURY on December 27, 2017, 06:02:22 AM
No, Mycelium's Segwit implementation is still a work in progress. But Samorai wallet has Segwit now enabled by default. If you do mind helping them test their app for Android by downloading it on the playstore, you can also go here to download, https://samouraiwallet.com/alpha.html

Use only a small amount as you should with mobile wallets.


Title: Re: Damn fees!
Post by: Kakmakr on December 27, 2017, 06:24:46 AM
My cousin bought about $100 worth of bitcoin a year ago and I told him to hold onto it for a minimum of 1 year. He sold it in December, when the price was +/- $18 000 and made a profit of about $600 after trading fees and miners fees were deducted.

The biggest mistake these people make, is to think that Bitcoin is a short-term investment. He paid $6 miners fees on his transactions and he did not even blink.


Title: Re: Damn fees!
Post by: vltnqefi on December 27, 2017, 06:42:26 AM
Bitcoin was proven unsuitable for micropayments as early as a year ago, since the blockchain problem with bitcoin since then has been put on the agenda, except that for most personal discourse because of personal interests BTC players have no common opinion.


Title: Re: Damn fees!
Post by: timikulit on December 27, 2017, 06:46:41 AM
Bitcoin pending transaction is going back to normal. we should wait a little longer before it became cheap again. do not withdraw your bitcoins if it is small amount.


Title: Re: Damn fees!
Post by: cizatext on December 27, 2017, 06:50:43 AM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?
Well you are right, the recent hick in the transactions fees in bitcoin was so alarming but that is gradually coming back to normalizes now. But from the analysis you made I have some thing to point out. 1 how can you pay for the transactions fees of buying bitcoin the seller has to bear that cost, in bitcoin you have to be smart and carry out adequate research on how things are done. And if your friend has the mind to wait for along time the $100 can earn enough interest.


Title: Re: Damn fees!
Post by: Kotone on December 27, 2017, 06:55:58 AM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Transaction costs have really turned up the volume as the years also progressed. However I still believe that they are a crucial part of crytpocurrency albeit very expensive ad these transaction fees are also used in making our bitcoin and cruptocurrencies what they are today


Title: Re: Damn fees!
Post by: BlackCoffeexD on December 27, 2017, 07:58:05 AM
Some reason there is a VAT in the world and no one excuse that when your baby you have VAT. So that what it mean when you send or take also there is a Tax.


Title: Re: Damn fees!
Post by: Tracey130 on December 27, 2017, 08:08:26 AM
The fees are too high to buy $100 worth of bitcoins.. If guys just stopped transferring in BTC the rates would be lower!


Title: Re: Damn fees!
Post by: cipher-x_09 on December 27, 2017, 08:10:37 AM
Yes I think the miners are way being too greedy for the high transaction fee, I mean talk about the our hard earned bitcoin which we are about to send to our loved will be much lesser due to the fact that the transaction fee is much more expensive than the money we are about to transfer.


Title: Re: Damn fees!
Post by: Odora on December 27, 2017, 08:22:54 AM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?
all Bitcoin players are experiencing this, Bitcoin's price is getting higher so to speed up transactions it needs fast Block breaking, to accelerate the fast splitting Block is a high cost, I am aware of this so I'm not too concerned if Bitcoin fee gets higher... CMIIW  ;D


Title: Re: Damn fees!
Post by: Nilda on December 27, 2017, 10:03:06 AM
Don’t enter the bitcoin world if you’re gonna be concerned about the transaction fees. Two things certain in life, death and taxes. In cryptocurrency, it’s the transaction fees.


Title: Re: Damn fees!
Post by: lucas.zimmer on December 27, 2017, 10:30:32 AM
Yeah, bitcoin's fees is pretty high compared to other coins. You told your friends only about bitcoin? There are pretty good altcoins in which they can invest their money in and they have pretty low fees as compared to bitcoin, for example ethereum. I think you should tell your friends to invest in ethereum as it's price is expected to go high and it is a pretty good altcoin with alot of potential. If they still want to invest in bitcoin, they'll have to pay the fees. I don't think you can do anything more.

This transaction fee paradox is really becoming annoying. I don't want to do any transaction any more. I think this will effect bitcoins future in a bad way comparing to all coins.


Title: Re: Damn fees!
Post by: btc_angela on December 27, 2017, 10:44:09 AM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?
you should exchange to ETH or Litecoin so the fees lower more than use bitcoin

But the problem here is that you will also lose a lot of bitcoin along the way. Just check shapeshift.io and try to change bitcoin-ETH and you will know what I'm saying here.

I have heard that there's LN coming, this has been promoted to really solved the issue. So let's see how it goes.

Don’t enter the bitcoin world if you’re gonna be concerned about the transaction fees. Two things certain in life, death and taxes. In cryptocurrency, it’s the transaction fees.

Don't be harsh mate. People complaining here are still in the bitcoin world, continues to trade but at the same time complaining about the ridiculous fees. How ironic, this high tx fees will still be here as long as bitcoin price is going up. But if solution like LN will be put up, we should expect something can be improved in the future.


Title: Re: Damn fees!
Post by: Malamok101 on December 27, 2017, 11:05:17 AM
for us people in the philippines and philippines who also use the coins.ph wallet and in other worlds it's also a great fee for it because it's just the normal use of people and there are many ways to use the here, because of other wallets like blockchain, coinbase is okay coinpayment.net is nice and it's also legit them these wallet case long process so you get your money here and also stable 0.0002 fee for it.


Title: Re: Damn fees!
Post by: gabmen on December 27, 2017, 02:25:24 PM
Don’t enter the bitcoin world if you’re gonna be concerned about the transaction fees. Two things certain in life, death and taxes. In cryptocurrency, it’s the transaction fees.

Good point. Though its normal to raise issues about the transaction fees. I think people jhst needs a thorough explanation on why the tx fees shot up when btc rose in value. Lets see if segwit2x can do something about it


Title: Re: Damn fees!
Post by: stripykitteh on December 27, 2017, 09:58:32 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?
The amount of unconfirmed transactions are dropping. There shouldn't be that high of a fee when that clears up.


Title: Re: Damn fees!
Post by: Anti-Cen on December 27, 2017, 10:39:54 PM
Well said OP and you make a very good point.

The miners are taking the piss and recommending BTC to friends and family is going
to cost people lots of Friends so tell them the boat has left the port and to buy into
Segwit B2X because the risk is a lot less. 


Title: Re: Damn fees!
Post by: aeternus on January 02, 2018, 11:10:58 PM
Fees and slow transfers are killing BTC.
No, the high fees are killing the usage of bitcoin as a currency but are not killing bitcoin in the overall sense, bitcoin is very much alive and well, but there is no doubt we need to solve that problem asap if bitcoin wants to make an impact in the next years especially since it seems a lot of money is going to be invested in bitcoin in the next years.


Title: Re: Damn fees!
Post by: CryptoRobert on January 02, 2018, 11:57:15 PM
You have got the point. Bitcoin as a currency is in this moment a total failure, with such fees. Bitcoin has now become a pure speculative asset, you cannot use it to buy anything any more, except perhaps a flat in Dubai.


Title: Re: Damn fees!
Post by: Marineechan on January 05, 2018, 07:05:57 AM
actually i believe that the "become rich with bitcoin and altcoins" is quite exaggerated because most people look at the prices and think "if someone did that they would have been this rich".


Title: Re: Damn fees!
Post by: BlackBlue on January 05, 2018, 07:09:17 AM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Yes I feel you but miners can't control the fees. The higher the price of bitcoin, the higher the fee will be charge to us. Hoping for the next development of bitcoin they include to lower the fee.


Title: Re: Damn fees!
Post by: cizatext on January 05, 2018, 07:20:53 AM
The hardness faced by bitcoin users this day is killing and this is due to the high transactions fees, which is discouraging newbies from buying bitcoin because in most cases you pay the transactions fees for buying bitcoin and again you may still pay it when selling your bitcoin. This high fees has halt many transactions and that is really affecting the price of bitcoin greatly, I pray the big guys the blockchains and miners will do something to save this situation soon.


Title: Re: Damn fees!
Post by: HALLASTERA on January 05, 2018, 07:25:56 AM
Comrades when will be update Lightning network?


Title: Re: Damn fees!
Post by: sean.maley on January 05, 2018, 07:26:31 AM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?
The amount of unconfirmed transactions are dropping. There shouldn't be that high of a fee when that clears up.


I am so much waiting for that moment because I don't want to make any transaction at the moment with these fees.


Title: Re: Damn fees!
Post by: Sachinist on January 05, 2018, 07:33:13 AM
Current fee is only twice what it usually is. The higher the price of bitcoin, the higher the fee. If bitcoin is worth 50k, then expect transaction fee to be $50 until lightning network goes live. Once lightning goes live, bitcoin valuation is going to rise tremendously and smash through the roof. But the great thing is, we only need to pay a fee once to open a state channel, after which transactions will cost nothing at all until the channel is closed. For now, I highly recommend upgrading to a SegWit wallet and lobbying for whichever exchange/wallet provider you use to implement SegWit immediately.

SegWit will reduce the fee in 2 ways. First, it reduces the data footprint and allows for more transactions in a block. Second, this will clear up the mempool in no time and with few unconfirmed transactions, the fee will go down drastically.


Title: Re: Damn fees!
Post by: Nasty23 on January 05, 2018, 07:48:10 AM
The hardness faced by bitcoin users this day is killing and this is due to the high transactions fees, which is discouraging newbies from buying bitcoin because in most cases you pay the transactions fees for buying bitcoin and again you may still pay it when selling your bitcoin. This high fees has halt many transactions and that is really affecting the price of bitcoin greatly, I pray the big guys the blockchains and miners will do something to save this situation soon.
Yes the high transaction fees makes the investors mind to avoid using bitcoin as a payment method and most of them are the small time investors but the people who have many money it is good to invest in bitcoin because it will surely pump the price of bitcoin and gave them a big profit.


Title: Re: Damn fees!
Post by: LAODINGTOU on January 05, 2018, 07:56:38 AM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?
The high commission rate has hampered the further rise of bitcoin, which is a problem in the hope that the lightning network will solve the problem.


Title: Re: Damn fees!
Post by: spinach98 on January 05, 2018, 08:03:44 AM
Of course we all hate fees. If one day, fees would be implied to the income we earned from bitcoin , well everyone else would oppose. That is not going to happen if anyone would not take co trol on the protocol of bitcoin. Even from the government. We all do not want that. So as much as possible, we should not prevent them from controlling bitcoin.this would not be a great idea.


Title: Re: Damn fees!
Post by: ylnar123 on January 05, 2018, 08:08:01 AM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

This is because there are many miners around which make the fees bigger yet the transactions will be faster. It is natural in any business that you pay your toll as investors. But at the end of the day the risk that you take is worth it when the price of bitcoin surge high again.


Title: Re: Damn fees!
Post by: Catch-22 on January 05, 2018, 11:06:27 AM
Yup.  Those fees are getting out of hand.  You will have to re-think doing a transaction especially if the amount is small.  Hopefully,  this will be resolve soon by the current exchanges and maybe some those incoming exchanges are offering ICO now.


Title: Re: Damn fees!
Post by: Clegive8V on January 05, 2018, 04:59:12 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?
you can buy 1000$ and devided it into 100$ in 10 wallets will be cheaper.
bitcoin now is so slowly and need high fee to be accepted.
Do not worry about the problem of increasing fees or high fees because, within a few months, conditions will return to normal, and then you will find that the price rises significantly and your investment is more successful.
Review the history and see the feasibility of investing at $ 100 a month.


Title: Re: Damn fees!
Post by: Cryptosaint$ on January 05, 2018, 05:07:58 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Maybe tell them to enter the market through some altcoins. No one talks about altcoins enough. They were created for this very reason. Other coins have transaction fees that are literally cents. and the times are insanely quicker.


Title: Re: Damn fees!
Post by: dipok07 on January 09, 2018, 02:17:09 PM
At the beginning it did not have to be charged much. Nowadays, the increase in the price of bitcoin has increased fee and a couple of pounds. Which is not desirable for the user. However, due to the fee, the user rate may fall further in the future. Bitcoin is the king of all coins. However, Etherium & Litecoin usage is increasing. Since some fees are low.


Title: Re: Damn fees!
Post by: sebo.k on January 09, 2018, 02:23:08 PM
I don't recommend bitcoins to people with capital less than 1000 usd , since such investment will be reduce by the fees on the blockchain. Such amount should be invested in coins with value of less than 3 usd.


Title: Re: Damn fees!
Post by: JTEN18 on January 09, 2018, 02:32:42 PM
I don't recommend bitcoins to people with capital less than 1000 usd , since such investment will be reduce by the fees on the blockchain. Such amount should be invested in coins with value of less than 3 usd.
Think about it if we will not do bitcoin or if bitcoin is not here for now do we have extra money for our some needs? Can we save money? Can we travel? Is our salary is enough for those bills that we need to pay monthly? can we lend our children to a good school and can we help other people especially our friends and relatives?


Title: Re: Damn fees!
Post by: canadiancrypto on January 09, 2018, 02:34:15 PM
Change into cheaper cryptocurrencies and hope for new updates. It sucks trying to get new members in when you've got like people trying to send $20, but that's a big pressing issue that proves what we need to be worked on. So at least we know what we're lacking in


Title: Re: Damn fees!
Post by: political1907 on January 09, 2018, 02:42:07 PM
The king of digital currencies is Bitcoin. But we can not use it because of high transaction fees. I have to change to Altcoin for transfers. And I hate this situation. It needs to be resolved as soon as possible.


Title: Re: Damn fees!
Post by: levvv on January 09, 2018, 02:51:30 PM
Yes, i agree with you. The bitcoin transaction fee is making most peoples angry.
Maybe it is the time that we must convert our BTC to other cryptocurrencies, and use them.
I think if bitcoin transaction fee keep stay high, many holders may leaves BTC too.


Title: Re: Damn fees!
Post by: Kprawn on January 09, 2018, 03:35:04 PM
Let me tell you about my friend. He bought a bitcoin for $1023 in Jan 2017 and the price increased to $17 174 a year later, he

sold it and laughed at the $30 miners fee that he had to pay a year later. It is all about timing and what you aim to do with

Bitcoin at the moment. Bitcoin suck as a currency at the moment, because the miners fees make it impossible for people to

use it for micro payments... but it is still an excellent commodity. {Store of Value}  ;)


Title: Re: Damn fees!
Post by: BitProNews on January 09, 2018, 03:42:29 PM
I heard about the lightening network for bitcoin transactions but don't see its functionality in the actual network. However, btc is not anyo for small amounts transactions. In many traders forum, we start talking about who pays the fees for the transaction when trade.


Title: Re: Damn fees!
Post by: Qunenin on January 15, 2018, 05:02:27 PM
Fees and slow transfers are killing BTC.
No, the high fees are killing the usage of bitcoin as a currency but are not killing bitcoin in the overall sense, bitcoin is very much alive and well, but there is no doubt we need to solve that problem asap if bitcoin wants to make an impact in the next years especially since it seems a lot of money is going to be invested in bitcoin in the next years.

Bitcoin fee is no doubt very high but it is not killing bitcoins in any way. People are trying to find ways to cut the fee low but the main problem is with online wallets and exchanges which are charging very high bitcoin fee even for small transactions. Other than that people can customize the tx fee from their desktop wallets etc.


Title: Re: Damn fees!
Post by: aeternus on January 15, 2018, 05:52:19 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Yes I feel you but miners can't control the fees. The higher the price of bitcoin, the higher the fee will be charge to us. Hoping for the next development of bitcoin they include to lower the fee.
No, the miners do indeed control the fees, there have been many speculations but the network is spammed to death almost everyday and that has happened for a long time and the only ones that benefit from such a thing are the miners so they are trying to push the prices of the fees higher in order to make more money that is why the devs went for segwit and the LN instead of just increasing the block size.


Title: Re: Damn fees!
Post by: Granxis on January 15, 2018, 07:57:34 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?
Everyone is trying to counter this problem, but unfortunately these transfer fees do not have a solution. Bitcoin transfer is not approved for 2-3 days when we pay miners fees low. Today a normal transfer fee is between 0.001-0.0015 Bitcoin.


Title: Re: Damn fees!
Post by: Hamstead on January 15, 2018, 08:10:44 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?
Everyone is trying to counter this problem, but unfortunately these transfer fees do not have a solution. Bitcoin transfer is not approved for 2-3 days when we pay miners fees low. Today a normal transfer fee is between 0.001-0.0015 Bitcoin.

It means that, when price go higher the more we pay high fees. I know people get worried about this, but unfortunately we have nothing to do to stop this or else your can't make transaction success. Of course we want to make our transaction go faster, but due to the bulk numbers of transactions process everyday it could be more priorities those who are paying in high fees.


Title: Re: Damn fees!
Post by: danielco9 on January 15, 2018, 08:22:06 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?
You right!!
The fees are crazy. it is not pays off the transfer Bitcoin.
I hope it will change soon somehow.


Title: Re: Damn fees!
Post by: aardvark15 on January 15, 2018, 08:27:36 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

I remember back about 4 years ago when I first got into cryptocurrencies. Everyone talked about the fact that Bitcoin would give us a payment method with almost immediate transaction with virtually no fees. That has all changed and Bitcoin is primarily an investment and store of value. I think other cryptocurrencies will be able to be used as payment methods because some have smaller fees or no fees in the case of Iota.


Title: Re: Damn fees!
Post by: yoseph on January 15, 2018, 08:28:41 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?
Everyone is trying to counter this problem, but unfortunately these transfer fees do not have a solution. Bitcoin transfer is not approved for 2-3 days when we pay miners fees low. Today a normal transfer fee is between 0.001-0.0015 Bitcoin.

We just have to wait for the developers to either implement the lightening network or increase the block size and when those are done, the fees are going to go down.


Title: Re: Damn fees!
Post by: jonathanrobert1 on January 15, 2018, 08:29:32 PM
These fees are a pain in the ass for persons like me who are working on a very tight budget. I'm aiming for low costs coins and decided to simulate a withdrawal from binance for 500 TRX. Transaction fee 161 TRX. Really?


Title: Re: Damn fees!
Post by: Hell-raiser on January 15, 2018, 08:37:16 PM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

This is the thing with Bitcoin nowadays, mate.

I don't think you have to explain to them anything. Trying to explain would likely turn them away from crypto altogether. Nevertheless, if they are hell-bent on buying Bitcoin, better tell them to wait a liitle. In the best case scenario, the fees should go down dramatically when Lightning Network is activated in a few months. If it doesn't, well, that will be the worst case scenario, then tell them to buy a handful of major altcoins like Ethereum or Litecoin. $100 is not a big deal anyway, so they won't lose much if Bitcoin tanks and drags down other coins with it.


Title: Re: Damn fees!
Post by: Davinus on January 15, 2018, 09:17:48 PM
I exchange to litecoin when transferring as the fee is lower and transaction is quicker.

I do exactly the same, an by this way, i am always paying less than $5 worth of fees for almost all the transactions.

In fact, most exchanges are asking you for less than 0.001 LTC of withdrawal fee (less than $0,25 at the moment)
So yes, litecoin is very useful for this kind of purposes.


Title: Re: Damn fees!
Post by: aeternus on January 27, 2018, 04:35:36 AM
Fees and slow transfers are killing BTC.
No, the high fees are killing the usage of bitcoin as a currency but are not killing bitcoin in the overall sense, bitcoin is very much alive and well, but there is no doubt we need to solve that problem asap if bitcoin wants to make an impact in the next years especially since it seems a lot of money is going to be invested in bitcoin in the next years.

Bitcoin fee is no doubt very high but it is not killing bitcoins in any way. People are trying to find ways to cut the fee low but the main problem is with online wallets and exchanges which are charging very high bitcoin fee even for small transactions. Other than that people can customize the tx fee from their desktop wallets etc.
Then people need to stop to use online wallets, I have never seen the point anyway, most people are carrying smartphones that are just small computers that you can use as a phone as well, why people do not install a wallet there if they want to have access to their bitcoin? Now if you are a trader then you have no option but to use exchanges and pay their fees but if possible stop trading that much and become an investor not only is easier the profits are better too.


Title: Re: Damn fees!
Post by: ethereumhunter on January 27, 2018, 09:13:42 AM
I exchange to litecoin when transferring as the fee is lower and transaction is quicker.

I do exactly the same, an by this way, i am always paying less than $5 worth of fees for almost all the transactions.

In fact, most exchanges are asking you for less than 0.001 LTC of withdrawal fee (less than $0,25 at the moment)
So yes, litecoin is very useful for this kind of purposes.


besides ltc, I think we can use dogecoin which only needs 5 dogecoin for the fees and I think it is too cheap for us to change into dogecoin and then we can sell it to get btc again. I think we need to think what cheap coin that we could use to send and receive and with fast confirmation so we don't need to wait too long and we can withdraw the bitcoin into fiat.


Title: Re: Damn fees!
Post by: Kidmat on January 27, 2018, 09:17:57 AM
These fees are a pain in the ass for persons like me who are working on a very tight budget. I'm aiming for low costs coins and decided to simulate a withdrawal from binance for 500 TRX. Transaction fee 161 TRX. Really?

This is the problem the transactions fees are getting high. Even you will transfer or withdraw coin in any exchange their is always fees. Let's hope one bitcoin stabalized the fees cost would be lower.


Title: Re: Damn fees!
Post by: pratik009 on January 27, 2018, 09:20:54 AM
Yes you are right.nowdays bitcoin transaction price increased too much.if possible then you can suggest them to set less fees but also tell them that it takes more time.if you don't want to do this then i suggest you to use segwit beacause it's fees is less.
The other option is that you can invest into the other altcoins like eth beacause eth transaction fees is very less than btc and it's also take less time.


Title: Re: Damn fees!
Post by: Juggy777 on January 27, 2018, 09:25:48 AM
These fees are a pain in the ass for persons like me who are working on a very tight budget. I'm aiming for low costs coins and decided to simulate a withdrawal from binance for 500 TRX. Transaction fee 161 TRX. Really?

This is the problem the transactions fees are getting high. Even you will transfer or withdraw coin in any exchange their is always fees. Let's hope one bitcoin stabalized the fees cost would be lower.

I do not like the idea of sending my money into other coins, these alts loose their value really quickly,look at deeponion, ripple, Bch, not at all worth doing it. The following are my suggestions to save on fees.

1) Switch to segwit based address.
2)Try and transfer at different times of the day
3) Try sending big amounts rather than small ones.

I have tried transferring 1k three times in different time of the day I ended up paying 12, 6 and 2$ respectively.
People have reported segwit is helping lower the fees.


Title: Re: Damn fees!
Post by: Hell-raiser on January 27, 2018, 09:45:42 AM
I exchange to litecoin when transferring as the fee is lower and transaction is quicker.

I do exactly the same, an by this way, i am always paying less than $5 worth of fees for almost all the transactions.

In fact, most exchanges are asking you for less than 0.001 LTC of withdrawal fee (less than $0,25 at the moment)
So yes, litecoin is very useful for this kind of purposes.


besides ltc, I think we can use dogecoin which only needs 5 dogecoin for the fees and I think it is too cheap for us to change into dogecoin and then we can sell it to get btc again. I think we need to think what cheap coin that we could use to send and receive and with fast confirmation so we don't need to wait too long and we can withdraw the bitcoin into fiat.

Yep! Dogecoin is really cheap both in absolute value and in respect to transaction costs. But there are at least two issues with this coin and likely even more which I simply don't know about. First, no major exchange accepts it and that severely hurts and limits its usage as a value transfer vehicle. Second, there is no active development going on with Dogecoin right now, so it is unlikely we are going to see more adoption of doges any time soon. But that's a pity really because it is a unique coin in its own department.


Title: Re: Damn fees!
Post by: pinoyden on January 27, 2018, 09:52:19 AM
I exchange to litecoin when transferring as the fee is lower and transaction is quicker.

I do exactly the same, an by this way, i am always paying less than $5 worth of fees for almost all the transactions.

In fact, most exchanges are asking you for less than 0.001 LTC of withdrawal fee (less than $0,25 at the moment)
So yes, litecoin is very useful for this kind of purposes.


besides ltc, I think we can use dogecoin which only needs 5 dogecoin for the fees and I think it is too cheap for us to change into dogecoin and then we can sell it to get btc again. I think we need to think what cheap coin that we could use to send and receive and with fast confirmation so we don't need to wait too long and we can withdraw the bitcoin into fiat.

Yep! Dogecoin is really cheap both in absolute value and in respect to transaction costs. But there are at least two issues with this coin and likely even more which I simply don't know about. First, no major exchange accepts it and that severely hurts and limits its usage as a value transfer vehicle. Second, there is no active development going on with Dogecoin right now, so it is unlikely we are going to see more adoption of doges any time soon. But that's a pity really because it is a unique coin in its own department.

actually most exchanges thesedays are indeed supporting dogecoin and dogecoin is somehow a verry popular coin aside from litecoin that is also verry useful in terms of payment gateway. However bitcoin fees nowadays are started to decrease due to the fact that bitcoins value is also decreasing and theres also an segwit enabled wallets that can counter such high fees and this method is now widely use by most campaign managers in order to pay their participants in a timely manner .


Title: Re: Damn fees!
Post by: CASTIEL05 on January 27, 2018, 09:56:46 AM
I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?
Bitcoin fees is now tragedy for those who want to invest with it. Most of the time, small investors affected much by their fees. Almost half of the amount will cost just for transaction fees and it is hard for us small investors only.
I hope lightning network will solve this current problem about btc.


Title: Re: Damn fees!
Post by: Hell-raiser on January 27, 2018, 11:44:02 AM
I exchange to litecoin when transferring as the fee is lower and transaction is quicker.

I do exactly the same, an by this way, i am always paying less than $5 worth of fees for almost all the transactions.

In fact, most exchanges are asking you for less than 0.001 LTC of withdrawal fee (less than $0,25 at the moment)
So yes, litecoin is very useful for this kind of purposes.


besides ltc, I think we can use dogecoin which only needs 5 dogecoin for the fees and I think it is too cheap for us to change into dogecoin and then we can sell it to get btc again. I think we need to think what cheap coin that we could use to send and receive and with fast confirmation so we don't need to wait too long and we can withdraw the bitcoin into fiat.

Yep! Dogecoin is really cheap both in absolute value and in respect to transaction costs. But there are at least two issues with this coin and likely even more which I simply don't know about. First, no major exchange accepts it and that severely hurts and limits its usage as a value transfer vehicle. Second, there is no active development going on with Dogecoin right now, so it is unlikely we are going to see more adoption of doges any time soon. But that's a pity really because it is a unique coin in its own department.

actually most exchanges thesedays are indeed supporting dogecoin and dogecoin is somehow a verry popular coin aside from litecoin that is also verry useful in terms of payment gateway. However bitcoin fees nowadays are started to decrease due to the fact that bitcoins value is also decreasing and theres also an segwit enabled wallets that can counter such high fees and this method is now widely use by most campaign managers in order to pay their participants in a timely manner .

Which exchanges are those? Personally, I would be quite happy if they added Dogecoin to Bitfinex but they won't and it seems there is no chance that they will ever do. These days they list a lot of unknown coins which I didn't even heard the names of, but Dogecoin looks like kinda too plebeian to them. Though I don't know how FunFair or Golem are much different in this regard. I doubt that half of the coins they recently listed at Bitfinex will be there in a year.


Title: Re: Damn fe
Post by: Akorharrison on January 27, 2018, 12:46:21 PM
I don't really understanding the fees now, I m quite confused I tried to exchange PINCOIN on livenet the fee I was charge is more than the token I received. Exchanging PINCOIN to BTC. 
 


Title: Re: Damn fees!
Post by: temdevs on January 27, 2018, 12:51:07 PM
Bitcoin transaction fees are very high due to scalability issues. The number of transactions the network is able to process is lower than the current number of transactions. The code is being developed and the lightning network is allowing micro-payments without having to pay a lot of fees.


Title: Re: Damn fees!
Post by: aeternus on February 03, 2018, 02:51:19 AM
These fees are a pain in the ass for persons like me who are working on a very tight budget. I'm aiming for low costs coins and decided to simulate a withdrawal from binance for 500 TRX. Transaction fee 161 TRX. Really?

This is the problem the transactions fees are getting high. Even you will transfer or withdraw coin in any exchange their is always fees. Let's hope one bitcoin stabalized the fees cost would be lower.

I do not like the idea of sending my money into other coins, these alts loose their value really quickly,look at deeponion, ripple, Bch, not at all worth doing it. The following are my suggestions to save on fees.

1) Switch to segwit based address.
2)Try and transfer at different times of the day
3) Try sending big amounts rather than small ones.

I have tried transferring 1k three times in different time of the day I ended up paying 12, 6 and 2$ respectively.
People have reported segwit is helping lower the fees.
All of those are good and I will add that if you have a lot of incoming transactions it may be a good idea to consolidate all of those by sending your bitcoin to a different address you control that way the size of the transaction will be lower and with it the costs, also if you are using electrum do not use change addresses since that only makes future transactions bigger and more costly.


Title: Re: Damn fees!
Post by: BitHodler on February 03, 2018, 03:05:05 AM

I will add that if you have a lot of incoming transactions it may be a good idea to consolidate all of those by sending your bitcoin to a different address you control that way the size of the transaction will be lower and with it the costs, also if you are using electrum do not use change addresses since that only makes future transactions bigger and more costly.
If people really want to save as much as possible, they should have their small transactions sent to one of the reputable online wallet services, and have the funds accumulate till they reach a decent amount.

This will allow you to create one final transaction that you then have sent to yourself from time to time, just to get your funds off the wallet service under your full control, which should always be the main priority afterwards.

I usually don't really recommend making use of online wallet services, but in this case it's a useful and money saving option that is definitely worthy of being considered by those interested.