Bitcoin Forum

Why are bitcoin transaction prices so expensive?

 Bitcoin has been growing rapidly since its inception until now, many investors are investors who have put their trust in the development of bitcoin, because cryptocurrency has become a common thing if it becomes a solution of future transactions, although not all countries accept with space and what it is, but ever think why bitcoin transactions take a lot of coin, even just transfer some satosi it's transfer fee has been beat the cost sent itself, why so, let us discuss together

What are you talking about? Bitcoin transaction fees are like a few cents to a dollar now! Heck, my 5sat/byte transactions are even going through. Maybe you should have complained about the transaction fees like a month ago. :P  Blockchain isn't even congested now, thankfully; we're currently only at 10k unconfirmed transactions[1] as we speak. Which is very low in my opinion.

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[1] https://blockchain.info/unconfirmed-transactions

In my opinion why the transaction prices so expensive is because I think they are improving their security because of the recently scamming news in different countries. Security is very needed specially to the professional scammers and it is ongoing online.

I would like to make the price of transactions fixed to a small part even with the growth of bitcoin itself, somehow I put a small commission myself, and the transaction goes a long time in relation to the standard commission, of course my opinion, but it would be cool!

There is already few solution for cheaper transaction;

1. Segwit transaction
2. Lightning network (soon to be activated)

When network is not congested tx fee is lower than usual centralized payment gateway. Recently I have made few transaction with just few cents in fee so don't know why you are still talking about high tx fee.

Looks like you posted it just to increase your post count, aren't you? when the price goes down this past few weeks, Bitcoin transactions fees become cheaper, last night I tried making transaction and paid 20sat/byte (0.00004207 BTC) and it got confirmed with less than an hour (note that I have used a legacy address with this transaction, so it can be more cheaper if I have used a segwit address), that's too cheap compared on how expensive it was few weeks or months ago, but we cannot say that transaction fees will constantly be like these forever, because there are those Bitcoin Cash supporters that will surely spam a transactions with very low fees on Bitcoin network.

what do you mean, sorry I just want to open a forum, maybe in a different country, because in my country bitcoin transactions on the website that serves the exchange of my country money, up or down bitcoin prices, the price remains in pegok of 0.0005. so ye apologize if i am wrong but so the fact that happened in my country

Bitcoin transaction fees aren’t country specific nor dependent on any website. Are you talking about the fees of some exchange in your country? If they’re too high to your liking, can’t you use another exchange somewhere in the world?

At present it is much better that it was 1-2 months ago. As I remember BTC transaction fee was up to 20-25$ when BTC price was 20k :)

You are kind of late to have this kind of thread.

It is okay now even with the value of bitcoin spiking.
Maybe you meant the fees in the trading websites. That is where it needs change. They use pools and creates a lot of money by hoarding a lot of transactions before they will send it to the users.

Good thing Yolodice have just 15k satoshis of batched fee. Even if it takes a while I will pick that choice.

Bitcoin prices have increased since the beginning. Many investors are investing in future for the development of the country. Thus, the number of investors increasing daily. In other words, it is because of the huge demand in the Bitcoin market. It is being handed over to almost the world. Bitcoin is affecting the country, due to these it is so expensive.

An indication of the upcoming growth of bitcoin is the demand for and popularity of the crypto currency, as well as advertising because the more users know about this currency and about the opportunity to earn it, the more they want to invest their money in this currency.

The history of the bitcoin course is rich in constant fluctuations. Due to extensive advertising, the rate of btc is constantly growing. However, experienced pampers, often invent negative news about this crypto currency in order to collapse the course and make money on it.

because the price of Bitcoin is now not $ 1 more per BTC
now the price of 1 BTC is $ 7k
while transaction fee is determined based on BTC price
if the BTC price goes up to $ 100k, then the transaction fee will become even more expensive
so in my opinion that cause expensive fee is its price

Yeah because my home banking fees are free and transaction fees for BTC was below $0.01 for most of it's eight year life.

Fees hitting $55 killed the golden goose and make no mistake that this will never be forgotten and is what you
call extortion.

I won't go into the value of the money in my bank is not dropping like a stone or about apparent hackers steeling
BTC because I bet you will be asking "What are you talking about" !

You're right, it has been blown way out of proportion by the press. In fiat terms, yes it was high, but it should have been put in perspective. Even so there was a point where the BTC price for transactions was higher than desirable too. There has been a lot of research to improve scaling and lower the transaction fees. It's cutting edge, a work-in-progress, but the mainstream press has been merciless, painting Bitcoin as a finalized product.

You really can't compare traditional banking fees with Bitcoin transaction fees. Cryptocurrency transactions and bank transactions aren't the same thing, and as a frequent visitor of BitcoinTalk you ought to know that. Otherwise I really don't know what you're doing here. Bitcoin transactions are decentralized, immutable and secured through a cryptographic proof-of-work consensus algorithm.

Charging $55 just to store 250 bytes of data was out of proportion, not by the press but common sense and save the mumbo jumbo
about scaling because your not even a programmers but as a punter even you should be asking the question that if the block-chain was
so good then why is being "off-block" in the lightning network now such a cool new plan.

L@@K >>>>>>>>>>> https://www.youtube.com/watch?v=UYHFrf5ci_g <<<<<<<<<<<<<<<<<

if you think you can manage the technical side then do read the white paper
https://lightning.network/lightning-network-paper.pdf or at least take a peek at
the network map https://lnmainnet.gaben.win/

What part of banker running and charging fees for the lightning network hubs would you like to go over with me
because I am more than happy to oblige or are you being paid to post outdated sale literature with bullshit about it
being cutting edge.

Come talk to me when you want to lean about bits and bytes or scaling because you are being feed
problem-reaction-solution and appear to be soaking it up.



 

It was not blown out of proportions just by the press but it was a reality that you were not able to send your coins a few months back smoothly and you have to pay a very high fees and longer time period for the transaction to get through and as a user we need to have cheaper transaction fees because the real use of bitcoin is to transfer anywhere in the world with less fees and now the transaction charges are really low like in the past couple of years.

Lol the fees are a lot lower now compare to the last years transaction fees and i think the reason behind the transaction fees get too high last year is, there are a lot spam attacks going on (made by jihan and roger ver's suporters just to change the scalability) as a result the mempool got bloated and as a result the transaction fees got too high

This is because the thread is too old, it is from february, anyway, the fees have never been so low during this year.

Almost $0,10 for a single transaction, they were upto $20 on december!

You can consider when compare Bitcoin or other cryptocurrencies with fiat currencies, Crypto charge your fee per transaction, you can transfer up to million or billion dollars with few cents (or may be over 1$), but with fiat, it charge fee base the amount of money you transfering (ex: 0.1%* total money you transfering). So i think bitcoin is still cheap  ;D

Those who use Bitcoin today are getting scared. You can pay a $10 fee to make a single transfer.
This makes it unfeasible to use Bitcoin to pay for purchases of small amounts.
But why does this happen? What are these fees? What are they worth for? Why are they so expensive?
To understand the high value of transfer fees, it is necessary first to understand some basic concepts of the Bitcoin network.

i think it is because bitcoin is the first cryptocurrency created,
bitcoin demands has increased since 2009. most countries in the world know bitcoin.

because the price per coin is very expensive, then the transaction fee is expensive
0.001 from 8k USD = 8 USD each transaction, in my opinion this is also too expensive
this is why, Bitcoin needs change or regeneration

Mahalnya transaksi itu dikarenakan semakin mahalnya harga coin semakin mahal coin yang kita beli maka akan semakin mahal bianya transaksinya. Saya kira itu wajar saja karena kalau harga coin itu mahal maka hasil yang di peroleh juga banyak.

I think transaction price is not too high. And there is also  Lightning Network technology. It enables instant transactions between participating nodes and has been touted as a solution to the bitcoin scalability problem. It features a peer-to-peer system for making micropayments of digital cryptocurrency through a network of bidirectional payment channels without delegating custody of funds and minimizing trust of third parties.

When bitcoin transaction volumes increase, it puts a lot of workload on the blockchain which makes it takes a lot longer for transactions to be confirmed so if you pay more then your transaction gets confirmed faster.

because Blockchain Bitcoin's Scalability (Blocksize / Block Size) is overflowing with transactions every second. As a result, then there is swelling in each side of the network, resulting in greater transaction costs imposed to reduce transaction traffic.

I don't know about you guys but the latest unconfirmed tx is just below 3500 so its not overflowing or the network is not that clogged to begin with. And the spam attack has gone and I also believed that most trading exchanges are now batching their transactions and supporting Segwit (less fees) that's why the network is always free and not congested.

And when Lightning Network is rolled out, which is huge in my opinion, but if it can drastically improved the network clogging because LN is carried out off-chain, then it can free up a lot of bandwidth and network traffic.

How can you say that transaction price is not so high? to me i think that transaction price is too much high, in previous time it was too much reasonable and we were even using bitcoin for recharging our mobile, but now it has become difficult for me to use bitcoin for recharging my mobile because of the increasing transaction fee.

back then when 2009, bitcoin transaction fee was very cheap.
But why now it become very expensive? because bitcoin price is far higher than that time.
bitcoin value is $8k now, no wonder that the fee is high too.

Based on the derivative concept of bitcoin network -- block chain technology, it has become a tendency of global market development and sharing economy and sharing finance in the future. It is not simply a question of technology and cognition, but a virtual economy, driven by blockchain, that could usher in a truly "Shared" era.

That's why bitcoin prices are so high.

I strongly agree on your opinion that, bitcoin prices have increased since the beginning and many investors are investing in future for the development of the country. And adding also my opinion that, i think that transaction price is too much high, in previous time it was too much reasonable and we were even using bitcoin for recharging our mobile, but now it has become difficult for me to use bitcoin for recharging my mobile because of the increasing transaction fee. In addition, when the price goes down this past few weeks, Bitcoin transactions fees become cheaper. On the otherhand, Bitcoin transaction fees aren’t country specific nor dependent on any website, are you talking about the fees of some exchange in your country?

Fees are high due to inefficient use of the available block space. Fees are priced in BTC, using sat/byte not USD. The larger the transaction (in bytes) the higher the fee.This also means when the price of bitcoin rose 20x, fees rise at the same rate.

in other words, Miners don't set the fees, the sender does and they're used in addition to the block reward to incentivize miners. There is a limitation to the number of transactions per second based on the block size, so when the network gets overly congested (e.g higher adoption rates) you inevitably end up having to pay higher fees if you want your transaction to be included. The reason being that there are so many transactions waiting to be approved and miners will always prioritize those that have the highest fees.

Bitcoin trading is the most expensive on the market for cryptocurrency because the market is growing and coin in the market is also growing. Particularly the highest increase in bitcoin as it is trusted by many investors, is coin is considered strong and has potential. I think the bitcoin price will rise even higher.

What wallet that you using now? Do you uses online wallet? You can set the transaction fee in your desired amount. Bitcoin transactions fees is very cheap, you can compare it translations fee and any remittance service fee then you will realize that bitcoin transactions fee is not expensive.

but it's not as expensive if you send that through a conventional bank
and speed of transactions, also faster sending money using bitcoin
as well as safe and easy, and does not require any complicated requirements

because bitcoin attracts many people as well as bitcoin has a very high exchange rate so reasonable when bitcoin transactions are expensive

The cost of Bitcoin transaction is directly proportional to the price of Bitcoin. If the price of Bitcoin is increasing, the value of the transaction cost also increases. It has pros on cons. The pros is that it is a good thing because if the price is increasing, it only means that the demand of Bitcoin also increases. Therefore, we can conclude that it is becoming more and more popular over the world. The cons is that of course, the transaction price becomes expensive.

You must be kidding. After segwit transaction fees are in cents. Just few days ago I did a transaction, fee was 26 cents only ::)

It's gotten rotten. The fee is based on the price of Bitcoin, not the amount you send. That's fine for large amounts. But it means nobody's going to buy a cup of coffee with Bitcoin.  It's like a flat amount income tax. Everybody pays the same amount. Not going to work for the little guy.