Bitcoin Forum

I have $74 and I need the money and would like to send it to our local exchange I expect at least a $10 transaction fee on blockchain but got a big surprise when Blockchain is charging 0.00112176 BTC $53.74 I would end up sending only $20, this is to bad when you want to trade a small amount and you want to trade right away I will have a few hours or day before I can trade it.

bitcoin and ethereum has a very high transactions fees now
i think its better to exchange your bitcoin to tron or doge first, then after that you can send it to your local exchange with low fee my friend
regards

Adoption problems. Ridiculous fees by exchanges. Even you need money, better just think of another way.

Electrum default fees are BTC0.0002-0.0003. I don't see why that Exchange is asking higher than usual wherein the end, it's still slow to confirm.

I think what you're about to send has a lot of inputs and that's why you're charged with that amount or I'm wrong. You can still adjust it but make sure you're going to set the fee based on the minimum sats/b that viabtc requires. In that case, you can use their accelerator.
https://www.viabtc.com/tools/txaccelerator

use other coins if you want to transfer between exchanges. don't use bitcoin. I think it's common knowledge now. because the price of bitcoin is already very high, and that will certainly affect the transfer fee. so using coins with cheaper transfer fees is the best option. if it has been transferred you can sell and buy bitcoins back. There are many coins that are relatively stable which have cheap transfer fees such as Tron, Doge, Cardano and others.

That's terrible. But that has been the trend nowadays because of the price increase. The bull run has also brought up with it very high fees, even unreasonable in your case. 0.0011 BTC just as a fee is really ridiculous.

Can you make conversion within the platform? If you can, you better convert it first to an altcoin with low fee before sending. If you can't convert then you are left with no choice at all. I think your wallet does not allow you to customize fees. So you better just leave your funds there for now while the fees are very high.

Both Bitcoin and Ethereum now have a higher USD transaction fee as they both are getting pumped. Check mempool.space before you transfer Bitcoin it gives the average transaction fee cost depending on the time frame. You can select a low fee if you want to wait for the transaction. 

LOL.. not surprising because a few days back I paid $15 per transaction ($75 in total for 5 transactions, I already posted about it earlier). I have a feeling that the high fee is here to stay. The number of users are increasing at a steady pace. Now the user adoption has reached a new peak, as a result of the hype created by Elon Musk, Tesla and PayPal. But the block size remains at the same old level. So it is natural to have such high fee levels. Even earn.com is showing an average fee of 102 Sat/byte.

We've seen this already in 2017 where Bitcoin is surging higher and alongside with it are the fees.
Now 2021 and there is not that much difference on it and LN hasn't been used by many people.

Nothing surprising with this and knowing that Bitcoin's price is going high, for sure that the fees will go high too. Bitcoin and Ethereum are experiencing that problem too that is why I don't transfer that much when I'm using ETH or BTC. Just use other coins if you want to transfer.

It's no use trading with a small amount just like what we enjoy in the past, where we pay $1 for $50 for Bitcoin and $25 cents or even less for Ethereum, now what we are paying as fee are the ones we used to trade or cashout as small-time investors, it's time to look for alternatives there many of it here, one coin just got a big pumped.

I would have suggest you leave it till the gas fee reduce then i remember that the more btc price increases the more likely the gas fee will increase as well, it has been long since i made any btc transfer, my few btc are in lock and key (caged with the highest security  :D) so i have lose touch of what is happening with trans fee in the btc network, am only battling with eth fees lately,
It is not fun that both the 2 most popular network and widely used have such high fees, forcing people to look at other network.

Not just bad for small amounts, but I will tell you that Ethereum charges me a $750 transaction fee for a $150 value token that I wanted to swap. And that is really really bad for us average joe because we can't do anything about it. It's supposedly a winning money for us, but how can we exchange it when Ethereum or Bitcoin fees are really off the roof right now.

If you are not in hurry, you can modify your fee. A week ago i send 20$ worth of Bitcoin only with 0.4$ fee and its not so long, its relatively toleratable.
I set 9 vsat/byte in the setting at that time, reference by : https://www.buybitcoinworldwide.com/fee-calculator/

for some platforms, I think there is no way to set transaction fees. and most do have high fees such as the fees on each exchange that do increase. I myself also didn't make BTC withdrawals and prefer to withdraw them in other altcoins that have friendlier transaction fees.

Have you see the the pic or just randomly reply my message? Theres a button say customize fee  ???
So i dont say about some platform, i just say based on the pic  ;D

Increased transaction fee on ethereum and Bitcoin blockchain seems like the new normal. You can either wait for a reduction by trying again later or use a lesser fee which could make the transaction take a longer duration to complete.

maybe you are a big trader, so seeing the increase in the cost of eth or btc gas is currently considered reasonable, even though when compared to 2017/2018 when the bullrun market came, some cryptos experienced an increase like the current situation, especially btc and other top altcoins. it's just that the current increase in gas when compared to the increase in 2018 is clearly different, the current shipping costs are really crazy, bro

I believe it's the exchange, bitcoin transaction fees is that high, anyone just sent out a bitcoin transaction should verify this, sending 75$ with 10$ on bitcoin wallet? That's a big ripoff, I'm sure it's the exchange, OP do you mind sharing the name of the exchange? There are unforgiving exchanges like that

First of all, understand how the transaction fees are calculated and it will be cheaper when you make one input and one output transaction, it will keep increasing along with the increase in number. It seems you are about to send your signature campaign earnings which you received as multiple inputs which needs to be consolidated before the actual spend if you want the cheapest fee as possible. But right now the recommended fee for bitcoin transaction is over 140sat/vbyte so either you need to wait until the weekend and check the fee later.

how do you swap your Bitcoin or Ethereum to DOGE or Tron? because I think we need an exchange to swap, so it's the same because we have to send our Bitcoin or Ethereum to exchange with expensive gas fees too or is there another way to swap without using an exchange? if there is another way, can you tell me how to do it, because I also feel burdened with gas fees from Bitcoin and Ethereum at this time (very expensive).

As many have said, in my opinion it is true that you have to be more creative when you want to withdraw balances on the Blockchain, maybe you can see or check one by one of all the coins that have low transaction fees. If you're using Bitcoin or Ethereum, it's obviously very difficult to expect low shipping costs. in fact, it seems to me, it applies to all platforms. And we as traders big and small are always looking for alternatives to avoid cutting shipping costs.

so high costs are not an obstacle, but be creative in making everything cheap. ;D

This picture really says a lot about the current fees of Ethereum right now. I'm trying to use Ethereum to move tokens to other wallets but the fee is just absurd.
https://i.imgur.com/BpGsiBl.png

I really wish that I could exchange tokens to other less expensive coins like Doge or Tron, but I guess it'll only be just a dream.

That doesn't make sense to see that. based on https://bitcoinfees.earn.com/ and the recommended fees was around 22k satoshi and you should use customize fees and you must adjust your tx based on the recommended fees that already published by that site. I have been watching the bitcoin explorer to get the tx with the low fees and it will always try to copy how much fees already put to the its tx.
These days bitcoin and ethereum fees are so crazy.

Transaction fees are currently unfair, only giving miners profit. So for now, if you don't need a very important transaction, it would be better to hold it until the transaction fee has decreased

Thats the problem when the price of Bitcoin was skyrocketed same as in 2017, But I think it's not that high during the 2017 Bullish trend, It's getting weird now especially in Ethereum it's not happening even in the 2017 Bullish trend, and I believe it's affecting the crypto adaption Imagine if you send a $10 dollars worth of ERC20 token and transaction fees is about double of that amount would you still using it. I think it's not good It will drive the people away because of this greediness.

It is true, the transaction fee is greater than the funds to be sent this now , maybe for wholesalers and traders who benefit from BTC who reaches ATH how many X is not a problem, but for small traders it is very torturous, my advice is to try to use other coins for transactions so that the losses are not too large, if possible and not too urgent, wait until the transaction costs decrease

when the price is higher and the situation is still like today it is like you said. Bitcoin will only be an investment asset for people who have a large capital. whereas small traders will only play altcoins which may have stabilized transaction fees. some altcoins may indeed increase, but looking at the transaction fees charged I don't think it will pay off anything.

I guess that is an instant withdraw, I mean your transaction will be proccessed quickly, that is why the fee for transaction is very high. You can click the customize and see there will be some options with a consequence your transaction takes a little longer to process, but it still work to be choosen.

Indeed, there will be a consequence when bitcoin price has a high price. This matter has been discussed many time in this forum. Also, there is another option to resolve this problem namely lightening network that will make the transactor more cheaply and fast, have you tried it?

That's a sizable fee for the size of your transaction. Use the Electrum wallet and you can set your own fee and can give you the freedom to choose transaction fee. If you are on a bitcoin payment campaign, you can still use an exchange address to save on transaction fees. But you have to make sure that you have to use a segwit address according to the need of the campaign.


If they are trader, why spend fee all the time ?
I think they can still save fee if there are not many deposite or withdraw transaction.

I noticed this myself some days ago, this is why you need to take advantage of the low fees whenever they appear, I do not know if you are still using legacy addresses but if you do you need to change that and move your coins to segwit addresses, also if you have a lot of incoming transactions you need to consolidate those inputs by sending your coins to another address that belongs to you with the cheapest fees possible, that way the next time you want to make a real transaction its size is going to be lower and as such it is going to be cheaper.

10 coins Avg. Transaction Fees (couple of days ago)

BTC           $25.47   USD
BCH        $0.0027   USD
BSV      $0.00053   USD
ETH          $23.15   USD
XRP      $0.00068   USD
LTC           $0.045   USD
Doge         $0.281   USD
Dash        $0.0045  USD
XMR          $0.053   USD
ETC         $0.0027   USD

There are so many questions, if you only trade why have you got coins on some place not in your control?

OP, you can use the customise fee option and reduce the fee greatly but you have to wait for days to get it confirmed.Most likely you are paying too much fees because the weight of your transaction is higher due to more inputs, there is no other way to reduce the fee than waiting.

It is unfair? no I guess but you missed to consolidate then funds when the fee required for fastest transaction was less than 10sat/byte.

I see only one way to deal with this high commission situation. It is of course risky and very few people use it this transition to another cryptocurrency, the network of which is not so busy. But I read that according to experts, even if there is a solution to the problem of scaling networks, it will not last long due to the huge number of people willing to buy / sell coins, which is growing every day.

Maybe if the estimate we send is less than $ 100, I'm sure we will spend quite a lot of transaction fees. I last sent the token 2 weeks ago and it cost me 20 $ with the estimate I sent 150 $, this is why now I stop trading on dex trading. even though now there are so many airdrop opportunities with big results that can be obtained and also the advantages of altcoins that can be bought. however, the calculation of the cost of gas must really be considered

I see the high trasaction fees is a major problem today in cryptocurrencies market today. I am afraid this will somewhat reduce the confidence among investors. There should a better way on this problem which should be win win situation for both.

Ideally at the moment you should not try to trade with Bitcoin or Ethreum, the fees of these two coins are currently very high.
If possible I think you should convert Bitcoin to another currency with lower transaction fees before sending it out.

This is something that a lot of people forget about it, they have lots of inputs into their addresses not realizing that this makes their transaction bigger, and the bigger the transaction the more you have to pay in fees, some people think this is unfair because then we see cases like the one we're seeing here in which you are trying to send an amount of money that is kind of low and you need to pay more in fees than the transaction itself, but to me that is completely fair, so whenever you have the opportunity you should consolidate your inputs, that way whenever you have to make an urgent transaction then the fees that you will need to pay will be as low as possible.

Im curious have you solve the problem? May you share your experience if its solved.
Because i think for Bitcoin tx fee shouldnt as much as shown in your pic.

High transaction fees already made some big platforms think to migrate to the binance chain. The high fees only happened with ethereum and bitcoin. There is a lot of proposals to fix this problem but it needs a very long time process especially vote by the noodles validator on ethereum chain to approve such proposal. This is a very big problem that will never be solved when the miners are always abandoning the proposal.
Miners are only approving the proposal that gives them a lot of advantages.

because he can always customised the fee. theres a button if you want to change the reco fee. dont know if the OP proceed with his transaction here.
but the way it sits here, he can also change the tab, network fee - as slow and customised the fee. he's just showing the fee if he chooses the regular network fee with about 1hr+ confirmation. so at least his wallet is giving him options. if you are not in a hurry and can wait, just select the slow option and you will pay smaller fees of course

Sending money using bitcoin or ethereum isn't really a viable option right now not to mention their fee that's just beyond ridiculous the fee alone could feed people in third world country for a whole month. The option for you is to convert it to another coin but that still requires the bitcoin you have in wallet to get deposited into the exchange deposit address which still eats up big portion of your money. You can set the fee below standard and hoping it would miraculously get confirmed within few hours if not day or else the only way is just to wait it out.
Sounds ridiculous but that's the only thing we can do.

3 options if you really want to transfer.

1. Exchange it to other coins that has a lower transaction fee and then transfer it and then exchange it again.
2. Don't transfer it at all.
3. Just close your eyes while doing it.

In your case, the second option will be better. That is the problem we are facing right now. Bitcoin and Ethereum have a high tx fees unfortunately. In order for you to transfer 20$, you need to pay 50$ which is absolutely insane :D.

Most wallets have the option to customize your fee, that does not really seem like the issue, what happens is that as we know every time bitcoin goes in a bull run the fees skyrocket as everyone wants to move their coins to exchanges to begin to trade or they want to spend some of their bitcoin now that the price is so favourable, but this makes the fees very expensive, so even if you were to send a transaction for a cheap fee you are not going to get a confirmation anyway as everyone is trying to get a confirmation as fast as possible and it drives up the fees.

That's true the fee should be less than this if customized properly with the risk of the transaction being ignored by the miners. However, the transaction size also depends on the input and output of that address meaning there's possibility that the transaction size might be bigger than usual. Though, it's still no reason to justify this crazy fee, really hoping that this would get settled very soon but guess what, that's just a dream because there's no real sign of fixing this up till now.

That is why if ever other alternatives such as XRP are available I use them as an alternative when transferring my money from my wallet to another. There are a lot of altcoins with lesser fees, this is how I save money from transaction fees. For example, BTC from my local wallet to XRP, sent to an exchange wallet, then XRP to BTC or USDT whatever you desire to start trading.

Dont know which exchange or application you are using but that transaction fee is ridiculous! Its even higher than your own asset lol, the fees should always depends on how much you are transferring but its not your case as shown in the image, Even tho we know how pumped up Bitcoin and Ethereum are that fee is beyond my imagination already....

This is why I do not use any app/exchange, always looking on the small fees one but secured! Maybe next time, try to use exchanges like T1 exchanges which has small fees.. Im using  Kucoin to buy Ethereum  (https://trade.kucoin.com/ETH-BTC) and also for withdrawals but havent encounter such high fees than my assets

This is normal especially for these two most famous cryptos in the market. We should expect this because they are the most in-demand right now in talking of crypto investments and when there are a lot of transactions going on, blockchain proposes the best fee to get your transaction a success as fast as possible, which is why it is high at this moment.

The possible thing for ethereum and bitcoin to implement the sidechain solution. Ethereum code developers have a big problem with the miners. It's quite difficult to fix the problem that faced by both of coins.
The solution must have passed the various process to be able implemented in the blockchain. I think that if it's impossible to see both of coins will be fix its scalability problem in a short time.
I think you must try to understand about how the mechanism of EIP and BIP implementation are working.

Many small funded investors are having problem and it is really painful for them especially seeing that the transaction fee is way higher than what they will receive especially with BTC and ETH. This problem must be resolved by the developers of these crypto coins or else many crypto enthusiast will change and shift into using a much cheaper transaction fee blockchains such as TRX, ADA and DOT.

That will also need fees right? Conversions aren't free?

It is like this for a lot of people, I personally have experienced this so many times I can't even count, so it isn't a new thing, there have been times when I want to send or trade a token on uniswap or even to move the token to a centralized exchange, I realize that the fee I have to pay is way more than the worth of the currency I want to transfer or trade, everyone was hoping eth.2 will solve the high fees issue but then, it's just getting worst and worst every day blessed day, I don't know when this menace can actually be put behind us for good.

I disagree, there are justifications for the high fee, as we know the space on each block is limited and when everyone wants to get access to a scarce resource this drives up the price, this is not the fault of miners, this is just the way cryptocurrencies are designed to work, also as we know the size of your transaction has a lot to do with your fee, as the bigger the transaction size the more space occupies on each block and the more you have to pay for it.

LOL.. it's not the fault of the miners? Very funny. There was a proposal to increase the block size to 2MB. 99% of the users were in favor of it, but the miners refused to implement it. Since the decision making power is within their hands, they could simply veto any proposal that they don't like. They want users to pay $100 fee per transaction or more. Right now the users don't have any other choice, and therefore they are paying this much fee. Ultimately it will result in the growth of indirect payments, using BitPay or Coinbase rather than direct payments with Bitcoin. It is simply not viable to transfer small to medium amounts with BTC right now.

Actually this is also a bit confusing where in the past two days Bitcoin and Ethereum have experienced a price decline when the correction occurred, but Gas costs are still rising and not going down either, so the effect of Gas on the price of Bitcoin and Ethereum is only slight, because it arrived currently the transaction fees are still expensive, and I myself have never exchanged Bitcoin to Tron directly except through the USDT token bridge.

With such fees, everyone will soon forget about the blockchain on the Ethereum network. And even now it is already difficult to find a project that would use this network. All switched to BSC

In fact, not everything is as bad as you think. And despite the fact that some projects choose BSC for themselves, the number of ethereum blockchain used is constantly growing. And this is one of the reasons for the large commissions in the network, which have recently significantly decreased after the Berlin hard fork.

For now, ethereum's transaction fees have decreased. I think if we compare it to the last few months today is the lowest. The existence of the Dex trade makes many transactions so that Gwei has increased. besides that in conversion the USD will also follow an increase. what is clear for now is if indeed you send a cheaper token. even with a low nominal value, it is still profitable

If your account has a converted feature from bitcoin to altcoin, you can select the other coins with a low transaction fee. But if it's not, I guess you can not avoid the high transaction fees and only wait for a while until the fees can reduce a lot. It seems your account needs to upgrade to have more features from that exchange.

I don't think it will have a serious impact on Ethereum because I see the value of Ethereum always increasing even though the users of the Ethereum platform have started to be quiet, and you should also know that within two days the cost of Gas on the Ethereum platform has decreased very well.

Way back, the transaction fee was not as high as to what we have right now, it is quite disappointing witnessing bitcoin and ethereum charging so high right now whenever you are sending money. Well, modern problems would require modern solutions that's why you can see many who converts their bitcoin or ethereum to other coins with low transaction fees before sending it to someone. Also, it is not really ideal to send small of amount of money since what may occur may become the same as you experienced wherein the transaction fee is much higher compared to the money you are sending. It would be best if you only make transactions when a huge amount of money is to be transferred.

Can be alternative way, for other people too. Because blockchain allow us to swap if we do KYC in their site. Because if too many inputs which is usually by old users, blockchain is used to save coin from faucets or anything which can send small amount of money. And OP look like have much money because bitcoin price increased  .

This what we have experience now. Besides, not only Bitcoin transactions suffered from this but it also includes ETH and ERC20 tokens. Too disappointed in a situation that when you are in badly need of money and you need to withdraw your BTC's but it ended up paying 5% of the total value.

Lately, I withdraw some of my Bitcoin and it was just a $1 fee, but as I check the https://mempool.space/ the fees are shooting up again just like in the previous days. It has less priority so I expecting it takes days or even weeks to confirm.

with the issue of higher transaction fee trader might be focusing as more on trading within table to returns on expands as requesting funds for withdrawal to gains with difference on returns as follows with future terms of plan on completion.

Every time I read your comments on every topic, I always get confused and have a hard time understanding them, because you don't put punctuation from the first sentence to the other, why are you like that?