Bitcoin Forum

Last few days  i was anlysis some exchanger they double there bitcoin withdraw fee.So my question why bitcoin transaction fee increased and deley transaction? bitcoin another fork super bitcoin already came so bitcoin can be ruduce there fee ? :( :( :(

Its very true, small industry will be effected greatly because of that fee but the solution of this is very unlikely as the fee is there at 0.0004 (mostly) which is about 7 bucks if the bitcoin price get double and in-case fee remain same so the same amount of fee will be 14 bucks which is crazy.

At the moment the bitcoin network is just overloaded, and the price of bitcoin is too great for standard commissions. Just wait until the Lightning Network.

Yes many website increase their transation fees.In Coinbase ,the transation fees is 0.0008 and it's very high fee for my payment.I will get only 0.004 btc as payment of that 0.0008 as transation fee means,I will get 0.0032 btc to sell and get very low value as dollar.This high transation fee affect the people like my rank or lower than my rank.

Maybe there are chances that the price of Bitcoin transaction fee can be reduced right now bitcoin [Suspicious link removed]pletely overloaded with the low transaction and with the increase in mining difficulty the transaction fee can also increase.

I dont think Bitcoin transaction fees will go down as of the moment. Because in my opinion, the price today is still increasing due to the increase in demand. As the demand increases, the transactions therefore also increaes. And so the price of the transaction fees increases. But if the Bitcoin market goes down, which we all hope it will not, then the transction fees will also go down. The idea of lowering down the transaction fees that time is to entice the people to buy Bitcoins again.

The transaction fees are huge if you are doing small transactions by comparison, but if you are moving 1 Bitcoin or more at a time then the fees are very resaonable compared to any other form of traditional money transfer.

As transaction fees goes up of course some of exchanges will also increase their withdrawal fee, but exchanges that batch multiple withdrawals like poloniex fees, it will still be the same. Transaction fees increases every time the mempool is overloaded by unconfirmed transactions and this is why we experience delay especially if we pay low/medium fee because miners will prioritize confirming transactions that paid huge fees. I don't think hard fork will decrease the transaction fees instead it will be just another reason to increase the transaction fee because investors will buy more Bitcoin to receive more fork coins.

It increases depend on the network traffic, they put higher fee in trading platforms or any wallets to make sure that the transaction would not be delay. I miss the time where transaction fee is free and bitcoin transaction speed only takes seconds.

There's nothing that you can do if you are trying to send money within Bitcoin Exchanges.
The cheapest desktop wallet to use is Electrum or Multibit though.

super bitcoin fork is only altcoin supported by who spam bitcoin network now and make it overload.

yes fee is high but need to wait more and fee will down again

When you talk about bitcoin fees, you don't look at it in $ amounts but in bitcoin. So if incase the value of bitcoin is increased, the amount of fees will still be the same  in bitcoin amount but it will look like it has increased in fiat currency. But this is a very big downside. There should be a cap for fees. Like if you transfer small amounts you will not incur fees but if its large amounts, there will be correspondong fees. its just like taxes. Tax the big spender and protect the little businesses.

If someone tries to calculate transaction fee in %, It doesn't deviate to much from normal commission. "Abnormally" huge bitcoin transaction fee is just the consequence of BTC price growth. Certainly, here I am talking about US$ equivalent. Don't like it then use more appropriate altcoins for transferring. 

Exactly there needs to be a cap for bitcoin transaction fee I can understand in the last we just used to calculate it in local Fiat but now we are ending up paying huge chunk of transaction fee if we have to do a transaction and also on the other hand if I have to do a small transaction I end up paying more transaction fee than the total amount of transaction itself and this has created a bit of negativity abiut btc but something needs to be done

Exactly, it is the same rate we used to pay when bitcoin was under 1000$ but because they were so small and negligible we just overlooked them but now that they are increasing with the corresponding growth in bitcoins prices a lot aren't happy but indeed nothing has really changed much.

I think it can't just be a fixed %, destroys all potential for small and medium transactions that should be the majority in a normal economical environment. But even not expecting bitcoin to be a courrency but a digital asset for storing value in the future it risks to be accesible only to rich people. It will also increase number of coins left on exchanges increasing their political power in the network.

Everything can be done, but it's up to people as always. Developers, exchange owners, users...
Yes doubling the price, fee is double which interesting. Everyone wants to earn money.

If you're using online web wallets, the fee multiplies every time you use a new receive bitcoin address in your account. Watch what I said, you'll see you spending more than you're suppose to do.

It may happen I think; if there is someone who ask or protest from their collection fees the government itself will review all the transaction of bitcoin.
I know it is quite expensive their transaction fees and we should do some decision wisely.

As you mentioned 'Exchanger' in your sentence, I will start with that. So you really believe what exchanges show as fees is actually the fees? No, it's not! What exchanges actually do is that they send Batch payments and earn huge on from users on the name of Fees.

Ok, now coming to possibility to reduce fees. The amount of fees is not fixed by miners, nor does it pop-up randomly from somewhere. Actually it depends upon Demand/Supply rule. Now suppose there is single seller with Apple and 5 people wanna buy that Apple, every buyer will try to supersede other's bid to own Apple and as a result price of Apple will go many times more than initial price. Same is happening to Bitcoin fees. In order to get transaction confirmed before others, people are giving out more and more fees and as a result we reached a state of congestion and Very High Fees.

The way out from here is possible if people start using the concept of Standard fees than Competitive fees. All wallets should start using a fixed fees concept so that all transactions broadcasted have equal preference and concept of adding transaction to next pool become 'Matter of Chance' rather than 'Matter of Choice'.

Implementing the lightning network is the way to get reduced fee and fast transactions but now nothing happens bitcoin price os going down but the transaction fee is climbing up $50 for a little transaction.I was chocked now can't send or sell my bitcoins.I hope this situation will change after the fork on 28. :'(

it seems that can not and the cost of sending bitcoin the more expensive bitcoin exchange rate then the more expensive the exchange rate of delivery fee that is needed.

Obviously that it can be reduced, but it works by offer/demand, it is the same as the stock markets.
The price of the fees are created by the people who wants to send payments.
if they decide to pay $1000 worth of fees, and another guy put $1010, the price will be climbing up.

Of course, the commission for the transaction should be reduced.Question is only how to do it? If people are willing to pay such money for the transaction, the miners will not refuse.

Truly it's ridiculous. BTC has moronic fees. It should be under fairly fees. If you wanna trade for alts, ETH is the best option to avoid your huge loss.

The transaction fee will always be a problem to the bitcoin network and to the users in general, mainly because the transaction are verified by mienrs, and since bitcoin mining has become expensive there are less mienrs than before, less miners means slower transactions which leads to prioritizing the ones that have more fees paid than the others, for the most part fees are going to remain the same because we pay them in bitcoin not in real moen, and because bitcoin is expensive so will teh fees.

dont agree. in almost all stock markets the fees are a fixed percentage!

BTC should have the same, no matter what price it is. The whole idea of bitcoin was to create a better system that the ones we have now, but at current state basically all btc functions are worse then our current systems.

Few days back i wanted to send 200 euro from blockchain.info to another wallet...costs where 110 euro! Fucking crazy.... hell, im not even sure if that is legal (not sure who to sue hehe but ok) i refused to pay that high of a fee, changed the fee, but now my funds are somewhere in heaven waiting to get confirmed (probably take weeks)... i can not cancel it, can not add the extra fee to speed things up... basically cant do anything...

Also im a merchant and have removed btc on all my sites as current fees are just too high....know lots of merchants (who never where really enthousiastic about btc) who have removed btc as well...nobody pays with it and if they do its way too much hassle to get it converted back to euros without loosing to much money.

Basically thats the whole problem with btc... still really zero percent of people use it in real life...volumes are gigantic now but its all speculation.... Im not being negative, but btc is far from a success if you look it from that point of view. And with current fees no normal people will ever going to use it..

The fee is sky rocketing which is not good for bitcoin. Hopefully the lightning network will change this soon.

Some exchanges suspending new member registrations in order not to increase the fees. I receied such an email from cex.io

The high transaction fee is really affecting people especially small industries and lower rank so it should be reduce let it not always be a problem in the platform owners help reduce this to enable easy movement .

Yes, Bitcoin transaction fees can be reduced. Right now, Lightning Network which can make transactions almost free and instant is being tested on the testnet. Unfortunately, it will take some time before it will be implemented on the mainnet. It is mostly because of the fact that every wallet needs to implement support for Lightning Network. Fortunately, neither hardfork nor softfork is needed for implementing it on the mainnet.

The bitcoin network is overloaded and it cant be helped. Maybe some people who have more than 1 Bitcoin are not really affected, but for me this is real crap. I have 23 euros and I can spend around 1 euro with normal fees, how crazy is that? I hope that thr Lightning Network will straighten this situation.

Yah, i skimped on fees myself on the 18th, only paying 100sat/byte, and lost 10 times more then the fee during the droppage... wish i'd just have paid higher then and get it the fk over with instead of refreshing here for 4 days now. Got 2 more stuck with 460sat/byte since the 20th also.

Luckily paid the fkrs 1000sat and got most of my bulk out at 17k ) so not to bad other then waiting for this shit is brain damaging.

What is up with bunching up of transactions at the 450 Sat/B level? Is that a hard-coded fee on some platform?

Probably the blockchain normal (1hr :)))) fee or localbitcoins wallets. People trying to pay half the fee, fk knows but mine's in there aswell.

Yes they will release Zap next year is just like the we have a faster transaction a lightning network experience. with this bitcoin will pump more!!  i hope those who have micropayments can reduce their fees

They will be reduced in a few months from now once that the lightning network gets released, otherwise, they are not going to be lowered. Well, maybe if the mempool gets back to normality again it can be reduced to the normal rate, aproximately 0.001 per transaction or so.

Lack of adaption of the Segwit is the problem since many people didn't care about the Segwit then I'm sure our only hope is the lightning network. The lightning network is already successfully tested on the Bitcoin testnet, and it is working great.

They finally started confirming some. Down to 269k from 275k.

There are a lot of post here pertaining to Bitcoin transaction fees. I think the continues increase on demand which increases the its value is the main reason why transaction fees increases also. I dont think it can be reduced except someone will make some channel with a lower transaction fee.

I think so it may happen, if the investors demands to lower the cost for transaction or processing fees I think they will make some plans for it.
As a Bitcoiner I am looking forward to have a lower cost in this since it will be a great help for everybody.

At present, the transfer fee of bitcoin is not reduced, because there is no new technology to change the current block congestion problem.

Out there many people try make Bitcoin fee's lower. but it's hard the implementation since bitcoin's community not consist only few people, and make them all accept that change

The cost of bitcoin transaction depends on what wallet to use, there is a wallet provider who bear the transaction costs of its members such as Triv
and some provide transaction fees to its members.
but in general the cost of bitcoin transactions ranges from: 0.0001 - 0.0005 BTC
For the purchase / sale cost of Triv there is a taker fee that ranges from 0.3% -3.5% based on the nominal purchase

As far as bitcoin is highly demanded and the network keep congestion, how do the network fees reduce? I don't think is now.

i think bitcoin mining is become harder as long as the supply is decreasing, so the fee will be increasing too, correct me if i'm wrong

Yeah sure it is and it will stay that way just so long as the miners can get away with ripping us off.

LN looks like lots of small banks to me but the debate is not over however it's a long way off

everybody hopes ;D I agree, transactions are too slow and fee is too high((

That's the sad reality,bitcoin transactions became higher nowadays and there's a lot of normal transactions being stucked.Hopefully the transaction fee will be reduced and will also solve the delay of each transactions.Don't have the idea on the performance of super bitcoin yet,I still trust bitcoin and being hopeful to solve its weaknesses.

I agree that it is logical that the fee will increase, but how can ordinary users of bitcoin act? it becomes unprofitable

Yeah i think bitcoin transaction fee must be reduced in the future. Peoples start to using bitcoin at beginning, one of their reasons is because they want to avoid high transaction fee in the bank or other fiat transaction. If the bitcoin transaction fee even much higher than fiat transaction fee, i think people will start to leave the bitcoin which is sad for bitcoin as the Father of Crypto.

Many people already use eth or waves because waves tx fee is low.I think bitcoin try to reduce there tx fee and try to added new technology for there service .People are worst and boring bitcoin high tx fee and microsoft already remove bitcoin payment

but for now, the fee for ETH is also starting to be insane, for today it's down to 0.1 gwei and a while ago, safe gas price rose again to 40 and fast became 90.
I am quite frequent transactions using eth every day forced to vacuum for a few days because of gas prices become craze

so i thinks this is the time back to doge  ;D

Yes i am agree with you.People only use bitcoin other crypto currency for avoid high transaction fee.We usually see most of the exchanger increased there withdraw fee and thank people try to use another coin like as waves eth to reduce fee.

I'm sorry to break the news to you but there is no way you can reduce the transaction fee because it relies on the price of the Bitcoins. So, the higher the price, the higher the fee.

it can be reduce if we all stop using bitcoin.
miners ask for very high fee which makes bitcoin so suck.

I noticed the same problem and I think the best response for this is to wait for the moment before we trade our bitcoins and manage our funds, well as for me I am holding so I am not affected now by the trading fees and since bitcoin's value has dropped I wouldn't want to cut my loss now specially when there is a very high fees.

Because the value of the bitcoin is so high, the miners ask for the corresponding high value so there is no way to reduce the bitcoin transaction fee unless you stop using bitcoin. Excessive transaction costs have caused some traders to refuse to trade the bitcoin due to overcharging, but if you have to invest, you have to accept this if you want to get a profit from it.

You can use segwit addresses, the fee is greatly reduced if you use addresses like that, however if you do not have any hurry to use your bitcoin you could wait until the lightning network is activated we do not know when that is going to happen but it may happen in this year.

Please educate yourself better about lightning because the hubs are mini banks
See https://www.youtube.com/watch?v=MpfvhiqFw7A

Hate to say but not only will you wait six months because the miners are having a ball of a time
with fees but LN does not do what it says on the box

The only way to profit since fees went sky high last year is to be going short against BTC and in less than a month we have seen 25% of
all profit removed so I must assume your a traders in the "Know" right !

The reason there why some miners doubled their fees is to reduce the upcoming transaction. Because of overloading transactions they need to reduce these transactions to prevent the delay confirmation. Of course if you see that transaction fee is high are still going to transact? It depends right? if you are just about to send a little amount you will not gonna do a transaction. But as you can see also sometimes fees are low.

Actually, bitcoin transaction fees can still be reduce and there are some ways to reduce bitcoin transaction fees to get payment to reach to the recipients or should be registered on the bitcoin ledger by reducing the transaction size. The allowed amount of bitcoin transaction fees is proportional with transaction size which has nothing to do with the sending amount. In order to reduce payment fees, you must have to reduce the size of transaction.

I think we should be contented and not too be selfish for those transaction fees that they imposed since it is worthy to pay these transition fee; because they provide a reasonable price for the services they have. Instead of worrying about those fees just focus on how you make sometime which will increase you bitcoin. The transaction fees or bitcoin and other electronic wallets are their main source of income or their life blood doctrine in order to provide excellent service and survive in this particular industry.

There are good chances of the bitcoin transaction fees to reduce as the bitcoin prices have fallen over last one month
This might lead to lesser transactions fees as it was too costly earlier to transfer funds
Almost $20 for a $200 transaction

I don't know if the transaction fee can be reduced because bitcoin is in demand even though the transaction fee is very very high, but they still transacting in others using their bitcoin.

Could not his bitcoin fee in less depending on the exchanger policy that we follow, inevitably that fee we must pay in accordance with the provisions in the exchangers are concerned, because each exchanger with one another is not the same fee

Higher fees are due to a high number of sellers through exchanges parallel with the number of transactions they are involve. there is so much traffic on transactions and the system overloads and cannot handle large number of transactions and so the exchangers are demanding for more fees and charges about it.

The rise of Bitcoin fees is one of the huge problems of this coin, which basically makes it unfit to be a coin - now it can only be used as a commodity, a very expensive one to move around.

Yes the transaction fees can be reduce if there is they consider the request of investors. If this thing happen, there will be more demands occur to come.

Yes it can reduce once they consider it. If there will be a huge demand they can consider to reduced all transaction fees in order to attract new investors to invest in their company.
It is a win-win situation to the investors and the company as well.