Bitcoin Forum

I have like 200 $ in bitcoin on ANX. I wanted to transfer that to Binance exhange and I saw that if I wanted to I could only send like 140. Is the transaction fee really 60$ to send coin on bitcoin now? Or this is something ANX is doing? I can't see how that will pass as acceptable. Might as well use bank transfers, cheaper!

Yes bitcoin fee is too high at the moment because of traffic on blockchain network but I hope it will be resolved soon so don't send your bitcoin unless it is an emergency need for money because you will lose big amount in for of fee.But the problem will be solved soon so the fee will get reduced soon maybe in a week.you can send your transaction with low fee but it may takes some days to get confirmed.

Why do you believe this issue will be solved within the week?

I rather believe that it would be just an estimation but the truth is no one really knows on when fees would decrease because if you do make microtransactions as of these days then it will surely hurt you considering on the amount that you would paid up for fees itself. I don't know what would be the best solution for this since we cant do anything about it because miners are the only ones who can able to set-it out.For now theres nothing we can do but to wait for fees to settle down.

I guess right now bitcoin as a way to move small amounts aren't the best thing. The transaction fees are quite high due to the congestion in the memory pools. This might not be resolved in the near future, but likely another push for a fork will happen due to this. I will hold out right now as the fees will totally be not worth it to move your bitcoins. This is not caused by ANX by the way, it is really because of the current situation of the blockchain.

I think he is speculating that maybe next week, the network is not that decongested as compare to the current situations that we are in. But as per the current mempool count, it's down to 100K unconfirmed transactions. So based on my experienced it will be fairly quick if you will send it today. But I don't know why the fees they are charging are high though. For me a 10% fee is fairly high already. So they should be charging like 20$. I guess they are charging so that your transactions can be pick up in the next 5 blocks or less.

https://blockchain.info/charts/mempool-count

Before sending a transaction, look at the mempool. I find this website very useful:

https://jochen-hoenicke.de/queue/#30d

As you can see, we have a massive peak on December 22. Now it's getting better. $60 is nonsense currently.

I always use the Bitcoin Core automatic fee calculator and it always goes through, but you can use this webpage:

https://bitcoinfees.earn.com/

According to it, the fastest and cheapest transaction fee is currently 690 satoshis/byte, shown in green at the top.

Nice resource there! I'll book mark that.

The issue with the fees is not going to be solved in a week in fact all the drama with the forks in this year was about how to solve the problem of the huge fees, however, the problem of the fees is made even worse because someone is spamming the network for a lot of time we have believed the miners are behind this in order to get more money from the fees and that is why the devs created and offchain solution.

This is a real problem, as one of the advantage of bitcoin was exactly the low cost of transactions.
If the issue won't be solved, there is the risk that bitcoin will crash.

It is indeed happening with Bitcoin, Bitcoin has the highest transaction fee right now but it also has the biggest price. The fee changes eventually if you will just wait for sometime and if you are always checking from time to time the change on transaction fee.

Yes this is a big problem of bitcoin , not only the prices of the transactions. But also the time it takes for the dev team to come to a agreement on improvements is ridiculously long.

Because busy traffic may happen when got holiday or weekend coming. Next week are still new year date, so these could be still many pending transaction. Maybe after 1 month, everything back to normal. On my opinion, i think this conditions happen by some development of fork bitcoinplatinum and superbitcoin in last few week ago which many people using the transfer with small fees, they hopes can includes in Block 498888 for SBTC.

Transactions are large i dont think it is a scam sign

If you have inputs about the received balance or funds then your transaction fee if your going to transact will be higher than normal cause you have recents on transactions and bitcoin is still big so its normal for now.

actually that's true. Transaction fee right now is very high almost half of your money. The reason is because of the traffic on the network itself and there is nothing we can do about it but to wait for it to be resolved. I just hope it go back to normal fees like before by the year 2018.

This is just his presumption but it is possible to be true because the reason why there is a heavy traffic happening in the blockchain is because of the holiday season that people need to sell their BTC for fiat to spend on Christmas and the new years preparation. In addition, the occurrence of btc crashes in which makes panic to some people to do massive btc transactions but maybe next year it will be all back to normal now including the traffic.

After the hardfork everything can go back to normal don't cash unless you really need the money

Well now transactions fees now is too high because the traffic is lot on the blockchain network and if you want to get the transaction confirm fast then pay more to get priority.So try not making any transactions and wait for the network's traffic to get less.Lightning network would definitely make transactions fees less and confirmations speed high.

Sure that if we want to transfer, we must give charge for the bank, and one bank with the other bank is different. I think it is small outcome to transaction. We can imagine that if we have amount of money and we can replace to our wallet (or can not transfer). What happen? We can not use for transaction right  ;)

$60? they are stealing you, the fees are not even $28 at the moment, they are very high but you are paying the double of what you really need to pay.
Stop using that wallet, they are stealing all your money

Agreed that transaction fees have increased in recent weeks but yours is way higher for this transaction. $60 is just too high! Something is wrong with your transaction. Have you been gathering dust with that wallet address before sending ? If yes, then gathering of smaller payments needs to be consolidated, hence, the high fee. Post your transaction hash id, let's see.

What the actual fuck? I should consider myself lucky for I paid 16$ for  a 500$ transaction. 60$ is too much for a transaction worth 200$. Obviously the difference between the balance and the amount of money you're getting is going go to be the transaction fee. I don't use ANX but some issue must be there, contact the support and check what the issue is. And always check this website : https://bitcoinfees.earn.com (https://bitcoinfees.earn.com/), for the current network's preferable transaction fee.

Yes, the high fees are due to the high traffic, and even the transaction time would be taking a little more longer than usual. Lastly I made a transaction, the fee I paid for the transaction was about $30 or $35, which is something I have never paid before ever since I started using Bitcoin. One of my friends who was starting newly on Bitcoin and had about $16 in his wallet couldn’t send it out cause it keeps telling him he had not much amount.

There are some things that cause the transaction costs to be very high and one of them is the number of people who make a delivery at this time where now is a time when many people are doing a transaction or delivery bitcoin they have. busyness and then this server is crashed which causes the price on a transaction so high. and this is likely to encourage the occurrence of a hardfork that will address the issue of the cost of paying for a bitcoin delivery at this time. with the existence of hardfork of course network traffic will temporarily be controlled so that this will reduce a shipping network traffic and will be able to restore at a cost with normal price.

Too sad that you don't know that there is a congestion in the blockchain network and all of us needs to pay higher fee so that it will be confirmed otherwise it will stay long in the network. All exchanges are affected and as well us who are using it.

Yes, it will be quite advantageous and more practical. And probably more people will prefer this way of transacting rather than relying on bitcoin's high transaction fee and long period of transaction. But, if the traffic in the blockchain is lessened, then this will also solve the problem of long period transaction.

The current price of Bitcoin is very high so I think we should trade and get rid of altcoin instead of using Bitcoin.

For now this thing would be suited to do because bitcoin or tx fees as of now is really high and wont really be nice if we do make small amount transactions which we should wait for more months or on times where tx fee would go down before we would make some transactions but we do really have another options which have being said we can make transaction on some alts which we do know that it is much lesser and more faster than bitcoin and this is what I'm doing now.

Using bank to send money now is far cheaper than bitcoin because of this transaction fees we are currently experience. Could you imagine I was charged  $300 for sending  $1,000 I think something has to be done about this before things get out of hand. The mining fees we are currently experience is across all the wallet providers and exchanges sites. I have decided to use ethereum for now for my transactions.

The current transaction fee is so high that we see so many platforms still keeping transaction fees down so I feel sad for this.

I also find it very troubling because the price of BTC is already very high. When people trade very little, they can only buy a small part, but they have to pay very expensive transaction fees. This is unreasonable.

When we are talking on the current situation of fees then i would really switch back into our traditional bank transfers since they do only charge little bit cheaper than on the current fees of bitcoin asked as of now in each transfers. Back in previous weeks ETH network is congested but now it is gradually depleting and becoming normal again as long you put sufficient gas then it wont really be too hassle on confirmation times.

I understand where you coming from mate, and don't worry you are not the only one seeing this kind of issues. The fees are really killing us all, specially small and casual traders like you and me. That's why I give up trading like 6 months ago, but do seldom trading from time to time specially the peak of bitcoins. Was quite surprise that I have to pay high fees just to transfer my small profit.


That's a total hold up mate. $200 is way too much. I think you need to get back at them and check why the fee's is too high. I'm not paying $60 if I were you. On the other hand, I understand you that hard aches, but bank transfers? I don't think so. Bitcoin is still a better alternative, I think its better if you would just wait till the mempool congestion will go down a little. But don't you worry, I think with all the testing on LN, it could be implemented next year and all this high tx and slow confirmations will be a thing of the past.

I think you have to wait for a few days may be transaction fees will go down.. 2 weeks ago when I want send my bitcoin and transaction fees reach $ 40 but in few day I try again to send my bitcoin and transaction fees dropped become $ 4..

$60 is too much even with bitcoin congested network. I think you need to understand ANX fees. Try to read their terms about fees. It should be in the FAQ I guess.

The highest fees I encountered nowadays is around $40 at the current bitcoin price rate. Our local exchanger charges BTC0.002 to BTC0.003 as high priority. Do you see how much in bitcoin value are they charging you? Since you posted this thread on Dec. 27, the price rate that day is playing around $15,800 to $16,400 so maybe that's the reason why there's a bit of increase on USD value of their fees but still no changed in terms of bitcoin value.

That's nuts. Never paid more than $30 on my transfers in our local exchange and the fastest and economic fee they charge is 0.0001274 at the time of this writing. It could be that your exchange is also taking a cut on the transfers (which I find greedy) that is happening within their exchange as a means of them maximizing their profit. Either way, you need to look for another exchange that works for your needs. especially your BTC since that feels like a big rip off on you.

Get used to it dude, bitcoin fees were always high but nowadays when we have huge traffic there is even higher fee... Unfortunately for people who has invested before and now want to withdraw their money or just send somewhere...
We will see how the new fork will help, maybe you will have better opportunity to send your BTC.

In some cases you can't wait days for the transaction fees to go down, where they might even increase further. In this case, the transaction fees have dropped significantly, all the way to 0.00149BTC from +0.002BTC, which is a clean 25% decline. I however can't see anything that hints at the $4 fee that you are talking about. It might be that you were just lucky to have your transaction confirmed with just $4 in fees. Usually if you send your transaction with such a low fee, and especially with how cluttered the network is, miners won't even bother looking at your transaction because there are enough transactions they can confirm that contain a higher fee. It's either just luck, or you made use of a transaction accelerator.

No, you are wrong. Bitcoin fees weren't high always, it was very, very low and economy 2 years ago. When we see high price, traffic grow too, much transactions were made because of high number of bitcoin users. But we got high price + high number of satoshi/byte, that's wrong here. We had a fork of bitcoin cash, I think it will do a good job to take original bitcoin's place.

In this recent time bitcoin transactions fees has been very high and has lead to so many users of bitcoin not being able to cope with the high transactions fees and optioning to other alt like the etheruem, the high transactions fees is as a result of high traffic congestion in the blockchains network. Many users are carrying out transactions at the same time and this has also lead to thousands of unconfirmed transactions in recent time. The high transactions fees will reduced gradually as time goes on and everything will be back to normal.

Current transactions fees are getting better than a few days ago, decrease to 660 sats/byte which mean you will pay BTC0.0014 for median transaction size of 226 bytes.
So, if you want to send bitcoin worth $200, the fee is around $20. Pay $60 fee is ridiculous at current network condition, it's not just bitcoin mempool but something wrong with ANX. This is a common problem with exchanges or platforms which offers cryptocurrency services, that's why you should know how much the fees to withdraw.

You can move your coins any time you like but the issue is the fees are big so right now moving small amount of money does not really make sense, you need to move a lot of money so the fees make sense and that means we cannot make any small purchases with bitcoin, but this is going to be solved, the issue is when that is going to happen and we have no idea of that.

Wait until resolve it. In this time there are a lot of traffic on blockchain. For this reason the transaction fee is high. If you want to transfer your Bitcoin now, you will lose a big money. So it is the wiser decision to wait until resolve it again. Hope it will be resolved very soon.

Since blocks are that hard to mine and BTC price is also very high txn can only be confirmed with high fees, it will be resolved though, check the development forum

Transaction fee ia so high right now, you would be losing a huge amount for that. Maybe you could wait for a while when the trafgic in blockchain have been resolved.

At present, the cost of trading Bitcoin is very high, affecting the transaction process of individuals. This is due to the fact that there are not too many Bitcoin dealers at the moment as it was a week ago. Your advice at the moment is to reserve the Bitcoin to invest in an ICO instead of a holding company because the Bitcoin rate is on the downward trend as investors focus on investing in altcoin instead of Bitcoin. as before. By investing in an ICO, you will have the opportunity to x10, x20 the amount of $ 200 you currently have if you invest in a potential ICO project. And I believe the future cryptocurrency will be Altcoin rather than Bitcoin because Bitcoin has a limit of 21 million BTC.

transactions in bitcoin do cost money, but that does not have a big effect on your bitcoin exchange
bitcoin only takes a fraction of our transaction amount

BTC network is very busy and fees are not cost-effective for small amount transactions. I suggest you wait for the network to decongest unless it is an emergency or you are moving large amounts.

Actually, there are transactions that requires a high transaction fee (I think it depends on the exchange platform being used) And it is affecting a lot of traders and bitcoin users who wants to cash out small amounts of btc. There are some times in which the required fee is higher than the actual amount being withdrawn, itself.

For now theres no one can able to answer such question which we dont even know if it would lower again its fees or not. The thing i do see the possibility is when there is already a clear or non-congested network would be one of the reasons which fees would go down.For now better to avoid microtransactions because fees are way too high. Instead of making profits specially on tradings then fee will affect that thing for sure.

If its $10, a lot of people won't even bother to complain but what is happening is way more than that. I tried sending a transaction on blockchain.info now to confirm the fee, and its giving above $50 as the minimum fee which is 1hr+ which is not even sure it will  confirm in less than 3 hours. Even blockchain.info has a notification about the network traffic of bitcoin. We can only hope that this wouldn't last forever just a temporary event that would soon be over.

bitcoin fee was too high, it is better now but also too high you can use altcoin and wait more price will go down fast next days.
also you can try some wallets like green address wallet 

You can try sending it using an exchange with low transaction fee. Last time I transact, I only paid an amount of $1.5. However, with that amount as transaction fee, I waited for about a day since its a low priority transaction. (the higher the transaction fee is, the faster it is confirmed). But if you're looking for a low transaction fee with fast confirmation, as of the moment only the devs has the solution. They will work on it, soon. Let us jsut hope for it.

Blockchain is currently experience high transaction traffic thats why it is high, best thing to do is to wait untill bitcoin developers do some fork to fix it, your not alone in this situation, if it not that too important you can send it in a low priority

This is what most people do hope for which fees should come down because we cant really make transactions too much which isn't just like before that we can simply make transfers because fees don't bother us to do so but now its a big hindrance because $10 for a fee is ridiculous and how much more on those $50 above. This thing would possibly be the reason for bitcoin to lose its popularity since people aren't already interested on making transfers and would rather choose up some good alts would take the job.

today BTC transaction are too expansive andthere is an huge risk to pay a lot and see the tx stuck for days.
My advice is to buy something like LTC to move funds between different exchanges

I believe they ride the transaction fee and the processing fee here. Most exchange are really pullling their profit from these transfers especially to those who have no other means but using only their platform to transfer stuff.  If you have other mean that is cheaper, then sure go for it.  This is the reason why competition is always healthy, it benefits us, consumer/user, to have a better but cheaper service.

That's crazy high for me and seems unfair if you are just withdrawing a penny. Just like the other past few weeks where i made a transaction at hitbtc but it took me almost 5 days to received my btc. It was only broadcasted and took for about 5 days before the transaction was confirmed. How can it help you for emergency if transaction and services goes like that?

It really is sad that transactions nowadays took days before fully processed. As a matter of fact, I have been trying to do a withdrawal in hitbtc since Dec 21 and until now I am still unable to. The money  was supposed to be spent for the holidays but since there is a problem I just tried to find another way for me to have money without digital currencies involved. It is disappointing that since the number of transactions grows, there has been a problem in the transactions. How I wish that they will do something like have an upgrade to be able to cope up with the increasing transactions.

That is a mistake, the difficulty of mining a block has nothing to do with the high transaction fees, the high fees comes from lack of supply, of what you may ask? Of space in the blocks, there are many people wanting to make transactions but there is a limit to the amount of transactions that can be in any block and this makes the fees to go higher as they decide to pay more to get a faster confirmation.

The fees are high right now, that is why you need to pay $20 for a single fee. Anyway, they are going down, a few days ago, i sent a payment with 200 satoshis per byte, it took 3 hours to get confirmed, and it only costed me about $6.

With this site, you can determine the right fee amount, so you can pay faster and process faster. https://bitcoinfees.earn.com
I usually pay a high fee because I'm in a hurry. I'm using a bitcoin accelerator.

Well seeing as how I had to pay 60$ to move my 250$ investment. I sold my bitcoin. I think anyone rational would do that. These fees are killing the market. If something isn't done soon. It may significantly impede adoption. I remember 2 years ago when transaction fees were less than half a penny. Seeing these ridiculous charges makes one think something is broken.

Higher fees for more faster transactions , i think those  exchanges are raising their fees to control the number of transaction, they are smart, they cannot process multiple transactions so they raise the fee for others not to transact and high fees due to network overloading caused by simultaneous sending and receiving that cannot hold by the system.

i think like you, fees are getting insame. they are still moment on the days where it's cheaper. but it not wealthy for bitcoin to make the consummer pay so much.

yes transaction fees are enormous and real achilles heel of bitcoin in recent months. Best advice is to wait (if it is not urgent to make transaction) or just wait for weekend days when network is not so much jammed. (maybe the cost will decrease).

Bitcoin fees are really getting high, but it will cost you much when you’re using exchangers like Xapo, Coinbase, Binance and the rest of them, cause they will always more than the main Bitcoin wallet. The worst thing is that the transaction is not even fast like Litecoin.

In some cases services are indeed asking more for withdrawals than a regular network fee would cost you, but that's something you have to accept because you make use of a centralized service. If you do so, you are basically subject to all their rules and laws, whether you like it or not. I however have to point out that Coinbase itself is pretty fair with the fees that they charge. Most exchanges use a fixed fee for withdrawals, while Coinbase adjusts its fees based on how congested the network is. High congestion means higher fee, and low congestion means lower fee.

You are talking about confirmation times I assume, because Bitcoin's transaction speed is pretty much instant. Bitcoin is the first ever crypto currency, so unlike Litecoin and other altcoins, Bitcoin didn't had an example of what could be done better or faster. Lightning Network will make sure things will play out in Bitcoin's favor. Also, if you guys start adopting Segwit, it would help the network even further, and at the same time help you enjoy lower transaction fees.

Meaning on the other word transaction fee is the gasoline to deliver your coin to another , if you do not put any fees your transaction would not be transfer to other address , fees are important it is the payment for the service that the miner done.

It depends on the state of the network when you send your transaction, there are times where the mempool is almost empty and you can send with a low fee, but there are times where hundreds of thousands of transactions are stuck and it is in this moment where it is almost impossible to get your transactions confirmed in a moderate amount of time.

I used to send 2k and more btc but never paid 60$ fee, I do believe that it is something to do with the coin you hold because every coin has its own fee and they change.