Don't you get to pick the fee amount?
The fees are crazy but currently it costs like $7 to send a transaction for it to be confirmed in an hour or two (usually mine confirms the next block)
Higher fees when the blockchain is clogged is normal. The same thing happens when you try to drive somewhere during rush hour.
Merry Christmas/Happy Holidays!
Merry Christmas to you as well bud!!
The fee is MUCH higher than $7 at the moment...
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html I do pick my own fees when sending from my Bitcoin Core wallet.
However, the estimated cost of the transaction was the same for 2 blocks as it was for 7 days... it is becoming increasingly clear that Bitcoin fees are being manipulated in such a way that the core wallet is being manipulated as well to grossly overestimate fees.
This "rush hour traffic" is just miners filling the blocks up on purpose and forcing high fees on the rest of us.
Imagine if I have BAC Coin:
BAC Coin can handle 10 transactions per block and the min fee is 1 penny and I control the majority BAC Coin mining network, so I get whatever fees are spent.
Of COURSE I'm going to send 10 transactions with a $1 fee because I'm going to earn that money back after I mine the block and if you want to send a BAC coin you will have to pay at least $1.01. If I didn't spam my chain... I'd earn only 1 penny from you instead of $1.01.
The "fix" to this is to increase the blocksize and more mining competition. Increasing the blocksize forces me to risk more money per block in order to manipulate the users and more competition cause it to hurt more each time I miss a block full of my spam.
Hey BAC,
The graph you presented appears to be the average transaction fee, which doesn't really take into account the satoshis/byte payment structure, which should be the correct way to measure. Yes, you did send at the peak of the network congestion, which is quite unfortunate
But if you were willing to wait for it to cool down, as all rush hour traffic does, the fee would have drastically decreased.
Like I said, ~162 sats/byte is enough currently to get a transaction to confirm within the first 6 hours (its usually much faster from personal experience) according to
https://bitcoinfees.earn.com/I'm still confused about this though... why do you think the miners continuously spam transactions? They do not have full control over the bitcoin network, hence are still risking a loss on their part, no?
If they ARE spamming the network... what would be their motive? I can only see two:
1. To make more money, as you said, with a small amount of risk as you claim, BUT continuously doing this would destroy bitcoin, if they truly have enough control over the network
2. To promote another coin, a coin that would solve all of bitcoin's current problems. In this case... it sounds as there is just as much personal drive as the first scenario, no?
Can't deny there is a problem with bitcoin right now. But problems take time to solve. If you look at a bcash user's "bitcoin/bitcoin cash highway simulator", you'll notice a flaw in their own advertisement:/
Show Posts
