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Author Topic: Bitcoin fees are too low!  (Read 1869 times)
AGD (OP)
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September 04, 2017, 11:36:43 AM
 #61

What do you mean 20 satoshi per byte? Are you paying that much for a transaction? At the moment BitcoinFees21 says that the cheapest and most fastest transaction can be achieved by paying at least 300 satoshi per byte. And you are paying 20 satoshi per byte? HOW!?

I had to pay 2 dollars for a 6 dollar transaction. I have no idea how much satoshi that is per byte, but it is at least above 500 satoshi per byte. And to be honest, I wouldn’t mind a transaction fee of 20 satoshi per byte. In fact I would dream of that. Such a rate consistently would be amazing and it will really help Bitcoin earn more reputation. Consistently is a key word. I paid in the morning a transaction with a  rate of 5 satoshi per byte, but I mostly pay rates of around 200 satoshi per byte.

Transaction fees are getting bigger and bigger. I don't see where bitcoin fees are low.

Do you think 20sat/b is high???

Who pays 20sat/byte? I've never paid less than 80 sat/byte so far within last 4 months. Sometimes I pad more than 200satoshi per byte? If you're a miner, you're a bad miner, if you're just messing around it, this is not cool.

Bitcoin obviously has high fee and low speed problems at the moment.

https://www.blocktrail.com/BTC/tx/a187058b70fde11c2efcebe29e6e0f13d9f2bf049d76cb6d3cacfe80879a413f

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September 04, 2017, 11:50:56 AM
 #62

Currently it can be as high as 0.0005 according to recommended values even for a ~260 bytes one input one output payment, it's not incredibly high but considering the high price for bitcoin this 0.0005 can easily equal a decent amount of $, and this is for a regular tx not one of those 1-2 KB tx's.

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September 04, 2017, 12:04:54 PM
 #63

Currently it can be as high as 0.0005 according to recommended values even for a ~260 bytes one input one output payment, it's not incredibly high but considering the high price for bitcoin this 0.0005 can easily equal a decent amount of $, and this is for a regular tx not one of those 1-2 KB tx's.

https://blockchain.info/de/unconfirmed-transactions
Fees are even lower now.

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September 04, 2017, 05:55:01 PM
 #64

Currently it can be as high as 0.0005 according to recommended values even for a ~260 bytes one input one output payment, it's not incredibly high but considering the high price for bitcoin this 0.0005 can easily equal a decent amount of $, and this is for a regular tx not one of those 1-2 KB tx's.
yes it is very good and easy for the bitcoin users that they will use the low fees such as one of my friend told me in the morning that the bitcoin is now charging very low fees it has reduced a lot and has become 0.005 with each single transaction and it does not take much time as in the past it was happening now the fees of the bitcoin has reduced and it made bitcoin go more higher than before.
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September 05, 2017, 08:13:31 PM
 #65

Transaction fees are getting bigger and bigger. I don't see where bitcoin fees are low.

Do you think 20sat/b is high???

Who pays 20sat/byte? I've never paid less than 80 sat/byte so far within last 4 months. Sometimes I pad more than 200satoshi per byte? If you're a miner, you're a bad miner, if you're just messing around it, this is not cool.

Bitcoin obviously has high fee and low speed problems at the moment.
Yes but some people said bitcoin fees is very low but some people are said that is good fees I think Bitcoin fees are too high and
 it's good job and very easy.
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September 05, 2017, 08:21:56 PM
 #66

Right now, by seeing the price of Bitcoin we are paying 20sats or 50 sats are enough because the price per satoshis is high so, we don't have to pay higher fee? what do you say?
when the block reward will drop to 1BTC or 2BTC then they should increase the fees.


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Aveatrex
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September 05, 2017, 08:27:37 PM
 #67

Transaction fees are getting bigger and bigger. I don't see where bitcoin fees are low.

proof?
Here's the proof dude:

The fees are too high.Do you imagine 10-15$ per transaction buddy?
The miners doesn't need fees anyways,the block reward is already decent.

Hopefully that now when SegWit take fully effect,transaction fees get snowballed soon.Just to say that 20 sat/byte is not the fees you think we spend at the moment.






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September 05, 2017, 10:10:51 PM
 #68

Hopefully that now when SegWit take fully effect,transaction fees get snowballed soon.

If people start utilizing Segwit, then theoretically the fees should be going down, but we still don't know its actual effect yet. If we look at Litecoin, which has Segwit activated for three months now, it's obviously clear that people for a major part are still transacting in a non Segwit manner. People themselves need to make the shift, and as long as that isn't happening, Segwit won't have much of an impact. That being said, even with Segwit activated and being fully utilized by people, if a spammer thinks it can justify throwing loads of money on the table to choke the network with rubbish transactions, we'll still be dealing with full blocks - the only difference is that with Segwit fully utilized it will cost whatever entity more to reach the same effect. If we look at the malicious entities behind Bitcoin Cash, and then mainly their wealth, they could easily do so.
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September 06, 2017, 03:50:41 AM
Last edit: September 06, 2017, 04:58:30 AM by AGD
 #69

Transaction fees are getting bigger and bigger. I don't see where bitcoin fees are low.

proof?
Here's the proof dude:

The fees are too high.Do you imagine 10-15$ per transaction buddy?
The miners doesn't need fees anyways,the block reward is already decent.

Hopefully that now when SegWit take fully effect,transaction fees get snowballed soon.Just to say that 20 sat/byte is not the fees you think we spend at the moment.

This is a Xapo issue and not Bitcoin, therefore absolute rubbish. If Xapo decides to rip off their customers it is not Bitcoins fault.

Check my test transaction yesterday with 2.5 sat/b, which got confirmed in 20 minutes.

https://blockchain.info/tx/3f7832c09687497feef130c6a271c8dda9b5e74d5c8f558ad07428c98273dac7

Bitcoin is not a bubble, it's the pin!
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September 06, 2017, 04:15:03 AM
 #70

Here's the proof dude:




Unbelievable. Bitcoin was supposed to me a more affordable option when compared to Visa, PayPal and Western Union. Now Bitcoin is charging as much as 30 times the standard fees of PayPal. I don't know whether this can go on forever or not.

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