✈✈✈ How High Will Bitcoin Fees Get? ✈✈✈

[tegarp90]

the less supply the more difficult to be mined and the fee will be more expensive in my opinion,

[X7]

Use Segwit - there are alternatives.

[ShortCoins]

Yes Segwit appears to be one of the better solutions as of right now. The problem with that is it could still take approximately 15 hours and cost $5 at this point. That is more than the average fee of an ATM and there is a waiting time of 15 hours. For that reason I believe the current solutions aren't very effective for overcoming the $35 fee. It appears the fees will continue to go up. Not just because of congestion, but because it will cost more to mine bitcoin, and the fees need to cover that. What happens when the fees reach $100s of USD...

[ShortCoins]

My guess would be the fees get up to $100s or even $1000s.

It was $10 a few days ago, $25 yesterday, $35 today... It appears to keep getting higher and higher as bitcoin prices go up

[pinkflower]

But practically speaking, a good number of BTC users would prefer to wait and pay for a cheaper fee or wait for the unconfirmed transactions to go down.

Right. But lets say, hypothetically, the price of BTC starts to crash. And so many people are cashing out that the fees to cash out .001 BTC - .01 BTC are more than the BTC is worth. Couldn't that become a problem with liquidity and cause addresses with small investments to lose it all? Keep in mind I am speaking in hypothetical terms of there being some type of crash or major sell off.

I dont think thats possible. Transaction fees are measured in satoshis per byte. The smaller the transaction amount and therefore the size, the smaller the fees will be.

The fees will still be too big but not over the amount of the transaction.

[Vikingr]

But practically speaking, a good number of BTC users would prefer to wait and pay for a cheaper fee or wait for the unconfirmed transactions to go down.

Right. But lets say, hypothetically, the price of BTC starts to crash. And so many people are cashing out that the fees to cash out .001 BTC - .01 BTC are more than the BTC is worth. Couldn't that become a problem with liquidity and cause addresses with small investments to lose it all? Keep in mind I am speaking in hypothetical terms of there being some type of crash or major sell off.

I dont think thats possible. Transaction fees are measured in satoshis per byte. The smaller the transaction amount and therefore the size, the smaller the fees will be.

The fees will still be too big but not over the amount of the transaction.

In present time I can’t say anything about it but right now the fee of bitcoin is crazy high even on small transactions .It’s really pain full that when you pay 35$ fee on small transaction I am still confused about it that will try to make a proper check and balance on fee like on 100000$ dollars transaction fee and 100$ dollar transaction fee will be same??I think Next year its fee will be increased and I will be more expensive for us.

[chuckblocker]

Fee's should be % based. Someone sending 100 paying 5$ fee, same as someone sending 5$. Will only get higher, such a shame.

[vv181]

But practically speaking, a good number of BTC users would prefer to wait and pay for a cheaper fee or wait for the unconfirmed transactions to go down.

Right. But lets say, hypothetically, the price of BTC starts to crash. And so many people are cashing out that the fees to cash out .001 BTC - .01 BTC are more than the BTC is worth. Couldn't that become a problem with liquidity and cause addresses with small investments to lose it all? Keep in mind I am speaking in hypothetical terms of there being some type of crash or major sell off.

I dont think thats possible. Transaction fees are measured in satoshis per byte. The smaller the transaction amount and therefore the size, the smaller the fees will be.

The fees will still be too big but not over the amount of the transaction.

In present time I can’t say anything about it but right now the fee of bit coin is crazy high even on small transactions .It’s really pain full that when you pay 35$ fee on small transaction I am still confused about it that will try to make a proper check and balance on fee like on 100000$ dollars transaction fee and 100$ dollar transaction fee will be same??I think Next year its fee will be increased and I will be more expensive for us.

Bitcoin is not an appropriate choice for micro-transaction, that's why an altcoin like Litecoin, etc is co-existing with it, it's just a part of the cryptocurrencies ecosystem. I believe as soon as the lightning network in Bitcoin successfully implemented and all things are doing good it will greatly improve the transaction fee and the transaction time.

[shinki]

Bitcoin fees are skyrocketing!!!

https://arstechnica.com/tech-policy/2017/12/bitcoin-fees-are-skyrocketing/

The fees are going to continue to rise


Is it possible that the fee to send .001-.01 BTC will become higher than the actual BTC is worth?  




*** confirmed update: 12/12/2017 the cost to send .001BTC is now more than it is actually worth!!!!

The fee is btc's rate and a certain percentage. If you want to reduce the fee, then the btc price must decrease first. At the current btc prices are very high at about $ 18k, the increase fee is also understandable. The thing you need to do is to selectively transact the transactions that should be made.

[neite99]

Yeah the fees and transaction speed are going badly and btc has to do something regarding this problem because so many other coins tend to use it against  btc, so i believe it will have some update on them.

[oaz7t]

You cant say how high the transaction fees will go as already they are too high and even the transaction speed is slow
Other cryptocurrency can use this against bitcoins to their advantage and this might be harmful for bitcoins
These two are the main disadvantages of bitcoin and the reason why people are not investing more in them

[zoloq33]

You cant say how high the transaction fees will go as already they are too high and even the transaction speed is slow
Other cryptocurrency can use this against bitcoins to their advantage and this might be harmful for bitcoins
These two are the main disadvantages of bitcoin and the reason why people are not investing more in them

Yeah, those are serious disadvantages of the current BTC. I wonder how much segwit and LN will actually affect those problems, and when we will see their effect.

[KylesmomisaB]

LN is around the corner it will curb stomp all the madness that is ongoing with BTC, er so I think and pray for at least lol. That should solve speed as well as the fee problem we are having .

[freakingcat]

they are working on it to fix this. it's just not that easy. also I think miners like high fees.

[Calumwilson]

There's always two sides to a coin! Non miners like a lot of us definitely will not like high transaction fees. While miners confirm like high fees so they can earn more in exchange for electrical fees.
But i believe they are definitely working on improving the speed and cost spent.

[btcdepo]

the less supply the more difficult to be mined and the fee will be more expensive in my opinion,

That is the reason but it doesn't change the face that how it became annoying. Even if you need to transfer little amount of btc, you have to pay huge amount of transaction fees. I hope it is solved somehow.

[dragony]

I wish I can talk to the key devs and opinion leaders around BTC and tell them to "wake the f*** up!" I am in Bitcoin since it was 30 usd and I can't see any adoption unless it is faster and cheaper than Visa. It's easy like that.

Liquidity - bad
Fees - high
Speed - slow

It's crippled and used as a Ponzi scheme right now.

[gilmel]

it’s depends to you how you can manage it to get high fees to bitcoin

[Mike Mayor]

Fees are better now. I aid only 0.0003 btc and it took under 20 minutes to go through. Once one went through in a few minutes almost instant so it is better. Still it could be even better but let's see what happens. I'm just glad I don't have to pay 0.001 anymore. That was killing me.