[2017-12-24] Bitcoin Fees Increase to Over $50

[Vladdirescu87]

In the last few days, we have again seen blockchain's congestion and the extreme increase in fees for bitcoin transactions and that's just one current bitcoin problem. Not only is it a bitcoin issue but users of ethereum may experience similar problems and increased fees.

Read more: https://coinidol.com/bitcoin-fees-increase-to-over-50/

[jjacob]

In the last few days, we have again seen blockchain's congestion and the extreme increase in fees for bitcoin transactions and that's just one current bitcoin problem. Not only is it a bitcoin issue but users of ethereum may experience similar problems and increased fees.

Read more: https://coinidol.com/bitcoin-fees-increase-to-over-50/

This might be true, but the article is a sponsored one. I am not sure if shifting to IOTA is the right solution to the high transaction fees problem.
Overall fees have increased, but I think the spike to $50 will be a temporary one. Fees will come down in a few days.

[CyberKuro]

Seems like this article a little bit too late, as the fastest fees for bitcoin transaction was 960 satoshis/byte yesterday, but it's decline to 850 satoshis/byte today, worth $26.
For median transaction size of 226 bytes, this results in a fee of 192,100 satoshis.
After check unconfirmed transactions, it's decline as well, from over 250K to 175K.
However, bitcoin fees still pretty high as we have to pay at least a half of recommended fees, around 400 sats/byte or around 90,400 satoshis or equal to $12.

[richardsNY]

Overall fees have increased, but I think the spike to $50 will be a temporary one. Fees will come down in a few days.

It all depends on the byte size of the transaction. I have extended a few services through namecheap a few days ago, and paid for it with Bitcoin. I included a fee of just 0.0007 BTC, which initially caused BitPay (the payment processor that namecheap uses) to not instantly credit my account with the fiat value, but it got confirmed by the next block, which was actually quite surprising. I was basically waiting for a perfectly round hour to use ViaBTC's transaction accelerator, but it wasn't needed. It basically also depends on the pool that finds the block. Antpool for example will not pick up such transactions, the greedy bastards.

[BitHodler]

Antpool for example will not pick up such transactions, the greedy bastards.

Antpool is the main example of what miner greed looks like. It's obvious that they have no moral problems mining empty blocks from time to time to annoy people, and to make Bitcoin look bad.

It was just months ago where people were speculating about the Jihan camp to artificially create block space scarcity in an attempt to make people pay more fees. It's mind boggling how far they want to go to nurse their greed.

That being said, in current times the fees have gone up to such an extent, that Coinbase withdrawals cost 0.002BTC right now, which is pretty insane. It's $30 to withdraw funds to an external address which feels a bit unreal.

[snipie]

In the last few days, we have again seen blockchain's congestion and the extreme increase in fees for bitcoin transactions and that's just one current bitcoin problem. Not only is it a bitcoin issue but users of ethereum may experience similar problems and increased fees.

Read more: https://coinidol.com/bitcoin-fees-increase-to-over-50/

$50 to buy a hamburger which costs 1-2/10 or a pizza.
The fees problem should be solved once for all...

[mikeoneal]

this is a huge problem, i tried to withdraw 0.009btc from spectrocoin to pay  my dedicated server  and i had to pay a fee of 0.004btc

[Slugmonkey]

Fees are just to incentivize the miners so that they accept your transaction over others. In theory, you wait long enough your transaction is free. But since this astronomic surge in transactions, fees has surged as well and as BTC supply is limited, so block subsidy is halved every 4 years. Because if that i think it is very likely that transaction fee rises in future. I hope this gets solved soon.

[1Referee]

this is a huge problem, i tried to withdraw 0.009btc from spectrocoin to pay  my dedicated server  and i had to pay a fee of 0.004btc

If I look at their fee page, it states that they charge 0.0035BTC for external transactions, so I am not really sure where that 0.004BTC comes from. However, you have some responsibilities here as well, because when you sign up somewhere, you have to thoroughly put the pros and cons of that service against each other to see whether or not it's worth signing up at, or they suddenly have increased their fees insanely. I am not sure how Spectrocoin is setting up its wallets, but at current stage, nothing justifies them to ask for such a fee. It basically means that aside from the network fee they charge you for, they also charge you for withdrawing, which goes straight into their pockets. It basically means that in order to withdraw that 0.009BTC, you'll almost lose half of that when it ends up in your wallet.

[greeklogos]

This situation will come to that all micro earners and holders will move to cheaper altcoins and Bitcoin will stay in hands only of whales to whom 50$ do not play a role.

[J. Cooper]

This is a plain exaggeration. Right now the e median fee is about 0.00189 btc or 25$ at this point in time. Which is still not cheap to be quite honest but a lot less than $50. Adding up to that why not just use segwit transactions?. A segwit transaction with a mere fee of $3.50 got confirmed in under an hour (https://m.btc.com/03b7402fe13a4277e674972eff31833d96620b669ad01e071588513d8183c794) take action yourself by moving away from companies like blockchain.info who charge you $50 per transaction instead of bitching about hefty fees.

[Mpamaegbu]

This amusing high fee obviously discourages micro transactions and it will definitely become the bane of Bitcoin if not checked. 0.0035btc - 0.004btc as fee for a 0.009btc transaction is pure greed! Definitely, people will migrate to other cryptos with low fees for payment like litecoin and ethereum. It is already brewing.

[CryptoBry]

In the last few days, we have again seen blockchain's congestion and the extreme increase in fees for bitcoin transactions and that's just one current bitcoin problem. Not only is it a bitcoin issue but users of ethereum may experience similar problems and increased fees. Read more: https://coinidol.com/bitcoin-fees-increase-to-over-50/

There is really a big problem with Bitcoin and sometimes with the Ethereum -- the network could not be able to handle big number of transactions which is happening right now and will continue to occur since we are all dreaming of mainstream adoption. Compared to Visa and PayPal, cryptocurrency pales in comparison. There is a big challenge for Bitcoin to level-up the whole network and solve the scalability problem. The problem is that there is too much politicking in here and there is a big gap of leadership. This is one of the many times where we wish Satoshi Nakamoto is here so he can be providing the guidance, leadership, inspiration and uniting prowess.

[wilhb81]

Bitcoin's fee is gradually increasing year by year and no doubt, this kind of action is going to cause some unhealthy situation, especially for all those Bitcoin's believers and hodlers.

Hopefully, the launching of lightning network is speedy up, as it could help to reduce the recent Blockchain's congestion problem.

[vit05]

It is lower now. The thing is that people want priority. Want that things go faster. But Bitcoin is limited so it will be always more expensive as people used. We need that the adoption of new technology happens faster then it is today and for that it need have more consensus.

[Irvinn]

Now there really was a serious problem with the slowness of bitcoon and the high cost of its transactions. While everyone hopes that the network of lightning introduced into it will soon be operational, and bitcoins will lose these shortcomings. If this does not happen, then the confidence in bitcoin will continue to fall, and bitkoyn cash, whose value is already more than 3000 dollars, will increase sharply.