What's up with the high fees!?

[BTCBinary]

What's up with the high fees!?

Many companies are lifting their withdraw fees;
From what I have seen Poloniex raised their fees...

"In order to help withdrawals get processed quickly by the network, the BTC withdrawal fee has been raised from 0.0001 to 0.0005."

What's up with the network? hasn't it been fixed?

Once mining is over, miners will only get the fees. One of the main reasons putting bitcoin ahead of Banks is transactions costs.
So, assuming that once mining is over the fess will be way higher, won't this be the same as Banks?

[7bestone7]

i think it will depend on difficulty whether we need high fees or not as if the difficulty be lower we will need lower fees though its just my opinion

[unamis76]

Higher fees will serve poloniex's clients better, by speeding withdrawals, and will probably generate them a little bit more revenue, maybe.

I highly doubt fees will ever be as high as banks... But only time will tell, I obviously can't predict the future

[Dajve]

The network is getting overloaded with spam and people 'stress testing' it apparently, hence why higher fees are being used to speed up transactions. I think it shows we need the bigger blocks.

[Aggressor66]

With so many spam transactions occurring, the standard transaction fee is not sufficient to ensure quick confirmations.

[shorena]

-snip-
What's up with the network? hasn't it been fixed?

The network is fine, its just the users that cant handle the change in terms of fees or waiting time.

Once mining is over, miners will only get the fees. One of the main reasons putting bitcoin ahead of Banks is transactions costs.
So, assuming that once mining is over the fess will be way higher, won't this be the same as Banks?

Once mining is over bitcoin is dead as no more confirmations will happen. You are probably talking about the reward for finding a block. There are two common ways to think about bitcoin in the future. One is "pay higher fee, we dont need bigger blocks" and the other is "bigger blocks will mean that many TX with low fees can keep mining profitable". IMHO the majority is probably in the 2nd camp and increase in blocksize is just a matter of time (think weeks or months not days).

[RodeoX]

No free lunch. Few seem to want to listen to Gavin's warning about block size. So if blocks can only include some transactions then you are going to have to pay to be one of those included transactions.

[LiteCoinGuy]

i only paid 0.0001 in the last hours and there was no problem with my transaction.

(spam-test is over)

--


we should and will increase the blocksize next year. i have no doubt about that.

[spazzdla]

No free lunch. Few seem to want to listen to Gavin's warning about block size. So if blocks can only include some transactions then you are going to have to pay to be one of those included transactions.

Aye, it would appear Gavin's idea is a solid one I just fear the interwebz backbone won't be able to keep up to what is required.

[Terabot]

With so many spam transactions occurring, the standard transaction fee is not sufficient to ensure quick confirmations.

This is a good answer to the question.

[ragi]

I also got jacked with high fee for a small withdrawal i was making. Fkin tests...

[Meuh6879]

Kraken is already (and from a long time ago) at 0,0005
VirVox is at 0,005 BTC.

Deal with It.
Exchange works.
Business.




What is the price of your plastic credit card, bro ?

[ragi]

Kraken is already (and from a long time ago) at 0,0005
VirVox is at 0,005 BTC.

Deal with It.
Exchange works.
Business.




What is the price of your plastic credit card, bro ?

Year 2017. Fee is now 1btc, because miners orchestrated stress/spam test n. 88894. Deal with it.

[Borisz]

Kraken is already (and from a long time ago) at 0,0005
VirVox is at 0,005 BTC.

Deal with It.
Exchange works.
Business.

What is the price of your plastic credit card, bro ?

Year 2017. Fee is now 1btc, because miners orchestrated stress/spam test n. 88894. Deal with it.

Thank you for this. People need to see the whole picture not just that "its ok for now".

[AgentofCoin]

Kraken is already (and from a long time ago) at 0,0005
VirVox is at 0,005 BTC.

Deal with It.
Exchange works.
Business.

What is the price of your plastic credit card, bro ?

Year 2017. Fee is now 1btc, because miners orchestrated stress/spam test n. 88894. Deal with it.

Thank you for this. People need to see the whole picture not just that "its ok for now".

People who advocate that increasing the fee is the solution and should just suck it up and pay the fee, are usually miners in some way.
New users and the community understands fees will take over when block rewards can no long cover mining costs.
But the idea that higher fees are needed now to stop spam, is not true, and is a easy way to manipulate new users.

[countryfree]

You must think about the customers. People are making transactions, and they take ages to get confirmed, so I guess there were plenty of people complaining. I've had one transaction failed last week, and another which took more than 12 hours. You just cannot run a business this way. To make sure transactions are fast, they've raised the fee. It might be unnecessary by now, but they don't want to take risks. I understand them.

[redhawk979]

This whole thread is FUD. Bitcoin has no fees.

[--Encrypted--]

This whole thread is FUD. Bitcoin has no fees.

it have a recommended fees of 0.0001BTC per kb. also most exchanges always have higher than normal fees.

[pooya87]

What's up with the high fees!?

Many companies are lifting their withdraw fees;
From what I have seen Poloniex raised their fees...

"In order to help withdrawals get processed quickly by the network, the BTC withdrawal fee has been raised from 0.0001 to 0.0005."

What's up with the network? hasn't it been fixed?

Once mining is over, miners will only get the fees. One of the main reasons putting bitcoin ahead of Banks is transactions costs.
So, assuming that once mining is over the fess will be way higher, won't this be the same as Banks?

i don't think that the exchangers (Poloniex as you mention here) raised the fee so that the transaction gets confirmed faster. they have raised it to earn more bitcoin from their users and nothing else.

because they are still paying the standard fee in the transactions (0.0001BTC) no matter how much they charge you when you withdraw.

for example bittrex charges 0.0002BTC for bitcoin withdrawals but if you check the transaction that they have sent you, you can see that its fee is 0.0001BTC

[Kprawn]

So we just suck it up, if the miners possibly spam the network to force people to pay higher fee's to get their transactions confirmed?

If it is them, and I have no proof of that... What prevents them from doing this again and again, until the transaction fee's have increased to a level where it's not cheaper than banks or other payment methods?

The developers must tweak the protocol to counter this, and protect the consumer from higher fee's. Some of the 3rd parties already add their own fee's on top of miners fee's.

Let's not forget that one of the incentives for using Bitcoin over other payment methods, was lower fee's.