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Author Topic: Mining fee high  (Read 142 times)
milly.willy
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December 09, 2017, 03:08:23 AM
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Hi,

Can someone explain to me why people keep saying bitcoin fees are low? I transferred some bitcoin to my ledger and it cost like $14 and change that seems like the same amount a bank would charge right? So I don't quite understand how their fees or mining fees are low.
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polymerbatt
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December 09, 2017, 03:16:27 AM
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Hi,

Can someone explain to me why people keep saying bitcoin fees are low? I transferred some bitcoin to my ledger and it cost like $14 and change that seems like the same amount a bank would charge right? So I don't quite understand how their fees or mining fees are low.

The fee is so damn ridiculous big right now because there are many unconfirmed transaction and it makes the fee become more expensive. That's why I hold my bitcoins right now and try to not make a transaction. You still can customize the fee though but you will get a long long time to get confirmed.

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December 09, 2017, 03:50:29 AM
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Hi,

Can someone explain to me why people keep saying bitcoin fees are low? I transferred some bitcoin to my ledger and it cost like $14 and change that seems like the same amount a bank would charge right? So I don't quite understand how their fees or mining fees are low.

There fees are not normal these days but they always have lower fee structure. Im guessing that they have increased the mining fees due to spiked prices of the bitcoin. Otherwise you could just pay cents per transaction to get your transaction confirmed within next 25 blocks!

Also, do check what limit or fees you have yourself set within your wallet settings. Yes, you can set your own fees too, and if you had the transaction fees set to higher per kb data then probably that might have caused you so much fees. To be honest you can still set it very low and then everything can get transferred within few hours. If you are not hurry then you can always choose this option.

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Kryten12
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December 09, 2017, 04:05:09 AM
 #4

Yes the fees are high in $ terms but as a percentage of the value of a Bitcoin they are relatively low. If you want to do a small transaction it would be better to do so in a different currency but if you want to transfer a large amount it is a fraction.
pooya87
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December 09, 2017, 04:14:12 AM
 #5

Can someone explain to me why people keep saying bitcoin fees are low?

because of two things:
1. bitcoin has been around nearly 9 years now and in the past 9 years fees were nothing. you could send with 0 fee and get it confirmed, then with even 1 cent or less and have it confirmed in next block.
2. fees are not percentage of the amount you send. you can send $1,000,000,000 worth of bitcoin in a blinking of an eye with the same fee that you send $1 worth of bitcoin. before: $0.01 and now $16

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December 09, 2017, 04:17:34 AM
 #6

every exchanger or the other usually has different fee stipulations as well as poloniex or bittrex
suppose poloniex determines their fee stipulation is 0.0005 btc for its transaction then that makes expensive is rising bitcoin price but that's just my opinion

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December 09, 2017, 04:26:59 AM
 #7

Hi,

Can someone explain to me why people keep saying bitcoin fees are low? I transferred some bitcoin to my ledger and it cost like $14 and change that seems like the same amount a bank would charge right? So I don't quite understand how their fees or mining fees are low.
Are you using a third-party service like coinbase or coins? These services usually take a percentage from your every transactions as a fee.

If you're using a "semi" 3rd party client like Electrum, you can choose how less you want to pay, in return, the more time you're willing to wait for the confirmation.

lasry
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December 09, 2017, 04:54:44 AM
 #8

it is ridiculously high. Its really hard to transact with bitcoin with these transaction fees really high. Its a pain that I cant afford those fees. Its seems like these fees goes in trend with the price of bitcoin. Its just a shame that no one ever regulates the price of these fees. I hope there would be like a standard price for these someday. Just to avoid those greedy people taking advantage through this. By the way I use coins ph .

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