[2016-05-15] Bitcoin’s Transaction Fees Skyrocket as the Bitcoin Halving Looms

[a7mos]

Bitcoin’s Transaction Fees Skyrocket as the Bitcoin Halving Looms

Having almost tripled since last summer, Bitcoin transaction fees continue to grow. According to a new bitcoin fee estimator from Bitmain, almost 20,000 transactions are currently paying more than 35 cents for a next block confirmation. The current average fee is almost 15 cents per average bitcoin transaction size of approximately 500 bytes.

The somewhat confusing graph, due to unintuitive parameters such as satoshi per byte, illustrates no transaction is currently delayed at a fee rate of more than 60 satoshis per byte, which has to be multiplied by the average transaction size of 500 bytes, divided by 100 million satoshis into a bitcoin and the resulting fee of 0.0003 converted to usd, which, at the current price, according to google, stands at 15 cents.

http://cointelegraph.com/news/bitcoins-transaction-fees-skyrocket-as-the-bitcoin-halving-looms

[crazyearner]

So much for the crypto that says one of its main thing is to beat fees and have no fees. Looks like fees are gradually increasing. Next block half to goto $0.30 is still ok but to be honest people don't want fees and no doubt if it continues to rise and get much bigger people will move on to other crypto.

[alani123]

Single input transactions are often around 225 bytes which means that even right now where the optimal /Kb fee is relatively high at ~0.0003 BTC, such a transaction would only have to pay a fourth of it in order for it to be of relatively high priority. This is a little less than 0.0001BTC. Nothing unusual, no need to dramatize this.

[TooDumbForBitcoin]

Article cites example of property record freeloader having to drop off blockchain due to high fees.

Impact on P2P cash system of this move?   None.

[TraderTimm]

What a bunch of yellow-journalism crap.

I guess they needed a "clickbait" title to bring up their website hits. "Skyrocketing" fees my fucking ass, you think 30 cents is a big price to pay for being able to send almost any amount, ANYWHERE, at ANY TIME? What the everloving fuck is wrong with the retards running these e-coin sites.

Try sending a non-trivial amount to someone else using Western Union or SWIFT, I guarantee the fees are much higher.