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Author Topic: Solution to the high transaction fees at Bitcoin?  (Read 1480 times)
bassjasmine38
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September 04, 2016, 07:32:47 AM
 #1

Guys,Any one have any Solution to the high transaction fees at Bitcoin?
recently I see blockchain charge high fees.I am not transaction high bitcoin volume if this fees high I have to left using bitcoin.Also confirmation time sometimes very odd to me.
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September 04, 2016, 08:09:50 AM
 #2

Thanks for pointing this out. I wish more people would point out the complete change of fee policy is a fundamental change to Bitcoin. The higher the fees to use bitcoin are, the fewer people will use it.
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September 04, 2016, 08:16:15 AM
 #3

Guys,Any one have any Solution to the high transaction fees at Bitcoin?
recently I see blockchain charge high fees.I am not transaction high bitcoin volume if this fees high I have to left using bitcoin.Also confirmation time sometimes very odd to me.

If the blockchain info charges you high fees, and you do not like that. You can stop using the blockchain and choose another service provider.

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September 04, 2016, 09:18:37 AM
 #4

Guys,Any one have any Solution to the high transaction fees at Bitcoin?
recently I see blockchain charge high fees.I am not transaction high bitcoin volume if this fees high I have to left using bitcoin.Also confirmation time sometimes very odd to me.

If the blockchain info charges you high fees, and you do not like that. You can stop using the blockchain and choose another service provider.
Correct, a direct to the point and a precise suggestion. Blockchain does charge you high fees compared to others if you dont like  high fees then switch to other wallets as simple as that. Well it depends  on your preference some may consider on the  security of their coins and doesnt mind about the fees.

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September 04, 2016, 09:21:33 AM
 #5

Thanks for pointing this out. I wish more people would point out the complete change of fee policy is a fundamental change to Bitcoin. The higher the fees to use bitcoin are, the fewer people will use it.
Thats true, Andreas Antonopolous said many times "the other 3 billion people", that refers to banking services in asia and africa.
Problem is, this fees are really high for them.... for one time big money tranfers fees are low, but day to day use would be problematic.

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September 04, 2016, 09:22:31 AM
 #6

Guys,Any one have any Solution to the high transaction fees at Bitcoin?
recently I see blockchain charge high fees.I am not transaction high bitcoin volume if this fees high I have to left using bitcoin.Also confirmation time sometimes very odd to me.

If the blockchain info charges you high fees, and you do not like that. You can stop using the blockchain and choose another service provider.

this is correct, stop using blockchain.info wallet if they are charging you larger fees than what you are willing to pay but just don't forget that if you pay very low fees your transaction might get some time before it gets confirmed.

if you don't like using bitcoin because of high fees, then you should think again. do you want to send money thru banks everytime you need to and pay much more higher than <$.1 in bitcoin?


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September 04, 2016, 09:24:04 AM
 #7

Guys,Any one have any Solution to the high transaction fees at Bitcoin?
recently I see blockchain charge high fees.I am not transaction high bitcoin volume if this fees high I have to left using bitcoin.Also confirmation time sometimes very odd to me.

Try to use another wallet, i personally use Xapo and never had any problem with transaction fees or i guess they don't charge any fees on small transactions or maybe they charge just a little that you don't notice.

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September 04, 2016, 09:30:54 AM
 #8

Why don't you use core wallet? It is easy to setup. You just need to wait for a 80gb download and that's all. You can even send your bitcoins for free, if you are in luck. And the most important thing is, you won't have to worry about if blockchain gets hacked some day. (you will worry about if your computer gets hacked instead Smiley)
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September 04, 2016, 09:46:36 AM
 #9

Guys,Any one have any Solution to the high transaction fees at Bitcoin?
recently I see blockchain charge high fees.I am not transaction high bitcoin volume if this fees high I have to left using bitcoin.Also confirmation time sometimes very odd to me.

Try to use another wallet, i personally use Xapo and never had any problem with transaction fees or i guess they don't charge any fees on small transactions or maybe they charge just a little that you don't notice.
Well, it's related to the security and service I think. They charge high fees due to it's quality since a few site get hacked and everyone lost their bitcoin, so if you don't want get high charge, it like they said just use another wallet like xapo or core wallet with 80gb download   Grin.

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September 04, 2016, 09:57:41 AM
 #10

I use the official Bitcoin android phone wallet from the Play Store and I can set the fees to 'Economic', 'Medium' and' High'. The fees are always dust, even on High priority fees, and the economic fee equals to around 1.5 cent for smaller transactions. It does take some time to get confirmations on Economic fees, but it is really smal, I always use Medium fees and it equals to like 3 cents for smaller transactions as 5€ to around 8€ and I get confirmations in less than an hour.

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September 04, 2016, 10:05:20 AM
 #11

I have no idea what OP is talking about.
The fees are totally normal and fine. Instead of complaining about something what isn't a problem he should think about switching to another wallet. Blockchain.info is pure crap. Use Bitcoin Core or one of the favorite light wallets like Electrum with dynamic fees.

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September 04, 2016, 10:06:29 AM
 #12

In other wallets you can adjust your fees by yourself. For example if you have electrum go to Tools-Preferences and remove the dynamic fees although this is not recommended as electrum choose the best fees for you but just in case you untick this option and decide for yourself the fee you want to pay. It should be more than 0 as the network usually rejects such transactions.
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September 04, 2016, 10:21:18 AM
 #13

...I am not transaction high bitcoin volume if this fees high ...

you should know that fees are not determined by the "volume" you are transacting but based on the "size" of the transaction itself in bytes.
you should post a txid in order for others to give your correct answer but I am assuming since you sound unfamiliar with bitcoin that you have a lot of inputs in your transaction possible a lot of dust gathered from faucets. the bigger the number of your inputs the bigger the size of the transaction so the higher the fees you have to pay.

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September 04, 2016, 10:30:17 AM
 #14

Guys,Any one have any Solution to the high transaction fees at Bitcoin?
recently I see blockchain charge high fees.I am not transaction high bitcoin volume if this fees high I have to left using bitcoin.Also confirmation time sometimes very odd to me.
Some bitcoin wallet don't have fees try to use what your country recomended to use because here in my country we send bitcoin without fee's and we withdraw are money or we change our bitcoin into cash without fees we can also send bitcoin/money world wide without fees and thats the good reason why i start bitcoin Smiley

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September 04, 2016, 10:40:06 AM
 #15

Guys,Any one have any Solution to the high transaction fees at Bitcoin?
recently I see blockchain charge high fees.I am not transaction high bitcoin volume if this fees high I have to left using bitcoin.Also confirmation time sometimes very odd to me.

Nowadays, you can set the fees manually while using blockchain. I made some transactions via my blockchain wallet and I use 10k satoshi as the fee from most of my transactions. If you dont know how to do it, just click 'advanced send' when you make a transaction!

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September 04, 2016, 11:15:00 AM
 #16

Thanks for pointing this out. I wish more people would point out the complete change of fee policy is a fundamental change to Bitcoin. The higher the fees to use bitcoin are, the fewer people will use it.

I'm just being curious, as far as I know in any exchange platform there is 2% charge/per transaction, some are fix to 0.0005 sats. every time you withdraw your balance. If I am going to compare it to other company. The charge fee in bitcoin for me is considerable has low charge fee. Well that's was for me only.


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franky1
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September 04, 2016, 11:55:25 AM
 #17

Thats true, Andreas Antonopolous said many times "the other 3 billion people", that refers to banking services in asia and africa.
Problem is, this fees are really high for them.... for one time big money tranfers fees are low, but day to day use would be problematic.

Gambia wont Ever use bitcoin. 1tx fee of 0.0001 is half an hours minimum wage labour
Kyrgyzstan wont Ever use bitcoin. 1tx fee of 0.00016 is an hours minimum wage labour
bangledesh wont EVER use bitcoin.. 1 tx fee of 0.00015 is an hours minimum wage labour
Georgia wont Ever use bitcoin. 1tx fee of 0.00012 is an hours minimum wage labour
Cuba wont EVER use bitcoin. 1tx fee of 0.0001 is over an hours minimum wage labour

uganda wont EVER use bitcoin. 1tx fee of 0.0001 is SIX hours minimum wage labour

but there are many corporation lovers who think that bitcoin should be the tool of the western corporate world where a $5 transaction should be deemed "spam", simply because they want to push people away from bitcoin. for other 'solutions' that include third party managed networks

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
0209BitTradoo
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September 04, 2016, 12:12:30 PM
 #18

Guys,Any one have any Solution to the high transaction fees at Bitcoin?
recently I see blockchain charge high fees.I am not transaction high bitcoin volume if this fees high I have to left using bitcoin.Also confirmation time sometimes very odd to me.
Some bitcoin wallet don't have fees try to use what your country recomended to use because here in my country we send bitcoin without fee's and we withdraw are money or we change our bitcoin into cash without fees we can also send bitcoin/money world wide without fees and thats the good reason why i start bitcoin Smiley

Can anyone list down wallet that don't have fees.Which one most popular .Thanks.
mocacinno
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September 04, 2016, 12:21:39 PM
 #19

I see a lot of half-truths on this thread...

When you create a transaction, you must realise this transaction has a certain size. The size increases when you use more inputs and/or have more outputs. The size has nothing to do with the ammount of bitcoins you transfer. You can use 1000 inputs of 0.001 and have a huge transaction, while you can also use 1 input of 1 BTC and have a very small transaction while you're using 1BTC total inputs in both cases.

The fee is calculated based on the size of the transaction. When you add a high enough fee, a miner will be tempted to add your transaction to the block he/she is mining. If you don't add sufficient fees, you run the risk no miner will add your transaction to a block, so your transaction might stay unconfirmed for a long time. Since the fee size is calculated using the transaction size, you might have to pay a huge fee when creating a transaction using hundreds of dust inputs, while a second time your fee is small when using a single input...

Companies like blockchain.info calculate the optimal fee for you. They do not keep this fee, so they have no incentive to make it ridiculously high. They just calculated a fee that so that the chance of your transaction being confirmed soon is pretty good. The fee goes to the miner.

I'm against the usage of web wallets, but even if you use a desktop/hardware/paper wallet that allows you to change your fee, you should probably add sufficient fees to, unless you don't mind waiting.

~Bitcoin~
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September 04, 2016, 03:14:06 PM
 #20

Guys,Any one have any Solution to the high transaction fees at Bitcoin?
recently I see blockchain charge high fees.I am not transaction high bitcoin volume if this fees high I have to left using bitcoin.Also confirmation time sometimes very odd to me.
Some bitcoin wallet don't have fees try to use what your country recomended to use because here in my country we send bitcoin without fee's and we withdraw are money or we change our bitcoin into cash without fees we can also send bitcoin/money world wide without fees and thats the good reason why i start bitcoin Smiley

Can anyone list down wallet that don't have fees.Which one most popular .Thanks.
If you send bitcoin between coinbase internal wallet to another coinbase internal wallet address there is no fee and bitgo instant also says they have zero fee and instant internal transaction. However there is and will not be any online wallet from which you can withdraw or send bitcoin to real bitcoin (other than internal address) address as without fee transactions willn't be verified or confirmed by miners for free and transaction will get stucked for days or get returned back to sender.

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