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Author Topic: Bitcoin Transaction price dramatically increasing  (Read 867 times)
Bman1991
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February 15, 2017, 05:57:17 PM
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  Shocked The increase in bitcoin currency transactions continue to go up and up leaving some of us worried we may be priced out of the bitcoin market eventually. I saw recently that someone was paying .37c for a $3.76  transaction  Shocked. I know i cant be doing that very long befor my pockets are empty.
It seems one of the csuses may be consumer demand for faster trandaction fees. At some point we must decide what speed is really worth and dose the increase in transaction fees really benafit anyone? Miners dont like it and at the point of the transaction fee costing ℅20 of the block value may have to consider making changes to there operation.. speakinh fkr the average bitcoin user we dont apreaciat paying more to move funds around.
Isnt that one of the big selling points on bitcoin that its a cheap way to move funds around. With the increase of high priority transaction moving from .47 to just under $2 in a few montths it wont be very cost effective in the near future.
Is there a solution ? Some think that a block size increase from 1mb could help . To helo miners sustain Thier current situation a increase to 8mb-10mb was recently stated on bitcoin news.
Before bitcoins begin getting horded somthing must happen. If the price is too high i know ill have to have a tighter grip on my bitcoin wallet .

Seems there is no easy solution but hope we see one soon and bitcoin continues to grow.
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February 15, 2017, 06:08:17 PM
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I usually pay 1.5-2$ for my transactions and considering what i used to pay for the same transactions, i agree that its a bit too much now.  

They probably won't increase the block size though. It has been debated numerous times till now and the majority don't want it. Most of the miners do not even recognize the side features like segwit. Small transactions do not make any sense anymore.

Other than that, everybody's playing dumb and deaf right now. Nobody knows the solution. It kinda like, they already accept the high fees. So i suggest you to don't overthink about it. When it becomes unusable, we simply move to another coin which actually makes sense to use.

Trust me, there will be many choices when the time comes. Let the bitcoin devs have nightmares about that. Smiley
Herbet Fry
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February 15, 2017, 06:15:15 PM
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O have seen this as well. Normally the prices I would pay either take hours and hours Eben a day or more where is they use to take a couple of hours or under 30 minutes at only 10k satoshi. 10k was reasonable for a long time now we need 20k-40k sometimes more. I know it will increase at the difficulty goes up to pay and support miners but do you think last year's block halving has something to do with it ?

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February 15, 2017, 06:15:39 PM
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I usually pay 1.5-2$ for my transactions and considering what i used to pay for the same transactions, i agree that its a bit too much now.  

Why? Do you have a mountain of inputs every time? The last time I checked my normal fee with Mycelium was about 25c which is still rather a lot.

We'll see a test of how badly people want to use Bitcoin fairly soon. I'm willing to bet that most will walk away rather than choose to subsidise a completely artificial and preventable situation.

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February 15, 2017, 06:17:01 PM
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Transactions are almost instant. Confirmations depend on the competition to be included in the next block. That competition is what is going to have to secure the network moving forward. The sooner everyone realizes this, the better.

The days of free and ridiculously inexpensive Bitcoin transactions are slowly coming to an end. Many early adopters have turned into spoiled brats thanks to the early days of large block subsidies.

Bitcoin's unique properties allow censorship-proof transactions and a seize-proof store of value. There is going to be heavy competition to access these unique properties as authorities around the world continue the war on cash and proceed to implement increasingly strict capital controls.

People are going to have to compete to have their transaction included in the global decentralized immutable ledger. That is a good thing for everyone (as it will pay for network security) except those crybabies who think Bitcoin was designed for fast, cheap micro-payments.

Every transaction does not need to be censorship-proof as long as the option exists. Pay for your coffee with something else.

If you aren't the sole controller of your private keys, you don't have any bitcoins.
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February 15, 2017, 06:17:38 PM
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Kinda shitty to compare what we used to pay for a regular 10-minute tx to what we have right now. Though the price of bitcoin somewhat contributed to why we are paying a 'higher' fee, but it still feels like we're paying more and microtransaction is not bitcoin's main edge anymore.

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February 15, 2017, 06:23:49 PM
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I usually pay 1.5-2$ for my transactions and considering what i used to pay for the same transactions, i agree that its a bit too much now.  

Why? Do you have a mountain of inputs every time? The last time I checked my normal fee with Mycelium was about 25c which is still rather a lot.

We'll see a test of how badly people want to use Bitcoin fairly soon. I'm willing to bet that most will walk away rather than choose to subsidise a completely artificial and preventable situation.

Well i paid 0.0016btc's for my lastest transaction it was the lowest option possible. And no, there were only 1 input. Only 1. (there was 15) All of my coins sit in the same address. They are not divided into many.

I use electrum wallet by the way. I don't think it will change anything to use another wallet. It is not even possible to make a transaction for free now, blockchain is way too busy for that.

Edit: Ooops, i missed something, it seems i had 15 inputs. I don't know what they mean on the other hand. Smiley I thought keeping btc's in one address would reduce the transaction fees. Wth with those inputs?
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February 15, 2017, 06:24:41 PM
 #8

Stop whining and use some other high volume coin, cheap transactions, next block confirmation, problem solved!

People complaining about fees is getting really tiresome, you don't have to use bitcoin, if it's too expensive for you just use some other coin...

gentlemand
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February 15, 2017, 06:35:48 PM
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I use electrum wallet by the way. I don't think it will change anything to use another wallet. It is not even possible to make a transaction for free now, blockchain is way too busy for that.

That sounds like some setting is seriously wrong in there.

Here are Mycelium fees for a 1 input tx right now.

Normal - 24c

Priority - 56c

Low - 15c

Economic - 17c.


Stop whining and use some other high volume coin, cheap transactions, next block confirmation, problem solved!

People complaining about fees is getting really tiresome, you don't have to use bitcoin, if it's too expensive for you just use some other coin...

And that's precisely the hubristic attitude that might be the cause of Bitcoin's fading away.

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February 15, 2017, 06:42:06 PM
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I had header that bitcoin's network is facing some sort of problems. so the numbers of unconfirmed transaction are in very high number around 30 to 50 thousand and i think that's a very high number and and user who will pay high amount of transaction fee will get its transaction processed faster as compared to low fees payer.
samuraijin
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February 15, 2017, 06:45:37 PM
 #11

I believe this problem can be resolved well but this will also have an impact on the growth of new communities bitcoin is slowing in the future to be great, I know bitcoin because it can perform transactions quickly and using the fee was not great but not like now

ranman09
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June 11, 2017, 06:02:18 AM
 #12

Seems like the so called no bank fees will be a myth haha! I saw this also on some faucets i joined. Some reports sorry to their users for the delayed transfer. The cost maybe the high fees and the miners prioritizing the rich (I mean the ones with higher transaction payment)  Wink

darthmaul
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June 11, 2017, 06:05:58 AM
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You can always pay the fees low or high depending upon your needs. What I mean is if you are not in hurry then you can keep the fees at minimal and let the transaction come after few hours to a day or so. If you want the transaction fast enough you can pay higher 346byte per transaction. So it is in your hand how to do that. I know fees were low for faster transaction as well but due increased price of bitcoin it is also increasing the network difficulty and ultimately they have to get higher fees.

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