BTC, Transaction Fees now $ .60 , Now Cheaper to send a Money Order

[kiklo]

BTC officially sucks,

$ .60 fee to send BTC, this is on top of a $2 cost to convert from FIAT to BTC.

So now the Minimum Cost to send $20 of BTC is $2.60  .

That is a 13% fee of the total amount.

It is now cheaper to send money by using a Money Order than BTC, and with the large # of unconfirmed transactions,
mailing a money order may be faster.

BTC is Now Slower than the US Postal Service,


 

[Quickseller]

Theoretically, transaction fees will get higher as mining block rewards decline.

Total transaction fees should increase over time, however this does not mean that the unit cost of a transaction should increase. If the number of transactions increase, then the unit cost of a transaction can remain constant and/or decline while total transaction fee revenue increases.

[kiklo]

Theoretically, transaction fees will get higher as mining block rewards decline.

Total transaction fees should increase over time, however this does not mean that the unit cost of a transaction should increase. If the number of transactions increase, then the unit cost of a transaction can remain constant and/or decline while total transaction fee revenue increases.

Transaction fees are already too high,
US money order is only $1.60 and no worries about the value decreasing before the person receives it.

When all of the Virtual Coin competition is less than 10 cents to send the same amount.
BTC is committing Economic Suicide.

Seppuku



 

[Holliday]

I have a solution.

Don't use a decentralized system where every full node has the requirement of keeping a complete record of every transaction since the very first to send someone 20 bucks unless you actually need a censorship-proof transaction! If you do, don't complain about competition to append a block chain which provides this type of utility. As with all things in life, you get what you pay for, and choose the right tool for the job.

Also, just because OP apparently needs these lessons to get by in life...

Don't mow your 15'x15' back lawn with this.



The reasons other cryptocurrencies can do it cheaper is either because they are obscure (and no one wants to accept them anyway) or they aren't censorship-proof. Should one of them come to enjoy the popularity and traffic of Bitcoin, they will cost just as much for the same amount of security (if they actually provide censorship-proof transactions).

[7788bitcoin]

I was using Coinbase for most of my transactions. However, Coinbase just stopped free on-chain transaction and charging about 452 bits (about $0.50) for each transaction.

Hopefully we will resolve the debate soon and make bitcoin (almost) free again!

[UCHCHILD]

Oh my??Transaction gee totally increasing.
I feel that too.
I use to used coinbase before for my transaction but now looking for new one where I use for free...

[Slark]

I was using Coinbase for most of my transactions. However, Coinbase just stopped free on-chain transaction and charging about 452 bits (about $0.50) for each transaction.

Hopefully we will resolve the debate soon and make bitcoin (almost) free again!

Coinbase did what they have to do to survive. They couldn't keep up paying fees so high for every transaction.
Their fee is about right, as standard BTC transaction is about 220 bytes, so this results in a fee of 48k satoshi.

We need to understand that privacy has a trade-off - in decentralized network transactions can't be free.
But I agree, current fees are getting ridiculous really fast.

[jonald_fyookball]

I was using Coinbase for most of my transactions. However, Coinbase just stopped free on-chain transaction and charging about 452 bits (about $0.50) for each transaction.

Hopefully we will resolve the debate soon and make bitcoin (almost) free again!

no fucking shit.

you mean offchain stuff has to be settled?  Wow... geez.... i thought it was magically free from the small block genie.

[zyzzbrah]

1) tell miners to activate segwit
2) tell miners to stop spamming to push BUgcoin

[U2]

I was using Coinbase for most of my transactions. However, Coinbase just stopped free on-chain transaction and charging about 452 bits (about $0.50) for each transaction.

Hopefully we will resolve the debate soon and make bitcoin (almost) free again!

no fucking shit.

you mean offchain stuff has to be settled?  Wow... geez.... i thought it was magically free from the small block genie.

Hahaha I never use web wallets but I see why they stopped paying your fee. They got there idiots roped in and now that they're too stupid to use bitcoins properly they need to stick with coinbase or blockchain wallets. Man that's hilarious.

[kiklo]

I have a solution.

Don't use a decentralized system where every full node has the requirement of keeping a complete record of every transaction since the very first to send someone 20 bucks unless you actually need a censorship-proof transaction! If you do, don't complain about competition to append a block chain which provides this type of utility. As with all things in life, you get what you pay for, and choose the right tool for the job.

Also, just because OP apparently needs these lessons to get by in life...

Don't mow your 15'x15' back lawn with this.

The reasons other cryptocurrencies can do it cheaper is either because they are obscure (and no one wants to accept them anyway) or they aren't censorship-proof. Should one of them come to enjoy the popularity and traffic of Bitcoin, they will cost just as much for the same amount of security (if they actually provide censorship-proof transactions).

The Solution is simple , either increase BlockSize or have a Faster BlockSpeed.

So are you just admitting BTC is no longer useful as a way to transfer money and giving up.

The reason other Crypto can do it cheaper and faster, is they have higher transaction performance and their devs actually update their DAMN Product!

Saying the other coins would have the same problem, is just a cover up, even LTC has 4X the Transaction Capacity of BTC, and the other alts even higher.

Saying I need lessons in life , as an insult , is the way you asshats handle things , you just insult whoever brings up actual problems that need to be Fixed.

Guess what , you can shove your insult up your anus, and message to BTC Devs FIX the DAMN COIN or LOSE it , Your Choice.

In the Meantime, LTC will be my coin of choice.
China controls the security for both ,so that bullshit about security is lame.

 

[kiklo]

1) tell miners to activate segwit
2) tell miners to stop spamming to push BUgcoin

BTU would fix the problem.
Segwit does nothing but let the bankers take over offchain transactions and bankrupt your PoW miners.

DeadWIT will never achieve 95% to activate.

BTU is only ~15% short of being able to activate.


 

[ebliever]

1) tell miners to activate segwit
2) tell miners to stop spamming to push BUgcoin

BTU would fix the problem.
Segwit does nothing but let the bankers take over offchain transactions and bankrupt your PoW miners.

DeadWIT will never achieve 95% to activate.

BTU is only ~15% short of being able to activate.


 

More like 35% (to reach their 75% goal), and while it's hard to say with day-to-day variation, I think their momentum is gone. The news of one of their moderators giving up today and giving a thumbs up to Ethereum will not help. But BU could disappear this instant and it would not provide Core with the 95% they need, nor reduce the time needed to bring the LN online.

[Schuyler]

Although I agree that fees must be adjusted because of increasing number of transactions, something must also be done to control the increasing fees that are being imposed. Bitcoin would not reach its peak if the fees keep increasing at the rate we are going. That could adversely affect the number of transactions and people would think twice if it is still economical to use bitcoin as payment.

[kiklo]

1) tell miners to activate segwit
2) tell miners to stop spamming to push BUgcoin

BTU would fix the problem.
Segwit does nothing but let the bankers take over offchain transactions and bankrupt your PoW miners.

DeadWIT will never achieve 95% to activate.

BTU is only ~15% short of being able to activate.


 

More like 35% (to reach their 75% goal), and while it's hard to say with day-to-day variation, I think their momentum is gone. The news of one of their moderators giving up today and giving a thumbs up to Ethereum will not help. But BU could disappear this instant and it would not provide Core with the 95% they need, nor reduce the time needed to bring the LN online.

75% is what they want, However the minimum needed to pull if off is ~55% .

 

[kiklo]

Although I agree that fees must be adjusted because of increasing number of transactions, something must also be done to control the increasing fees that are being imposed. Bitcoin would not reach its peak if the fees keep increasing at the rate we are going. That could adversely affect the number of transactions and people would think twice if it is still economical to use bitcoin as payment.

Something needs to be done , NOW.

Money Orders now are a cheaper way to send money than Bitcrap.


 

[RoommateAgreement]

if you think bitcoin sucks then what are you doing on bitcointalk (a bitcoin forum). just leave this sucky currency alone and leave us idiots who have no brains of our own (apparently) continue using bitcoin at peace.

it is the spam attack and that increases the fee. if it were any other altcoin, it not only would increase the fee but would also cripple that altcoin network too.

[dihari]

BTC officially sucks,

$ .60 fee to send BTC, this is on top of a $2 cost to convert from FIAT to BTC.

So now the Minimum Cost to send $20 of BTC is $2.60  .

That is a 13% fee of the total amount.

It is now cheaper to send money by using a Money Order than BTC, and with the large # of unconfirmed transactions,
mailing a money order may be faster.

BTC is Now Slower than the US Postal Service,


 

This will make Google wallet most popular than bitcoin as an alternative to send and receive money online 
I don't know what happened, but it will broke bitcoin users with that increasing fee. Something is need to be fix.

[kiklo]

if you think bitcoin sucks then what are you doing on bitcointalk (a bitcoin forum). just leave this sucky currency alone and leave us idiots who have no brains of our own (apparently) continue using bitcoin at peace.

it is the spam attack and that increases the fee. if it were any other altcoin, it not only would increase the fee but would also cripple that altcoin network too.

Telling you ASSHATS IT SUCKS , SO HOPEFULLY IT GETS FIXED!!!

LTC fixed their spam problem a year ago why are the BTC DEVs too stupid to use the exact same fix.
https://cointelegraph.com/news/litecoin-shows-there-is-a-simple-fix-for-spam-attacks-on-bitcoin

Fact is Core could have released a hard fork with a 1.5 MB block size and we have a year to work out any thing else.
Core has done nothing except push their LN banking system , which no one wants.
or
Moved BTC from a 10 minute blockspeed to a 5 minute blockspeed.

I am going to keep bashing you with these ridiculous flaws until you FIX IT or BTU FIXES IT.

Enough is Fucking Enough!

 

[The Sceptical Chymist]

Fuck the money order, just send cash in the mail.

I've never heard anyone come up with a good reason to use bitcoin over fiat anyway.   It never made any sense to me.   Honestly I don't care if bitcoin fails at this point.  The community is full of morons and is toxic, and bitcoin is way too volatile to be a currency.

[JanpriX]

BTC officially sucks,

$ .60 fee to send BTC, this is on top of a $2 cost to convert from FIAT to BTC.

So now the Minimum Cost to send $20 of BTC is $2.60  .

That is a 13% fee of the total amount.

It is now cheaper to send money by using a Money Order than BTC, and with the large # of unconfirmed transactions,
mailing a money order may be faster.

BTC is Now Slower than the US Postal Service,


 

Well, these have been the byproducts of the unsettled debate/rift (whatever you want to call it) between the Bitcoin Core and Bitcoin Unlimited. If they don't come to an agreement, these problems will persist and plague the BTC community. Being decentralized doesn't mean you have to pay for high transaction fees. Anyway, even if we are experiencing these problems, the adoption of BTC by the community is still there.

[kiklo]

Well, these have been the byproducts of the unsettled debate/rift (whatever you want to call it) between the Bitcoin Core and Bitcoin Unlimited. If they don't come to an agreement, these problems will persist and plague the BTC community. Being decentralized doesn't mean you have to pay for high transaction fees. Anyway, even if we are experiencing these problems, the adoption of BTC by the community is still there.

High Transaction Fees will KILL adoption,
the community is there , but over a year of unconfirmed transactions taking longer and longer and costing more each time.
What good is the community , if they can't FIX the problems.


 

 

[clickerz]

High Transaction Fees will KILL adoption,
the community is there , but over a year of unconfirmed transactions taking longer and longer and costing more each time.
What good is the community , if they can't FIX the problems.


 

I do fully agree here. One of the reasons that bitcoin become popular is that it is very flexible and cheaper to send through btc. But if that if that does not work already, its time to rise another rival cryptocurrency that offer this features which is lacking in btc. Also, transaction becomes slower and slower. Hope this will be resolve now.

[AjithBtc]

At the present moment the transaction fee have reduced a lot compared to the past days. Though the transaction gets confirmed depending upon the fee, most of the users will be placing less fee. Today the dollar price has dropped a little, so we can have a small reduction in the transaction fee.

[jubalix]

given that hard drive space has 10x at least since 2009 there is no reason why blocksize canot do the same and then you would see transaction costs come down ~10X.