$0.85 transaction fee is absolutely ridiculous!

[raoulsergia]

The fees currently which are around $0.7 or so is really high but only for smaller transactions, for +$100 and more paying $1 USD isn't extremely excessive or unheard of, I agree this limits BTC as a currency for micro transactions and live expenses payment.
This will probably be solved soon, I am not with making a fundamental change in bitcoin, but just a solution that will lower the stress in the network, I still want bitcoin to be bitcoin.

You are wrong friend. I wanted to sell around 45 dollar worth of bitcoin yesterday, and recommended transaction fee was 1 dollar for 80 sat/B if i am not mistaken. And they said it will take 1+ hours. It took around 12h for my transaction to be confirmed... Other time before that i paid 3 dollars for 90 dollars worth of bitcoins, and it took around 6 hours to transfer. Price is too high for speed they offer. It is simple as that.

80 sat / b is very low. for that fee, 12 hours is the correct time.

to send it with fastest speed, you need to set the correct fees.
the average fee now for fastest txn 360 sat/byte which will confirm in 10 minutes

for some txns (larger ones) with several address i have paid over 0.01 btc to get it confirmed fastest. it happens in 2 minutes


as always use the fees suggested here: https://bitcoinfees.21.co/
any of the green ones are fine,
but for the fastest in the bottom they mention the recommended fees you have to set it as per that


like all business btc also has txn fees, its not free but worth it for many reasons  , transfer huge amount has a big fees with banks or even credit cards charge international conversion fees.
its crazy.. in the process u dont even know how much they take from you because all the fees are hidden and all you see is the final conversation rate

btc must try to lower the crazy fees at the moment to acceptable level

[Novun]

Is it bad? I mean Paypal is 3.4% and Skrill is 1.9%. Other e-wallets have similar fees as well. The fee in Bitcoin is only going to go down. The technology is only going to get better but the e-wallets are only going to get worse. Even in the current state Bitcoin is quite good, not to mention a year from now.

[raoulsergia]

Is it bad? I mean Paypal is 3.4% and Skrill is 1.9%. Other e-wallets have similar fees as well. The fee in Bitcoin is only going to go down. The technology is only going to get better but the e-wallets are only going to get worse. Even in the current state Bitcoin is quite good, not to mention a year from now.

paypal the fees is more than 3.4% because it is actually hidden
if u check the currency converstion rate, it is almost $1 or $2 less than actual exchange rate
paypal takes this as hidden charge

then they charge 3.4% as paypal fees



with btc all the txn will confirm within 20 minutes as long as u put the correct fees

remember miners are stilling with heavy worth of mining machines and electricity working to solve the txns
if you give them 0.0001 txn fee they are not going to do
as a rule always add minimum 0.00086 to all txn as fees

everywhere there is inflation, from tax to electricity charges... dont try to undercut miners and expect ur btc txn to confrim quickly

[Sithara007]

Not just the miners, but the exchanges are also looting the users. Yesterday, I paid a fee of BTC0.0015 to transfer some of my coins from an exchange wallet to Localbitcoins wallet. And Localbitcoins deducted another BTC0.0007 as the "deposit fee". WTF is this deposit fee?

[stompix]

Is it bad? I mean Paypal is 3.4% and Skrill is 1.9%. Other e-wallets have similar fees as well. The fee in Bitcoin is only going to go down. The technology is only going to get better but the e-wallets are only going to get worse. Even in the current state Bitcoin is quite good, not to mention a year from now.

paypal the fees is more than 3.4% because it is actually hidden
if u check the currency converstion rate, it is almost $1 or $2 less than actual exchange rate
paypal takes this as hidden charge

then they charge 3.4% as paypal fees



with btc all the txn will confirm within 20 minutes as long as u put the correct fees

remember miners are stilling with heavy worth of mining machines and electricity working to solve the txns
if you give them 0.0001 txn fee they are not going to do
as a rule always add minimum 0.00086 to all txn as fees

everywhere there is inflation, from tax to electricity charges... dont try to undercut miners and expect ur btc txn to confrim quickly

First.
What if there is no conversion in your paypal funds?
If you do a usd to usd withdraw deposit transfer whatsoever?

Secondary.

remember miners are stilling with heavy worth of mining machines and electricity working to solve the txns

Miners are stilling? Who are they stilling? Who is making the noise and needs to be quieten?
It doesn't matter how much miners are investing.
It's their game... we can have 1ph of hashrate or 100ph , the bitcoin transactions will have the same speed and confirmation times.

Not just the miners, but the exchanges are also looting the users. Yesterday, I paid a fee of BTC0.0015 to transfer some of my coins from an exchange wallet to Localbitcoins wallet. And Localbitcoins deducted another BTC0.0007 as the "deposit fee". WTF is this deposit fee?

Saw that yesterday...
And I  said a big FY and much more.
Bye bye localbitcoins!!!
They can stick their fees where they want , I'm not going to use their service , ever again.
of course, not such a big loss for them as I only used them twice this year.

[spatifilium]

Yesterday I paid a fee 0.0005BTC  increasingly beginning to use some altcoin and increasingly avoid using BTC
Think about using altcoin debit card, in the long term it is more profitable

[NeuroticFish]

I just paid $5.50 twice ($11.00) to send $50 two places. I purchased via Coinbase. I was excited because Coinbase was way cheaper than the atm I been using. But I can't deal with 5.50 each transaction

Any suggestions so I don't get killed with these fees?

PLEASE ADVISE! :/

Most online services have quite fixed transaction fees, which makes them sometimes too big and sometimes (very seldom) not big enough to get the transaction done.
The solution is, as always, local wallet. Keep your money on your computer, use a good wallet like Electrum or Bitcoin core and you'll have full control.
You will also learn / understand what you are paying for and you'll be able to adjust the transaction fee to suit your needs best.

[Chyton]

This is why I think that bitcoin won't be serving us for daily transactions in near future. In order to support daily transactions in near future, a coin must have a reasonable fees, fast transaction and most important of all, big coin cap (21 Mil isn't going to serve any good for daily transactions). I would safely say that bitcoin is going to be our digital gold.

[stompix]

This is why I think that bitcoin won't be serving us for daily transactions in near future. In order to support daily transactions in near future, a coin must have a reasonable fees, fast transaction and most important of all, big coin cap (21 Mil isn't going to serve any good for daily transactions). I would safely say that bitcoin is going to be our digital gold.

Why do you think the cap is 21 million coins?
Look at it as the cap being 2100 trillion satoshi. Are those enough units for you?

That's 300 000 units for every living person of this earth. I guess we can pretty much use it.
And besides, nothing is stopping us to create an even small denomination. One nakamoto  being 1/1000 of a satoshi.

[Carlsen]

This is why I think that bitcoin won't be serving us for daily transactions in near future. In order to support daily transactions in near future, a coin must have a reasonable fees, fast transaction and most important of all, big coin cap (21 Mil isn't going to serve any good for daily transactions). I would safely say that bitcoin is going to be our digital gold.

That is exactly where we are heading at the moment.
And the main investors are only starting to put money in the bitcoin currency.
To them the fees are not of any concern, because they buy and sell large amounts.
I suppose that one day another cryptocurrency might have to take the place of digital money, while bitcoin will be our digital gold.

[ReLieD]

Am I the only one realizing that ~$1 fee to make a transaction is absolutely insane and defeats one of the core benefits of using bitcoin for daily transactions.

This is getting insane and is completely uncalled for, or am I wrong?

Those were the good days . Now the fees are like 4 USD and so. So making small transactions with Bitcoin is like the worst thing to do.

[HTracer]

After August game with switching hash power and spamming, mempool looks better. Chances are tx fees edge down soon.

[seattletu]

High charges secure the network by somewhat remunerating miners for hashing equipment costs. As of not long ago, most miners were repaid by the "block appropriation", however this will be sliced down the middle at regular intervals. Hence the charges are probably going to develop, not recoil on the off chance that we need a similar level of security.

Bitcoin charges are ascertained and paid in Bitcoin, therefor, if 1 Bitcoin is worth more dollars/yen/euros, the expenses will likewise presumably be higher.

In any case, there is much to consider here. The "expenses" are not settled, they boost miners to organize your exchange over different exchanges (eg "spam"). Before, free transactions were conceivable on the off chance that you were eager to hold up, however this is not basic now in light of the fact that there is considerably more interest for space in each block and there is a ton of spam exchanges. Note: there is no assurance that an excavator will acknowledge an exchange, paying little respect to the "charge" advertised. The thought is that on the off chance that you hold up sufficiently long and there are sufficient contending miners (decentralization), somebody will in the long run acknowledge it.

[1Referee]

After August game with switching hash power and spamming, mempool looks better. Chances are tx fees edge down soon.

Everything is just temporarily. If you look at the mempool charts, it's perfectly visible that these spam attacks are being displayed in waves - they pop up, slow down for a while, pop up again, slow down again, etc. In that regard, the fees will continue to bounce up and down - never think that they are gone just because the fees have decreased. As long as whatever entity thinks it can justify blowing money like water to choke the network with rubbish transactions, they will continue to do this. Most of us are well aware of how deep the pockets of those behind Bitcoin Cash are - it's a shame that they account for such a large percentage of the total network hashrate on the legacy chain...

[mobilezz]

It should be borne in mind that bitcoin provides an opportunity to get very large profits only on the growth of prices and the high price for commission is justified. You can use other currencies with less commission, but do not receive such profit.

[A1exander]

This is why I think that bitcoin won't be serving us for daily transactions in near future. In order to support daily transactions in near future, a coin must have a reasonable fees, fast transaction and most important of all, big coin cap (21 Mil isn't going to serve any good for daily transactions). I would safely say that bitcoin is going to be our digital gold.

Bitcoin is divisible, so 21 million coins is not a problem, but everything else agrees with my own thoughts. Yes, it look more and more like digital gold, good for investment etc., much more convenient than physical gold, but unsuitable for daily payments. Maybe higher level solutions like Lightning Network can change this...

[lsd1938]

today 28th Oct bitcoin price being 5800 usd I am trying to transfer some bitcoin it will cost me 42$ for 3.5 KB transfer

Bitcoin is not currency its just for miners or may be investment

[Mike Mayor]

The fees currently which are around $0.7 or so is really high but only for smaller transactions, for +$100 and more paying $1 USD isn't extremely excessive or unheard of, I agree this limits BTC as a currency for micro transactions and live expenses payment.
This will probably be solved soon, I am not with making a fundamental change in bitcoin, but just a solution that will lower the stress in the network, I still want bitcoin to be bitcoin.

You are wrong friend. I wanted to sell around 45 dollar worth of bitcoin yesterday, and recommended transaction fee was 1 dollar for 80 sat/B if i am not mistaken. And they said it will take 1+ hours. It took around 12h for my transaction to be confirmed... Other time before that i paid 3 dollars for 90 dollars worth of bitcoins, and it took around 6 hours to transfer. Price is too high for speed they offer. It is simple as that.

I agree the price is higher than and it use to be one if the things people like to show off about bitcoin. They went on about how it was free to make transactions. Now it's so costly. It's still better then credit cards and banks so the extra amount is ok. Paying for something with Bitcoin online can be quite annoying since they only leave a 15 minute window to pay in.

[cjmoles]

The fees currently which are around $0.7 or so is really high but only for smaller transactions, for +$100 and more paying $1 USD isn't extremely excessive or unheard of, I agree this limits BTC as a currency for micro transactions and live expenses payment.
This will probably be solved soon, I am not with making a fundamental change in bitcoin, but just a solution that will lower the stress in the network, I still want bitcoin to be bitcoin.

You are wrong friend. I wanted to sell around 45 dollar worth of bitcoin yesterday, and recommended transaction fee was 1 dollar for 80 sat/B if i am not mistaken. And they said it will take 1+ hours. It took around 12h for my transaction to be confirmed... Other time before that i paid 3 dollars for 90 dollars worth of bitcoins, and it took around 6 hours to transfer. Price is too high for speed they offer. It is simple as that.

I agree the price is higher than and it use to be one if the things people like to show off about bitcoin. They went on about how it was free to make transactions. Now it's so costly. It's still better then credit cards and banks so the extra amount is ok. Paying for something with Bitcoin online can be quite annoying since they only leave a 15 minute window to pay in.

Right now it is costing around $3 for a 60 minute transaction (https://estimatefee.com/) ---> that is WAY more expensive && WAY slower than a credit/debit card transaction.  It's actually not a very sound platform to be utilized as a means of exchange ---> maybe a store of wealth, if you're not afraid of the bubble, but it's not a suitable platform to engage in everyday commerce. 

[aardvark15]

The fees currently which are around $0.7 or so is really high but only for smaller transactions, for +$100 and more paying $1 USD isn't extremely excessive or unheard of, I agree this limits BTC as a currency for micro transactions and live expenses payment.
This will probably be solved soon, I am not with making a fundamental change in bitcoin, but just a solution that will lower the stress in the network, I still want bitcoin to be bitcoin.

You are wrong friend. I wanted to sell around 45 dollar worth of bitcoin yesterday, and recommended transaction fee was 1 dollar for 80 sat/B if i am not mistaken. And they said it will take 1+ hours. It took around 12h for my transaction to be confirmed... Other time before that i paid 3 dollars for 90 dollars worth of bitcoins, and it took around 6 hours to transfer. Price is too high for speed they offer. It is simple as that.

I agree the price is higher than and it use to be one if the things people like to show off about bitcoin. They went on about how it was free to make transactions. Now it's so costly. It's still better then credit cards and banks so the extra amount is ok. Paying for something with Bitcoin online can be quite annoying since they only leave a 15 minute window to pay in.

The fees seem to be getting higher for Bitcoin over the past year. This is one of the reasons why Bitcoin won’t be good for a method of payment at businesses. People will not want to pay high fees for small purchases.

There will need to be some altcoins that will have to be used as a form of payment and Bitcoin will primarily be a store of value/investment or possibly a way to send money a long distance quickly.

The second reason why Bitcoin isn’t good as a payment method is that the value rises so quickly that everyone will want to just hoard it rather than spend it.