$0.85 transaction fee is absolutely ridiculous!

[clickerz]

It is indeed absolutely rediculous.
Miners earn $120,000 per hour from Block Rewards, and on top of that they get $10-20,000 in fees. Give or take $3 million per day.
What we need, is bigger blocks, so Bitcoin can grow. If this ever happens, I expect the price to go up a lot. Bitcoin can't handle more users without more transactions.

I think it is timely now to increase blocks to processed since there are already delays in transaction happening now. Pays also bigger and this charges the OP saying is really expensive adding to that the btc price is also increasing in value.We want a btc transaction that is  fast,reliable and secure. Hope this is addressed by the consortium.

[electronicash]

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?

At the present time, the BTC transaction fee is slightly higher so that small transactions can be carried out. Hopefully, it will be improved in the future with the strength of the community.

improved means getting more ridiculous than ever? not likely going to happen though. the higher the value the higher the transaction will be. you will only notice that its getting bigger is you convert it to USD but i think its just as it is as before.

[dissident]

I don't see a problem. Bitcoin is not going to be used to buy lattes, its more like the crypto version of holding gold.  What we need is a good altcoin to take over the function of currency for daily use whether its ETH, XEM, or some other one.  Stop making small transactions and use it as a store of value instead.

[birareru1988]

I don't see a problem. Bitcoin is not going to be used to buy lattes, its more like the crypto version of holding gold.  What we need is a good altcoin to take over the function of currency for daily use whether its ETH, XEM, or some other one.  Stop making small transactions and use it as a store of value instead.

Yes, it is unprofitable to use for small purchases and it was intended for large transactions or investing in the future.

[CoinTasker]

I don't see a problem. Bitcoin is not going to be used to buy lattes, its more like the crypto version of holding gold.  What we need is a good altcoin to take over the function of currency for daily use whether its ETH, XEM, or some other one.  Stop making small transactions and use it as a store of value instead.

I actually completely agree with this statement, but I question anyone who claims bitcoin was never intended to be an every day digital currency. I think that's exactly what the intentions were. Just my opinion though.

[CoinTasker]

Yes, it is unprofitable to use for small purchases and it was intended for large transactions or investing in the future.

I question the validity of any statement that claims to know satoshis intent when developing bitcoin. Unless of course someone provides proof to validate said statement.

[Xester]

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?

It is not insane if the fees are below one dollar but what is happening now is that the miner fees per bitcoin transaction is much more than one dollar and is nearing two dollars. WIth bitcoin continually rising up the miner fees are also going up but the sad part is even if the price of bitcoin will go down the miner fees will not go down. It is just sad and I dont know how much fees are we going to pay one year after.

[LoyceV]

I question the validity of any statement that claims to know satoshis intent when developing bitcoin.

Bitcoin: A Peer-to-Peer Electronic Cash System - by Satoshi Nakamoto

[CoinTasker]

I question the validity of any statement that claims to know satoshis intent when developing bitcoin.

Bitcoin: A Peer-to-Peer Electronic Cash System - by Satoshi Nakamoto

Thanks for the link, I'll definitely read through that when I have time. Is it widely accepted common knowledge that this doc is legit written by Satoshi?

[The One]

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?

Treble.

[btccashacc]

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?

I'm thinking what if bitcoin's price skyrocket then we could be crazy if we discovered our old transaction, well there is no difference between PayPal and bitcoin if we're still paying ~$1 fee to make a transaction since PayPal charges $1 fee though at least PayPal faster than bitcoin, well I'm not a big fan of PayPal but I'm just thinking that bitcoin is not suitable for small transaction, I also heard that coinbase finally charges the fee, what about xapo are they still free? or any free wallets out there?

[llyfee4u]

I think in line with the rise in rate of Btc, it is appropriate.

[FlamingFingers]

I don't see a problem. Bitcoin is not going to be used to buy lattes, its more like the crypto version of holding gold.  What we need is a good altcoin to take over the function of currency for daily use whether its ETH, XEM, or some other one.  Stop making small transactions and use it as a store of value instead.

If you think that is true, then you have strayed very far away from what Satoshi Nakamoto really wanted to make Bitcoin for. He made Bitcoin to eliminate the trust system that banks rely on (no need for a middle man to deal businesses). He made Bitcoin to replace banks (and their fiat ecosystem), not to replace gold (not as a store of value — investment).

[apoorvlathey]

I also fear if the bitcoin transaction fee keep on increasing, then how are we gonna use it as a day to day currency ?
In an hypothetical scenario, if we need to buy first from one local shop and then to another, while spending fees at each step, then this would not help in the mass adoption of bitcoins by common people.

[Ekanenf]

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?

Actually what you need to do in order to avoid this high transaction fees is to change the bitcoin wallets that we are using, because the transaction fee in the blockchain is way too much unfair, especially to those who are earning bitcoin that is not that big, condolence to those FAUCETS users, better not to use this and try other wallets, and also try a new way on how you guys are going to earn bigger amount of bitcoin, I've been there, done that, that is why I'm saying to you guys that FAUCETs is not worth of your time.

I'd rather joing the Social Media Campaign here or the Signature Campaign here in this forum than to do FAUCETs where I could only earn a little.

[Davkul]

Honestly who the hell cares. It's up to you sending a bigger or smaller fee, if you can't afford spending $1 dollar for a transaction then stop using BTC or deal with the fact that your transactions are never gonna be confirmed.
I sent like $3 as a fee for a 0.14764921 transaction yesterday and I think that's extremely low compared to the size of the transaction. I don't care about fees, you only get "fucked" if you send a small transaction.

[eternalgloom]

I don't see a problem. Bitcoin is not going to be used to buy lattes, its more like the crypto version of holding gold.  What we need is a good altcoin to take over the function of currency for daily use whether its ETH, XEM, or some other one.  Stop making small transactions and use it as a store of value instead.

I actually completely agree with this statement, but I question anyone who claims bitcoin was never intended to be an every day digital currency. I think that's exactly what the intentions were. Just my opinion though.

There are better coins for that tbh. I wonder how long it will take for merchants to change from Bitcoin to another cryptocurrency with lower fees.
We've seen some big exchanges add certain altcoins alongside Bitcoin, it's only a matter of time before merchants do the same.

But we'll see...

[bitbunnny]

Where did you get the "because fees are still $0.4-$0.5"?

Maybe he's using the web wallet from blockchain. The wallet sometimes suggests you to send a miner fee of 0.00027 btc ($0.45) I stopped trusting their recommended fees because sometimes my transaction size could be above 500bytes.
http://prntscr.com/f4d4tp

Yes, that could be the case, I have similar experience with blockchain wallet. But on the other hand ignoring recommend fees could lead to problems with transactions confirmation. Although if you look at today's numbers there are so much unconfirmed transactions, seems there is some problem with Blockchain again, no matter the amount of fee.

[buwaytress]

http://coincap.io/
Average Fee
$1.61
https://btc.com/stats/unconfirmed-tx
The current best transaction fees 199 Satoshis/byte | 0.00199 BTC/KB
0.00199 = 3.19 USD
https://bitcoinfees.21.co/
Which fee should I use?
The fastest and cheapest transaction fee is currently 200 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 45,200 satoshis (0.75 USD).
Where did you get the "because fees are still $0.4-$0.5"?

the numbers you are quoting are fee per byte not fee.

if you don't do Address reuse and don't receive a lot of dust inputs from things like faucets and microjobs then your wallets stays clean of dust and when you want to spend bitcoin your transaction size will be about 220 byte (give or take). and with a 199 Satoshis/byte fee your total fee would be 43780 satoshi and that is $0.7 with the current $1600 (my calculation was with a lower bitcoin price because I forgot to check the current price of today! and $1600 was reached today)

in any case it is still not $0.85 and not $1 and not $1.61 or $3.19

Yeah, you both have a point, but should be aware everyone makes different types and sizes of txs. Personally, no spend I've ever made has had more than 40 satoshi per byte, but I do recall paying a 100k+ satoshi fee once for an unfortunately bloated tx. Price was just over $1,000 at the time so I paid over a dollar.

That been said, the majority of bitcoin I received especially in 2017 has had a fee well over 120 satoshi per byte with actual fee as high as 2 dollars at today's rates. In fact, if my withdrawals are part of batch txs I've easily seen 4 or 5 dollars fees. One particular site I withdraw a lot from spent over 1 BTC a day in fees alone, performing only batch txs.

[7788bitcoin]

With the increase in BTC price in USD, and also increase of fee in BTC, both factors caused the high fee in USD. However, if you can generate the transaction yourself and you are not in a hurry, you can set a much lower fee like 100 bits (~ $0.16). To me 100 bits is a reasonable fee- it was $0.04 or $0.05 a year ago...