$0.85 transaction fee is absolutely ridiculous!

[jaceefrost]

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 if you will not base the amount of fee you are sending based on the price, it's still the same but considering that the price has gone up then it's to be expected. The only think that I wish would change is how transactions usually takes too much time to confirm and that makes it not worth to pay almost 1$ fee to still wait for your money so you can spend it.

[n0ne]

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.

Right now the increase in the price makes the transaction fee a little higher when converted in terms of USD. This is just because of the increased transactions happening in the network. At this situation increased transaction fee gets faster confirmation. This gets solved in a short time period gradually when price stabilizes.

[Palodar]

If the purpose of your multiple transaction was gambling. Then try ETH instead of using Bitcoin since many gambling site already accept altcoins especially ETH. ETH only requires low fee for an instant transaction rather than bitcoin which is very slow. I am just using bitcoin for saving purposes because it's price
is inflating.

[mlferro]

The transfer rate has always been high, which makes us feel this with greater intensity is what many have already said, bitcoin high price. But you can change that, but confirming the transaction will take longer.

[The Sceptical Chymist]

$0.85 is not that much, most of my recent txs were above $1, and it could go way higher if your tx is of large size.

You're not the only one having a problem with this. Some want to increase max block size to reduce confirmation/fees, some want to push most txs off-chain (Lightning Network/Sidechains).

But don't expect changes anytime soon.

Mine too.  OP, it is a bit ridiculous, and right now doge and other coins are a lot more attractive as currency for just that reason.   Too bad merchants don't take doge or dash.  But I don't spend bitcoin much, so it's not a huge issue.   Bitcoin is for saving and I look at the fees as the cost of doing business,  almost like a broker fee with stocks.

[lighpulsar07]

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?

No you're not the only one who realizing this kind of matter mate. 220 sats/byte is the high priority fee as of now right? Let's say your transaction size is 500 bytes you will have to pay BTC0.0011 or $1.73! plus the waiting time for block is 15-30mins is unreasonable unlike in other payment processors you don't have wait and pay a high fee to buy goods in internet. Core dev must work a solution on this problem

[bamboylee]

This is a real problem. If you have to spend 3 or more inputs, the fees will be really high and aggravated by the price of bitcoin really high right now. Since there is no real solution yet coming from the devs, the only work around is to avoid having small inputs. Inputs below 100K sats will just incur more fees when spent.

[RajaJudi]

It is very very ridiculous and you need to accept it. You can lower the fee if you want but I'm scared your transaction will never be confirmed. People will change the top crypto soon, believe me

[kiklo]

Start using LTC instead , where the transaction fees are pennies if that.
BTC high transaction fees are going to kill it as a way to transmit money.


 

[iram3130]

Start using LTC instead , where the transaction fees are pennies if that.
BTC high transaction fees are going to kill it as a way to transmit money.


 

Have been thinking about this from quite some time now and my friend's circle shifted from Bitcoin to litecoin recently. Now the price of litecoin sky rocketed, don't wanna use it for simple purposes, it's becoming mini Bitcoin now.

[fitbillionaire]

it is too much. its more of a rippoff to me

[Pettuh4]

Something really needs to be done about the pricing. It's really high at the moment and I think we need to do something about this. I use Bitcoin to gamble and  it's unreasonable to spend an extra dollar or half a dollar on a 2$ or 5$ bet. It will drive people's interest from Bitcoin in the long run if something is not done to address the issue.

[SONG GEET]

Fee is very high in bitcoin right now to make micro transactions but if you are sending over $100 in bitcoin paying 1$ in fee can still be considered as cheap.

Mempool is full with spam transactions to increase transaction fee in ridiculous manner, when this types of attacks will be over fee will get lowered to the level it was few days ago.

[dragonusa9]

well now really different from Xapo though, they charged you for 0.00050331($0.778) for outgoing transaction
i dont really think ridiculous about it, cause the bitcoin price is at the peak right now

[Hydrogen]

$0.85 transaction fee is still 5 times cheaper than what people would pay if they used a wire transfer service.

Its less than the 4% sales tax americans will pay in many transactions.

Not much more than the $0.20 gas tax americans pay when they buy gasoline.

Most smokers and alcoholics will pay much more in tobacco and alcohol excise taxes than they ever will in bitcoin transactions.

[BossBee]

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?

Dash has already solved this problem along with bitcoins other major flaws of governance, block size, and funding which are highly crucial aspects that are over looked in a lot of the crypto world. Why do you think Dash is where it is? For its 'anonymity'? lol Its the superior coin made for high volumes of daily transactions. South America is heavily adopting it for its ease of use over bitcoin and as time rolls by the benefits will only become more apparent.

For the uninitiated Dash has no real comp in the currency sector. LTC claims to strive to be the silver standard (2nd place) and that mentality will only produce that result at best. Monero, barley having a gui wallet, claws at the heels of Dash with anonymity as its only hope of even being in the same conversation. As BTC is caught in its own internal strife, Dash is building and gaining more and more momentum to dethrone it in one way or the other.      

[FasTroy]

well now really different from Xapo though, they charged you for 0.00050331($0.778) for outgoing transaction
i dont really think ridiculous about it, cause the bitcoin price is at the peak right now

I used xapo for a long time until now, and never pay for fees. All transactions fees paid by xapo team. By the way 0.85$ for one transactions maybe is too much for many peoples. But as you said, bitcoin price is at the peak right now, So it's beign normal as i think.

[arklan]

damn, i hadn't been aware fees had gotten to these kind of levels.

sig campaign earnings will cost a fortune to spend...

[ethan_nx]

As for a dice site owner, the fees suck too. I have nothing constructive to say, just that curret scaling stalemate is the most frustrating thing I have ever experienced with Bitcoin.

Over 140,000 unconfirmed transactions right now, network fees skyrocketing... - this is a result of a divided community that cannot agree on a solution to the problem. Somehow, the "separation of powers" between developers, miners and node operators and users seems to fail. Especially that the only real power is shared between miners and developers, making everyone else as not much more than spectators.

I still hope to see this scaling issue solved at some point, rather sooner or later. But let's be realistic, half of the efford of BU supporters and Core supporters is wasted on accusations. Segwit needs 95% support to activate - can you see this happening anytime soon? BU needs 75% support - it can happen much sooner, but what then? Will it really solve the scaling issues or just open a huge Pandora's box?

The thing is - we (Bitcoin users, node owners, service operators) have nothing to say and no way to help solve it. And no other way to "vote" than just speak up.

Damn it, developers, users and miners - unite!

[CyberKuro]

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's inevitable since bitcoin has reached new ATH this week and so many people attracted to buy and sell their bitcoin which caused flood transactions to blockchain. Over 140K unconfirmed transaction is a new ATH as well, since people in hurry to get their transaction to be confirmed, higher fees make it possible but I do agree it is so expensive, so it's better not to move my bitcoin anywhere at this point.