$0.85 transaction fee is absolutely ridiculous!

[TastyChillySauce00]

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.

You may probably miss the train of pumps, you just let your bitcoin stay in your wallet without doing anything whereas bitcoin's price now is at its peak in my opinion. There's reason why the unconfirmed transactions are rapidly increasing because those people thinking to make a profit out of this chance, swimming against wave will bring only lost.

[DoublerHunter]

$0.85 transaction fee is just a small fee because if you compare it to the banks or any remittances you can get a minimum of around $1-5 fee for every transaction (based in the rate of the remittances here). When i do transactions in blockchain, it charges me for the lowest of $0.42 and the maximum fee that i put is around $1, it is okay for me because higher fees means faster confirmation.

[Amph]

$0.85 transaction fee is just a small fee because if you compare it to the banks or any remittances you can get a minimum of around $1-5 fee for every transaction (based in the rate of the remittances here). When i do transactions in blockchain, it charges me for the lowest of $0.42 and the maximum fee that i put is around $1, it is okay for me because higher fees means faster confirmation.

not true that banks charge you more, i don't pay anything with my bank for any kind of movements, desposit withdrawal from atm or transfer of any kind, the only time i need to pay is to send money abroad

on abroad transaction bitcoin is very good compared to any bank, in fact they usually charge 25 euro or more for a transfer, with bitcoin you are there wiht 3 euro at worst

[crazyivan]

Well, this is why I always use custom fee which does make me wait for a bit more, sometimes even a day or two, before transaction gets confirmed but it is what it is. I hope future updates will resolve this.
Also, always make sure to plan ahead and move as large BTC quantity as needed.

[jakelyson]

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?

If you are sending large amount, then 1$ is very cheap fee. But if you are sending small amount, that is quite large. But it is true that the increase in fee is insane. When I am making transaction just early last year, I can still send with 30satoshi per bytes. But right now, you'll use 210 satoshi per byte and it will.still take half a day to confirm.

[lemonade09]

Yes i didnt notice the fee many times im doing a transsction but really 0.86$ is really too much for a fee i see this fee apply when sending bitcoin in differrnt platform or wallets but i can see that if you can same wallet it doesnt take too much fee and also it has a fast transaction that it will make.

[khufuking]

I really think fee is totally normal it also depends on how much you transfer . I paid around $1.5 couple of days ago to transfer $200+ i think it is totally fine and normal fee i got my transaction confirmed in less than hour and that was at the start of BTC rise with a lot of other transaction going . I could have spent half that if i wanted and i would get it confirmed in 5-12 hours maybe . So it is all on you and how fast you want it done i guess

[Harlot]

A .85$ transaction is actually a fair amount if your transaction is on a considerably a big amount. Because if what you are sending is maybe around 10$ below a .85$  transaction fee is a big amount. You must maximize your transaction fee with what you are sending. Also considering other transactions fees of money transfers like Bank to Bank online transfers a .85$ is way cheaper than what banks are charging us which I believe  the lowest I know is 3$.

[LuanX3]

I actually paid more than $0.85 on a transaction. I paid about 1mbtc which is roughly $1.5. Which is really ridiculous when the transaction only involves small amounts but you need it confirmed in the next few hours. That's the world we live in now and without a solution, bitcoins might lose users.

[Meowth05]

Yes i already notice this transaction fee this is almost 1 dollar and that is really too much for a fee but there are also bitcoin wallets that only has a small fee and i see also a high or low fee depend if the transaction was fast or not.

[d5000]

All people whining about the high fees should realize that it's not miners that set the fee threshold, it's the users.

If the blocks are full, then it's the same if the "threshold" to get a fast confirmation is 40 satoshis per block or 250 - not all transactions will get confirmed, but in the "40-satoshi-scenario" all users would pay less. So the more people start to race for high fees to get fast confirmations, the higher the fee will be.

So it's actually a good idea to pay the lowest possible fee (only if you're really in a hurry for a confirmation you should pay the recommended fee) and use RBF/CPFP/double spending if it doesn't get confirmed.

The weekend is a excellent opportunity to do low-fee transactions.

[p0int_scale]

I like to set my transaction fee to about 0.0005, but it does take like 6 hours or less to have the transaction verified.

[QuestionAuthority]

Read this thing that the inventor of Bitcoin wrote: https://bitcoin.org/bitcoin.pdf

And then tell me where it says transactions are supposed to be free or cheap. If it's there, I'm not seeing it.

[d5000]

Read this thing that the inventor of Bitcoin wrote: https://bitcoin.org/bitcoin.pdf

And then tell me where it says transactions are supposed to be free or cheap. If it's there, I'm not seeing it.

The problem is: The lower the fees, the higher the adoption rate. The masses wouldn't come if the fees are too high. And even worse: There could be cheaper competitors.

But as I already said above: It's not the miners' fault, it's the users that initiate the spiral that leads to higher fees.

[Thekool1s]

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.

So by your point you expect the bitcoin's price to drop in the future? I thought the whole point of bitcoin was no fees at all.. Bitcoin was meant to be the day to day used currency but my view is changing everyday. I hope devs can come up with something which can fix these transaction lag issues.

[Sugar Daddy]

If you're using BTC to send your buddy $2, the transaction fee seems high but if you're a business sending $25k at a time, then it's ultra cheap.  BTC is getting worse for micro transactions.

[wxa7115]

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 your right but for some reason I feel this post will be entombed in posterity for and looked on as the before times someday.
In other words either this fee will be seen as really cheap someday in the future presuming we can't consensus or someone will smile and remember the olden days when fees were this high for a bit ^^.
The joke is now were looking like banking ... limited amount of txns ...

Unless the price of bitcoin crashed or the issue with scalability was never resolved I don’t see how the fee could be seen as cheap in the future, the fee is very high at the moment especially for those that live in countries where minimal wage is very low.

[erikalui]

I paid a $2-$3 fee for a transaction as low as $10. It was because I had received transactions of a value lower than $2 and hence the transaction size was huge. Paying a fixed fee of 0.0001 BTC doesn't work now and with the rising price, I wouldn't be surprised if I would need to pay $10 in the coming days. I simply would use xapo or wait for 1-2 days for each transaction.

I still prefer BTC to PayPal or Payza as the fixed fee gets ridiculous for smaller transactions. In BTC, it's the TX size that matters.

[Kubra Dam]

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.

How do you expect to overcome this problem with the strenght of the community? The problem is not mental, but is technical. Thus, the only solution is the technical precautions will be taken.

[Smoxer]

well that depends on the service you are using to do the actual transaction you can do it for alot less using some services