$0.85 transaction fee is absolutely ridiculous!

[LeGaulois]

Yes it's now become a problem to me. While I am sending a payment of 0.1 BTC I say to myself "Who care about the fees it's just a small fees" But when I am sending small amount like 0.01 BTC I say the opposite "F**k this fees man it's like near 10%, it's just silly"
When I introduced Bitcoin to some friend, I was refering at the cheap cost, now they start to use bitcoin, they tell me "is it whan you call cheap fees?" lol

[1715111159]

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[Sundark]

I am  starting to doubt in the will of the mining community and their incentive upgrade bitcoin. Who would want to kill the goose that lays the golden eggs?
High transaction fees are everything miners ever wanted. Why Bitmain allowed SegWit for LTC and in the meantime they are blocking it for Bitcoin?
Because they are hypocrites and BTC tx fees were much higher than LTC's!

[Ucy]

I was charged $1.8 for 15dollar transaction yet it took over 9hrs to transfer the $15 to an address. I was ashamed of myself for introducing Bitcoin to my friends.

[dothebeats]

Back in the days, 10 satoshi / byte can get your transactions cofirmed within the next block or two, and that is within 30 minutes and that is in 2015. However, even if we pay 85 sats / byte, our tx would still be considered as low priority and will be moved at the bottom of the block to allow txs with higher fees to be squeezed and to pass. This is absurd, and to think that some mining farms are including tx with 25 sats / byte is what makes it more conplicated. I honestly don't comprehend as to what is happening right now, but the fees are indeed fucked up.

[shield132]

Yes, I agree you, that fee is very high. I realized that bitcoin isn't good for low transactions but it's best for high transactions, there is no doubt.

I was charged $1.8 for 15dollar transaction yet it took over 9hrs to transfer the $15 to an address. I was ashamed of myself for introducing Bitcoin to my friends.

This is out of reality to my mind, I don't need so high fee for 200$ and higher. Which wallet do you use? Mostly all wallet shows recomended fee. Also use transaction accelerator in future and it will help you a lot to get confirmation quickly.

[LoyceV]

I am  starting to doubt in the will of the mining community and their incentive upgrade bitcoin. Who would want to kill the goose that lays the golden eggs?
High transaction fees are everything miners ever wanted. Why Bitmain allowed SegWit for LTC and in the meantime they are blocking it for Bitcoin?
Because they are hypocrites and BTC tx fees were much higher than LTC's!

What if larger blocks would lead to a much higher price? Miners could lose 10-15% of their current income (coming from fees), but their main income (coming from block rewards) could double (or more)!
Many altcoins are now inreasing by 10-50% per day. A lot of money flows into cryptocurrencies, and it doesn't reach Bitcoin because Bitcoin has reached its limit on transaction volume.
Why can't miners see the bigger picture here? 14 Bitcoin per block at $1500 per Bitcoin, or 13 Bitcoin per block at much higher prices?

[Hydrogen]

Still nowhere near wire transfer transaction fees which can go as high as $4.50 to $76.00.



Imagine paying a $76.00 wire transfer fee to move $900.

That's how much some charge to move $.

[BawsyBoss]

As someone who has been out of the bitcoin scene for a while and is just now coming back, is there any other reason besides change in price of BTC making transactions so expensive? Also, what is the popular consensus on proposals such as SegWit? I keep seeing a lot of controversy regarding it.

[Straux]

PayPal's currency conversion rates and a wire transfer's fees are still much more expensive than current Bitcoin fees. I do admit the fees are much higher than they were before, at a couple of  cents. But with recent community growth and the community refusing to figure out what exactly they want, the blocks are becoming more and more cramped.

[densuj]

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?

You are not wrong, it is true bitcoin transaction fees is expensive for small amount of transaction
and it is weakness of bitcoin be used for money and daily transaction,
many people offered solution for this problem include segwit but it is still debating all of comunity
if this problem can be fixed, it will be the next currency in internet.

[arklan]

As someone who has been out of the bitcoin scene for a while and is just now coming back, is there any other reason besides change in price of BTC making transactions so expensive? Also, what is the popular consensus on proposals such as SegWit? I keep seeing a lot of controversy regarding it.

lack of block space. there isn't enough room to include all transactions, so the fee to get included in quickly goes up. and the number of waiting transactions just grows.

as to segwit... yea, controversy. i don't think there really is a concensus. three sides, as i see it. those who want segwit, those who want bitcoin unlimited, and those who are sick of the debate entirely and want to just get on with something, anything, to solve the problem.

oh, and subgroups of "anything BUT segwit" or "anything but BU!" of course too.

[countryfree]

I just made a 668 bytes transaction and it took 25 minutes to confirm despite a very high 0.00120067 BTC fee (6 confirmations after 40 minutes). That's nearly $1.90. Larger blocks are urgently needed. Guess I've been saying that for years....

[wxa7115]

Still nowhere near wire transfer transaction fees which can go as high as $4.50 to $76.00.



Imagine paying a $76.00 wire transfer fee to move $900.

That's how much some charge to move $.

Bitcoin is cheaper than that when it come to the fees but we need to take into account that services like paypal also exist and while I have not used paypal in a while I suppose the fees of paypal are way better than that, so if bitcoin wants to become the most used currency online then it needs to be better than the competition in almost every way.

[dissident]

This is why altcoins like XEM are gaining popularity. They were designed from the ground up with their own code to correct bitcoin's weaknesses. Use much less electricity, coin is not inflationary, is capable of handing more than 3000 transactions per second versus bitcoin's 3-5, fee is 1XEM for up to 20,000 XEM and another XEM every 10,000 after that. Messaging system, better scaling, and adoption by Japanese banks.

If you don't like that one, pick another one with fast transaction times like DASH, or even LTC with segwit.   Only use BTC when you have to deal with converting to fiat.

https://www.youtube.com/watch?v=4BJERtsnDa8

[Tyrantt]

Well yes it can be high but remember that the price of the bitcoin has gone up too so the fees will probably proportionally rise as well, but fees are optional, right? You can always lower the amount a little if you don't need that transaction to be confirmed asap.

[lionheart78]

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 ...

That's exactly right, in many instances it's actually more expensive than using the bank.

In Coinbase, I went to send myself .01 BTC and the fee was 0.000542 BTC which is currently $0.86

Seconded, Ive been using coinbase for a year as far as I remember since I do really love to make transfers without any fees but now they are imposing fees which I do really understand but considering on the amount of fee I really see it that its already high.It might be $0.86 small for some but for me I consider it big but I don't have no choice but to pay-up in able to transfer funds.

It is expected.  Those who are giving a free transfers will definitely imposed a transaction fee because fee is not a dust anymore.  It cost them hundreds to thousands of dollars a day so they need to implement something like transaction fee to avoid such losses and make their company bankrupt.  We had our local exchange site to implement transaction fee, worst they even implement a processing fee above that transaction fee since they charge a minimum of 80k satoshi and maximum of 120k satoshi depends on how fast we want our transaction to be confirmed.

[quzai]

Yep i find it rediculous too, i don't think this way new people to crypto will start using btc anymore..

[BawsyBoss]

As someone who has been out of the bitcoin scene for a while and is just now coming back, is there any other reason besides change in price of BTC making transactions so expensive? Also, what is the popular consensus on proposals such as SegWit? I keep seeing a lot of controversy regarding it.

lack of block space. there isn't enough room to include all transactions, so the fee to get included in quickly goes up. and the number of waiting transactions just grows.

as to segwit... yea, controversy. i don't think there really is a concensus. three sides, as i see it. those who want segwit, those who want bitcoin unlimited, and those who are sick of the debate entirely and want to just get on with something, anything, to solve the problem.

oh, and subgroups of "anything BUT segwit" or "anything but BU!" of course too.

Sorry to sound ignorant, but what exactly is BU? I have only ever heard of segwit when it comes to deciding for the future of bitcoin. What would make either side "win out" or be implemented over the other, assuming we eventually get to that point? Does it require a majority of miners or nodes to move forward with one option or such? Who would implement these proposals into the core?

[arklan]

As someone who has been out of the bitcoin scene for a while and is just now coming back, is there any other reason besides change in price of BTC making transactions so expensive? Also, what is the popular consensus on proposals such as SegWit? I keep seeing a lot of controversy regarding it.

lack of block space. there isn't enough room to include all transactions, so the fee to get included in quickly goes up. and the number of waiting transactions just grows.

as to segwit... yea, controversy. i don't think there really is a concensus. three sides, as i see it. those who want segwit, those who want bitcoin unlimited, and those who are sick of the debate entirely and want to just get on with something, anything, to solve the problem.

oh, and subgroups of "anything BUT segwit" or "anything but BU!" of course too.

Sorry to sound ignorant, but what exactly is BU? I have only ever heard of segwit when it comes to deciding for the future of bitcoin. What would make either side "win out" or be implemented over the other, assuming we eventually get to that point? Does it require a majority of miners or nodes to move forward with one option or such? Who would implement these proposals into the core?

BU = Bitcoin Unlimited. i'm not totally clear what they propose, but they're developing/have developed their own bitcoin client (i think) that will run with a different set of rules, i THINK using a dynamic system to increase blocksize. i'm not sure when this would be activated, but i've seen others posting that there's something around 30% support for it.

segwit is the proposal by Bitcoin Core, the devs of what was originally the satoshi client. it will activate at approval of 95% of nodes. (might be 95% of miners? i'm not sure) or ...some other way like a user activated soft fork or something.

[Bitcoinsummoner]

I think paying even $1 for every transaction or sending high amount of bitcoin still small fee compare to other plat form of payment outside like paypal payment honestly i experience of sending my usd to other paypal account asking for high fee mostly i am paying always $5 if the receiver is too far from y places.
And i think they should also relay in country before they are give the asking fee.