$0.85 transaction fee is absolutely ridiculous!

[btcforall777]

I would think that the devs will adjust fees in a future fork. Not a big deal in the long run.

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[arklan]

I would think that the devs will adjust fees in a future fork. Not a big deal in the long run.

that... is not how bitcoin works. at all. not even remotely.

[carlfebz2]

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.

I do know what local exchange you are mentioning which they do really had an option to choose what would be the size of your tx fee depending on how fast it would be confirmed and I would say its really high almost 2$ as far as I remember which is a lot already for me that's why I always chose to select the medium one when I'm not in a hurry but overall fees are really a big thing for now on bitcoin world.

[Trading]

This fee policy is going to backfire.

It's destroying the ability of bitcoin to be a normal mean of payment, including for small transactions. It's absurd to pay a fee of 20% on a small buy of 5 bucks.

We can't just explain it on technical grounds. There is here a human decision to postpone for days transactions with fees below 0.5-0.75 USDs.

Alt coins miners/developers/investors are loving this policy.


Soon, we'll see changes on major markets/retailers that use bitcoin.

Of course, this will hurt bitcoin and its price. Miners will pay for their greediness because of more competition by alt coins.

Carry on, miners, then you'll pay with all of us because of its outcome.

[OROBTC]

...

Stupidity, greed and stubbornness is a terrible combination.  Unfortunately that is what the miners & developers are both showing with being unwilling to sit down together and get the scaling problem(s) fixed.

I am continuously amazed that such smart people don't understand that they are putting all of Bitcoin at risk, or certainly scaring off many new people with their silly antics to make a little moar money now at the expense of making much more later. They are all thinking like Goldman-Sachs banksters.

Ugh.

*  *  *

Would SW and BU be compatible if both were implemented?  Serious question, as I have no idea.

[jorneyflair]

Why so many people think that 0.85$ is such a ridiculous fee?
After all, you need to remember that when you use banking system, maybe you dont really have to pay big commision ( usually, it is so low that you cannot even spot it ) but the transfer is going to be made during the regular work day, not in time of the weekend.
Blockchain works pretty much 24/7 thanks to decentralization, and also because there are thousands of miners who are willing to confirm the transaction: for their own profit.

And this is why I think you cannot tell that this kind of fee is so expensive, after all someone has to get some income from confirming those transactions, where mining is currently something really hard to make yourself profitable on.

[CoinTasker]

Why so many people think that 0.85$ is such a ridiculous fee?
After all, you need to remember that when you use banking system, maybe you dont really have to pay big commision ( usually, it is so low that you cannot even spot it ) but the transfer is going to be made during the regular work day, not in time of the weekend.
Blockchain works pretty much 24/7 thanks to decentralization, and also because there are thousands of miners who are willing to confirm the transaction: for their own profit.

And this is why I think you cannot tell that this kind of fee is so expensive, after all someone has to get some income from confirming those transactions, where mining is currently something really hard to make yourself profitable on.

An $0.85 fee isn't ridiculous if you are sending a larger amount of BTC, but when you are sending $1-$5 in BTC and have to pay 20%-50% fees, that is absolutely ridiculous. It's a scalability problem and makes BTC less ideal for day to day transactions.

[mrcash02]

Why so many people think that 0.85$ is such a ridiculous fee?
After all, you need to remember that when you use banking system, maybe you dont really have to pay big commision ( usually, it is so low that you cannot even spot it ) but the transfer is going to be made during the regular work day, not in time of the weekend.
Blockchain works pretty much 24/7 thanks to decentralization, and also because there are thousands of miners who are willing to confirm the transaction: for their own profit.

And this is why I think you cannot tell that this kind of fee is so expensive, after all someone has to get some income from confirming those transactions, where mining is currently something really hard to make yourself profitable on.

It must be interesting for all parts, and if there are many people complaining about the fees prices, it's not being good for all... People are here to avoid paying high fees for banks to make transactions, especially online transactions, so it's worthless to have the same or similar service here that you have at banks. The real problem is that fees don't stop increasing, even worse.

[JustMissed]

This fee policy is going to backfire.

It's destroying the ability of bitcoin to be a normal mean of payment, including for small transactions. It's absurd to pay a fee of 20% on a small buy of 5 bucks.

We can't just explain it on technical grounds. There is here a human decision to postpone for days transactions with fees below 0.5-0.75 USDs.

Alt coins miners/developers/investors are loving this policy.


Soon, we'll see changes on major markets/retailers that use bitcoin.

Of course, this will hurt bitcoin and its price. Miners will pay for their greediness because of more competition by alt coins.

Carry on, miners, then you'll pay with all of us because of its outcome.

I cant agree more with this, it will hurt in the long run, Tx's should be mined in order not greed.

[Faiyz]

This fee policy is going to backfire.

It's destroying the ability of bitcoin to be a normal mean of payment, including for small transactions. It's absurd to pay a fee of 20% on a small buy of 5 bucks.

We can't just explain it on technical grounds. There is here a human decision to postpone for days transactions with fees below 0.5-0.75 USDs.

Alt coins miners/developers/investors are loving this policy.


Soon, we'll see changes on major markets/retailers that use bitcoin.

Of course, this will hurt bitcoin and its price. Miners will pay for their greediness because of more competition by alt coins.

Carry on, miners, then you'll pay with all of us because of its outcome.

I cant agree more with this, it will hurt in the long run, Tx's should be mined in order not greed.

To my analysis this happened just once right? the over payment or transactions and the taking so long for confirmations to come. Well i agree that those are too much for small transactions but what if the transaction fees would depend on how much u are transacting but just for maintainance reasons off course or temporary because that too is hard to process if different transactions on each transactions. Because maybe the fees would be the same for every transactions soon after they solve this problem.

[ufaiz50]

for transactions that are small in value under $10 is a bit ridiculous but everytime I do a transaction I charged a fee $0.2 or $0.5 and if you see from the side of the big holder that's small fee compared to the others.

[DoublerHunter]

for transactions that are small in value under $10 is a bit ridiculous but everytime I do a transaction I charged a fee $0.2 or $0.5 and if you see from the side of the big holder that's small fee compared to the others.

In fact that amount of fee is very cheap compared to the traditional remittances that we currently have. Bitcoin is still affordable and its cheap is still low and the transaction is fast so we don't need to worry because it is still up to us on how much fee we will put on a transaction.

[BawsyBoss]

...

Stupidity, greed and stubbornness is a terrible combination.  Unfortunately that is what the miners & developers are both showing with being unwilling to sit down together and get the scaling problem(s) fixed.

I am continuously amazed that such smart people don't understand that they are putting all of Bitcoin at risk, or certainly scaring off many new people with their silly antics to make a little moar money now at the expense of making much more later. They are all thinking like Goldman-Sachs banksters.

Ugh.

*  *  *

Would SW and BU be compatible if both were implemented?  Serious question, as I have no idea.

The problem isn't that miners and developers are greedy or stubborn. The fact that this became a problem with them is what shows a significant weakness in the system which must now be fixed. A weakness in bitcoin means a weakness for the miners and developers as well. If the fees become too much to bear, they will also lose out in the long run since the fees would mean less people using bitcoin, which means miners and developers get paid less, which leads to less development and solving of issues, and so on.

[erpbridge]

for transactions that are small in value under $10 is a bit ridiculous but everytime I do a transaction I charged a fee $0.2 or $0.5 and if you see from the side of the big holder that's small fee compared to the others.

In fact that amount of fee is very cheap compared to the traditional remittances that we currently have. Bitcoin is still affordable and its cheap is still low and the transaction is fast so we don't need to worry because it is still up to us on how much fee we will put on a transaction.

Not always true. I usually buy gift cards online through sites like Gyft. I pay close to 10-20$ per card when buying, and get charged that fee of 5%. If I was to pay through paypal or something, then I would be paying no fee. It would be the merchant paying it in that case.

[elite3000]

Bitcoin has never meant to be for daily transactions since it has been designed.

I think other coins should become popular to meet such demand, sooner or later. Maybe Litecoin

[eckmar]

I don't like this either... The more price grow higher are transactions fees and one of main reasons I use bitcoin are low transactions fees (instead of 2.4% + 30c lol)

[paul gatt]

I don't like this either... The more price grow higher are transactions fees and one of main reasons I use bitcoin are low transactions fees (instead of 2.4% + 30c lol)

Because the value of bitcoin is so high, the cost of what we pay for is so high, however, that is quite normal. It may be higher than it was in the past, but compared to the amount you paid for cash, it was much lower. So do not regret it.

[erpbridge]

I don't like this either... The more price grow higher are transactions fees and one of main reasons I use bitcoin are low transactions fees (instead of 2.4% + 30c lol)

Because the value of bitcoin is so high, the cost of what we pay for is so high, however, that is quite normal. It may be higher than it was in the past, but compared to the amount you paid for cash, it was much lower. So do not regret it.

What are you saying ? How is it normal ? What do you mean by amount paid for cash ? Not everyone buys into bitcoin when it was 1000$/BTC or lower. If I am trnasacting with btc today, then I am spending that dollar amount it is today.

[JustMissed]

This fee policy is going to backfire.

It's destroying the ability of bitcoin to be a normal mean of payment, including for small transactions. It's absurd to pay a fee of 20% on a small buy of 5 bucks.

We can't just explain it on technical grounds. There is here a human decision to postpone for days transactions with fees below 0.5-0.75 USDs.

Alt coins miners/developers/investors are loving this policy.


Soon, we'll see changes on major markets/retailers that use bitcoin.

Of course, this will hurt bitcoin and its price. Miners will pay for their greediness because of more competition by alt coins.

Carry on, miners, then you'll pay with all of us because of its outcome.

I cant agree more with this, it will hurt in the long run, Tx's should be mined in order not greed.

To my analysis this happened just once right? the over payment or transactions and the taking so long for confirmations to come. Well i agree that those are too much for small transactions but what if the transaction fees would depend on how much u are transacting but just for maintainance reasons off course or temporary because that too is hard to process if different transactions on each transactions. Because maybe the fees would be the same for every transactions soon after they solve this problem.

Correct me if I am wrong, but from what I have been reading, is that the miners are cherry picking the higher fee transactions and leaving the lower fee transactions to sit for days or never.
For new people that are not knowledgeable on how bitcoin works, it could lead to frustration and non adoption.

[Wendigo]

I sent a transaction last night of 2 BTC and paid 0.0001 in TX fees which was valued at 0.18$ lol. Fortunately with the help of a transaction accelerator I managed to get it confirmed this morning so all is good and I didn't leave my money stuck in limbo  It's definitely possible to try to put in very low fees but maybe I just got lucky.