$0.85 transaction fee is absolutely ridiculous!

[Powerman001]

I think the fee is rather expensive for people who do bitcoin transactions every day. But the fee is also reasonable if you send bitcoin in large quantities. Because I personally prefer to be exposed to the fee is quite expensive in order to get a quick confirmation, rather than just using a small fee but requires a long time of confrimation. Thank you

[7jaka7]

Can somone explain to me how to estimate how much bytes is one trasaction? Is there like average atm? Or bytes variate a lot?
https://bitcoinfees.21.co/
What fee are you using most of the time?

[dissident]

Bitcoin is going to be a victim of the miner's greed as some altcoin like XEM (my preferred choice with catapult coming) or ETH takes over the throne. If exchanges ever start pairing directly with other cryptos and bypassing BTC, it will no longer be required to trade altcoins.

How long can we sit around with an ever rising number of unconfirmed transactions before the market decides we need a better solution?

[stripykitteh]

I've been trying to get more money flowing from my Bitcoin account to my other accounts and the transaction fee only allows me to make a few transactions before the price of it gets very expensive.

I am not that surprised that Bitcoin has an expensive transaction fee because it was pretty much known from day 1 that the transaction fee was going to get large. Nobody should spend Bitcoin if they think that Bitcoin's transaction fee is just too large to spend.

[Rahar02]

Bitcoin is going to be a victim of the miner's greed as some altcoin like XEM (my preferred choice with catapult coming) or ETH takes over the throne. If exchanges ever start pairing directly with other cryptos and bypassing BTC, it will no longer be required to trade altcoins.

How long can we sit around with an ever rising number of unconfirmed transactions before the market decides we need a better solution?

Last time I check it was 164K unconfirmed transaction and 82BTC fees for miners, they still get another 25BTC for every block included on blockchain, pretty good business obviously moreover current price at higher peak. I don't know if some people trying to send spam transaction with low fees or it is real transaction but the block size cannot afford so many transaction. But, we do know that miners have good time right now.

[wxa7115]

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

The fee is high but as long it is useful to some people then bitcoin will keep being used, at the moment bitcoin is used more as an investment vehicle than a currency so the fees are not so detrimental to the price but eventually this will become a factor as more people use bitcoin.

[dmamigo]

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

The fee is high but as long it is useful to some people then bitcoin will keep being used, at the moment bitcoin is used more as an investment vehicle than a currency so thee fees are not so detrimental to the price but eventually this will become a factor as more people use bitcoin.

Absolutely, if you are earning, you need to accept some fees/charges. I transferred some BTC and I was charged approx., 1.34%. Its quite decent unless you try to compare with BTC/USD.

[Dabs]

If it costs you about $0.60 to send $170,000.00 to someone else, or anyone else, I'd say that's a pretty good deal. The problem is that it could cost you that same $0.60 to send $6 to someone too.

That's both the strength and weakness of bitcoin.

[concept2]

If it costs you about $0.60 to send $170,000.00 to someone else, or anyone else, I'd say that's a pretty good deal. The problem is that it could cost you that same $0.60 to send $6 to someone too.

That's both the strength and weakness of bitcoin.

I agree with you dabs. But it is totally ridiculous when I send $2 with $2 fee since there are many spamming transaaction in the blockchain system. That is why they call bitcoin is gold. Gold can only use for saving and investing purposes

[mexicantarget]

I own a micro cache website.

Users who use my service are usually users who work on micro-earning sites. Hard working people who're doing what they're doing for X or Y reason.

Imagine yourself being in a country that isn't developed or simply isn't a high TIER country.

Earning $1 per day in some countries is considered as a good salary. If those people need to pay 10-80 cents to send $1 they earn, something isn't right.

Bitcoin wasn't meant to become a monopolized virtual currency. Currently it is. People are literally forced to move to alternative currencies, due to lower sending costs + speed.
Bitcoin was meant to help users move value, escape economic tyranny and be able to buy a coffee while paying for 1 coffee, not 2, due to high tx fees we see currently. Plus, the speed is "meh".

"Faucets" were a great attraction to users who were new to bitcoin. They still are.
I found bitcoin through faucets. Now I run 10+ websites which pay users in bitcoin and pay up to $7.000 per month. Not including microcache site's numbers.

I pay ~2% on fees, due to Ledger Nano S (Cold storage) & ongoing transaction fees.

So, please. When you talk, make sure you're not talking in general, because there's a community of more than 1 million people which is invisible and no one talks about them.

Bitcoin is expensive to send.

[smoothie]

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?

Would rather pay a $1 fee than a bank wire fee of up to $20 to $50 to send funds.

Not to mention it is faster than sending a wire if you use a right fee amount.

[Boseda]

I totaLLY agree with OP.
Bitcoin fees are going out of control and it's really time to move to another currency. Almost every other "altcoin" is better than Bitcoin.

Even paypal is better as a payment service.

[scambust]

Basically these high fees should never happen in the first place - Maybe in the distant future, but not now. It's just a sign that Bitcoin's development has stalled. The devs are focusing too much on other updates.

One of these days, the bubble will burst and the runner-up alt will eventually take the first place.

[Dabs]

PayPal could never be better. I mean, it's reversible and they can hold your funds.

As for alts, well, I don't know. It's possible, but the discrepancy in market capitalization or total value is too wide a gap at the moment.

[Przemax]

I came a long time ago that the high price of bitcoin is not matching its popularity.

The speculation money is the signs of the times. And the speculation can screw every economic incentive. Now the price of the bitcoin makes the fixed rates of fees awesome tool for rich people, but its making the poorer people disinterested in bitcoin.

I know that people thats not that well of will still be intersted in bitcoin transactions. Im just speaking about the world we living. There is too much junk money that break things instead of fixing them or give them value.

[Amph]

If it costs you about $0.60 to send $170,000.00 to someone else, or anyone else, I'd say that's a pretty good deal. The problem is that it could cost you that same $0.60 to send $6 to someone too.

That's both the strength and weakness of bitcoin.

there should be a easily way to fix that, if perhpas they can add side priority to less valuable transaction, this would work not only based on size but ont he value that the transaction carry

the problem is that the fee right now is a fixed amount, this is where everything is wrong, should be done in a way that the fee is based on % of what you are sending and again not only on the size

[LoyceV]

Basically these high fees should never happen in the first place - Maybe in the distant future, but not now. It's just a sign that Bitcoin's development has stalled.

As much as I dislike Etherium (being centrally controlled and hard-forking whenever the rich creator wants), it does have benefits: the foundation behind it has funds and power to ensure the network works well.

In Bitcoin, miners earn millions of dollars per day, while there is no (or barely any) funding for development.
But that's not even the main problem, increasing block size doesn't take much development. The main problem is the power-games between people who have huge financial interests, instead of caring about Bitcoin's long term future and usability.

I own a micro cache website.

...

I pay ~2% on fees

The people receiving this $7k in small transactions will have to pay 5 to 10 times more in fees to use it. That brings the total fees on about $1k to spend $7k.

[qiman]

We are always putting around twice the recommended advanced fee for our Bitcoin transactions to be going through in a decent time frame. Our largest transaction fee was around 1.6 USD so far made two days ago. It has become the second 'PAYPAL' now to move around Bitcoin.   It looks like the mining pools now control Bitcoin and have the upper hand in everything.

[wxa7115]

If it costs you about $0.60 to send $170,000.00 to someone else, or anyone else, I'd say that's a pretty good deal. The problem is that it could cost you that same $0.60 to send $6 to someone too.

That's both the strength and weakness of bitcoin.

I agree with you dabs. But it is totally ridiculous when I send $2 with $2 fee since there are many spamming transaaction in the blockchain system. That is why they call bitcoin is gold. Gold can only use for saving and investing purposes

I think this is a fair comparison, gold is so valuable that you cannot expect to buy bubble gum with it, it is simply not practical to try to do so, bitcoin with its high price does not seem to be able to manage to do that either so for those small transaction we will need something like litecoin.

[Gens09]

Obviously sometime there are also hidden fees in the transactions but this fee is really ridiculous it almost cost 1dollar at all we don't expect this even the bitcoin price is going up fast not really this is not a fair transaction for us at all.