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Author Topic: $0.85 transaction fee is absolutely ridiculous!  (Read 24224 times)
jjoorriissjjuuhh
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May 14, 2017, 02:55:25 PM
 #161

I do not like it myself either.

Everyone is just happy that the price is going up meanwhile we can not use Bitcoin for anything except holding  Roll Eyes

Guess we gotta wait till the price goes down to use bitcoin properly again.
Preclus
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May 14, 2017, 03:45:49 PM
 #162

$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

WIth a US bank, you can use cash, check to pay someone without incurring any fees. If you use a debit card, you pay 21 cents in fees. A federal law limits debit card fees to 21 cents in the U.S.

That is the closest comparable to bitcoin in the U.S. because credit card fees are due to the fact that credit card spending is a loan. When you buy something with a credit card, you are spending money you don't have. At the end of the month, you have the option to pay or to roll the balance to the next month. If you pay the credit card off every month, you have no fees. The vendor getting your money does pay a fee, you just don't see it. Since things are generally priced the same whether you pay by cash, check, debit card or credit card, as a consumer it is usually best to buy with a credit card because you can dispute the transaction easily if there is a problem. And you can get cash back rewards with a lot of cards, making using a credit card the cheapest option to purchase something.

Buying something with a credit card that has a cash back option is by far the cheapest option for consumers buying online. The transaction cost is negative for the consumer.

Transferring money internationally by wire can be expensive.I only use wire transfers for amounts above $50,000 because the fee can be $30 or so. When I transfer money internationally, I usually use Transferwise. It has a flat $3 fee for transfer under $300. That includes the conversion into the receiving parties local currency with the rate locked for 24 hours at the mid market day rate. So, you aren't just getting the transfer, the receiver is getting local currency. To transfer bitcoin using local currency, you'd need to buy buycoin and the receiver would need to sell bitcoin. Both sides incur an exchange fee and the transfer fee is on top of that.

Bitcoin is good for illegal transactions like the current ransomware attack. The illegal transaction market is a decent sized market and people don't care about fees very much.

Some proponents say "look at Venezuela" and talk about currency inflation as a reason bitcoin will eventually become popular as a currency. People don't use currency as a store of value. How many people own paper dollars as an investment? None. People own assets, the dollar is a means of exchange. It is what things are priced in. When the "value of the dollar" goes down, it means other asset prices have gone up compared to the dollar. Venezuela is not having issues because the value of the Bolivar is going to hell. The value of the Bolivar is going to hell because the country has fallen apart and all assets in Venezuela, including the Bolivar, are becoming worthless as a result.

The best proxy for bitcoin is public stock in a company that has no income, no assets and that pays no dividends. It is not a currency, it is an asset that can be bought or sold, only to someone else. Like a stock, you can transfer the stock to someone else through a broker (miner) and you will incur a transaction fee to do so.

I am not saying this is a good or bad thing or what it means for the future.
KeyGenKing
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May 14, 2017, 04:24:53 PM
 #163

You are wrong because fees are still $0.4-$0.5

and if you ended up paying anything more than that, it means your transaction had a lot of outputs to spend and that is what caused your transaction size to grow 2 or 3 times in size compared to a normal 220 byte transaction and you as a result ended up paying 2 or 3 times more fee than normal fee.

I am not saying fees have not gone up. I am more pissed off about higher fees as the next guy but it is not $1.

http://coincap.io/

Average Fee
$1.61


https://btc.com/stats/unconfirmed-tx

The current best transaction fees 199 Satoshis/byte | 0.00199 BTC/KB

0.00199 = 3.19 USD


https://bitcoinfees.21.co/

Which fee should I use?

The fastest and cheapest transaction fee is currently 200 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 45,200 satoshis (0.75 USD).


Where did you get the "because fees are still $0.4-$0.5"?

I got a transaction fee of $3.26 a few days ago. But it has a lot of outputs.
I want to send $7.56 in bitcoin but with this fee i don't send bitcoin.
wxa7115
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May 15, 2017, 08:35:50 PM
 #164

I do not like it myself either.

Everyone is just happy that the price is going up meanwhile we can not use Bitcoin for anything except holding  Roll Eyes

Guess we gotta wait till the price goes down to use bitcoin properly again.
Sorry, but bitcoin is never going to go down to really low values ever again, at some point it is going to lose some value but not that much, so you will need to find a way to make things work with bitcoin or use another crypto currency to do those small transactions.
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May 15, 2017, 08:47:28 PM
 #165

It is evolving. Keep in mind btc price is up a ton. At 1600 to 1800 usd per btc the fee is going to cost more usd. If the btc price was 10000 right now the fee would be like5 or 6 usd.

Need segwit to bring prices down overall.
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May 15, 2017, 10:36:14 PM
 #166

It is evolving. Keep in mind btc price is up a ton. At 1600 to 1800 usd per btc the fee is going to cost more usd. If the btc price was 10000 right now the fee would be like5 or 6 usd.

Need segwit to bring prices down overall.

SegWit will bring down the transaction fee prices, but will most likely increase the price of each BTC. If the BTC price is $10k, and we are on SegWit, then the fee would be a lot less than 5 USD for sure.

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May 15, 2017, 10:59:47 PM
 #167

I just broke my record this morning.

I made a transaction with a 0.00185434 BTC fee. 1222 (bytes) so fee per byte was 151.746 sat/B.
41 minutes to confirm. I was a BTC supporter because it allowed cheap and fast transactions, those days are gone.

Waiting for SegWit...

I used to be a citizen and a taxpayer. Those days are long gone.
CoinTasker (OP)
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May 16, 2017, 10:47:54 AM
 #168

Well, at minimum....I'm happy to see many of you agree with my opinion and that it has created thoughtful discussion among all of us. Thank you for sharing your opinion on this, it's very useful to see how other people in the BTC community feel.

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May 16, 2017, 11:00:35 AM
 #169

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?

The price of bitcoin increases accordingly and the price of payment for the transaction will also grow. It was immediately designed for large operations.

stompix
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May 16, 2017, 01:31:54 PM
 #170

I think this is not too ridiculous considering bitcoin is in its all time high value at this moment and continue to rise day by day, you can customize the fees in some desktop wallet like mycelium if you want but expect it may take time to confirm from 1-4 days..

Really?
So you're ready to pay 5$ in fees when you buy a vpn subscription for 8$?
Let's say bitcoin reaches 1 million and every transaction cost 500$.

Are you still going to use bitcoin? I doubt it.

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mmo4me.2016
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May 16, 2017, 01:48:20 PM
 #171

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 moment, $0.85 transaction fee is normal, but such charges are not attractive for small transactions, consistent with large volume transactions/
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May 16, 2017, 02:03:08 PM
 #172

I think this is not too ridiculous considering bitcoin is in its all time high value at this moment and continue to rise day by day, you can customize the fees in some desktop wallet like mycelium if you want but expect it may take time to confirm from 1-4 days..

Really?
So you're ready to pay 5$ in fees when you buy a vpn subscription for 8$?
Let's say bitcoin reaches 1 million and every transaction cost 500$.

Are you still going to use bitcoin? I doubt it.


It would probably make more sense to pay for your VPN subscription annually, so you get a discount in both the price and the transaction fee.

If bitcoin reaches 1 million USD, I'm going to buy a yacht. (or a lambo.)

krisnt80
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May 16, 2017, 02:12:15 PM
 #173

This makes no sense one week ago 100k as fee would let your transaction to be confirmerd very fast, now its stucked in the blockchain, bitcoin is loosing those advantages it had in the begining, better trade with other coins with lower fees, its ridiculous fees at the moment.
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May 16, 2017, 02:23:01 PM
 #174

This makes no sense one week ago 100k as fee would let your transaction to be confirmerd very fast, now its stucked in the blockchain, bitcoin is loosing those advantages it had in the begining, better trade with other coins with lower fees, its ridiculous fees at the moment.

Even if you trade with other coins when their transaction traffic will go high like bitcoin then they will also face the same problem. You are only seeing the high fees but you are not seeing that the value have also gone 3 times more what you were seeing before. It is true that fees is going high but the reason is heavy traffic of transaction which is making miners work more hard
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May 16, 2017, 02:37:38 PM
 #175

This makes no sense one week ago 100k as fee would let your transaction to be confirmerd very fast, now its stucked in the blockchain, bitcoin is loosing those advantages it had in the begining, better trade with other coins with lower fees, its ridiculous fees at the moment.
Yeah, I hope that there will be someone who will do something for this problem. It is kinda a mess and I do not want people feel bad about Bitcoin. Bitcoin has a bright future but right now it is stuck here and can not get out
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May 16, 2017, 02:44:49 PM
 #176

This is why people call Bitcoin "digital gold". $0.85 is pretty cheap for transferring something like $1000, especially if you are sending money to other country or even continent. Bitcoin is also good for storing value - altcoins in general are more volatile. Bitcoin is a decent payment method for big transactions overseas, but horrible for small payments, because it's so slow and fees are high.
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May 16, 2017, 02:51:25 PM
 #177

$0.85  is not much when you are moving big amounts, for 1-20 dollars transaction its a bit to much to pay  just for fee. I don't have problems with paying miners fee, my transactions ate usually 30-50 dollars and sometimes more, I gamble a lot so one spin or one bet more or less is not making a big difference. This is a problem just for people who claim faucets, other PTC sites, or some micro earning, they lose a lot of time to make some little profit, and giving that profit on fee is unacceptable for them, I get that.



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Rainbot
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May 16, 2017, 03:29:03 PM
 #178

Bitcoin transactions are instant. It's the confirmation or inclusion in a block that takes time. Once you see a transaction paid to you (or to anyone else), and nothing fishy comes up after 5 to 10 seconds, as long as proper tx fees are paid, you're almost sure of it.

Again, for coffee, it's a big deal. For everything else where you could probably pay by check, money order, bank draft, or bank wires, bitcoin is still way way better.

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May 16, 2017, 04:34:19 PM
 #179

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

yes it is. Many of users right now are getting mad because of that high fee. Maybe can result in to the lose of people who are using bitcoin.
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May 16, 2017, 04:55:41 PM
 #180

Bitcoin transactions are instant. It's the confirmation or inclusion in a block that takes time. Once you see a transaction paid to you (or to anyone else), and nothing fishy comes up after 5 to 10 seconds, as long as proper tx fees are paid, you're almost sure of it.
If you receive Bitcoins from a source you don't trust, the statement above is not enough. A transaction with proper fee (but still a bit under the minimum required for near-instant confirmation at that moment) can easily take hours or days to confirm. That gives more than enough time to double spend it (by sending the same Bitcoins with a higher fee to another address).
If you trust the source it's not really a problem, unless you need the Bitcoins urgently. But the whole point about Bitcoin is being able to make trustless transactions.
Remember Satoshi recommends to wait for 6 confirmations before accepting a transaction as being confirmed.

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