$0.85 transaction fee is absolutely ridiculous!

[dtrumpfan]

the fees are actually over $13 per transaction when you include the block reward!  This averages out to only 0.5% of the total transaction volume which is pretty cheap for proven security.  

small transactions are somewhat subsidizing larger ones because of the tx fees.. which i think is obviously terrible for the currency.

The fees seemingly need to be pegged to a USD amount, or at least the protocol should be aware of the value of USD, respective bitcoin. I say this not to extol the supremacy of the dollar, but to peg the fees to a reasonable marker. USD is ubiquitous and already somewhat of a global standard. I love bitcoin going to the moon, but it sucks that the fees had to come along too

the fees should just be the block reward for a very long time... most people think the fee per transaction is $1-2 when it is actually $13... why not improve the optics and make the tx fee zero for the next 100 years?

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[BawsyBoss]

the fees are actually over $13 per transaction when you include the block reward!  This averages out to only 0.5% of the total transaction volume which is pretty cheap for proven security.  

small transactions are somewhat subsidizing larger ones because of the tx fees.. which i think is obviously terrible for the currency.

The fees seemingly need to be pegged to a USD amount, or at least the protocol should be aware of the value of USD, respective bitcoin. I say this not to extol the supremacy of the dollar, but to peg the fees to a reasonable marker. USD is ubiquitous and already somewhat of a global standard. I love bitcoin going to the moon, but it sucks that the fees had to come along too

This makes no sense. Bitcoin should not depend at all on any other currency. It should be self sufficient.

[Dabs]

You can't peg the fees to USD or any other currency. How would you do that? That would mean a hard fork too.

[JatiAnom]

today I pay $2 with bitcoin,
pay $4 for transaction fee ...
greaat

[Dabs]

today I pay $2 with bitcoin,
pay $4 for transaction fee ...
greaat

You're not supposed to do that, but you can, if you want to.

[JatiAnom]

today I pay $2 with bitcoin,
pay $4 for transaction fee ...
greaat

You're not supposed to do that, but you can, if you want to.

so bitcoin is not "an innovative payment network and a new kind of money" anymore

[Dabs]

so bitcoin is not "an innovative payment network and a new kind of money" anymore

I don't know what you think it is. But it has never been what you describe. It is its own network and currency. Which is still cheaper than wire transfers and faster than clearing checks.

[lol3c]

the fees are actually over $13 per transaction when you include the block reward!  This averages out to only 0.5% of the total transaction volume which is pretty cheap for proven security.  

small transactions are somewhat subsidizing larger ones because of the tx fees.. which i think is obviously terrible for the currency.

damn it. We need to move our coin to ethereum or some other altcoins right now or bitcoin will take all of our money with its ridiculous fee. It is really really sad since Bitcoin is a potential coin and not it is destroyed by some chinese lunatics

[LoyceV]

I don't know what you think it is. But it has never been what you describe. It is its own network and currency. Which is still cheaper than wire transfers and faster than clearing checks.

I often read this reasoning. Is it an American thing? Who uses wire transfers and checks?
Within Europe I can pay anybody by bank without any additional fee.

[User705]

I don't know what you think it is. But it has never been what you describe. It is its own network and currency. Which is still cheaper than wire transfers and faster than clearing checks.

I often read this reasoning. Is it an American thing? Who uses wire transfers and checks?
Within Europe I can pay anybody by bank without any additional fee.

But it isn't free.  All this talk about transaction fees and what they should be just shows how the modern financial systems makes everyone dumber.  Somehow because it shows zero fees on a European bank transfer you imagine the bank buildings cost nothing and everyone there works for free?  Everyone else pays for your free transaction.  And wait till the bailouts for banks come again.  Come back and tell us how the transfer is still free or ask the cypress bank account holders how their free transfers worked for them.  Bitcoin has a transparent market based fee and the user is able to select what fee he/she is willing to pay and the miner can select if they want to include it in a block.  Welcome to a truly free market.  It can be a bit tough to adjust to but it is better.

[bamboylee]

The fees seemingly need to be pegged to a USD amount, or at least the protocol should be aware of the value of USD, respective bitcoin. I say this not to extol the supremacy of the dollar, but to peg the fees to a reasonable marker. USD is ubiquitous and already somewhat of a global standard. I love bitcoin going to the moon, but it sucks that the fees had to come along too

It should have not if the mem pool have less unconfirmed transactions. Though there are lots of legit transactions, there is also a spam attack that is causing unconfirmed transactions to pile up. And now, the only solution to be confirmed faster is high fees. SO the fee keeps bloating.

[Dabs]

I don't know what you think it is. But it has never been what you describe. It is its own network and currency. Which is still cheaper than wire transfers and faster than clearing checks.

I often read this reasoning. Is it an American thing? Who uses wire transfers and checks?
Within Europe I can pay anybody by bank without any additional fee.

I'm not American. I imagine a lot of non-Americans use wire transfers and checks. I use a check to pay for my rent, but I could easily just use a debit card for that too.

How much does it cost to open a European bank account? Or how much do you have to leave in it? What kind of identification and contact details do they request from you?

[28days_ever]

I don't know what you think it is. But it has never been what you describe. It is its own network and currency. Which is still cheaper than wire transfers and faster than clearing checks.

I often read this reasoning. Is it an American thing? Who uses wire transfers and checks?
Within Europe I can pay anybody by bank without any additional fee.

I'm not American. I imagine a lot of non-Americans use wire transfers and checks. I use a check to pay for my rent, but I could easily just use a debit card for that too.

How much does it cost to open a European bank account? Or how much do you have to leave in it? What kind of identification and contact details do they request from you?

I, too, am not an American, but we need a lot of identification to transfer money to a bank and the operation is much more expensive than transfers of bitcoins. Therefore, bitcoin is certainly better in this regard.

[LoyceV]

But it isn't free.  All this talk about transaction fees and what they should be just shows how the modern financial systems makes everyone dumber.  Somehow because it shows zero fees on a European bank transfer you imagine the bank buildings cost nothing and everyone there works for free?  Everyone else pays for your free transaction.  

No need to attack me on this. We barely have bank offices anymore, most of it goes online. It simply means transactions are completely automated which makes the cost per transaction very low.
But if you insist on putting a fee on each transaction, you can look at what banks charge businesses. When I make a SEPA withdrawal from kraken.com, I pay 9 cents (0.00005346 BTC) fee.

How much does it cost to open a European bank account? Or how much do you have to leave in it? What kind of identification and contact details do they request from you?

Here internet banking is the most common payment method for bills.
The cost of a bank account varies per country and per bank. It used to be free (AKA the bank was happy to get you as a customer), some still offer free bank accounts, but most charge a few euro per month. That includes internet banking and a debit card for ATMs or to pay in shops.
We don't have a minimum balance required on bank accounts. The bank does require a legal form of ID to get an account.

[Flyyyy]

I don't know what you think it is. But it has never been what you describe. It is its own network and currency. Which is still cheaper than wire transfers and faster than clearing checks.

I often read this reasoning. Is it an American thing? Who uses wire transfers and checks?
Within Europe I can pay anybody by bank without any additional fee.

I'm not American. I imagine a lot of non-Americans use wire transfers and checks. I use a check to pay for my rent, but I could easily just use a debit card for that too.

How much does it cost to open a European bank account? Or how much do you have to leave in it? What kind of identification and contact details do they request from you?

I, too, am not an American, but we need a lot of identification to transfer money to a bank and the operation is much more expensive than transfers of bitcoins. Therefore, bitcoin is certainly better in this regard.

I'm also not an inhabitant of America and it's more convenient for me to use bitcoin. At the moment, this is almost the only cheap way to transfer money from one country to another.

[YuginKadoya]

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?

Many have doubted it for having a big amount on fees and I think it have grown a lot since the price of bitcoin started to platform on the $1000 value mark fees are really getting annoying and has getting pretty worst in the nerves of other users but can we really hate bitcoin because of that kind of fees or we just not seeing the great benefits it does? but can we really rebuke them for having the fee's increase? but still we are still gaining from bitcoin because of the value has increase to a great distance.

[TheWallStreetCrew]

today I pay $2 with bitcoin,
pay $4 for transaction fee ...
greaat

You're not supposed to do that, but you can, if you want to.

so bitcoin is not "an innovative payment network and a new kind of money" anymore

That is a very short sighted view of bitcoin. What if Henry ford had that attitude when he was creating the automobile?

[User705]

But it isn't free.  All this talk about transaction fees and what they should be just shows how the modern financial systems makes everyone dumber.  Somehow because it shows zero fees on a European bank transfer you imagine the bank buildings cost nothing and everyone there works for free?  Everyone else pays for your free transaction.  

No need to attack me on this. We barely have bank offices anymore, most of it goes online. It simply means transactions are completely automated which makes the cost per transaction very low.
But if you insist on putting a fee on each transaction, you can look at what banks charge businesses. When I make a SEPA withdrawal from kraken.com, I pay 9 cents (0.00005346 BTC) fee.

How much does it cost to open a European bank account? Or how much do you have to leave in it? What kind of identification and contact details do they request from you?

Here internet banking is the most common payment method for bills.
The cost of a bank account varies per country and per bank. It used to be free (AKA the bank was happy to get you as a customer), some still offer free bank accounts, but most charge a few euro per month. That includes internet banking and a debit card for ATMs or to pay in shops.
We don't have a minimum balance required on bank accounts. The bank does require a legal form of ID to get an account.

Didn't mean it as an attack.  It's just that it can't be free if the bank has a huge capital structure that needs to be maintained.  The costs of fraud, bad loans, stock market trading adventures etc.. and the biggest cost of all.  Inflation created by fractional reserve and central bank money printing.  And the worst part is all those costs are invisible to the user.  Bitcoin costs are instead very visible and if they were too high as this thread claims then people won't pay them and they will go down.  If anything paying $1 for irreversible, worldwide, permissionless value transfer system seems cheap.

[Jokoin]

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?

Bitcoin prices are rising dramatically, which makes the amount of money you pay for transactions grow faster, which is proportional to the bitcoin value. So, this is not really crazy, I suppose it's perfectly normal. Not just you, we all have to accept that.

Very true. However lets not deviate from the fact that we are all pissed off because of it. Perhaps in the future, well at least I hope, fees will be of consistent value regardless of transaction size/value of bitcoin... the low fees are one of the reasons that bitcoin is gaining so much traction with the general population now-a-days. Well, fees and Japan, Trump etc.

[Dabs]

I recently paid $11 for a $20k transaction. I still think that's not too bad. I also paid $24 for a $50k transaction about an hour ago.

Tell me that's ridiculous.