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Author Topic: $0.85 transaction fee is absolutely ridiculous!  (Read 23061 times)
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May 19, 2017, 03:08:33 AM
 #241

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.

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May 19, 2017, 01:11:59 PM
 #242

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.

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May 19, 2017, 02:03:49 PM
 #243

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.
Nope, it is fair amount what you paid for $20k and $50k. If you transfer the same amount in any other method means a bank or western union or else any other third party company they will charge more than what you paid.  I still ok for this fee for huge amount transaction.
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May 19, 2017, 03:21:22 PM
 #244

And my latest transaction: $27,780 USD.
Transaction Fee: $8.62

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May 19, 2017, 03:33:12 PM
 #245

needless to say the days of making paper wallets of .1 BTC and handing them out to people are gone with these fees. I'm using what I believe will be bitcoin's replacement, XEM, for cold storage wallets, though I generate the addresses with the Nano client. I only use BTC for transfer between exchanges because exchanges only trade altcoin pairs with BTC at this point.  It's crusty, outdated, and lagging behind because of internal politics. Time to move on.   You can call the fees "fair" and maybe they are, but that's just the big mining interests talking.. some of us see the future and it's a future where BTC is being dethroned for not changing fast enough to meet up with changing needs of the market. Adapt or die.   Of course the biggest interests are always the slowest to adapt and change, so I don't expect exchanges to switch from BTC to something else for altcoin pairing until that something else has been trading above BTC in market cap for months.

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May 19, 2017, 03:58:27 PM
 #246

needless to say the days of making paper wallets of .1 BTC and handing them out to people are gone with these fees. I'm using what I believe will be bitcoin's replacement, XEM, for cold storage wallets, though I generate the addresses with the Nano client. I only use BTC for transfer between exchanges because exchanges only trade altcoin pairs with BTC at this point.  It's crusty, outdated, and lagging behind because of internal politics. Time to move on.   You can call the fees "fair" and maybe they are, but that's just the big mining interests talking.. some of us see the future and it's a future where BTC is being dethroned for not changing fast enough to meet up with changing needs of the market. Adapt or die.   Of course the biggest interests are always the slowest to adapt and change, so I don't expect exchanges to switch from BTC to something else for altcoin pairing until that something else has been trading above BTC in market cap for months.

You're using XEM for cold storage because thee is nothing else you can do with that.
Nothing.

No matter how many coins pop up that call themselves 2.0 3.0. 9999.0 in the end all you can do is look at them on your wallet and hoping that the next pump comes on poloniex before the dump.

Marketcap means 0. Userbase means 100%.

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May 19, 2017, 04:18:45 PM
 #247

I don't think you just hand out paper wallets with 0.1 BTC to people. You could, but unless they trust you, they will verify on the blockchain that the paper wallet address has an amount in it, or just sweep it immediately on their mobile wallet.

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May 19, 2017, 04:25:37 PM
 #248

You are not wrong, but this seems to be perfectly appropriate at the present time because Bitcoin prices have soared, so fees also increased. If you do not want, you can  transactions with a smaller fee but the transaction speed will be very slow, it may take a few days to complete. You need to accept this to make your transactions more convenient and quick, not only you but everyone else, so hopefully it will be fixed in the future.

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May 19, 2017, 05:42:02 PM
 #249

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.
On a big transaction it might not matter much, but that doesn't change the problem high fees cause for small transactions. The amount of money you send has nothing to do with the fee you pay. I can show you a $550 transaction with $27 fee, and at 231 sat/byte it's not even enough to confirm fast.

needless to say the days of making paper wallets of .1 BTC and handing them out to people are gone with these fees.
When Bitcoin was worth $200, a 0.1 BTC paper wallet was a nice $20 gift, and could be spend without fee at all (if the coins had matured enough to have medium priority). Now 0.01 BTC is (almost) $20, but it requires $1 on fees. And another $1 when the receiving party wants to spend it.

Quote
I'm using what I believe will be bitcoin's replacement, XEM, for cold storage wallets
This one (and many other altcoins) goes up by many (dozens of) percents per day. You don't need cold storage to make a quick buck there.
But I think the rise of alts is mainly caused by Bitcoin's limitations. Everybody still wants Bitcoins, but it's much cheaper and faster to use altcoins.

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May 19, 2017, 11:53:24 PM
 #250

Get a wallet where you can set custom fees of your choosing and you will be alright. The low/average/expedited options won't do the trick, you would need to input your own numbers.
This is not fair I guess. Finding another wallet is not the something which will resolve the issue. It is about the future of the Bitcoin, if people use to find more and they offer the better than that of the Bitcoin then the BTC will be left behind. The reason why people preferred the BTC was because of its low fee.

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May 19, 2017, 11:54:06 PM
 #251

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?

It depends on how many inputs will be used. Back then it's easy to see how many inputs will be used in your transaction by clicking the review on the legacy wallet of blockchain but now you can't because the new one doesn't let you. As of now i'm always using a fixed fee of 0.0004 for a 250 byte transaction but seems like it's still not enough because my transaction is still stuck after a day. Thinking of increasing my fees on my next transactoins.
Well this fee increase may suit you but to many it may be a burden on the transactions. I guess it will be the time for many to switch off and to find another. Anyway everything have its cons and pros so it may be beneficial to some while to some it may not.
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May 19, 2017, 11:59:53 PM
 #252

For me this is "normal" fee, because everything have a fee today and I simply don`t watch on that anymore. If you want to finish things faster you need to pay, that is the system, more money you have more faster and better things are waiting for you.
I`m using xapo wallet, and I received mail couple days ago, from now on xapo have fees as well, it was good but now we can choose to pay more or less for fee.


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May 20, 2017, 03:02:57 AM
 #253

I sent .00095 which equates right now to i think more than $1 and it has already been 3hrs and it is not yet confirmed which is for me really is ridiculous. Fees really affect the transaction nowadays fvck

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May 20, 2017, 03:14:03 AM
 #254

And my latest transaction: $27,780 USD.
Transaction Fee: $8.62


The largest amount of dollar-value of BTC I ever transferred was some $4000, and that was well before the current scaling problem(s) hit us.  Lately, in my trx of, say, a few hundred dollars, I have been paying around $0.75 - $1.00 per address (call it some 500 - 600 Satoshi), it is easier for me to just count the addresses than do the math...  

Only once did I have to wait around for a confirmation when "over-paying", and it was the third block following that did confirm in that case.

But, you make one great point by showing fees for LARGER trx.  I too would pay up to make my large transaction SO DESIRABLE to the miners that it would (probably) be confirmed at the first possible moment.
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May 20, 2017, 03:19:35 AM
 #255

And my latest transaction: $27,780 USD.
Transaction Fee: $8.62

first of all that's a nice chunk of coinage, i wish i could have that much tbh :|

In your case paying a 0.03% fee on your transaction if i'm correct with my calculations on a $28k transaction, having the security and peace of mind knowing that your account won't get frozen or anything of that sort is still a great deal.

However if you just sent $10 and the transaction size is the same size as your transaction and paid a $8 fee, that would be a 80%+ fee...

Personally I actually damn wish that bitcoin transaction fees are going down. I now have to pay fees on the Xapo web wallet and coinbase which used to be free. The bitcoin price is high + high transaction fee just doesn't work...

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May 20, 2017, 03:24:47 AM
 #256

show me any other financial means of moving $1900 worth for only $0.85 globally .... it doesnt exist.

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May 20, 2017, 03:35:42 AM
 #257

i sent 0.05 btc with fees 0.003 btc with hoping that my transactions would not stuck just like many people have but seems it doesn't solved the problem because over than 2 days there still unconfirmation and since i'm in bitcoin this is the bad situations for me and it is certainly annoying

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jekjekman
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May 20, 2017, 03:55:02 AM
 #258

show me any other financial means of moving $1900 worth for only $0.85 globally .... it doesnt exist.

It is good for the high players in sending big volume of bitcoin though but the real commotion here is that even you are sending $1-$10 worth of bitcoin you will have to pay fees almost the same of sending big amounts just to be receive by the recipient in time, so sending small amount of bitcoin to others with a high fees will kill the small players.

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May 20, 2017, 03:59:55 AM
 #259

show me any other financial means of moving $1900 worth for only $0.85 globally .... it doesnt exist.

yes, but newbies that still are testing the waters may get scared with the transaction fees

I think most will start only with play money, then will put amounts in the order of thousands and more, if they can afford

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May 20, 2017, 04:04:40 AM
 #260

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?
I think the fees is not limited in the limit of 0.5$ to 1$ , here I found that the transaction fee needed to about 2$ ( according to the current price of the Bitcoin ) which is really high if we compare in the last two.weeks , because here with the transaction charge of 200+sat/byte is not much sufficient to confirm the transaction  , Here in the normal condition we need to pay atleast 250sat/byte ( which will depend upon the numbers of the input and output of the amount of the Bitcoin that you want transfer ) .
And I think we should not go to back here to pay the high fee , because the high fee making the miners network and community strong by economically  and that will be results into the  improvement in the technology of the Bitcoin indirectly .


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