$0.85 transaction fee is absolutely ridiculous!

[stompix]

There is nothing insane. 1$ is not so big money to be payed for a transaction really. There are places that takes some % as fee for the transaction. And wen the amount is low - you pay something really small, but imagine how big money it is if the transaction is like couple of tens or hundreds bitcoins?!

It's actually close to 20$ now. And wait till it becomes 2000$, we shall see how people will feel then.

20$ fee?
Probably for something that has at least 40-50 inputs or outputs.
The normal transactions is between 1 and 2 $ depends of the day of the week.

And there will be never a 1000$ fee.
For that we will have to first through 100$ and at this point people will just stop using it and blocks will be empty again.

[RealBitcoin]

For that we will have to first through 100$ and at this point people will just stop using it and blocks will be empty again.

I agree, and that is how Bitcoin will fade away into obscurity as other altcoins will take over that can include anyone, not just privileged settlement layer transactions.

[kelseydustin]

There is nothing insane. 1$ is not so big money to be payed for a transaction really. There are places that takes some % as fee for the transaction. And wen the amount is low - you pay something really small, but imagine how big money it is if the transaction is like couple of tens or hundreds bitcoins?!

Sorry but now the fees are higher than $2 and I do not think that people will like it. In the previous day, bitcoin was used for many microtransactions but now, no one wants to send microtransactions anymmore because of the high fee

[SingAlong]

There is nothing insane. 1$ is not so big money to be payed for a transaction really. There are places that takes some % as fee for the transaction. And wen the amount is low - you pay something really small, but imagine how big money it is if the transaction is like couple of tens or hundreds bitcoins?!

For doing micro transaction, this gives the inability to do so. It is true that the transaction fee in Bitcoin is fixed unlike any other money transfers that depends on a certain percentage depending on the money that you will send. This is a great problem to those people who had just entered the Bitcoin world and can't transfer their money on the flick of their hand because the fees are high in their state that they don't really earn that much Bitcoin to call it nothing.

[Doms]

There is nothing insane. 1$ is not so big money to be payed for a transaction really. There are places that takes some % as fee for the transaction. And wen the amount is low - you pay something really small, but imagine how big money it is if the transaction is like couple of tens or hundreds bitcoins?!

Sorry but now the fees are higher than $2 and I do not think that people will like it. In the previous day, bitcoin was used for many microtransactions but now, no one wants to send microtransactions anymmore because of the high fee

You can still use low fees but you will have to wait longer for your transactions to be confirmed. There should be some other ways in which to compute for the proper transaction fees, given the amount of the bitcoin we want to send. Or there should be a separate entity or miners to handle small transactions only. This has yet to happen because the current situation is very much favorable for miners.

[NikS13]

I'm still a noob to bitcoin so i have a question: Why is it that if the price of bitcoin grows, the fee grows? Or is it nothing to do with it

[FasTroy]

I'm still a noob to bitcoin so i have a question: Why is it that if the price of bitcoin grows, the fee grows? Or is it nothing to do with it

I think yes, because when bitcoin price increase many people will use it, and automatically the number of transactions will increase per second, so miner fees will go on to be higher too. Maybe i am wrong, but this is what i think. By the ways miner fees is a big problem to me since i use Xapo wallet.  

[favila]

I'm still a noob to bitcoin so i have a question: Why is it that if the price of bitcoin grows, the fee grows? Or is it nothing to do with it

Not necessarily but in reality that is what happens because a price boost also means increased demand for transactions. People keep rationalising the fees are ok no matter how much they grow without acknowledging the crisis we currently have. I fear for the future of bitcoin if this keeps up.

[LoyceV]

My exchange kraken.com sent me an email today: they've increased the fee to withdraw Bitcoin to 0.0025 BTC.
That is 6.18 euro at current rate to withdraw Bitcoin.
They charge 0.09 euro to withdraw euro to my bank.

Taking out Bitcoin is now 68 times more expensive than using my bank! This is beyond rediculous.

Update: after many complaints, kraken.com lowered their fee to 0.001 BTC. They will now send withdrawals in batches.
This means it's "only" 28 times more expensive than using my bank.

[Xester]

My exchange kraken.com sent me an email today: they've increased the fee to withdraw Bitcoin to 0.0025 BTC.
That is 6.18 euro at current rate to withdraw Bitcoin.
They charge 0.09 euro to withdraw euro to my bank.

Taking out Bitcoin is now 68 times more expensive than using my bank! This is beyond rediculous.

That is huge.  If that will be the fee to withdraw bitcoin here in my country maybe I have to think twice.  I am just earning bitcoin at that same amount.  So maybe I will withdraw if I really need them.  It is indeed ridiculous.  Maybe the price is high because the price of bitcoin is high also.

[Shenzou]

If you think 0.85$ fee is redicoulis try 5$, last time i made a transaction worth 10$ of bitcoin from my Xapo wallet to an external wallet and i hade to pay 50% standared fee, i don't know why it was that high but i know one thing for sure is that i switced my wallet as soon as that happend and now i am spectacal about making any transaction because of this high fee, this needs to end now otherwise many people will stop making transactions

[FlamingFingers]

20$ fee?
Probably for something that has at least 40-50 inputs or outputs.
The normal transactions is between 1 and 2 $ depends of the day of the week.

And there will be never a 1000$ fee.
For that we will have to first through 100$ and at this point people will just stop using it and blocks will be empty again.

A normal transaction would have 0.00108480BTC as transaction fees for a total transaction size of 226 bytes, according to bitcoinfees.21.co. That is $3.002 worth of bitcoin, according to preev.com, with an estimated time of arrival of 1-12 hours.
Hope it's clear enough where we are going.

[CryptoRama]

If you think 0.85$ fee is redicoulis try 5$, last time i made a transaction worth 10$ of bitcoin from my Xapo wallet to an external wallet and i hade to pay 50% standared fee, i don't know why it was that high but i know one thing for sure is that i switced my wallet as soon as that happend and now i am spectacal about making any transaction because of this high fee, this needs to end now otherwise many people will stop making transactions

What? that much!
I advise you to not do such transactions, I rather use cryptocurrency exchange like poloniex, kraken, bittrex, and if fee would be that much I rather go on slow transaction...

Because that is just a waste sending bitcoin and ethereum on fast delivery... :/

[FlamingFingers]

What? that much!
I advise you to not do such transactions, I rather use cryptocurrency exchange like poloniex, kraken, bittrex, and if fee would be that much I rather go on slow transaction...

Because that is just a waste sending bitcoin and ethereum on fast delivery... :/

Nothing can be compared to Poloniex when it comes to fees – it has 0.0001BTC withdrawal fees, and it's almost fast, but the downside is that it has few depositing and withdrawing issues. Most other exchanges changed their fees to 0.001BTC (with YoBit being an exception as fees there are 0.0009BTC, HitBTC with 0.00085BTC and Cryptopia as fees are 0.0008BTC) for smooth transactions. Nova, Bittrex, c-cex, etc. Only Kraken has a chunk fees of 0.0025BTC, and alcurex has 0.002BTC, which is ridiculous.

[zedsacs]

Before that, for your information, the fee is about only 0.4-.6 im not sure tho but I just sent a btc into my other wallet and I know that payment fee and im pretty sure that it's not .85. So regarding to your question, the payment fee is okay for me, why? Because as you compair to other wallet, like mine (coins.ph), the transaction fee is 2 usd and as you compare, it's too high than blockchain and we all know that we have now transaction fee because the price is too high and because also of the high demand. It's a matter of supply and demand.

[hardtime]

I still remember the times when the fees were cheaper and everyone was happier, I think those were the days of the fees being around .14 to .25 but this was also when the price was around $700 so I guess I'd understand that it has to go up with the price and the extra network congestion that's occurring right now. Though, I don't think .85 cents is something which is that bad compared to other thing such as Paypal, Western Union, and so on. These are services which are going to rob you blind compared to how much the tx fees are right now.

Now I'm not saying we should improve on this, we've got to get to work on agreeing to a scaling solution so we can finally get back to at least something that isn't $3 to pay for a TX which I think is a bit absurd.

[erpbridge]

My exchange kraken.com sent me an email today: they've increased the fee to withdraw Bitcoin to 0.0025 BTC.
That is 6.18 euro at current rate to withdraw Bitcoin.
They charge 0.09 euro to withdraw euro to my bank.

Taking out Bitcoin is now 68 times more expensive than using my bank! This is beyond rediculous.

Holy shit. I wish all these exchanges gave an option to decrease the fees and let us suffer incase it doesn't confirm in time. You should probably just sell it, and you will save more money that way.

[stompix]

My exchange kraken.com sent me an email today: they've increased the fee to withdraw Bitcoin to 0.0025 BTC.
That is 6.18 euro at current rate to withdraw Bitcoin.
They charge 0.09 euro to withdraw euro to my bank.

Taking out Bitcoin is now 68 times more expensive than using my bank! This is beyond rediculous.

Update: after many complaintst, kraken.com lowered their fee to 0.001 BTC. They will now send withdrawals in batches.
This means it's "only" 28 times more expensive than using my bank.

Hihihi > this is the laugh before the update.
So btc was supposed to be a bank killer.
And yet we are close to the point when if you want to send btc you exchange them for $ use WU and the guy that gets the $ goes and buys bitcoin as it is cheaper than paying the tx fee.

Seems like more and more services are merging payments and not doing single outputs tx anymore.
The size of transactions in kb has gone up a bit lately.

[btcdevil]

My exchange kraken.com sent me an email today: they've increased the fee to withdraw Bitcoin to 0.0025 BTC.
That is 6.18 euro at current rate to withdraw Bitcoin.
They charge 0.09 euro to withdraw euro to my bank.

Taking out Bitcoin is now 68 times more expensive than using my bank! This is beyond rediculous.

Update: after many complaintst, kraken.com lowered their fee to 0.001 BTC. They will now send withdrawals in batches.
This means it's "only" 28 times more expensive than using my bank.

Hihihi > this is the laugh before the update.
So btc was supposed to be a bank killer.
And yet we are close to the point when if you want to send btc you exchange them for $ use WU and the guy that gets the $ goes and buys bitcoin as it is cheaper than paying the tx fee.

Seems like more and more services are merging payments and not doing single outputs tx anymore.
The size of transactions in kb has gone up a bit lately.

If this way only the bitcoin goes then very soon bitcoin will be used as for long term investment and for daily and small transaction they will search for another coin.

[malami]

I can't believe anyone still tries to rationalize and defend these high fees. Do we have to wait until it gets to $100 per transaction before people say enough is enough?

Bitcoin should be accessible to everyone but with the current fees its already becoming less and less the case.