$0.85 transaction fee is absolutely ridiculous!

[Philipp M.]

I am relatively new to this, but aren't these rising transaction fees becoming more and more of a problem now that bitcoin becomes more popular?

I mean where will it end, right now it's about 2.60 $ and still takes over an hour to be confirmed. Isn't bitcoin disqualifying itself with that?

I mean the whole point was to make fast and cheap transactions, now the recent development is heading into a completely different direction. As stated above, it's unattractive to use for daily business, small amounts, and even quick transfer.

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[LoyceV]

Right now it is costing around $3 for a 60 minute transaction (https://estimatefee.com/) ---> that is WAY more expensive && WAY slower than a credit/debit card transaction.

The solution is easy: bigger blocks. Instead of doing that 2 years ago, it's still being debated and surrounded by FUD.
Meanwhile, miners earn $10 million per day, that's a lot of money leaving the Bitcoin system to pay for electricity. And the higher fees get, the more miners benefit from small blocks.

[illinest]

Right now it is costing around $3 for a 60 minute transaction (https://estimatefee.com/) ---> that is WAY more expensive && WAY slower than a credit/debit card transaction.

The solution is easy: bigger blocks. Instead of doing that 2 years ago, it's still being debated and surrounded by FUD.
Meanwhile, miners earn $10 million per day, that's a lot of money leaving the Bitcoin system to pay for electricity. And the higher fees get, the more miners benefit from small blocks.

To be fair, it's not way slower than a credit card transaction. Those take months to settle, and they can be reversed during that time. A BTC transaction that gets confirmed in 1-2 days is much faster at settling than credit cards.

We already got a short-term solution: Segwit. It's a 4x block size limit increase and all you need to do to enjoy considerably cheaper fees is to upgrade to a Segwit-compatible wallet. The reason this has been debated for years is because letting the block size grow uncontrolled will make it increasingly difficult for users to enforce consensus rules by running a full node. They'll then need to trust services to do it for them, eliminating the "trustless" nature of the protocol.

The ideal way to scale would be use off-chain (but trustless) methods like the Lightning Network. Sidechains are another way. Atomic swaps into other cryptocurrencies are another solution. In the future we might also be able to use Zk-SNARKs to boostrap nodes much faster (vs. downloading the whole blockchain). Thin blocks, IBLTs..... there are lots of possibilities. But they take time. We can't throw out the baby with the bath water.....

[cl37007]

I agree, the transactions fee are too high, and will only go up. Segwit will go some way to fixing this but with mainstream adoption this is only a band aid. This is something that concerns me and could be the downfall of Bitcoin. I would like to think that the Devs will come up with something long before then. The only problem there is the disagreement between the Devs who then create another fork such as Cash and Gold which fail to takeoff as well as the original

[949miner]

I agree with all of you guys, but just imagine this, this guy said that $0,85 were expensive on March of 2017, now we are almost on November, and $2,50 is so expensive for us. Just imagine what can happen to bitcoin when the price of a Minimum fee's transaction gets to $5, the whole market will collapse because only a reduced people could send and receive bitcoins because of the high fees that it will have.
This is possible guys, just pay attention to it.

[eaLiTy]

I am relatively new to this, but aren't these rising transaction fees becoming more and more of a problem now that bitcoin becomes more popular?

With the price of bitcoin rising expect the transaction price to get bigger too ,that is a natural progression and there is nothing we can do about it,hope there will be a solution in the future,if not it wont be that low cost transaction like we once was proud about like bitcoin transaction is almost free rather than the conventional banking system,but as we go further the things are changing on that aspect and we have to deal with it.

[angaper]

I agree with all of you guys, but just imagine this, this guy said that $0,85 were expensive on March of 2017, now we are almost on November, and $2,50 is so expensive for us. Just imagine what can happen to bitcoin when the price of a Minimum fee's transaction gets to $5, the whole market will collapse because only a reduced people could send and receive bitcoins because of the high fees that it will have.
This is possible guys, just pay attention to it.

In the last transactions I made in Xapo, I was charged a fee of around 0.001 BTC by sending 0.05 to another adress, which is equivalent to almost $6.00 and I thought it was a normal rate. How much should a fair rate be supposed to be?

[illyiller]

I agree with all of you guys, but just imagine this, this guy said that $0,85 were expensive on March of 2017, now we are almost on November, and $2,50 is so expensive for us. Just imagine what can happen to bitcoin when the price of a Minimum fee's transaction gets to $5, the whole market will collapse because only a reduced people could send and receive bitcoins because of the high fees that it will have.
This is possible guys, just pay attention to it.

I don't follow your logic. The important thing to recognize is that fees are part of the protocol: that means that they must necessarily be denominated in BTC. You guys keep talking about the rising price of fees, but what about the rising price of BTC?

If the price of BTC rises, so will the costs of fees, since they are denominated in BTC. If you want Bitcoin to go to the moon, you can't have it both ways!

Also, I paid a transaction last night that paid $0.12 in fees despite high congestion on the network. It confirmed within a few hours. Do you realize that with $0.12 in fees, one could transfer millions of dollars via BTC? The price of BTC has gone up 3000% in the past 2+ years, yet from where I stand, fees are still quite cheap.

[FasTroy]

I agree with all of you guys, but just imagine this, this guy said that $0,85 were expensive on March of 2017, now we are almost on November, and $2,50 is so expensive for us. Just imagine what can happen to bitcoin when the price of a Minimum fee's transaction gets to $5, the whole market will collapse because only a reduced people could send and receive bitcoins because of the high fees that it will have.
This is possible guys, just pay attention to it.

In the last transactions I made in Xapo, I was charged a fee of around 0.001 BTC by sending 0.05 to another adress, which is equivalent to almost $6.00 and I thought it was a normal rate. How much should a fair rate be supposed to be?

I don't think that it's a normal fees, 6$ is a bit big transaction fees. I am an xapo user since a long time and i quit xapo for this reasons, because transactions fees are too high. Now i use blockchain wallet, and i am happy with it, because it's too secure and easy to use, Furthermore, it have a reasonable transactions fees, mostly around 0.5-2$ even if the unconfirmed transactions is huge.

[trademark]

As the price of bitcoins keep increasing, the fees in dollars will keep rising as well.  That's why I don't see altcoins going anywhere.  They will always be around due to the lower fees and many with faster block times.  Only make bitcoin transactions when you plan to send large amounts of money. 

[cjmoles]

Right now it is costing around $3 for a 60 minute transaction (https://estimatefee.com/) ---> that is WAY more expensive && WAY slower than a credit/debit card transaction.

The solution is easy: bigger blocks. Instead of doing that 2 years ago, it's still being debated and surrounded by FUD.
Meanwhile, miners earn $10 million per day, that's a lot of money leaving the Bitcoin system to pay for electricity. And the higher fees get, the more miners benefit from small blocks.

To be fair, it's not way slower than a credit card transaction. Those take months to settle, and they can be reversed during that time. A BTC transaction that gets confirmed in 1-2 days is much faster at settling than credit cards.

We already got a short-term solution: Segwit. It's a 4x block size limit increase and all you need to do to enjoy considerably cheaper fees is to upgrade to a Segwit-compatible wallet. The reason this has been debated for years is because letting the block size grow uncontrolled will make it increasingly difficult for users to enforce consensus rules by running a full node. They'll then need to trust services to do it for them, eliminating the "trustless" nature of the protocol.

The ideal way to scale would be use off-chain (but trustless) methods like the Lightning Network. Sidechains are another way. Atomic swaps into other cryptocurrencies are another solution. In the future we might also be able to use Zk-SNARKs to boostrap nodes much faster (vs. downloading the whole blockchain). Thin blocks, IBLTs..... there are lots of possibilities. But they take time. We can't throw out the baby with the bath water.....

Not in my country.  I go into the store, swipe my card, and leave with my product almost instantly.  I don't even notice a confirmation time, and if there is one ---> it's seconds ---> not minutes, and certainly ---> not days.  However, if I went into a coffee shop to purchase a cup of coffee with bitcoin, it would cost twice as much as it should, considering the fee, and I'd already be tired and needing another cup by the time the transaction confirmed.

The solution is to get away from the antiquated blockchain technologies which got stuck in the past, and start adopting the newer technologies which are capable of adapting to the ever evolving point-of-sale networks.

[Melquart]

I never use bitcoin for small transactions. Sometimes, fees reach 3$ and that's not acceptable for transactions under 100$.

[Beparanf]

I never use bitcoin for small transactions. Sometimes, fees reach 3$ and that's not acceptable for transactions under 100$.

Well that's the price we need to take due to the price increase of bitcoin, sometimes it's too harsh when we do lots of transaction ,i hope such issue will fix soon.

[freedomno1]

Larger block sizes or transaction in lower fee altcoins seem to be the main ways to mitigate that.
Although the price appreciation is a double edged device lowering relay fees doesn't really do much for speed but does reduce the cost.

[Gudhal Untu]

If we use a low cost of course there is a risk that it takes a very long time to be used by the recipient, I suggest to use a larger cost of about 100k or $ 5 so within 2 hours can be used the recipient.

[Hotel_Prodeo]

This is the excess bitcoin, with a very cheap cost of $ 0.85 we can send money to the world, it does not cost $ 25 to be able to send to other countries but very cheap. this is what bitcoin users favor for bitcoin transfer rather than banks.

[wellsontheja]

You're not right but not wrong too, actually 0,85$ is not much for bitcoin usually my transaction for bitcoin is use fee around 1.61$, 0,85$ for fee i think it's worth it.

[kriticko29]

Don't be ridiculous mate. As the price of bitcoin increases the value of fee's also increases. Don't be so dumb that the fee will stay the same with the bitcoin price continue to surpass its limits

[Philipp M.]

The problem with the rising fees is that it prevents people from using bitcoin in their daily lives. Would you buy a coffee for 2.50 $ and pay a fee of 2$ for a transaction?

I think that if bitcoin was to be used as a 'normal' currency, it would contribute to its worth and success even more. The recent development with the fees could be counterproductive for the value of bitcoin, that's my guess

[Sithara007]

You're not right but not wrong too, actually 0,85$ is not much for bitcoin usually my transaction for bitcoin is use fee around 1.61$, 0,85$ for fee i think it's worth it.

I think you guys have been lucky. A few weeks back, I remember paying close to BTC0.0015 or around $8.00 for a single transaction. And most of the times when I withdraw coins from exchanges such as YoBit, LiveCoin and Cryptopia, they are charging anywhere from BTC0.0010 to BTC0.0015, which is equivalent to $6.00 to $9.00 in fiat.