The fees are crazy, 420 satoshis/byte, WHY?

[Schuyler]

This is because miners also need to make money but I think they have gone too far with that. With what they are doing, they are inadvertently (or otherwise) stunting the growth of bitcoin and just trying to squeeze as much profits from their day to day operations. And if you don't pay premium, expect to get your patience tested.

[pooya87]

This is because miners also need to make money but I think they have gone too far with that. With what they are doing, they are inadvertently (or otherwise) stunting the growth of bitcoin and just trying to squeeze as much profits from their day to day operations. And if you don't pay premium, expect to get your patience tested.

miners are currently earning about 21,000 USD from each block they mine from the block reward of 12.5BTC on top of that they are earning ~3BTC from transaction fees equal to ~$5000 and that $5000 is not something they deserve.

[elite3000]

This is because miners also need to make money but I think they have gone too far with that. With what they are doing, they are inadvertently (or otherwise) stunting the growth of bitcoin and just trying to squeeze as much profits from their day to day operations. And if you don't pay premium, expect to get your patience tested.

miners are currently earning about 21,000 USD from each block they mine from the block reward of 12.5BTC on top of that they are earning ~3BTC from transaction fees equal to ~$5000 and that $5000 is not something they deserve.

transactions fees were not a significant source of income, now they are, at least during the congestion times.

things changes in bitcoinland

[MingLee]

This is because miners also need to make money but I think they have gone too far with that. With what they are doing, they are inadvertently (or otherwise) stunting the growth of bitcoin and just trying to squeeze as much profits from their day to day operations. And if you don't pay premium, expect to get your patience tested.

miners are currently earning about 21,000 USD from each block they mine from the block reward of 12.5BTC on top of that they are earning ~3BTC from transaction fees equal to ~$5000 and that $5000 is not something they deserve.

It's definitely not something that they deserve, but they're getting it nonetheless and there's not a lot that can be done to stop them beyond just not making transactions, forcing the queue to empty more and making it so that they can't keep forcing these fees through spam attacks.
While they do mine, and should be rewarded, getting an additional 25% of what they should be earning is stupid.

[DoublerHunter]

I think the only thing we can blame for this crazy increase on the fees is the continuous sending transactions and the unconfirmed transactions are growing more and more and i think this is where the miners take advantage this thing and they charged high fees so they can get profit.

[-ck]

420 because bitcoin is smoking

[buwaytress]

It's at 450 now but bear in mind this is the estimation to very likely get confirmed in the next block... the median fee is half that and still gets confirmed in hours (yes, I can't believe I'm thinking hours is reasonable now but I actually am getting used to it).

To be fair, my largest txs are all around 250 bytes or so... after learning to keep em small. So I'm still paying a pittance in terms of %.

[gentlemand]

This is because miners also need to make money but I think they have gone too far with that. With what they are doing, they are inadvertently (or otherwise) stunting the growth of bitcoin and just trying to squeeze as much profits from their day to day operations. And if you don't pay premium, expect to get your patience tested.

I think it's the pool operators. They're the ones who have most to gain from high fees, more so than miners. I'm interested to see where the tipping point is for all of this. It can't continue forever.

I've never bought into the idea that servicing everyone's naked greed is great for BTC. At some point you need to show a little long term vision. Very few in the mining space seem to be capable of that.

[BitHodler]

Didn't you know? It's miners day. While they are celebrating with +4BTC fee incomes per block, others are desperately spamming ViaBTC's accelerator tool.

I just tried for fun to send in a random unconfirmed transaction, usually it would take a minute or two to reach the limit ~ right now it's more like 30 or so seconds.

There is simply no way to deal with this situation than to either include a relatively lower fee that might take hours to confirm, or you need to go with +0.001BTC as minimum fee.

[emezh10]

Nothing we can do about this the demand of the bitcoin is increasing in a high number in every second and supply of the bitcoin is becoming limited there are still bitcoin not yet mined so the price is going up so fast almost 2000$ in just a few months also no doubt in they prices we will get a high fees ofcourse.

[kvlolo]

It's at 450 now but bear in mind this is the estimation to very likely get confirmed in the next block... the median fee is half that and still gets confirmed in hours (yes, I can't believe I'm thinking hours is reasonable now but I actually am getting used to it).

To be fair, my largest txs are all around 250 bytes or so... after learning to keep em small. So I'm still paying a pittance in terms of %.

Would you mind to share your skill on how to make transaction size smaller?  I knew that using changing addresses would make size bigger.

[BitcoinHodler]

It's at 450 now but bear in mind this is the estimation to very likely get confirmed in the next block... the median fee is half that and still gets confirmed in hours (yes, I can't believe I'm thinking hours is reasonable now but I actually am getting used to it).

To be fair, my largest txs are all around 250 bytes or so... after learning to keep em small. So I'm still paying a pittance in terms of %.

Would you mind to share your skill on how to make transaction size smaller?  I knew that using changing addresses would make size bigger.

it is not something you can do after the fact, you should do it before.
for example you shouldn't receive a lot of small transactions like 0.001BTC if it is a service and you are getting paid or withdrawing, then wait until it accumulates to a bigger amount and then request payment.

[freebutcaged]

I doubt if people stop using Bitcoin for small amounts and median transactions we would have a growing price.

Let me provide an example;

Even with earth being an unique planet in an unique orbit around the sun and with every thing perfectly fit together there is a chance in the future people can make other planets such as mars habitable, it will take time but it is possible.

Bitcoin being unique doesn't dismiss the possibility of people abandoning it for a better solution.

Average users will stop transacting eventually but they will not go back to traditional networks rather will seek alternative to BTC which could pouch more investors from Bitcoin and take them towards that alternative, after all Bitcoin itself is an alternative so miners must consider this and calculate the longest term profitability vs an expensive asset but without any users.

This will turn Bitcoin to the one thing it was designed to destroy , centralization.

[Xester]

According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations.  Anyone know why the fees are going higher and higher?

In my opinion that fees are crazy high its because of the increased number of users in bitcoin that causes the flooding of transactions.  When there is a flood of transactions it would mean that the blockchain traffic is very slow and that confirmation will take very long. Higher fees are done by some site so they can get a higher priority so that there transactions could be processed much faster.

[Diced90]

According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations.  Anyone know why the fees are going higher and higher?

Cost of doing business  just got high and that suggested 420 satoshis/byte you will be paying is to speed things up for you

You don't have to pay it unless you want to join the waiting list which might take several hours for you and everyone else.

[ebliever]

Strictly speaking the problem is not "block size" but "transaction capacity" being too low. If you could increase TX capacity 1000-fold without changing the blocksize that would solve the problem, correct? And that's just what Bitcoin Core is offering with Segwit + Lightning Network. Other coins (Litecoin, Syscoin, Vertcoin) have adopted this solution with no reported ill effects. This demonstrates that the anti-Core FUD by those working hard to block any progress in Bitcoin was wrong all along. Yet rather than apologize to the community we see them here without apology continuing their campaign of obstruction against Bitcoin.   

[iram3130]

According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations.  Anyone know why the fees are going higher and higher?

Cost of doing business  just got high and that suggested 420 satoshis/byte you will be paying is to speed things up for you

You don't have to pay it unless you want to join the waiting list which might take several hours for you and everyone else.

It's not same all the time. Right now there are 197k+ unconfirmed transactions and as the popularity is increasing so is the traffic. I think it'll be 500satoshi/byte when Bitcoin price reaches 2k. Need to find a solution about it.

[deadsilent]

This is bad. I saw someone on the begginners thread that his transaction still not confirmed https://bitcointalk.org/index.php?topic=1921433.0
The fee is getting higher and higher. They should do something about it. This is unfair for bitcoin users. The fee is hurting.

[markjamrobin]

This is bad. I saw someone on the begginners thread that his transaction still not confirmed https://bitcointalk.org/index.php?topic=1921433.0
The fee is getting higher and higher. They should do something about it. This is unfair.

I am also experiencing the same problem, I made a transaction a day ago, I paid a high fee for it, however, until now, it has not been processed, even, it Viewed as an unrecognized transaction. This is bad

[stompix]

I think the only thing we can blame for this crazy increase on the fees is the continuous sending transactions and the unconfirmed transactions are growing more and more and i think this is where the miners take advantage this thing and they charged high fees so they can get profit.

Yeah Einstein
People who use bitcoin are to blame for those transactions..

I'll give you an idea, but please don't tell anyone cause idiots might really try it.
We should all stop using bitcoin.
And there will be no more transactions filling up the mempool and the blocks.

For god sake.
Full blocks and rising fees means that bitcoin is used, there is demand for bitcoin and we can hope for more popularity in the future.