ridiculously high *transaction Fees* needs to be fixed asap!

[easynote]

It is a real concern when we see the price of transaction increases and blockchain has recently stopped allowing users to send many transactions at once, now the only solution seems to be to download the core software and keep syncing ,it make take ages if you are having a shitty connection,hope there is any alternatives as i am looking for one.

I think that the price of Bitcoin is not the real issue right now because the transaction fee is not that expensive to spend. The most I would pay for a confirmed transaction would be somewhere like $0.30 and the transaction would get confirmed quickly.
The real issue would be downloading the whole Blockchain because it’s getting larger.

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[Yuuto]

It is a problem and it needs to be addressed.

Hi everyone, I only registered to increase the pressure on the bitcoin community with this topic.

Recently I started investing into bitcoin, but nowadays bitcoin seems useless to do small payments or donations, since the transaction fees cost me like 0.003 BTC which is 7.69 eur. (I am not willing to pay such high fees)

If this is not gonna get fixed, bitcoin's growth will be slowed down and less people will be making transactions,
bitcoin will become just an investment commodity and not an everyday currency.
Or eventually the lack of transactions will reduce the value of bitcoin, until 0.003 BTC won't be that much money, which will self-fix the problem. But in that case, many investors will be pissed including me.

I have read about segwit that it could possibly fix this issue and that only ~30% of miners are willing to accept segwit for now.

• Is there any plan for an important fix of the block size capacity or something that will reduce the fees?
• How do you feel about this?
• What can we do about it?

Even if bitcoin becomes more like gold, it still is very worthwhile in exchanging between alts and gaining value from that.

What can we do? Buy cloud mining power in a mining pool that wants what you want.

You can also run nodes and support what you want


Or buy your own mining hardware and mine in a pool that supports what you want.

This will only be solved through mining power I think. Many people already discuss this issue here daily so you know.

It is true that it's currently very inconevnient to transfer funds. I have to limit the amount of transactions i spend every day because i can't afford to lose so much in fees anymore like before. But buying cloud mining or mining software? What? That's completely nonsense. Even if you have hardware, you can't confirm your own transactions/you have a very low chance of confirming your own transactions.

[Meuh6879]

And what do you mean by "real software"?
Are you saying all the rest of the wallets which say you need to use 400sats/byte is not real software?

if i read the changelog of every wallet ... i notice only "a few" with a constant correction about the fee calculation.

SPV Schildbach Android Wallet is one, Bitcoin Core is the second.
So, the problem of fake wallet is that they use a "simple formula" based of average fees on block.
but, they don't calculate the weight of the transaction and mitigate this formula.

that why users get stuck in MEMpool.
real wallet follow the rules.

other explanation (and more accurate) : users emit transaction without wait the full synchro. of the SPV or Full Blockchain wallet.

[The Sceptical Chymist]

Just want to say I totally agree with OP here.  I wanted to send around $60 over to my Yobit account...the low-priority option on Mycelium is asking for around $8.  No way in hell I'm going to pay that.  Those bitcoins are going to stay right where they are.  It's unbelievable.  Merchants need to start accepting things like doge and whatnot.  Then I'd gladly spend crypto for stuff.  Ugh.  This is a nightmare.

[lottery248]

indeed, high fee of bitcoin transaction is mainly because the large flow of the unconfirmed transaction caused by the popularity. there are no way to dispense that, that's why we should go with some of the altcoins so that we can use as bitcoin's alternative, decrease the burden and increase the competition each other.

bitcoin fee is never been able to evade, you know the reward for miners are ever decreasing.

[ImHash]

If you were a miner yourself would you let anyone to reduce the fees while you are earning thousands of dollars daily just by collecting the block fees?
From a miner's perspective everything is fine and according to the plan, only solution is 10+TX/s. but I somehow doubt if that fixes anything since miners will be able to mine their own transactions ans cause the fees to increase again. even though we're not yet near to breaking point and bitcoin still has a long way to go before it breaks.