too high transaction cost?

[mrjakel87]

I've just sended bts --> bitcoin from bitshares to jaxx (I used blocktraders). I sended for 550 dollars, and when I received it 20 seconds later, there was onlu btc for 525 dollars. 25 dollars for a transaction, isn't it very much?? It's 5 %, and I've tried this before, so it is not just a single episode. Also tried it with shapeshifting in jaxx. Are there any ways I can lower this cost?

thanxx

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[mk4]

I've just sended bts --> bitcoin from bitshares to jaxx (I used blocktraders). I sended for 550 dollars, and when I received it 20 seconds later, there was onlu btc for 525 dollars. 25 dollars for a transaction, isn't it very much?? It's 5 %, and I've tried this before, so it is not just a single episode. Also tried it with shapeshifting in jaxx. Are there any ways I can lower this cost?

thanxx

Transaction costs are indeed too high right now.

One of the selling points of Bitcoin is that you can send a large amount of money for just a few cents in just a few minutes. Right now? A few dollars and you have to wait for hours. This really needs to be addressed ASAP. Bitcoin is still great right now, but it's alot less useful.

[mrjakel87]

thanks for answer. But cryptocurrency have no future if they take 25$ to transfer 500$?? A "normal" bank would never ever take that amount

[Skarner21]

thanks for answer. But cryptocurrency have no future if they take 25$ to transfer 500$?? A "normal" bank would never ever take that amount

I think $25 fee in $500 i think its still a cheap fee compare to other payment method online 5% of the fee for every transaction is a small amount compare to others that asking for 10% to 25% fee for every transaction.. if you are using other payment method online wire transfer or other payment method is high than bitcoin.. i think we are still paying small fee.. just hoping that the fee won't increase more in the future..

[mrjakel87]

Ok, but I think 10 % fee is very, very much? I mean, if I want to invest in shares/stocks outside my home country (Scandinavia), then it will only cost me 0,6 percent. There's a long way from bitcoin fee (around 4-5%), and then to 0,6 percent. I am just wondering why bitcoins/cryptocurrencies is said to be the future, when the fee is almost 10 times higher?

[charlescoin]

Ok, but I think 10 % fee is very, very much? I mean, if I want to invest in shares/stocks outside my home country (Scandinavia), then it will only cost me 0,6 percent. There's a long way from bitcoin fee (around 4-5%), and then to 0,6 percent. I am just wondering why bitcoins/cryptocurrencies is said to be the future, when the fee is almost 10 times higher?

The average bitcoin fee is still only a couple dollars regardless of the amount you transfer. That being said its still way too high and increasing every month. I understand your frustration and it is very much a serious problem. The only way to lower the fee if you are sending money is to convert it to an altcoin and send from there, it obviously depends on what the purpose of your transaction is as to whether its a viable option though but most alts have microscopic fees when measured in $.

[mrjakel87]

OK, thanks. But you say that the btc fee doesn't change wethever you buy 500$ or 1000$ ?? Is it (in my case) 25 $ in both cases?

[n691309]

In the last block the transcation fees are from 0.0006 - 0.001 - 0.003 so the average is 0.0015, it is still high comparing with the fees that were before at 0.0001 which is still actual in the poloniex exchange! Can you show us the transaction ID because it seems unbelievable that you paid 25 USD in transaction fees.

[charlescoin]

OK, thanks. But you say that the btc fee doesn't change wethever you buy 500$ or 1000$ ?? Is it (in my case) 25 $ in both cases?

If you are sending from your own wallet the fee will be based on the size of the transaction in bytes not in $. A transaction will be larger if you received many small transactions before sending it off. If you send from an exchange they usually charge about 0.001 btc (3$) regardless of whether you send 10$ or 1000$ worth.

[Gotottack]

OK, thanks. But you say that the btc fee doesn't change wethever you buy 500$ or 1000$ ?? Is it (in my case) 25 $ in both cases?

If you are sending from your own wallet the fee will be based on the size of the transaction in bytes not in $. A transaction will be larger if you received many small transactions before sending it off. If you send from an exchange they usually charge about 0.001 btc (3$) regardless of whether you send 10$ or 1000$ worth.

In a deeper understanding of bitcoin transactions yes that is true, but generally what most people look at is how much on average do they spend on each transaction. They actually just usually base this from a transaction with 1 or 2 inputs and 1 or 2 outputs. In this case, right now is normally 1mbtc or near $3 per transaction.

People don't really understand much on how transaction fees are computed. They don't know that it's actually not mandatory to follow the prescribed rates on their wallets, but it's actually optional to put low or high fees per byte of data. It's just that if you put a low fee then that would result to your transaction not confirming fast enough or totally never confirm.

[charlescoin]

OK, thanks. But you say that the btc fee doesn't change wethever you buy 500$ or 1000$ ?? Is it (in my case) 25 $ in both cases?

If you are sending from your own wallet the fee will be based on the size of the transaction in bytes not in $. A transaction will be larger if you received many small transactions before sending it off. If you send from an exchange they usually charge about 0.001 btc (3$) regardless of whether you send 10$ or 1000$ worth.

In a deeper understanding of bitcoin transactions yes that is true, but generally what most people look at is how much on average do they spend on each transaction. They actually just usually base this from a transaction with 1 or 2 inputs and 1 or 2 outputs. In this case, right now is normally 1mbtc or near $3 per transaction.

People don't really understand much on how transaction fees are computed. They don't know that it's actually not mandatory to follow the prescribed rates on their wallets, but it's actually optional to put low or high fees per byte of data. It's just that if you put a low fee then that would result to your transaction not confirming fast enough or totally never confirm.

Yeah I agree the fees aren't very user friendly and it takes a deep understanding of bitcoin to put the right fee which is why most people go with whatever the wallet suggests while exchanges usually put a fixed fee.

In any case I hope a better solution is found to these scaling issues because OP's experience is one I see increasingly complained about and I wouldn't want anyone turned off by bitcoin.

[richardfisk]

I've just sended bts --> bitcoin from bitshares to jaxx (I used blocktraders). I sended for 550 dollars, and when I received it 20 seconds later, there was onlu btc for 525 dollars. 25 dollars for a transaction, isn't it very much?? It's 5 %, and I've tried this before, so it is not just a single episode. Also tried it with shapeshifting in jaxx. Are there any ways I can lower this cost?

thanxx

You have to accept it because there is not way to make a small transaction fee anymore. You need to know that we are stucking in the middle of the blockchain if we do not increase our fee. However, 25 dollars for a transaction is extremely high, if you can wait for an hour, the fee would be much more comfortable

[mrjakel87]

ok. But then I must really do something wromg, because it is definetely not the first time I experienced such high fees (25$), actually I think it is every single time I've tried it (around 15 times), so I've lost a lot on transactions fee. And you say that it usually cost about 3$. So something must definetly be wrong.

Is it because I am chancing currency (ex. from btc to bts, og eth to gth)?? Does it cost more to shapeshift, than just move btc from one wallet to another??
Any suggestions? I would really like to find out, because I am transfering currencies quite a lot.

by the way, when I shapeshift in jaxx, it says that it will cost x (ex. 0.003 eth), but I can see when I receive the transfer, it had costed me a lot more. Like 10 times more. A mysterious to me  ?!!?!?!

edited: I've just lokked in my transaction ID, and they say the fees are 0.15$ (sometimes a bit higher), but it costed me 25$ a several times. Lost estimated 200-300$ on this!!

Thanks for all the replies, kind of you

[mrjakel87]

I can see that this guy had the same problem

https://bitcointalk.org/index.php?topic=1951385.0

, and it is something with to many inputs, which I don't how to fix (I am new to this)?

[SMDCM]

Do you have any exchanges in your own country? Normally if you use an exchange that verifies your identity by passport etc, fees are nominal and around 0.85%

[The Sceptical Chymist]

thanks for answer. But cryptocurrency have no future if they take 25$ to transfer 500$?? A "normal" bank would never ever take that amount

Yeah, it's a lot.  Stop making bitch threads about fees, because there are about 100 of them at any given time.  But I agree with you, definitely.  I don't want to spend $8 to send $75.  That's insanity in my opinion, so you know what?  I'm not spending bitcoin for now, and I'm not sending it anywhere either.  Going to go into the accumulation phase of my bitcoin career.

[AjithBtc]

As the price increase happens, so will be the transaction fee. Nothing to make this an big issue, because the fee always has an relation to the bitcoin price movements. These days more users have started to use it as an investment rather than a transaction asset.

[sujonali1819]

Recently it is the big problem for transection.Few days ago coinbase increased their transection fees. and blockchain dont accecpt now multi transection in one time.its is affecting on the people for transection.

[mrjakel87]

Ok. I've read different places, that fees rely on the size of the transaction, and if you set your fee to low, then it might actually get more expensive because there are a lot of dust payments. Am I wrong? If not, I would like to find out, if there is a wallet where you can set your own tx fee. Right now I have Jaxx, which allow me to set 3 different types of price/speeds, but seem to me, that it isn't working probably, because the fee is actually the same.

Have anyone experiences with other wallets, where you can set the tx fee yourself?

[magmar]

I've just sended bts --> bitcoin from bitshares to jaxx (I used blocktraders). I sended for 550 dollars, and when I received it 20 seconds later, there was onlu btc for 525 dollars. 25 dollars for a transaction, isn't it very much?? It's 5 %, and I've tried this before, so it is not just a single episode. Also tried it with shapeshifting in jaxx. Are there any ways I can lower this cost?

thanxx

You can try other wallet which has a lower fee such as coinbase and blockchain. My fee in blockchain and coinbase is less than 1%percent per transaction. Probably it'll be cheaper in future as miners expand their hardware and make it faster.