It cost me $2 + 12 hours to send $25 in BTC now

[RoommateAgreement]

snipped...

I have only ever believed in BTC and ETH and show support for BTU. You can make stuff up all you want. Does not make it true.

Due to advances in blockchain research, it was shown that significantly lower block times were possible and perhaps beneficial given the current connectivity of the internet. One of the potential risks of a low block time is a higher rate of orphaned blocks (competing blocks that do not make it into the main chain). To counter this, a GHOST protocol is used which pays for these orphaned blocks (known as uncles), adding to the security of the main chain. Instead of the main chain being "longest", it is instead "heaviest".

During the development of Ethereum, several different times and targeting algorithms were tested, eventually settling around 15s. Due to the specific total difficulty calculation used, the actual time between blocks is currently around 17 seconds, however a change scheduled for Homestead will hopefully alter this closer to 15 seconds. This is only proposed as a temporary solution, as Ethereum intends to transition to proof-of-stake, potentially offering near-instant finality.

what you are saying in OP and what you quoted is regarding transaction fees not block time!
let me break it down for you.
you paid $2 in bitcoin, which has been the popular coin for 8-9 years and has been handling lots of transactions daily with its blocks full for about a year and has had a mempool full of 50K to 80K unconfirmed ones and block time is 10 minutes on average.

in ethereum you will have to pay the same amount of fee and it is not even popular for transaction making but only for trading, the number of daily transactions for ETH is 1/4 of bitcoin and bock time is 15 seconds (~40 times faster) and doesn't have any backlog and there is no blocks are full. but the fees have been rising faster than bitcoin!

now you choose between them for your transactions!

[1714777249]

1714777249

[jorneyflair]

Still no one on the dev team considers this an issue?

I have sent multiple $20 transactions all with high fee ALONG WITH high confirm times..

Blockchain.info now has 2 different fee modes to send, both of which are high.

Ethereum will take over Bitcoin if this keeps up.

If you're not ready to use such high fees then use an altcoin. Steem currently has 0 transaction fees for miners for both Steem and Steem dollars(which is an asset that is pegged thereotically to 1 USD value but can fluctuate wildly depending on market conditions). Dogecoins still has the standard 1 doge transaction fee which is ridiculously cheap right now.

Ethereum itself has a high transaction fee, so i'm not sure why you're suggesting that ethereum will be overtaking bitcoin. Sure, the market capitalization is a close race at the moment, but you have to consider the fact that when Ethereum withdrawal fees on major exchanges are 0.01 ETH and 1 ETH is worth $400, it actually equates to more in transaction fees paid in fiat terms than btc(0.001*2700=$2.7).

You could try paying a lower fee and use a free transaction acceleration service as well, but you'r etaking on a risk here.

[Thekool1s]

Ethereum tackles the solution and continues to do so - you can be blind all you want and believe what the trolls here say, still does not make it true.

Alright this proves it, This guy is a troll. Did you bother reading the replies above you? Or Did you even bother to "Google"? The Fees are still hovering above $1.2 plus you failed to mention how much dust you were trying to transfer, Yes bitcoin has become inefficient recently to transfer dust, but so has ethereum. Just look at the current transaction fee.

https://bitinfocharts.com/comparison/ethereum-transactionfees.html

[Betwrong]

Sure sounds like a slow process but the same can be said as: "It only cost $2 to send 3 million USD, and it securely is ready for spending by the other party in only 12 hours! No third party signing off required!"

Exactly, and actually the situation with time taking for the first confirmation is even better. Whatever amount you want to transfer in BTC it will surely be confirmed in 60 minutes (and most likely in 30 minutes) when you pay 360+ satoshis/byte which means you'll pay $2.7 max for your transaction.

[dunfida]

Sure sounds like a slow process but the same can be said as: "It only cost $2 to send 3 million USD, and it securely is ready for spending by the other party in only 12 hours! No third party signing off required!"

Exactly, and actually the situation with time taking for the first confirmation is even better. Whatever amount you want to transfer in BTC it will surely be confirmed in 60 minutes when you pay 360+ satoshis/byte which means you'll pay $2.7 max for your transaction.

This would really affect you up when you do make micro transactions but when we are talking about big amounts then these fees wont really bother at all and as op said eth might surpass bitcoin if this situation continues and I would like to say that fees on Eth is still high and they are just breakeven.They do only differ on confirmation speeds.

[danherbias07]

And do you think Ethereum womt have the same kind of issues once it bloated in population there?
With a lot of transactions that is being processed it is hard to maintain that.
Why not try other wallets if you are having problem with just one.
There is a lot out there and you are paying high. They will gladly escort you into making it faster.

[fabrizeo]

fees now really problem for small amount sender.$2 is really high for who want to sending under $100.fees now seems like business Blockchain.info stop their multi send option.you can now send 1 wallet to 1 wallet.someone said up above sending 3 million dollar cost $2 well this good but how many people sending 3 million dollar?
I see every block have 90% transactions are under $100 transaction.if block size does not increase bitcoin will fall in big trouble.

The average amount of transaction in the US was 140 usd in 2017 on Desktop. Makes me wonder who is going to use bitcoin to make online purchase.
Bitcoin : long confirmation time, high fee, no insurance
Credit card : instant confirmation, low fee, insured by visa and your bank.

honestly, where is the advantage for the average consumer?

[Lorilikes]

It is frustrating that a 20 dollar transaction results in approximately 4.00 dollars after all the hands get their part of the goods.   It makes it feel like the only transactions that are going to make sense for Bitcoin are the big ones.  Otherwise too much slips away into frivolous fees.

[1Referee]

And do you think Ethereum womt have the same kind of issues once it bloated in population there?

It's a lack of understanding, mainly. People can't make up the difference between empty (empty in the way that they receive barely any usage) networks, and networks that are under constant pressure by loads of transactions waiting in line to get confirmed. Another major problem is forming due to people farming faucets, farming captcha sites, doing certain tasks for small numbers of coins, etc. If people try to move these funds, and especially when combined, they take up a serious amount of block space, and thus you will have to pay for it - whining about high fees won't solve anything.

[Nicol3]

Still no one on the dev team considers this an issue?

I have sent multiple $20 transactions all with high fee ALONG WITH high confirm times..

Blockchain.info now has 2 different fee modes to send, both of which are high.

Ethereum will take over Bitcoin if this keeps up.

So sad that the dev team are not doing anything about it. It has been an issue for the high price for every transactions we make. And we'll never know too, if and if Ethereum will take over Bitcoin and will become over populated do you think this issue won't happen all over again?

[687_2]

Still no one on the dev team considers this an issue?

I have sent multiple $20 transactions all with high fee ALONG WITH high confirm times..

Blockchain.info now has 2 different fee modes to send, both of which are high.

Ethereum will take over Bitcoin if this keeps up.

There are so many good options for making small, fast and almost free transfers: PayPal, Venmo, wechat, etc. PayPal even lets you transfer for free. Why can't you use any of those?  

[nelmari]

Still no one on the dev team considers this an issue?

I have sent multiple $20 transactions all with high fee ALONG WITH high confirm times..

Blockchain.info now has 2 different fee modes to send, both of which are high.

Ethereum will take over Bitcoin if this keeps up.

So sad that the dev team are not doing anything about it. It has been an issue for the high price for every transactions we make. And we'll never know too, if and if Ethereum will take over Bitcoin and will become over populated do you think this issue won't happen all over again?

I agree, there is a huge possibilty it would happen to Ethereum too. With the numbers increasing everyday, people transferring from Bitcoin to Ethereum I'm sure it would also clog up the transactions if a lot of people will be using Ethereum instead of Bitcoin. And the fees of Ethereum are not that cheap as far as what I've encountered.

[iv4n]

I don't know in which mutli verse you are living in but the last time i checked the average transaction fee for ethereum was around $1.4 for each transaction. So it doesn't matter which coin you use, you will end up paying the same amount of fees

I didn't know this, nice information to know, it would be nice if someone who is using many coins to post here how much is transaction for each coin, that would be good to know.
Transaction fees are rising like crazy, and judging by your comment same is happening with other alts, for my financial situation fees are really high and I rethink every time when I wish to send some mBTC-s.
I wish to ask a question: Will we ever see lower transaction fees or they will just keep rising?

[AjithBtc]

It is frustrating that a 20 dollar transaction results in approximately 4.00 dollars after all the hands get their part of the goods.   It makes it feel like the only transactions that are going to make sense for Bitcoin are the big ones.  Otherwise too much slips away into frivolous fees.

Looking the scenario it's clear that the one who profit with the bitcoin transaction is the huge volume bitcoin transaction makers. For smaller​ transaction, the fee is completely higher and this will eventually cause a big problem with the small scale transaction makers and service renders.

[Betwrong]

Sure sounds like a slow process but the same can be said as: "It only cost $2 to send 3 million USD, and it securely is ready for spending by the other party in only 12 hours! No third party signing off required!"

Exactly, and actually the situation with time taking for the first confirmation is even better. Whatever amount you want to transfer in BTC it will surely be confirmed in 60 minutes when you pay 360+ satoshis/byte which means you'll pay $2.7 max for your transaction.

This would really affect you up when you do make micro transactions but when we are talking about big amounts then these fees wont really bother at all and as op said eth might surpass bitcoin if this situation continues and I would like to say that fees on Eth is still high and they are just breakeven.They do only differ on confirmation speeds.

True. It looks like it is better to use Ethereum for small transactions. But then I have a question: Why not to use Litecoin for small transactions since transaction fees for LTC are much smaller than for ETH?

[BitcoinzB]

Ethereum will take over Bitcoin if this keeps up.

Ethereum fees are not that low either. Even stronger, they are increasing on a weekly basis. I am seeing +$1 fees being pumped through basically in every minted Ethereum block, and some transactions even top $3 in fees. Just wait for it, these fees will only increase in the coming months, where at some point people will start to change their mind about how cheap these fees really are...

I was looking to switch to ethereum to avoid the high fees we are experiencing with Bitcoin right now.. but I've noticed that aswell!
I thought fees would be much lower for an alt coin, but I was definitely wrong in this case

[linkme]

i think it's normal, every e-currency should increase their fees so that Bitcoin's high fees are just normal

[DrMatrix]

What I do enjoy about bitcoin is the ability to adjust our fees, sure it might not always be ideal to do that, but it's nice to have a choice.

I need to look up this update someone talked about that the devs have coming in the near future to help with fees.

[ProfessionalGoogler]

snipped...

I have only ever believed in BTC and ETH and show support for BTU. You can make stuff up all you want. Does not make it true.

Due to advances in blockchain research, it was shown that significantly lower block times were possible and perhaps beneficial given the current connectivity of the internet. One of the potential risks of a low block time is a higher rate of orphaned blocks (competing blocks that do not make it into the main chain). To counter this, a GHOST protocol is used which pays for these orphaned blocks (known as uncles), adding to the security of the main chain. Instead of the main chain being "longest", it is instead "heaviest".

During the development of Ethereum, several different times and targeting algorithms were tested, eventually settling around 15s. Due to the specific total difficulty calculation used, the actual time between blocks is currently around 17 seconds, however a change scheduled for Homestead will hopefully alter this closer to 15 seconds. This is only proposed as a temporary solution, as Ethereum intends to transition to proof-of-stake, potentially offering near-instant finality.

what you are saying in OP and what you quoted is regarding transaction fees not block time!
let me break it down for you.
you paid $2 in bitcoin, which has been the popular coin for 8-9 years and has been handling lots of transactions daily with its blocks full for about a year and has had a mempool full of 50K to 80K unconfirmed ones and block time is 10 minutes on average.

in ethereum you will have to pay the same amount of fee and it is not even popular for transaction making but only for trading, the number of daily transactions for ETH is 1/4 of bitcoin and bock time is 15 seconds (~40 times faster) and doesn't have any backlog and there is no blocks are full. but the fees have been rising faster than bitcoin!

now you choose between them for your transactions!

You apparently don't understand Ethereum operates (gets updates) --- differently (better management), and that Bitcoin has a chance to adjust as well, or else you help provide support for BTU.

In that case you are stuck in that past. Like AOL and Yahoo!

Anyway, I will for sure be supporting Bitcoin Unlimited because of posts such as yours.

Caveman!

[RoommateAgreement]

snipped...

I have only ever believed in BTC and ETH and show support for BTU. You can make stuff up all you want. Does not make it true.

Due to advances in blockchain research, it was shown that significantly lower block times were possible and perhaps beneficial given the current connectivity of the internet. One of the potential risks of a low block time is a higher rate of orphaned blocks (competing blocks that do not make it into the main chain). To counter this, a GHOST protocol is used which pays for these orphaned blocks (known as uncles), adding to the security of the main chain. Instead of the main chain being "longest", it is instead "heaviest".

During the development of Ethereum, several different times and targeting algorithms were tested, eventually settling around 15s. Due to the specific total difficulty calculation used, the actual time between blocks is currently around 17 seconds, however a change scheduled for Homestead will hopefully alter this closer to 15 seconds. This is only proposed as a temporary solution, as Ethereum intends to transition to proof-of-stake, potentially offering near-instant finality.

what you are saying in OP and what you quoted is regarding transaction fees not block time!
let me break it down for you.
you paid $2 in bitcoin, which has been the popular coin for 8-9 years and has been handling lots of transactions daily with its blocks full for about a year and has had a mempool full of 50K to 80K unconfirmed ones and block time is 10 minutes on average.

in ethereum you will have to pay the same amount of fee and it is not even popular for transaction making but only for trading, the number of daily transactions for ETH is 1/4 of bitcoin and bock time is 15 seconds (~40 times faster) and doesn't have any backlog and there is no blocks are full. but the fees have been rising faster than bitcoin!

now you choose between them for your transactions!

You apparently don't understand Ethereum operates (gets updates) --- differently (better management), and that Bitcoin has a chance to adjust as well, or else you help provide support for BTU.

In that case you are stuck in that past. Like AOL and Yahoo!

Anyway, I will for sure be supporting Bitcoin Unlimited because of posts such as yours.

Caveman!

it seems like it doesn't matter what anyone says you are just looking for an excuse to support buggy Bitcoin Unlimited. and the funny thing is BU is the reason why we are in this mess because they divided everything and prevented us from moving forward!