Bitcoin transaction cost so high? Why?

[laurynasc111]

Hello everyone So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?

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[Kronos21]

Without an increase in units this will not solve the problem and I don't care about what they think about the miners. If the transaction cost is reduced to minimum then bitcoin will die. Who's ready to lose all your money to the miners was good?

[haroldtee]

Where on earth have you been mate? This ain't really a new thing now and miners are really having a filled day with lots of cash. I think in a way you have answered your own question. Simply state; congestion!
Bitcoin is a fixed size block chain and each of this block can only have a particular amount of transaction, so in the process that there are lots of transactions going on(congestion), there will be an increase in fees since miners will only be able to fit a certain number of transactions in a block,... and the faster your transaction can get cause miners love it attractive. Who would blame them? Hopefully upcoming developments should solve all these.

[laurynasc111]

So basically Bitcoin is dying, in a way? I don't see any real world pratical usage for Bitcoin then if the transactions costs are so damn high...

[favila]

Where on earth have you been mate? This ain't really a new thing now and miners are really having a filled day with lots of cash. I think in a way you have answered your own question. Simply state; congestion!
Bitcoin is a fixed size block chain and each of this block can only have a particular amount of transaction, so if there are lots of transactions happening (congestion), there will be a rise in fees since miners will only be able to fit a certain number of transactions in a block, hence, the higher the fees... and the faster your transaction can get. Hopefully upcoming developments should solve all these.

The good thing is that segwit is just around the corner now, plus a bigger block we should theoretically be able to handle up to 4 times as many transactions until offchain solutions like LN can be developed further and tested.

[itsallpc]

Hello everyone So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?

Already,transaction fee was very for bitcoin.But when network started to grow,1 MB block size was not enough to handle huge number of transactions.Also some spammers sent spam transactions to make network conjested.It resulted in huge increase in transaction fee.But now,even before segwit activation,spammers have left the network and now transaction has once again fallen down like before.

[Pubg_man205]

Bitcoin is the crypto currency of the future and it was created primarily for large purposes, therefore, transactions are correspondingly high, but with the help of this currency one can earn very well.

[laurynasc111]

Bitcoin is the crypto currency of the future and it was created primarily for large purposes, therefore, transactions are correspondingly high, but with the help of this currency one can earn very well.

Wasn't Bitcoin created for micro-transactions and that a transaction should cost only a few cents?

[masterbt]

It is always tough to finish a transaction these days without paying a considerable amount. Otherwise, your coin will be paused and clearing them will be tedious process.

[hatshepsut93]

It is always tough to finish a transaction these days without paying a considerable amount. Otherwise, your coin will be paused and clearing them will be tedious process.

You can use this site - https://bitcoinfees.21.co/ to choose what fees you want to use, and the fees themselves are relatively flexible - you can pay very high fees and get confirmations within 5-10 minutes, or pay less and wait longer. There's no need to fear that your coins will get stuck and lost if you pay smaller fee, I once paid 25 sat/byte and waited for almost a month (this was during recent spam attack). I think some users are pushing fees higher because they want instant confirmations, even though they might not actually need it and could have waited a couple of days instead.

[tiggytomb]

It depends on where you are sending your bitcoin from, different wallets will have different structure in place for example Mycellium has a few choices, economy, priority etc. 

I have noticed over the last week that even with a small fee my transactions have been going through much quicker than they were a few weeks ago when the fees were very high.

[cr1776]

Hello everyone So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?

What was the transaction id?  What was the size in kb of the transaction?  

You are paying by the size, so if you were spending using lots of tiny faucet-size inputs vs one larger input, you pay more.

Without knowing this, everything else is just speculation that can't answer your question as to why the fee was high.

[Pezso]

All transactions that take place over the Bitcoin network require a miner fee to be attached in order to incentivize the network to process the transaction. Since the network can only process a limited number of transactions per second, transactions with a higher miner fee are prioritized over those with a lower miner fee.

Recently, the Bitcoin network has been experiencing congestion which has increased the time it takes for a transaction to be confirmed as valid by the network. This can cause wait times of hours or even days for transactions without a sufficient miner fee attached. This does not create a very good user experience.

Maybe in these days confused between fork and segwit we will have a solution

[nhd2604]

Bitcoin rate now is 2k$+ That's reason why the fees is so high, every fees has been deceided by the Bitcoin network You can use coinbase I saw their fee very low

[eternalgloom]

I would really like to see the transaction txid if possible. There hasn't really been too much congestion lately, so it might be possible that you overpaid, unless the transaction had a lot of inputs.
You should always check the proper amount of fees that you should pay instead of relying on your wallet to calculate the fees.

Some people have already mentioned this website, but I'll share it too:
https://bitcoinfees.21.co/

Always check there before sending your transaction.

[Denker]

I would really like to see the transaction txid if possible. There hasn't really been too much congestion lately, so it might be possible that you overpaid, unless the transaction had a lot of inputs.
You should always check the proper amount of fees that you should pay instead of relying on your wallet to calculate the fees.

Some people have already mentioned this website, but I'll share it too:
https://bitcoinfees.21.co/

Always check there before sending your transaction.

Yeah I would like to see OPs transactions as well.
Blocks aren't fully lately, the spamming has stopped.
Right now you can send txn for a low to normal fee size, depending on how urgent and what size your transaction is.
Of course the wallet someone uses plays a role as well.

[Mahanton]

Hello everyone So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?

7 euro is too much for a 24 euro transaction and i would like to ask on what wallet you are using? If you are using blockchain then theres an option on where you can able to edit or set up a particular fee. that 7 euro is way too high for a fee and going back on previous months the max fee did i see is between 2-4 usd which is already high, how much more on 7eur. This is one of the reasons why do people switch on alts like ETH less fees less confirmation times which what im doing as of now.

[BitHodler]

Bitcoin rate now is 2k$+ That's reason why the fees is so high, every fees has been deceided by the Bitcoin network You can use coinbase I saw their fee very low

Not sure what fees you're exactly referring to, but Coinbase requires people to include a fee of +0.001BTC for external transactions. That's exactly the reason why you see a lot people complain.

Other than that, the price definitely plays a role, but it is mainly related to the high level of spam going through the network at the time an attack takes place.

It might very well be coming from the side of the miners as they definitely have a motive. But that can also be said about the Bitcoin Unlimited side. Whatever it is, it significantly influences the fees.

[roadbits]

Hello everyone So I was ordering a few items online from a place that accepts Bitcoin, and for an item that costs only 24 Euros, the send cost was 7 Euros! That is too high! Bitcoin transaction fees should be very minimal! Is there any way to resolve this or is this to do with the blocks filling up?

7 euro is too much for a 24 euro transaction and i would like to ask on what wallet you are using? If you are using blockchain then theres an option on where you can able to edit or set up a particular fee. that 7 euro is way too high for a fee and going back on previous months the max fee did i see is between 2-4 usd which is already high, how much more on 7eur. This is one of the reasons why do people switch on alts like ETH less fees less confirmation times which what im doing as of now.

Yup this transaction fee is high almost they are taking 30% of your product price. Now the Bitcoin transaction fee is high I agree, but this is too much I think no one will order this product if they continue this same fee. Let's wait for 3 weeks I believe that this problem will be solved by this month end.

[RodeoX]

Try sending money another way. See what the fee is. Then explain why that service is not dead.