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Author Topic: bitcoin transaction fees rising ?  (Read 1331 times)
mellorbo
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August 16, 2017, 04:40:54 PM
 #21

With the growth of bitcoin value to 4000$ bitcoin is establishing  themselves as one of the most wanted cryptocurrencies. While this is good as the demand will make it's price increase, I am thinking of what may happen to the transaction fees ?  They seem to grow proportionally because the miners are taking advantage of the numerous transactions happening, and they select the ones that have a higher transaction fee.

Will these continue rising ?
How can this be solved without affecting deeply bitcoin?
Will this give an upper hand to bitcoin cash to increase it's value, as it looks like their transaction fees are lower ?

 

Yup, it will rise and rise until the system have a minimum withdrawal. In my country our wallet have an expensive fee. You cant withdraw just a small amount because it is very deficit, you need to save it more higher for it to lessen the fees. We all know that bitcoin will grow high, this is one of the reason why bitcoin wallets risen up the transaction fees.

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August 16, 2017, 05:20:05 PM
 #22

With the growth of bitcoin value to 4000$ bitcoin is establishing  themselves as one of the most wanted cryptocurrencies. While this is good as the demand will make it's price increase, I am thinking of what may happen to the transaction fees ?  They seem to grow proportionally because the miners are taking advantage of the numerous transactions happening, and they select the ones that have a higher transaction fee.

Will these continue rising ?
How can this be solved without affecting deeply bitcoin?
Will this give an upper hand to bitcoin cash to increase it's value, as it looks like their transaction fees are lower ?

 
The Bitcoin will increase again and again because many people will invest and the demand of bitcoin today is increase as the price increase up to 5000$ as today bitcoin is in $4000...

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August 16, 2017, 06:08:36 PM
 #23

It does not seem to be a matter of increasing transaction costs as long as bitcoin prices keep rising and it will continue to happen.
Obviously provides an advantage for bitcoin cash because the transaction is much lower.

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August 16, 2017, 06:18:22 PM
 #24

Higher fees are now the reality, times of cheap Bitcoin transactions are over. But money, and Bitcoin has become a money, has its price. Miners demand their share and want to cover their expenses. Each of us has to know how much is prepared to pay to deal with Bitcoin. And no matter that bitcoin cash transactions are cheaper, it can't compare with Bitcoin in any way.

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yvesp110
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August 17, 2017, 06:34:25 PM
 #25

They should be a lot lower now than they were a couple months ago. It was absolutely ridiculous.
yes you are right, the transaction fees further increase in the future, it depends upon the price. More price increase, then more transaction fees increase, but as we know it will same for us because increase in profit make us so rich that we cannot have any effect of transaction fee, but if the transaction fee become less then it will be more profit for us.

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August 17, 2017, 07:02:05 PM
 #26

Wasn't Segwit supposed to solve this as a short term solution or is it because Segwit isn't really activated yet? I still can't see BTC getting mass adopt worldwide (replacing cash) even when BTC was the very first crypto to emerge and currently the closest, if the transaction fees keep rising..

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August 17, 2017, 07:03:18 PM
 #27

There recently was a spam attack and I saw it was up to somewhere around 63,000 unconfirmed transactions at one point. looks like it is down to under 30,000 now.

I would think the transaction fees would be going down now right? As always, you don't have to pay a higher fee to be put into the next block, unless you want to...If you want to wait you can pay a lot lower than 1 or 2 USD. If you don't care about it getting there for a few days or a week you could do a very very low fee(the accepted minimum).


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August 17, 2017, 07:13:06 PM
 #28

I think yes it will always rise and to overcome this I see only the banking system is the answer. what if we make a wallet and send our Bitcoin to that wallet and in exchange, it will give us a temporary money which we can use instead of Bitcoin till our transactions became confirmed. this way I am sure many users will use that type of wallet and it will really help the economy.the only problem is the trust or we should come with even better ideas I know I am a stupid in these.


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August 17, 2017, 07:22:13 PM
 #29

Will this give an upper hand to bitcoin cash to increase it's value, as it looks like their transaction fees are lower ?
Bitcoin Cash is another just another altcoin, and we have plenty of other altcoins where transaction fees are far lower than Bitcoin's.
I wouldn't pick coins solely because they have low transaction fees - most of shitcoins have low transaction fees because nobody is using them.
Bitcoin Cash is another example of this pattern, lower fees and long confirmation times...


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August 17, 2017, 07:23:00 PM
 #30

i tried to calculate the fee from local wallet which found better than exchange and web wallet some cases it goes over 0.002 bitcoin , i hope bitcoin foundation find the way to fix this because 0.002 at 4300 $ different than a time of 300 $ price .

                               
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August 17, 2017, 08:12:58 PM
 #31

Once again, the situation is turning really bad. Right now a total of 57,000+ unconfirmed transactions are in the queue, with a total size of 61 MB. And you may find this hard to believe, but all the transactions with a fee of less than 261 Sat/Byte were turned down during the last block.
It is amazing  to find such volume of unconfirmed transactions at a time like this, when most Bitcoiners are holding tight to their Bitcoin. Must be that some people are putting up a stage to score some cheap points against Bitcoin, because if it were to be whales moving their coins, they would certainly have known better than use less fees for their transactions.

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August 18, 2017, 06:06:51 AM
 #32

With the growth of bitcoin value to 4000$ bitcoin is establishing  themselves as one of the most wanted cryptocurrencies. While this is good as the demand will make it's price increase, I am thinking of what may happen to the transaction fees ?  They seem to grow proportionally because the miners are taking advantage of the numerous transactions happening, and they select the ones that have a higher transaction fee.

Will these continue rising ?
How can this be solved without affecting deeply bitcoin?
Will this give an upper hand to bitcoin cash to increase it's value, as it looks like their transaction fees are lower ?

 

Bitcoin transaction fees rising only I think because bitcoin is also rising. But I'm not sure about it, because there are some exchanger giving their charge amounting 0.001BTC like in bittrex, while in yobit.net was 0.0015BTC higher than bittrex though most of the coins listed in yobit was a shitcoins compare into bittrex is not.


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Kiweikoo
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August 20, 2017, 09:00:41 PM
 #33

With the growth of bitcoin value to 4000$ bitcoin is establishing  themselves as one of the most wanted cryptocurrencies. While this is good as the demand will make it's price increase, I am thinking of what may happen to the transaction fees ?  They seem to grow proportionally because the miners are taking advantage of the numerous transactions happening, and they select the ones that have a higher transaction fee.

Will these continue rising ?
How can this be solved without affecting deeply bitcoin?
Will this give an upper hand to bitcoin cash to increase it's value, as it looks like their transaction fees are lower ?

 

Bitcoin transaction fees rising only I think because bitcoin is also rising. But I'm not sure about it, because there are some exchanger giving their charge amounting 0.001BTC like in bittrex, while in yobit.net was 0.0015BTC higher than bittrex though most of the coins listed in yobit was a shitcoins compare into bittrex is not.
Transaction fees have increased with the increase in the number of users but different exchanges have different transaction fees. Some offer low charges while other have decided to earn profits in this golden period of bitcoins where prices keep on rising in the market. Choose those exchanges which have lesser fees to tackle with this problem. I like bittrex personally.

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August 20, 2017, 09:20:31 PM
 #34

But how will bitcoin ever catch on with the mainstream public if the transaction fees are as high as they are now?
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August 20, 2017, 09:24:42 PM
 #35

It is ridiculous but they made it as a business so if Bitcoin price goes higher then usually some wallets adjust the fees too depending on the value of bitcoin currently.

The fees vary according to the rising bid, because the fees vary as the hash rate increases, and as the fee increases, the approval period changes, I prefer to pay consistently high wages, and my transactions are confirmed more quickly.



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August 21, 2017, 11:33:46 AM
 #36

transaction fees is rising due to many reasons
let me tell you some reasons
1:- Many wallet's owner know that bitcoin price will increase so that they will gather much bitcoin as they can in the form of transaction fees.
2:-want to rule over the market of bitcoin by gathering more bitcoin.
3:-the fear of interference of government that cause huge tax for wallets owner.
If the government happens to interfere by charging taxes, then it will turn out really bad for we users, because wallet owners will start to charge even more fees. They might even turn the taxes over to users to make more income

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August 21, 2017, 11:40:42 AM
 #37

i tried to calculate the fee from local wallet which found better than exchange and web wallet some cases it goes over 0.002 bitcoin , i hope bitcoin foundation find the way to fix this because 0.002 at 4300 $ different than a time of 300 $ price .

Without any errors here, the transaction fee has been defaulted, the web wallet is always the default of what you pay, so you have to accept it.


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erickkyut
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August 21, 2017, 12:02:45 PM
 #38

This is really happening again. Our wallet provider are rising the transaction fees again. It is not a good thing for those newbie on this community. It might get them disappointed and discontinue using Bitcoin because of the very high cost of transaction fees. I hope that it will soon return to normal. Those transaction fees are big things for others.

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August 21, 2017, 12:08:30 PM
 #39

My opinion about this is the rule of supply and demand. I think the higher our supply of bitcoin, the lower our transaction fees, but it will depend to how fast we want our transactions to be approved. The faster the transaction, the higher the fees are. I think to those fees what are they concentrate on the most.

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August 21, 2017, 01:33:26 PM
 #40

I think, the fees will become higher as the structure of bitcoin and blockchain itself become more difficult and bigger. When big Icos will start using blockchain on 100%, the companies will raise the fees. The transaction fees may be will stay as it is, but companies want to make profit. At the start of every ico, it will be very cheap to use it, but after you will pay a lot of fees.

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