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Author Topic: bitcoin transaction fees rising ?  (Read 1315 times)
joganuts
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August 21, 2017, 01:39:26 PM
 #41

the block size is limited and will always be limited, no matter to what number.
as it fills up, whether it is because of adoption and more real transactions or spam attack or a combination of both, some transactions will be left out. they will end up paying higher fees to compete for that limited space so fees will go up.
so unless you can do something about that space and eliminate it completely i don't see any other way of reducing fees for long term not just temporarily.
If we are going to look at the transactions that are made on block chain or in any market or sites there is a lot of feed or type of transaction mad everyday. And if we want to strengthen up the security of every transaction on Bitcoin system or other crypto-currency fee is regulated for it to develop more. So the fees is just a help or what we can compare as a tax for the users to have security in every transaction they are going to be made.

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August 21, 2017, 01:59:11 PM
 #42

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.
Of course it is a big deal for the other users of bitcoin because that is already a money that is being wasted because of the required high and expensive fees and it is getting bigger and bigger as the years pass by on bitcoin and i think we should request and tell the developer team of bitcoin to do things that will help for the fees to lower down so the newbies will be able to start and make more profits.

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August 21, 2017, 02:09:15 PM
 #43

I think the more bitcoin is increasing its price the more the transaction fees are rising too. I just think the are balancing the price of bitcoin and its transaction fees that's why if it increases, they also adjust the transaction fees according to how high the volume is.

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August 21, 2017, 02:14:25 PM
 #44

As the price increase continues the transaction fee increasing along with it is quiet a common thing and people need to understand the true facts. Also few wallet service providers are increasing their rates and in specific bit.ac has a very big transaction fee than other wallet providers.

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August 21, 2017, 03:31:45 PM
 #45

Will these continue rising ?
Once in a while fees are expected to increase when there is congestion and If miner services are urgently required

How can this be solved without affecting deeply bitcoin?
Without affecting bitcoin i highly doubt it if thats possible because a hard fork will be needed to pave way for segwit or lighting network or other alternative is to wait for prive to go up as we as asured of less transactions to be carried out

Will this give an upper hand to bitcoin cash to increase it's value, as it looks like their transaction fees are lower ?
Fees will not give BCH the advantage
Bitcoin cash transaction fees are only lower because there is little activity on its network and lets not forget bitcoin has been there  Wink

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August 24, 2017, 11:11:13 AM
 #46

It's more or less the question if the transaction volume will remain that high. It could be that high due to the high amount of bitcoin being bought and sold during the price race.

But eventually, after the currency has reached some more or less stable value in the future, the transaction volume might also reduce quite a bit, resulting in falling miner fees.

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August 24, 2017, 11:21:48 AM
 #47

I think the more bitcoin is increasing its price the more the transaction fees are rising too. I just think the are balancing the price of bitcoin and its transaction fees that's why if it increases, they also adjust the transaction fees according to how high the volume is.

Again , this non sense is soo false is not funny anymore.
BTC was at 4500 last weeks and the fees where half of what we have now.

There is no relation between the price of BTC and the fees.
The single thing that matters is the number of transactions you have waiting to be confirmed.
If we had 100kb blocks, I can tell you we would have had 5$ fee for a simple tx while bitcoin was at 100$.

As the price increase continues the transaction fee increasing along with it is quiet a common thing and people need to understand the true facts.

Again, dead wrong.
There are graphs everywhere with the the tx fee in usd value and you can see it has not followed the BTC price.
What it did follow was the size of the mempool.

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August 24, 2017, 11:31:38 AM
 #48

As the price increase continues the transaction fee increasing along with it is quiet a common thing and people need to understand the true facts. Also few wallet service providers are increasing their rates and in specific bit.ac has a very big transaction fee than other wallet providers.
You need have to remember in the past although Bitcoin has increased, but the fees still not highest like now. Because we also know fee Bitcoin calculate via size block of our transaction, but the fees of every Kb always increase after Bitcoin have breakout on market, why? ...

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August 24, 2017, 11:55:22 AM
 #49

the block size is limited and will always be limited, no matter to what number.
as it fills up, whether it is because of adoption and more real transactions or spam attack or a combination of both, some transactions will be left out. they will end up paying higher fees to compete for that limited space so fees will go up.
so unless you can do something about that space and eliminate it completely i don't see any other way of reducing fees for long term not just temporarily.
In the past it was possible to get a transaction without any conformed fees if the inputs and the out puts had a high a high priority and followed some rules and in 2017 the free transaction is still nearly possible if you don’t care and you don’t want a fast transaction because if you cannot pay the high transaction fees then you can go through free transaction but it will be slow to conform it will take a few hours or may be the whole day.   
I think if you expect a free fee for your transaction you will never be able to find a confirmation within a few days and of course your transaction will be cancel and your bitcoin will be back on your wallet. The current fee is really terrible. At some exchange sites even, like in c-cex. To do bitcoin transactions. You have to use a fee 0.002 btc equivalent to $ 8 / transaction, that's a crazy fee

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August 24, 2017, 12:02:20 PM
 #50

Yesterday i try to send 0.1$ from blockchain they ask for 1.92 fee for that transaction .is to big for 0.1$
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August 24, 2017, 12:17:34 PM
 #51

Yesterday i try to send 0.1$ from blockchain they ask for 1.92 fee for that transaction .is to big for 0.1$
Its really getting absurd at the moment, now for your transaction to go through successfully, then you will need to pay the equivalent of $3 for a regular time transaction in blockchain whiles $4 fee for a priority transaction. I believe something must be done to reduce the fees involved.



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August 24, 2017, 12:21:55 PM
 #52

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.

We were able to do things very cheaply from the beginning, now it is very expensive, the first two basic principles of Bitcoin contradict each other, it is not cheap and fast anymore, it has to be fast or cheap, I do not know how the system works in Bitcoincash.



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August 24, 2017, 12:26:48 PM
 #53

As the price increase continues the transaction fee increasing along with it is quiet a common thing and people need to understand the true facts. Also few wallet service providers are increasing their rates and in specific bit.ac has a very big transaction fee than other wallet providers.
You need have to remember in the past although Bitcoin has increased, but the fees still not highest like now. Because we also know fee Bitcoin calculate via size block of our transaction, but the fees of every Kb always increase after Bitcoin have breakout on market, why? ...

yup ! as explained above block size of btc blkchain remains same no matter what the price of btc is said by 2nd guy in 1st page of this topic which is quite true.
You cannot expect low tx fee from now on because of spam tx attacks :"

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August 24, 2017, 06:16:22 PM
 #54

It's more or less the question if the transaction volume will remain that high. It could be that high due to the high amount of bitcoin being bought and sold during the price race.

But eventually, after the currency has reached some more or less stable value in the future, the transaction volume might also reduce quite a bit, resulting in falling miner fees.
the price of the bitcoin is very high and the transaction of the bitcoin is also increasing and I think it is very normal to see the transaction fees is rising along with the price of the bitcoin and it is making the demand of the bitcoin bigger and bigger but the system of the bitcoin still needs a lot of improvement and the circle of bitcoin is growing very fast and it will attract more people because bitcoin has become more trust worthy

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September 09, 2017, 11:45:59 AM
 #55

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 ?

 
I think that should be due to the fact there are now lots of transactions going on on the blockchain due to the rising potentials of the market. People have started seeing the potentials of the market and have started investing both time and money in the market.

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September 09, 2017, 12:21:04 PM
 #56

I thought the scaling debate was all about fees coming down. So whats going on?
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