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Author Topic: Bitcoin Fees - $59! Holy shit!  (Read 2980 times)
coinsgod
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August 20, 2017, 04:58:31 AM
 #1

Just watched a vid on Youtube posted yesterday by Rover Ver. He said that it cost him $59 to send Bitcoin. Jesus Christ, that's bloody ridiculous! Those miners are incredibly greedy and will send Bitcoin to the ground if that's the case. Who the hell is going to use Bitcoin for everyday transactions when it costs you $59 to buy a pack of chewing gum? Imagine going to buy a cup of coffee and you need to wait a few hours before the retailer can confirm your payment went through before they let you out of the shop.

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HabBear
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August 20, 2017, 05:13:03 AM
 #2

What was the size of the transaction?

Bitcoin fees (like most fees) are scaled in nominal value to the work required. A transaction of tens of thousands of dollars costing $59 is a pretty decent deal.

If Roger and crew aren't disclosing the size of the transaction you should ask and don't relent on your need to know.

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August 20, 2017, 05:20:37 AM
 #3

What was the size of the transaction?

Bitcoin fees (like most fees) are scaled in nominal value to the work required. A transaction of tens of thousands of dollars costing $59 is a pretty decent deal.

If Roger and crew aren't disclosing the size of the transaction you should ask and don't relent on your need to know.
I have no idea, he didn't say it on his vid. Does the size of the transaction mean how much money he's sending? I thought the whole idea of Bitcoin is that it doesn't matter if you send 1 cent of 1 billion dollars, the fees should be the same.

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August 20, 2017, 05:56:43 AM
 #4

I have no idea, he didn't say it on his vid. Does the size of the transaction mean how much money he's sending? I thought the whole idea of Bitcoin is that it doesn't matter if you send 1 cent of 1 billion dollars, the fees should be the same.
This idea can still be correct. What increases the transaction size is the amount of inputs and outputs of the said transaction, and not how many Bitcoins have been sent. Usually, a transaction with 1 input and 1 output is equivalent to 250 bytes, independent if this input is worth 0.005BTC or 50BTC.

If you want to read more about the subject:
https://bitcoin.stackexchange.com/questions/1195/how-to-calculate-transaction-size-before-sending
https://www.reddit.com/r/Bitcoin/comments/5eecuq/what_determines_the_transaction_size_or_number_of/

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August 20, 2017, 06:27:29 AM
 #5

It's normal bro.few days ago I also faced this kind of issue.I withdraw from an exchange platform about $500 and the transaction fees were $5+ worth of Bitcoin. I think the miner is now so greedy.they charged us a huge amount of bitcoin for every transaction it's very painful for Bitcoin user.I want to see your transaction TXD, please provide it here.


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PX-Z
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August 20, 2017, 06:33:03 AM
 #6

Transaction fee will always depend on the size of the transaction itself, so if he send larger bitcoins with huge transaction size per byte then its really normal to have huge fees, and tx fee is always referring to bitcoin not in USD so if the btc price hike then of course it will becomes larger in USD
coinsgod
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August 20, 2017, 06:45:56 AM
 #7

It's normal bro.few days ago I also faced this kind of issue.I withdraw from an exchange platform about $500 and the transaction fees were $5+ worth of Bitcoin. I think the miner is now so greedy.they charged us a huge amount of bitcoin for every transaction it's very painful for Bitcoin user.I want to see your transaction TXD, please provide it here.
Bloody miners are ripping off the users of Bitcoin. They way I see it is that it's doomed to fail with these ridiculous fees. Some other altcoin is going to become the major crypto that has no fees or absolutely tiny fees.

.
brokk
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August 20, 2017, 07:35:46 AM
 #8

It's normal bro.few days ago I also faced this kind of issue.I withdraw from an exchange platform about $500 and the transaction fees were $5+ worth of Bitcoin. I think the miner is now so greedy.they charged us a huge amount of bitcoin for every transaction it's very painful for Bitcoin user.I want to see your transaction TXD, please provide it here.
Bloody miners are ripping off the users of Bitcoin. They way I see it is that it's doomed to fail with these ridiculous fees. Some other altcoin is going to become the major crypto that has no fees or absolutely tiny fees.

THIS.
Bitcoin fees really are ridiculous, I hope that this somehow gets fixed soon.
Paying $2 fees when sending $10-15 payments it's absolute nonsense.
sandy rivers
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September 27, 2017, 10:57:42 AM
 #9

It's normal bro.few days ago I also faced this kind of issue.I withdraw from an exchange platform about $500 and the transaction fees were $5+ worth of Bitcoin. I think the miner is now so greedy.they charged us a huge amount of bitcoin for every transaction it's very painful for Bitcoin user.I want to see your transaction TXD, please provide it here.
Bloody miners are ripping off the users of Bitcoin. They way I see it is that it's doomed to fail with these ridiculous fees. Some other altcoin is going to become the major crypto that has no fees or absolutely tiny fees.

THIS.
Bitcoin fees really are ridiculous, I hope that this somehow gets fixed soon.
Paying $2 fees when sending $10-15 payments it's absolute nonsense.
using x**o wallet can hurt you even more.
Velkro
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September 27, 2017, 11:24:55 AM
 #10

Just watched a vid on Youtube posted yesterday by Rover Ver. He said that it cost him $59 to send Bitcoin.
I wouldn't belive him even for a second.
He says that to promote his alt coin, thats it.
People send bitcoin with thousands $ fees by mistake, i sent my transactions with $0,01 fees and im happy Smiley

Agostosmori
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October 10, 2017, 05:31:57 PM
 #11

Most probably it's a promotional video, why would you film it when you are sending bitcoin?
WorldEG
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October 10, 2017, 06:21:05 PM
 #12

provide tx_id or didn't happened  Wink
marukochanx3
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October 10, 2017, 07:20:55 PM
 #13

Just watched a vid on Youtube posted yesterday by Rover Ver. He said that it cost him $59 to send Bitcoin. Jesus Christ, that's bloody ridiculous! Those miners are incredibly greedy and will send Bitcoin to the ground if that's the case. Who the hell is going to use Bitcoin for everyday transactions when it costs you $59 to buy a pack of chewing gum? Imagine going to buy a cup of coffee and you need to wait a few hours before the retailer can confirm your payment went through before they let you out of the shop.

High fee is based on value of transaction maybe he send more than $2000 and the fee like that , its fair. because fee increased by value of ur transaction.
But i see , yesterday in some topic say bitcoin fee increasing too high , maybe its factor by bitcoin price is increased then the fee value got high.
Btw CMIIW Sir  Cheesy

EcoChavCrypto
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October 10, 2017, 07:23:57 PM
 #14

Maybe he made that transaction when the blockchain was so congestionated, or maybe there were not enough miners at that moment to confirm that block, but are you sure that this is true and not a fake?
I read about a guy who payed $119 for fees, but after all, it was his fault because he customized the fees and he did it without knowledge.
I think is impossible to pay that amount of money for fees, i payed $6 max when btc was $5000 a few weeks ago, and now it is $4800 and fees are $2 max, it is not bad.

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October 10, 2017, 08:18:41 PM
 #15

You can set a custom fee, e.g. with coinb.in. It is possible today to set a $0.25 fee and the transaction will be confirmed within 1-2 hours. You can use this free transaction accelerator: https://pool.viabtc.com/tools/txaccelerator/

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Websites, scripts, crypto integration for BTC
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aardvark15
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October 10, 2017, 08:22:18 PM
 #16

Just watched a vid on Youtube posted yesterday by Rover Ver. He said that it cost him $59 to send Bitcoin. Jesus Christ, that's bloody ridiculous! Those miners are incredibly greedy and will send Bitcoin to the ground if that's the case. Who the hell is going to use Bitcoin for everyday transactions when it costs you $59 to buy a pack of chewing gum? Imagine going to buy a cup of coffee and you need to wait a few hours before the retailer can confirm your payment went through before they let you out of the shop.

The amount of the transaction must have been big but I've also noticed that if the Bitcoin you are moving comes from an address that received a bunch of small amounts that you are now sending as one transaction, the fees also get higher.

Fees for Bitcoins could be a problem in the future and will prevent it from being used for small transactions. Bitcoin will most likely be used for large transactions and a store of value.

There will be other altcoins that will take over for the small transactions. My guess is that Iota with no transaction fees will be used for micropayments and tips, etc.
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October 10, 2017, 09:50:31 PM
 #17

It was probably a mistake, of course that guy is so dumb, why did he made the transaction? Maybe he could just wait a little bit longer and wait until the fees are lower (usually, fees varies from a minute to another)
I dont know.. i really think it was a mistake, there is no way to explain that he payed $59 of fees, it is insane, i remember that when i had to pay $4 for fees i was complaining a lot, but $59 is huge.


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October 10, 2017, 10:42:07 PM
 #18

Please ask about the amount sent before going crazy. When you send small amounts the fee is small. If you send 100k+ then yeah I would imagine too there will be a decent sized fee. As long as it is better than banks

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October 10, 2017, 11:29:51 PM
 #19

It was probably a mistake, of course that guy is so dumb, why did he made the transaction? Maybe he could just wait a little bit longer and wait until the fees are lower (usually, fees varies from a minute to another)
I dont know.. i really think it was a mistake, there is no way to explain that he payed $59 of fees, it is insane, i remember that when i had to pay $4 for fees i was complaining a lot, but $59 is huge.

Please ask about the amount sent before going crazy. When you send small amounts the fee is small. If you send 100k+ then yeah I would imagine too there will be a decent sized fee. As long as it is better than banks
As you can seen guys this is posted for 2 months ago and i think the fee is really high in that time for now if you do transaction right now the fee is reduced and to check if what is the default fee you can check it here https://bitcoinfees.21.co/
And maybe that is why the transaction was asking for high fee it is because there is large amount of input in your account this is what happen to me that is why every time im receive bitcoin and get 5 inputs i merging them by sending them back to my bitcoin address in single transaction to merge them ..
So that you can get a small fee for every transaction you made with that address you use.

Bull Market is coming....
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October 10, 2017, 11:40:27 PM
 #20

It depends on transaction size, so, sometimes a payment combined from dust balances requires minimal fee equals or more than its sum. But this is very uncommon situation. Second point, - it is not necessary always use default fee, the lower ones works great too if you can wait some additional time. My average is about 2$, in worst cases 5$ but not more.
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