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Author Topic: Bitcoin Fees - $59! Holy shit!  (Read 2980 times)
TwoCorn
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October 10, 2017, 11:45:10 PM
 #21

I don't know guys. I moved 1.3 BTC around the same time and I paid about $1.60 in transaction fees. And it only took about 20 minutes. I just checked it to confirm that I wasn't imagining what I had seen.

Everybody has an agenda. Roger Ver has an agenda that may not jibe with your agenda. I agree with him on many things, but on others not so much. He's not being entirely forthcoming with this.

Always do your own due diligence!

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October 11, 2017, 07:16:27 AM
 #22

How to know the amount of the fee when doing a transaction? Haven't experienced it yet.
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October 11, 2017, 09:05:53 AM
 #23

How to know the amount of the fee when doing a transaction? Haven't experienced it yet.

It depends on the client you use, but so far all of them than I've used allowed to see and select the fee. Exchanges set fixes fees for withdrawals, but they are always indicated beforehand.

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agny
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October 11, 2017, 01:39:05 PM
 #24

A few days ago my fee for transaction was something about 0.05$
Was anything changed recently?  Undecided
kwaasteniet
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October 11, 2017, 03:54:18 PM
 #25

Fees will vary.
Williamsss
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October 11, 2017, 04:31:31 PM
 #26

it is back to you you can send with 0.001 fee and with 10,000$ fee

it is Depend on block size to send with right fee and time you can wait till arrive
Btcoinmnr
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October 11, 2017, 09:48:53 PM
 #27

The transaction fee will always depend on the size of the transaction itself, so if it sends larger bitcops with a huge transaction size per byte, then this is really normal
misa999
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October 11, 2017, 11:09:42 PM
 #28

this is the reason bitcoin will never be acquired globally Smiley
CircularLoGic
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October 12, 2017, 01:57:22 AM
 #29

Let's see how much banks will charge you for an over 10k transaction, BTC fee pricing is very low actually and you need to keep the reward satisfying for these who invest their computing power so you can move your coins.

HabBear
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October 12, 2017, 04:14:06 AM
 #30

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!

Screenshots from Ver or it didn't happen.

Roger is a supporter of Segwit 2x and is obviously going to talk shit about Bitcoin leading up to their planned hard fork.

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.

How interesting.

Think about it this way. If you made a $100,000 or $50,000 or even $10,000 (i.e., ~2 bitcoin) transaction and it cost you $59 would you think that's expensive? No.

heyyoitsso
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October 12, 2017, 05:17:30 AM
 #31

Markets are great if you are looking to buy into crypto without paying the fee. On Gdax its free to trade in and out and thats typically how I buy my crypto with USD  Grin

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Kanapka
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October 12, 2017, 05:48:46 AM
 #32

This is a lie or he is trolling.

It costs much less than $59

CryptoSpark
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October 12, 2017, 07:17:16 AM
 #33

Fee's are a problem but hopefully the Lightning network will improve matters since most smaller transactions will go peer to peer off-chain without fees.
coin2me
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October 22, 2017, 03:00:41 PM
 #34

I already paid 0.22btc in a transaction! The transaction contained several outputs of small values!

https://blockchain.info/pt/tx/836cda67a5ba1a473334efa620155e034b05c29055dc45e80c1e42db82bd5ebf

 Sad Sad
TryNinja
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October 22, 2017, 03:29:53 PM
 #35

I already paid 0.22btc in a transaction! The transaction contained several outputs of small values!

https://blockchain.info/pt/tx/836cda67a5ba1a473334efa620155e034b05c29055dc45e80c1e42db82bd5ebf

 Sad Sad
LOL. Is it really worth to pay 0.22BTC for 0.018BTC? Why have you choose a fee of 247 sat/byte? Half this and you would have received 0.11BTC more, which is already 6x what you received.

How did you even received have that many low-amount inputs anyway?

J. Cooper
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October 22, 2017, 03:40:51 PM
 #36

This is a lie or he is trolling.

It costs much less than $59
Of course it's Roger Ver but you also have to take into account that this thread is quite old and was posted prior to the segwit activation. If you check https://bitcoinfees.21.co/ today you will see that the median transaction fee right now is about 30 thousand satoshis (around 1.8$ at the time I'm writing this). So complaining about transaction fees right now is complete BS.
nibor
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October 22, 2017, 03:42:25 PM
 #37

Those miners are incredibly greedy and will send Bitcoin to the ground if that's the case.

You are blaming the wrong people. Issue is not the miners they do not set the fees. People sending the bitcoins set the fees - the miners just choose which transactions get into a block - so obviously prioritise those with big fees!

Issue is that there are more people wanting to send transactions than there is space in the blocks.

So cause is the fact that the blocks are only 1,000,000 bytes is size (or bit bigger if you can send segwit Tx's - which you can't with BitcoinCore GUI).

To fix this you just need to ask the BitcoinCore developers to increase the block size - and then the cost per tx will come down.

Obviously cost of running a full node will go up a bit as will need a bigger harddisk/network connection. But even if they made it 10 times bigger would only need 0.5Tb per year of extra space (and 150kbit/sec network bandwidth) - which is only going to cost you about $20 - so not really going to stop anyone! Especially with all the savings on fees they will be making!

nibor
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October 22, 2017, 03:44:47 PM
 #38

If you check https://bitcoinfees.21.co/ today you will see that the median transaction fee right now is about 30 thousand satoshis (around 1.8$ at the time I'm writing this). So complaining about transaction fees right now is complete BS.

A few years ago the fees were hard coded in the software. And then whenever they went above about 10c everyone complained and they would reduce the set fee by a factor of 10! So I really don't understand why anyone would regard $1.8 as acceptable when the fix is so trivial - see post above.

(Well - trivial to program - but a hard fork - so very tricky to roll out - although BitcoinCash managed it).
coin2me
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October 22, 2017, 04:43:30 PM
 #39

I already paid 0.22btc in a transaction! The transaction contained several outputs of small values!

https://blockchain.info/pt/tx/836cda67a5ba1a473334efa620155e034b05c29055dc45e80c1e42db82bd5ebf

 Sad Sad
LOL. Is it really worth to pay 0.22BTC for 0.018BTC? Why have you choose a fee of 247 sat/byte? Half this and you would have received 0.11BTC more, which is already 6x what you received.

How do you even received have that many low-amount inputs anyway?

It was the wallet block.io service drover who would not let me change the rate. Had to swallow in the dry it!
Making mistakes and learning!
haha
lady Royal
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October 22, 2017, 04:45:57 PM
 #40

Why are you panicking so much? It is only up-to user to pay the fee maybe the size of his transaction is really high so that he paid 50$ so that his transaction get confirmed, I have seen many transaction with more then 100$ so that is just normal for me. I bet his transaction size is high so he paid high fee to get his transaction confirmed in no time Smiley.

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