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Author Topic: Bitcoin Fees - $59! Holy shit!  (Read 2980 times)
Kprawn
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October 22, 2017, 06:19:08 PM
 #41

People please look back at the date when this thread was started. This was during the pre-SegWit stage when the MemPool

was spammed. A lot has changed since then and this thread serve no purpose anymore. Roger Ver and his cronies are behind

a lot of Fud that are being generated around Bitcoin. {because they are supporting other forks} ...Since SegWit was

implemented the Mempool was congested when the miners decided to mine Bitcoin Cash. {because it was more profitable

than BTC, but things quickly returned to normal.}  Roll Eyes

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October 22, 2017, 06:44:27 PM
 #42

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).
A few years ago bitcoins price was only a fraction from what it is today. For today's market I consider a 1.8$ a fair price considering the fees that other payment processors charge. Bitcoin is still imperfect, we know that, but there are people who are working extremely hard to improve bitcoin and fulfill it's full potential.
I don't know why you're preaching for bitcoin cash, paid shill or not you're missing the bigger picture.
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October 23, 2017, 04:16:27 AM
 #43

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.

its just normal because bitcoins value these days are so high and thats why the transaction fees are also high but if the value of bitcoin will drop , then the fees will also decrease. for me its just ok and nothing to worry about because it is a natural event or phenomenon and were not new about this issue , infact this problem has been discuss all the time and they cant do about it , so if your not ok with it, then better find a coin that has a low fee like dogecoin and litecoin.

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October 23, 2017, 04:54:00 AM
 #44

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?

looking at his tx, I'm seeing inputs from 3... aren't these multisig addresses?
these multisig inputs are responsible for that big of tx size (beside the reason of 300+ inputs)
paying $1000 tx fee to get $100 worth of BTC  Shocked
even if you launder your money, you won't get charged that high

btw the 3... addresses are tied to multisig or segwit?  Huh

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October 23, 2017, 05:41:25 AM
 #45

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.

it depends on the size of the value of the transaction being sent or receive. In some wallet you can customize the fee per byte of your transaction. My normal fee i am using is 50 per byte so if i am sending around 50 bucks my fee would be 2$ per transaction. In his case maybe he send a high value of bitcoin because the transaction fee is 59$
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October 23, 2017, 06:21:27 AM
 #46

Isn't the fee depends on the amount of BTC sending per transaction ? I also believe Roger Ver is more in to Bitcoin Cash, so he may be giving an hint that go for BCC instead of BTC. What do you guys think?


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October 23, 2017, 09:18:01 AM
 #47

Isn't the fee depends on the amount of BTC sending per transaction ? I also believe Roger Ver is more in to Bitcoin Cash, so he may be giving an hint that go for BCC instead of BTC. What do you guys think?

No  Angry
Also the headline of this task is misleading, and the word "shit" wrongly used ... At best stupidity would be the right word for someone paying this amount of fees.

The fee never depends on the amount of bitcoin value. It depends on the size of a transaction. A transaction can have 100s or thousands of entries, that add to the size of a transaction. Hence fees are paid in Satoshi per Byte.
Imagine you are a service, and have to pay 250 users some Satoshis in the next 2 or 3 blocks. Assume you have one input (your own UTXO), then you have a tx with 250 outputs, with each tx output having roughly 40Bytes output Bytes in it's easiest form: TX_OUT Value (uint64_t), TX_OUT PK_Script Length (var_int), TX_OUT pk_script (uchar[]). A good approximation for P2PKH tx is:
--> fee = (n_inputs * 148 + n_outputs * 34 + 10) * price_per_byte
That creates a tx with approx. 10 kbytes in size. If you have to pay 100 Satoshis per byte, then this creates 10.000 * 100 = 1mio Satoshi fee, equals to 0.01 Bitcoin, currently ~50 Euros.
But!  Cheesy
You can reduce the fees to 15 Satoshi per byte, then it will get later into a block, and the fees reduce to less than 10 Euros.   
A very small transaction with one input an one output is in the range of 228 bytes, with 100 Satoshi per byte the fees would be 22800 Satoshis, 0.00028 bitcoins (somewhere in the 1 Euro range).

Experts to the front to prove/reject my math  Grin

The majority here seems to ignore this fee specification, and prefers to follow the fud and useless emotional energy waste. Get informed, and save fees, or stay dumb and pay the fees!
And Roger should have mentioned this, when he did the transaction, or even provide a a link to the tx, so we could look it up. Otherwise it seems to be an intentionally misleading of the community.

Next step for low fee transactions (coffee, online books, ...): look at lightning!
(And then you understand, why miners are against SegWit and Lightning, cause their basis of revenue is reduced dramatically by the network).
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October 23, 2017, 12:08:37 PM
 #48

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.

Fee is so little i send 100$ to user in china and pay 1.16$ only

if you want your money to arrive fast will pay more fee .

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October 23, 2017, 12:11:34 PM
 #49

You must know the total amount of bitcoins transacted before you can conclude the fee is exorbitant.

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October 23, 2017, 03:23:02 PM
 #50

Bitcoin fees is what puts me away from bitcoin entirely.
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October 23, 2017, 03:25:48 PM
 #51

Bitcoin fees is what puts me away from bitcoin entirely.

Yeah i'm not so keen on the fees either but I guess nothing in life is free...

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October 24, 2017, 01:25:04 AM
 #52

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.
He says that the fee is $59 not $5, its much bigger than your fee. If really the fee is $59, so bitcoin will be leave by its user.
As i know $5 per transaction is good.  Hope can be lower than.

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October 24, 2017, 05:31:32 AM
 #53

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.
Roger Ver is an ex-convict and known liar. He told the public Mt. Gox was ok and then it got robbed. He told the public that Bitcoin Unlimited was “production ready” and then the entire network crashed. He is the brainchild of Bitcoin Cash but lies to the public that he “found out about it after it launched”. All of this is public information. The fee Roger Showed was “artificially generated” and you can make a high fee also by splitting coins. You cannot trust a word from Roger Ver.
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October 24, 2017, 10:54:22 AM
 #54

that  is  sotashi  didt  realized!the  fee  cant automatically  adjust  accoding  the price that  is  a  big disaster for transation  when  you  use  bitcoin! so some  altcoin  is  replacing the  game!
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October 24, 2017, 11:03:45 AM
 #55

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/
Think you for this information ,so if i sent like 100btc will it increase the transaction value?
you says 50 as max size of transaction.
actully i am quite new to this and want to do transactions with minimal cost.
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October 24, 2017, 11:22:52 AM
 #56

The "data" size of the transaction is what defines the fee... NOT the "bitcoin value" of the transaction.

A transaction with 1 input for 100000 BTC will have the same "data" size as a transaction that has 1 input for 0.1 BTC. Most wallets would attach the same fee to both transactions.

The "data" size of a transaction has previously been calculated as:

(Number of Inputs * 148 bytes) + (Number of Outputs * 34 bytes) + 10 bytes

Things have changed a little bit with SegWit, but in general... this is not a bad rule of thumb to follow... as you can see, an Input accounts for nearly 5x the data in a transaction that an output does...

As for the maximum amount of btc you can send in a transaction... Theoretically, there isn't one... however, there will only ever be 21,000,000 BTC ever produced... and given that a lot have been "lost" from people losing private keys, it's say to say, no-one will ever be able to send more than 21,000,000 in a transaction Wink

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October 24, 2017, 11:44:58 AM
 #57

To date, my highest fee ever was just above 100,000 satoshi, which would have been just above $6 at ATH (I believe it was $3 at the time). Then again, that was a fee charged by the service I was using at a time when the network was congested, something I didn't have control over. Actual fee ended being about 60% of that, too, so I was skimped a little in the end.

On my own wallet using my own fees, I'm still a cheapo. Never paid more than 30,000 satoshi for transactions easily worth hundreds. The highest value transaction I did was 0.3 BTC ($1000 at the time) and I still paid something like 25k satoshi. As many have pointed out, it's not about the fiat amount, it's about the size of your tx. The more space it takes up in the block, the more you have to pay. Keep 'em lean, and learn to navigate around mempool, I say!

Without context, we can't say if that user overpaid. If I calculate savings based on the next cheapest transfer option (for me that would be a 0.5% fee bank wire), I've probably saved >95% of my costs.

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October 24, 2017, 02:02:53 PM
 #58

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.
If that is the amount of txn fee, then number of users will come down and prices of bitcoin will come down i guess
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October 25, 2017, 12:11:13 PM
 #59

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.

Well 59 Dollars is 1% of todays value of Bitcoin. You were ignoring Bitcoin in the first place that is why you are complaining about the fees. If you were here from the very start you will never ever say that the fees are ridiculous. Only newbies will say that. Cover is blown.
The everyday transaction example is also about ignorance. If it is POS. Bitcoin transaction is faster than your credit card transaction. You don't need to write your signature everytime you use your Bitcoin. With credit card a lot of paper work will be dealt with. Hidden charges will be dealt with. Reconciling balances will be dealt with. But with Bitcoin there is a public ledger. Nothing is ever hidden. Banks hide everything.

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October 25, 2017, 05:45:44 PM
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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.

Well 59 Dollars is 1% of todays value of Bitcoin. You were ignoring Bitcoin in the first place that is why you are complaining about the fees. If you were here from the very start you will never ever say that the fees are ridiculous. Only newbies will say that. Cover is blown.
The everyday transaction example is also about ignorance. If it is POS. Bitcoin transaction is faster than your credit card transaction. You don't need to write your signature everytime you use your Bitcoin. With credit card a lot of paper work will be dealt with. Hidden charges will be dealt with. Reconciling balances will be dealt with. But with Bitcoin there is a public ledger. Nothing is ever hidden. Banks hide everything.
It does still matter even you are an early adopter or late adopter/recently joined up the group.$59 fees will really hurt for sure even if you are a whale or does hold up lots of bitcoin.My current situation on making transfers do charge me up almost $3 basing on the average fees recommended as of these days which i do consider to be high still.

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