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Soutogu
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August 27, 2017, 06:59:08 AM |
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Support the coins you see a real use for! If the fees and transaction times are too big, switch to something you consider better, there are plenty of options out there! I hope more people change, because the way it is right now with BTC is not the best...
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No Gods or Kings. Only Bitcoin
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maeusi (OP)
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August 27, 2017, 07:09:23 AM |
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I sent 0.029 and paid 0.0041 BTC. If that is a small amount, then bitcoin is not ready to be integrated to shops or as official currency. Then it is only for investors.
This is insane. You paid almost $18 as the fee. But I have a suggestion. If you are ready to wait for 5-6 hours, then use Blockchain.info and calculate the transaction fee using the "low priority" option. Instead of BTC0.0041, you may need to pay around BTC0.001 (which is still quite high). Thank you for your great advice. Will do in next transactions. A few hours to wait wouldn't bother me |
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MAbtc
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August 27, 2017, 08:59:32 AM |
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Btc High transaction fees really sucks but I dont think we can control this and I think it would be hard for ypu to convince people to sell btc and hold other altcoins instead to make transaction fees low since people are holding btc due to rapid increase.
No guarantee that Bitcoin will remain at the top if the transaction fee climbs even further. Will you be happy to pay a transaction fee of $30? Altcoins such as Bitcoin Cash can make use of this situation. Have you considered the long term economic premises underpinning Bitcoin? It needs limited capacity to provide fees post-subsidy to continue incentivizing miners on the most secure network in the world. Providing this level of PoW security is not cheap. The protocol requires that fees be paid in BTC (it can't have any relation to fiat money value and still be decentralized). So, if one BTC is worth a million dollars someday, you can bet that fees will be higher than $30.  Altcoin developers/promoters can only exploit the situation regarding those who think that BTC is for providing cheap fees. |
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joseafonso123az
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August 27, 2017, 09:12:51 AM |
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This is something that might happen. If the value continues rising like this, and if it's for the profit of the miners, we will start seeing transaction fees of $100. One of the advantages BTC had were the low fees, now this looks like a disadvantage against fiat. And if the transaction fees continue growing, it will become difficult to move coins around.
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figmentofmyass
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August 27, 2017, 09:32:37 AM |
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This is something that might happen. If the value continues rising like this, and if it's for the profit of the miners, we will start seeing transaction fees of $100. One of the advantages BTC had were the low fees, now this looks like a disadvantage against fiat. And if the transaction fees continue growing, it will become difficult to move coins around.
i wouldn't say it's a disadvantage, per se. it's that BTC and fiat currency serve very different purposes, and rising transaction fees make this increasingly clear. decentralization has high costs in terms of efficiency and security. (banks and other fiat-interfacing entities can sidestep a lot of BTC's inefficiencies by relying on centralization.) so, the fees that we are paying ensure that our payments get processed -- no matter what they are for, or who they are paying. that's the beauty of decentralization, and you don't get that freedom with banks. but it comes with a cost. the miners need to be paid. for now, the security is still being subsidized by block subsidy, but over time, fees need to rise more and more. |
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carcassone
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August 27, 2017, 09:37:44 AM |
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we are paying high tx fees with btc because get confirmation fast require... money!
it's expensive, there is literally not enough space for all txs. It's simple, more people use btc, more txs, more fees.
This is not a problem after all. People can also use other crypto meanwhile unconfirmed txs are too much and wait mempool decrease.
Just patience, or using other coins, or paying high fees.
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milewilda
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August 27, 2017, 09:42:23 AM |
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we are paying high tx fees with btc because get confirmation fast require... money!
it's expensive, there is literally not enough space for all txs. It's simple, more people use btc, more txs, more fees.
This is not a problem after all. People can also use other crypto meanwhile unconfirmed txs are too much and wait mempool decrease.
Just patience, or using other coins, or paying high fees.
Using another coin is really an alternative if you do really like to avoid those huge fees on bitcoin payments but regarding on my situation i didnt make active transactions regarding on bitcoin transfers thats why i didnt really bother at all about fees. On my local wallet provider you would need to pay up almost $10 on a single transaction which is insane and also to the things above been mentioned by some people having $18 is crazy. |
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gribble
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August 27, 2017, 09:47:59 AM |
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I don't think bitcoins fees transaction will be impact to bitcoin's price down because bitcoin's fees sending transaction increased due to the activation of segwit2x was still unstable, it needs more research and fixing from developers and comunity, bitcoin's price down is normal just fluctuating of price, it will be hit $5000 after the lightning network/segwit2x be stable.
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drwhobox
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August 27, 2017, 09:51:12 AM |
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Well it's because there is alot of transactions on the blockchain happening right now that's whycthe fees are on the moon high. But, this really sucks. I'm guessing that in the next 5-10 years bitcoin fees would go up to 20-30 Usd per transaction. Hoping this segwit works good soo that the transaction fees may go down.
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zikabra
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August 27, 2017, 09:51:57 AM |
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Fees only seem ridiculous because the price of Bitcoin is so high. They have pretty much stayed the same...
Not really the same because fees went up. I remember times when transactions were fast with only 10K satoshi fee. I sent 0.029 and paid 0.0041 BTC. If that is a small amount, then bitcoin is not ready to be integrated to shops or as official currency. Then it is only for investors.
Send transaction with 100sat/b fee, you will wait a little longer but you won't pay insane fee. |
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carcassone
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August 27, 2017, 11:04:22 AM |
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Well it's because there is alot of transactions on the blockchain happening right now that's whycthe fees are on the moon high. But, this really sucks. I'm guessing that in the next 5-10 years bitcoin fees would go up to 20-30 Usd per transaction. Hoping this segwit works good soo that the transaction fees may go down.
maybe also more. because if each btc can be valued around 10k or 100k each tx fees will growth exponentially, and we can't (maybe we need!) forget old tx fees (around 10 cents for small ones confirmed within 6 blocks / 1 hour). Space and time for the blockchain is expensive, and probably we are seeing the first "leverage" because not all people could afford 20$ or more for each tx. |
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lighpulsar07
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August 27, 2017, 12:47:50 PM |
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As soon as possible, if fees will go down for a short time, I will sell Bitcoin and hold other cryptocurrencies and hope others will also do so until fees go down.
The fees isn't bad at all. It's all the same tx fee but due to the price it is high Well no one cares. if you want to sell your btc, sell it now don't wait the fees go down because the fees won't drop sooner or later and also please don't make us implicate your stupidity and leave this forum i hope you will regret your decision |
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pawanjain
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August 27, 2017, 01:07:53 PM |
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bitcoin has a great demand in the market and as the days are passing more number of people are using bitcoin for some purpose. The fee seems huge to us because we deal in a small amount but that amount is itself huge for us because of the high price of bitcoin . This is the reason the transaction fee seems huge to us.
Day by day the price of bitcoin will keep increasing further and hence the transaction fee will seem more high to us but that is a thing which we cant do anything about. So make your decisions wisely.
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Fire Rabbit
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August 27, 2017, 01:17:43 PM |
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We cant tell BTC will crack down because of its high price. But yeah it will affect people who do small transactions especially who are in micro earning industry like PTC, GPT , PTP sites like that and those who do trading with small amounts. But it's not going to affect people who are involved in other industries because they deal with hugh amounts of btc. For them giving 0.002 btc or 0.001 btc as fees is a small amount.
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Chyton
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August 27, 2017, 01:20:56 PM |
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I'm pretty sure if bitcoin developer have solved the scaling problems then bitcoin transaction fees will be low enough, as of now there are many transactions waiting to be included into a block. So if you're paying median fees then you'll need to wait couple of blocks, but if you're paying the highest fee available then the next block will definitely include your transactions. Cheers.
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AK47-
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August 27, 2017, 01:28:00 PM |
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As soon as possible, if fees will go down for a short time, I will sell Bitcoin and hold other cryptocurrencies and hope others will also do so until fees go down.
Why would I sell my Bitcoin? There is hardly any effect of high fees on Bitcoin price. Price is increasing regardless of increase in fees. Most of us use Bitcoin as an investment asset (for growing our money). When it is successfully giving high returns in short period and way too less risky than altcoins, then why would I shift to altcoins? |
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Rinder
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August 27, 2017, 01:53:28 PM |
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Yesterday i made a transaction with 40k satoshis as fee, the sugested fees were around 130k satoshis, and when i got a warning saying my trasaction could not confirm due to low fee input, but for my surprise my transaction has been confirmed within around 4 hours of waiting. Bitcoin wont go no where, we are into the first days of segwit implementation, and well lets see how those will handle the spam attack.
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alyssa85
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August 27, 2017, 02:27:55 PM |
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Support the coins you see a real use for! If the fees and transaction times are too big, switch to something you consider better, there are plenty of options out there! I hope more people change, because the way it is right now with BTC is not the best...
I think most people who are moving money from exchange to exchange are using litcoin, ether or other alts to avoid fees. The issue is for those who have their bitcoins in their own wallets at home. They have no choice but to pay bitcoin fees if they want to buy something or cash out at an exchange. I wonder if one of the consequences is going to be people abandoning their own wallets and keeping money in regulated exchanges (where they can easily swap for an alt if they want to move money). |
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maeusi (OP)
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August 27, 2017, 04:40:09 PM |
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Support the coins you see a real use for! If the fees and transaction times are too big, switch to something you consider better, there are plenty of options out there! I hope more people change, because the way it is right now with BTC is not the best...
I think most people who are moving money from exchange to exchange are using litcoin, ether or other alts to avoid fees. The issue is for those who have their bitcoins in their own wallets at home. They have no choice but to pay bitcoin fees if they want to buy something or cash out at an exchange. I wonder if one of the consequences is going to be people abandoning their own wallets and keeping money in regulated exchanges (where they can easily swap for an alt if they want to move money). So did I, before I saved them in my wallet. Transfered always with doge or bitcoin on poloniex. But as there were many threads about deposit and withdraw issues, I keep btc on my wallet. It would be good to have a secure wallet (for me on android) with exchange like on coinomi, but without need to transfer  |
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stevebc
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August 27, 2017, 04:42:32 PM |
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The higher the fees climb the less use cases bitcoin will have. Im sure already a lot of people dont even want to move bitcoin about due to the fees. To get around it any trades ive wanted to do ive had to do with alts and then change back to btc, not the best work around. Is this what bitcoin was destined to be?
I've not dabbled in alts....is there no fee to buy BTC with an alt? |
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