Bitcoin huge fees

[Vantix]

now i make a transction For 9$ i pay 3$ fee in blockchain.info
shapeshift charged me to change 20$ from ethereum to bitcoin 10$. 50% commision ! nasty greedy company.
the fees in bitcoin are way higher than banks

[Iranus]

Bitcoin fees are nothing to do with the amount being sent.  Had you sent a $10,000 transaction with the same number of inputs (probably one or two in this case), you would have had the same fee.  Bitcoin transaction fees are about the size of the transaction in bytes.
If you're concerned and you particularly need to send a smaller amount, you could just:

-Set a lower fee (one that will still get confirmed eventually)
-Use a transaction accelerator with a low-fee transaction
-Use a SegWit-compatible wallet such as the Ledger hardware wallet to send SegWit transactions and reduce fees.

[Fermento]

So, I were asking my self about how transaction fees would play a important role when you think about how bitcoins can or cannot enter economies where people does not have a bank account, their income its rally low compare with what most of us here are use to. in this scenario a common transaction for them would be expensive with the current fees.

"The fastest and cheapest transaction fee is currently 480 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 108,480 satoshis."
Source: http://bitcoinfees.21.co/


How this would be solved?
if we believe that BTC represents a way of economy freedom for those that are 'not allow' to be in the bank system?
You know in some places/countries, where people would eat for a month with a few of these fees transactions.

Thanks for your comments
Regards

[Rinaze]

Bitcoin definitely have more room for improvement on this aspect before the world could even think of mass adopting the currency coin, in terms of daily life usages.

[Nahl]

indeed the fees are being to huge lately and i have tested it several times and usually to get priority confirmations we have to set at least $3-$5 and it is became not too effective if we want to send small amount because the fees are bigger than the transactions itself but to get fast transactions nothing we can do

[TeenHunkSuperStar]

The coin is becoming less of a currency and more of a speculative store of value with every day that passes.

[Kronos21]

indeed the fees are being to huge lately and i have tested it several times and usually to get priority confirmations we have to set at least $3-$5 and it is became not too effective if we want to send small amount because the fees are bigger than the transactions itself but to get fast transactions nothing we can do

This situation is very hinders the development of trade with bitcoin. But on the other hand in order to save every user of bitcoins tries to accumulate a large amount for the transaction and to shop for Fiat. This leads to a reduction of the sales of bitcoins and promotes the growth of bitcoin prices. and this increase compensates the cost of the transaction.

[kodtycoon]

greed will always be there in every human being and all companies are controlled by humans, so the huge fees of a transaction can not be avoided. this fees increase because bitcoin has a very high price and I do not know if this is something reasonable or not, but in my opinion this is still at a reasonable point.

[joebrook]

now i make a transction For 9$ i pay 3$ fee in blockchain.info
shapeshift charged me to change 20$ from ethereum to bitcoin 10$. 50% commision ! nasty greedy company.
the fees in bitcoin are way higher than banks

Even though they show the transaction fee, you don't have to accept it and proceed, you have the ability to adjust it so that you pay slightly lower fees. And this high fees was to be expected because the value of bitcoins rose.

[Fermento]

sorry about my ignorance, but what would happens if the protocol itself would ask the miners to go for all the transactions no matter the fee size just following a timestamp that would determined that for certain transaction to be processed first all transactions that were made before must be confirmed?

I understand that there has to be a reward for mining in order to keep the thing going, but it seems that we are losing the main point here.
the value should have to be in the usage of the coin rather than being in the speculative store of value, and theres no value in an usage that its being controlled by someone that says if a transaction is important or not by a fee.

[xplorer79]

sorry about my ignorance, but what would happens if the protocol itself would ask the miners to go for all the transactions no matter the fee size just following a timestamp that would determined that for certain transaction to be processed first all transactions that were made before must be confirmed?

I understand that there has to be a reward for mining in order to keep the thing going, but it seems that we are losing the main point here.
the value should have to be in the usage of the coin rather than being in the speculative store of value, and theres no value in an usage that its being controlled by someone that says if a transaction is important or not by a fee.

I imagine miners would create a new fork restoring the actual functioning, and all of them would move to the new fork, rendering the actual bitcoin unusable at all.
But I agree with you, something has to be done, the actual system is not fair, prevents low transactions and only do harm to the bitcoin.

[Beerwizzard]

Is there any ways to calculate the transaction size before sending coins? I mean is there any fixed size of one single input? And how can I chose an input before performing a transaction? Just read that it is possible to resend the unconfirmed frozen transactions if you send this input somewhere else and now curious how to do it.

[OneUnderBridge]

Stop complaining, just send larger valued transactions to take advantage of the platform. Instead of transmitting 10$ transactions, transmit 10,000$ transactions like everybody else on the blockchain. Come on, get with the program!

[Iranus]

Stop complaining, just send larger valued transactions to take advantage of the platform.

What about people who aren't rich?  Are they supposed to be priced out of using BTC?

sorry about my ignorance, but what would happens if the protocol itself would ask the miners to go for all the transactions no matter the fee size just following a timestamp that would determined that for certain transaction to be processed first all transactions that were made before must be confirmed?

I agree with the principle of indiscriminately accepting transactions, but that wouldn't happen in practice - it opens up a significant attack vector.  If you were an attacker, you could send unlimited amounts of transactions and fill the whole blockchain with spam transactions - almost for free, because transactions would not be confirmed based on fees.

Of course there are various arguments about the merits and drawbacks of increasing the block size, but one thing that it can do is increase how expensive it is to spam the network.  For a spammer to get their transactions confirmed they have to pay a fee that makes that happen unless they're a major mining group that can selectively include spam transactions.

[Inkdatar]

Stop complaining, just send larger valued transactions to take advantage of the platform. Instead of transmitting 10$ transactions, transmit 10,000$ transactions like everybody else on the blockchain. Come on, get with the program!

Most complaining about the large fees every transactions. This happen transactions fees become expensive because of the bitcoin value is rising. But some said and hope it would be corrected. Well, let's see and hope then.

[1L0v3]

Lightning network is going to lower the fees for micro transactions 

[Russlenat]

For me I suggest that never transact small amount of bitcoin because transaction fee is too high due to high value of bitcoin now, many miner increase there fee also.

[agustina2]

now i make a transction For 9$ i pay 3$ fee in blockchain.info
shapeshift charged me to change 20$ from ethereum to bitcoin 10$. 50% commision ! nasty greedy company.
the fees in bitcoin are way higher than banks

How much bitcoin is involved here? I mean in terms of fees.

You know a BTC0.001 USD value in the past is not the same BTC0.001 USD value today because of the price increase. Therefore, your $3 fees with the same bitcoin quantity will be different in value even the amount of bitcoin you send is the same.

About your shapeshift dissapointment, I suggest to make a research on some companies who have the same feature and try to compare their price and choose what's reasonable for you. We need to adjust and thinks of a way on how to deal with that kind of problem.

[Pearls Before Swine]

The solution as I see it is not to use bitcoin for low value transactions.  It's
that simple.  If you can pay for something with cash, do it and you avoid
all of this mess.  Fees are one of the biggest drawbacks to using (not
necessarily owning) bitcoin.  You can't send dust anymore, and the definition
of dust is rapidly changing, no?

[skyline247]

The solution as I see it is not to use bitcoin for low value transactions.  It's
that simple.  If you can pay for something with cash, do it and you avoid
all of this mess.  Fees are one of the biggest drawbacks to using (not
necessarily owning) bitcoin.  You can't send dust anymore, and the definition
of dust is rapidly changing, no?

But the problem with this is most people need to use it for low volume transactions. Fees right now are upwards of 5% on small amounts under $100. This is simply unacceptable... needs to get fixed asap!