Bitcoin huge fees

[shoreno]

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!

I totally agree with this.  bitcoin fees now is friggin high so much higher than my income. the transaction fees is so expensive that I pay more on fees than I get and its so frustrating. this is so wrong and needs to be fix as soon as possible. miners are more richer than the bitcoin earner wtf.

[entrepmind23]

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

Its pretty expensive now to send bitcoin with small value because of the high transaction fees so the solution for now is to send bitcoin in high value so that you cannot feel that much the high transaction fees. Though I hope that later the transaction fees would become less expensive and if there are transactions that you can pay with fiat, then pay with it if the fees would be lower than paying it with bitcoin.

[audrey12]

Yes it's kind high fees charge to bitcoin transaction good thing in our country we have coins.ph which transferring of bitcoin after converting into fiat has no transaction fee, I just transfer it to my bank account then withdraw them.

[passivebesiege]

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!

I totally agree with this.  bitcoin fees now is friggin high so much higher than my income. the transaction fees is so expensive that I pay more on fees than I get and its so frustrating. this is so wrong and needs to be fix as soon as possible. miners are more richer than the bitcoin earner wtf.

Thats true,its very high now. We are expecting a ; low bitoins fees or even a reasonable fees after this segwit activation. Also, the bitcoin price that goes high is directly  proportional also to fees that rise significantly. Hope they can fixed this situation.

[Beicin]

Yea the fees are really high at the moment... I hope the bitcoin devs can find a way to scale better, BTC is meant to be a peer to peer cash system, not a storage of value... not "digital gold"...

[SonOfNorth]

There is no free lunch.  Wake up.  Sending money costs money.  What do you think this is?  The future?

Yes, but - WAKE UP - if me sending $5 costs $10 then this whole thing is getting absolutely ridiculous!

I thought the $3 fee was quite laughable, but today Jaxx was asking $10 to send $5 so I guess I'm done with BTC. Better leave this to the guys for whom $10,000 is pocket money not wroth picking up if it falls from their pocket.

[batang_bitcoin]

Yes it's kind high fees charge to bitcoin transaction good thing in our country we have coins.ph which transferring of bitcoin after converting into fiat has no transaction fee, I just transfer it to my bank account then withdraw them.

And also when you are sending to a the same wallet provider address or coins.ph bitcoin wallet address, there's no fee at all. The fees are depending here https://bitcoinfees.21.co/ and this is not new and that's why there are some proposals and resolutions that are being implemented just to secure a lower fee in the future. After the lightning network, I thought the price will decrease immediately.

[teamcryptonator]

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!

I totally agree with this.  bitcoin fees now is friggin high so much higher than my income. the transaction fees is so expensive that I pay more on fees than I get and its so frustrating. this is so wrong and needs to be fix as soon as possible. miners are more richer than the bitcoin earner wtf.

Thats true,its very high now. We are expecting a ; low bitoins fees or even a reasonable fees after this segwit activation. Also, the bitcoin price that goes high is directly  proportional also to fees that rise significantly. Hope they can fixed this situation.

Haha, all are the scenario of whales, they will have reason transfer to other altcoin in next time if the cycle bullish of Bitcoin end. I believe next time will be hot trend of altcoin have function transfer money fast and cheap price, example: Ripple, DigiByte, Dash ...

[ENvader]

I love bitcoin and everything that it's done for me but I see it as more of a store of value—like gold—than an actual currency used for daily use. Right now I use my credit cards, pay no fees, and actually make money cause I don't carry balances and take advantage of the points. But you never know, Bitcoin could get a lot faster! But first it will have to get about a million times more stable than it is right now. Exciting times to come!

[valentin68]

Yes, this is true the bitcoin network has the biggest fees of all networks. There were forks, but none of them have solved these huge fees. This is why Litecoin is going to increase in value 100-1000x and people say when talking of Doges "To the Moon!" . Bitcoin will continue to appreciate in the next years but bitcoin is now an asset to hold not to transact. These fees happen because of this.

[FrankNoland]

I will have to agree with you on that, the issue of transaction fees is getting way out of hand, something needs to be done. We can't be paying so much just make transactions, banks are way too cheeper than this. At times you will end up having doubts to top up your bittrex or any other exchange wallet since the fees are too much, but at the end of the day you just have to do it anyway.

[1L0v3]

Post from Adam Bach on Twitter yesterdy (@adam3us)

"if you're not in a rush it's helpful to manually set fees low, otherwise fee estimation compounds your unintentional assumed default urgency"  

[Kakmakr]

Everyone thought the activation of SegWit will be the magic solution to all our scaling problems, but they were wrong. SegWit is the first step towards that goal. The full impact of SegWit will only be experienced when the wallet providers adapt their software to enable people to make SegWit transactions. Even with these changes, we will still have congestion on the network, because the miners are playing games by switching pools between BCC and BTC.

The Lightning Network will take us to the next level of the scaling solution and this will evolve as we grow. Scaling is a on going battle for most payment networks. ^smile^

[Barcode_]

Bitcoin transaction fees are certainly getting quite expensive for some users that wish to send money to each other at an affordable rates, maybe it is time to store bitcoin in wallets until the miner fees gets lower, for the time being, I am using altcoins for payment as the transaction fees is lower and waiting time for confirmation is much faster too.

[RawDog]

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!

Core's vision for Bitcoin does not include a fix.  Not ASAP, not ever.  It was intended that the fees be very high.  That is called a 'fee market'.  Didn't you understand all the anti-Core writing before the SegWit change?  Bitcoin Cash is for very low fees and no delays.  Bitcoin Core is for settlement transactions related to the proprietary Lightning Network.  Get ready to pay fees to Blockstream company owned by AXA.  They are your new bank!!

Everyone thought the activation of SegWit will be the magic solution to all our scaling problems, but they were wrong.

Not 'everyone' - Only the idiots that don't understand the network thought that.  We knew a very long time ago that SegWit does almost nothing for capacity.  SegWit only sets up the network so that Blockstream can privatize the 'off chain' portion and charge you banking fees on that.

[Pasnik]

Bitcoin transaction fees are certainly getting quite expensive for some users that wish to send money to each other at an affordable rates, maybe it is time to store bitcoin in wallets until the miner fees gets lower, for the time being, I am using altcoins for payment as the transaction fees is lower and waiting time for confirmation is much faster too.

When the bitcoin value is rising the transaction fees is also expensive. Yes, maybe it is best to store your btc at all and do some transactions when the fees become lower. Well, I just hope this would be corrected soon.

[aTriz]

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

The fee has nothing to do with the amount sent, which in this example is 9$. If you sent a huge transaction, it probably would also be around the same price. This is one of the reasons why bitcoin is not that good nowadays for smaller transactions which are under 100.

Segwit2x should fix some of the issues and it is coming soon so just sit tight and wait for that to occur before you make any smaller transactions. With the increasing price, transactions are getting more and more expensive.

[NUFCrichard]

It's funny if you read a little bit older information about Bitcoin.  It was going to help the poor bay allowing them to live without needing a bank.
It was going to be the solution to online micropayments and tipping. People wanted to use bitcoin for everything from Amazon to eBay to buying a pizza.

Now a couple of years later, those dreams are at least on hold. Who is buying a $10 pizza and paying $13.50 for it with fees?  Micropayments just aren't feasible, tipping too.

The same people who would have been saying that Bitcoin is a great idea for the avove mentioned reasons, now will tell you that you don't need bitcoin for all that nonsense, Bitcoin is digital gold and meant to be stored...

I hope segwit and the lightning network stuff works and gets fees back down to very low levels, digital gold isn't what Bitcoin is meant to be in my opinion, it opens up the market to a coin that can be used as a currency.

[Wind_FURY]

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

First of all it is not Blockchain.info's or Shapeshift's fault. Someone has started flooding the mempool again and it is creating a backlog of unconfirmed transactions. The side effect is some users are paying higher fees to get their transactions first in line to be included in the block. This creates a "fee competition" between users.

Fees should start to go lower now that the mempool back log is under 10,000 unconfirmed transactions.

https://blockchain.info/charts/mempool-count

[Nameless27]

Have noticed this also but personally I think the price of fees only corresponds the increasing price of bitcoin. I have thought about it as I'm not part of those in past years transacting in Blockchain but there is big possibility this just my opinion. But still I'm hoping it would be lesser for us to enjoy the fruit of our hard work. I'll be sending an email if available to wallet who have high fees. That I may encounter soon..