Bitcoin fees are too low!

[Crypto_trader87]

If this is happenings now this is a very good news for all bitcoin user this can help us all before the transaction fee is too high that if you are holding only a small amount of bitcoins you just end of losing injust transaction fee

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[Xavofat]

1.  Even with a basic transaction that has the median transaction size of 226 bytes, that costs about 20 cents.

2.  When using fiat, we tend to spend money from more than one payment to us at a time.  For example, an employee receiving a paycheck every two weeks goes through their bi-weekly paycheck into the next one regularly and would be spending a transaction with two inputs then.  A child receiving pocket money spends from several weeks of their pocket money at a time.  Similarly with Bitcoin, you spend larger transactions regularly if you actually use it in your everyday life.

3.  Bitcoin fees have been unpredictable for several months, and for several periods setting a fee that low wouldn't have got you any confirmations for weeks.  For most of my transactions in the last six months, my TREZOR has recommended spending a fee of larger than $1 to get my transactions confirmed within 5 hours, even when using transactions of the median transaction size.

4.  Most BTC transactions sent should be confirming in the next few blocks, otherwise BTC is only useful for sending large transactions between friends who trust each other not to double-spend or for significant international payments.  As an ordinary payment system, it would barely be useful at all.

5.

Have a heart for the poor miners.

https://blockchain.info/charts/transaction-fees

[Rinaze]

BTC transaction fees are consider high personally to me as long as micro-payment is not possible.

Considered? You have a proof to your statement or not? Did you do a transaction and tried a low fee or are you just sig spamming and have no clue wtf you are talking about?

You sound like you are looking for a fight rather than having a fruitful discussion. I say this not only to just your reply to mine but the rest too. I can say the same for you too by the way, it's not like you are not putting on a signature.

But to entertain you.. try sending $2 across and receive it (hopefully there's still "it") in less than 5 mins. Have fun!

Bitcoin is not made to send money in 5 minutes. Don't you know about the 10 Minutes blocktime?

I won't bet my house on it but you still won't receive it in 10 minutes. Anyway a quick glance over the BTC reddit, seems like the transaction fees are indeed greatly reduce for now and good for those who want to consolidate their dust BTC, provided you use a wallet that let you enter a custom amount.

Not sure if this will last though ..

Right now that is the case, which is great. The mempool is empty, because the difficulty is low, thanks to BCH 'stealing' hashing power in the previous difficulty cycle. The bitcoin network is now mining more than 6 blocks an hour. Once the difficulty adjusts up 8-10% in a few days, we will drop back to the normal 6 blocks, and we will likely unfortunately see longer confirmation times and higher fees.

[bitart]

Have a heart for the poor miners.

edit 20sat/b is way too low.

they are 420 satoshis/byte, where do you get 20 sat from? they are still very high, but it's because segwit is not used i think, otherwise should be lower

transactions with fees as low as 20 satoshi/Byte are being confirmed actually.
as a matter of fact i was going to say the same thing but checked a couple of last blocks that were mined (mostly the BitFury blocks though) had many transactions with such low fees.
they surely will take a longer time though since the mempool is filled with transactions with much higher fees according to bitcoinfees.21.co

I never paid 420sat/b. Only exception is on 20th of April.
I always pay 20-30sat/b and I don't mind if it takes 10-60 Minutes.

Yesterday I had a transaction, I've started from a mobile wallet (Mycellium). In that mobile wallet, I cannot set a fee, only choose from a drop down list if I want priority, normal, economy or lowest...
I've choosen the lowest, and it has set 285 sat/B fee for the transaction. It turned out that it was a higher fee at that time because I had 3 or 4 confirmations in half an hour time and in 2-3 hours I got fully confirmed. That time mempool was full with under 20 sat/B transactions.

[roadbits]

Have a heart for the poor miners.

edit 20sat/b is way too low.

they are 420 satoshis/byte, where do you get 20 sat from? they are still very high, but it's because segwit is not used i think, otherwise should be lower

transactions with fees as low as 20 satoshi/Byte are being confirmed actually.
as a matter of fact i was going to say the same thing but checked a couple of last blocks that were mined (mostly the BitFury blocks though) had many transactions with such low fees.
they surely will take a longer time though since the mempool is filled with transactions with much higher fees according to bitcoinfees.21.co

I never paid 420sat/b. Only exception is on 20th of April.
I always pay 20-30sat/b and I don't mind if it takes 10-60 Minutes.

Yesterday I had a transaction, I've started from a mobile wallet (Mycellium). In that mobile wallet, I cannot set a fee, only choose from a drop down list if I want priority, normal, economy or lowest...
I've choosen the lowest, and it has set 285 sat/B fee for the transaction. It turned out that it was a higher fee at that time because I had 3 or 4 confirmations in half an hour time and in 2-3 hours I got fully confirmed. That time mempool was full with under 20 sat/B transactions.

The confirmation speed is increased, some times if you pay a normal fee you will receive your bitcoins within few hours. But sometimes it will take a long time it maybe 2 or 3 days. I tried with 20k - 60k. But really confused how the blockchain will work. I tried to withdraw my coins with paying 60k it took exactly 24 hours to deliver my bitcoins the exact reason I don't know.   

[maku]

Miners should be focusing on mining subsidiary - a reward for mined blocks. Don't forget that this is the main source of income for them.
Transaction fees shouldn't be a primary concern for miners anyway.

Additionally, according to bitcoinfees.21.co:

"The fastest and cheapest transaction fee is currently 390 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 88,140 satoshis."

[xFiber]

And now when transaction fees are fianally becoming reasonable the miners start complaining? The last 6 months the whole community has been paying way too much per transaction, I figure that would've been a very good time to be a miner. And on top of that why would that be their concern right now? They should focus on the blockrewards, they can worry about transaction fees later.

[AGD]

Have a heart for the poor miners.

edit 20sat/b is way too low.

they are 420 satoshis/byte, where do you get 20 sat from? they are still very high, but it's because segwit is not used i think, otherwise should be lower

transactions with fees as low as 20 satoshi/Byte are being confirmed actually.
as a matter of fact i was going to say the same thing but checked a couple of last blocks that were mined (mostly the BitFury blocks though) had many transactions with such low fees.
they surely will take a longer time though since the mempool is filled with transactions with much higher fees according to bitcoinfees.21.co

I never paid 420sat/b. Only exception is on 20th of April.
I always pay 20-30sat/b and I don't mind if it takes 10-60 Minutes.

Yesterday I had a transaction, I've started from a mobile wallet (Mycellium). In that mobile wallet, I cannot set a fee, only choose from a drop down list if I want priority, normal, economy or lowest...
I've choosen the lowest, and it has set 285 sat/B fee for the transaction. It turned out that it was a higher fee at that time because I had 3 or 4 confirmations in half an hour time and in 2-3 hours I got fully confirmed. That time mempool was full with under 20 sat/B transactions.

The confirmation speed is increased, some times if you pay a normal fee you will receive your bitcoins within few hours. But sometimes it will take a long time it maybe 2 or 3 days. I tried with 20k - 60k. But really confused how the blockchain will work. I tried to withdraw my coins with paying 60k it took exactly 24 hours to deliver my bitcoins the exact reason I don't know.  

It's the wallet that sucks, not Bitcoin.

[RodeoX]

Some says it is too high and some says it is too low. I am confused.

If it is "too low" (unprofitable) then it won't get done.
If it is "too high" then someone will do it for less.

Bitcoin is full of incentives and disincentives that keep the transaction price trending toward the lowest profitable value. Of course at any one moment it may be higher or lower than the optimal value.   

[passivebesiege]

And now when transaction fees are fianally becoming reasonable the miners start complaining? The last 6 months the whole community has been paying way too much per transaction, I figure that would've been a very good time to be a miner. And on top of that why would that be their concern right now? They should focus on the blockrewards, they can worry about transaction fees later.

Thats right,in previous months transaction fees skyrocketed and some exchanges adjusted the fees too. Also, this is possible because bitcoin rise in value also. I think this segwit activation is good for us, but we hope they balanced the system between the users (us) and miners. We need miners too.

[ekoice]

I don't know for what reason op stands blindly supporting miners for their fee.Every one very well know that bitcoin transaction fee is very high and uneconomical in terms of small transactions.Miners ether need a high transaction fee or thy just want to mine BCH which seems to be much profitable and easier to mine for them.Segwit has been activated and it would completely get locked in in november and after that,the transaction fee would start to decrease.But surprisingly,today,my transactions got confirmed within thirty minutes with very low transaction fee.

[pushups44]

If you look at the map of bitcoin transactions, or unconfirmed transactions, you will see that most of the third world has avoided bitcoin. High transactions fees are certainly a barrier for most of the developing countries. We need bitcoin fees lower to encourage mass adoption.

[miguelmorales85]

I dont want to point fingers but.. it is a funny post or sarcastic?
fee's arent low but that is my opinion.
I would love to see them low AF once the segwit networks gets mainstream

[mudasarali43]

yes this is the great thing bitcoin transaction fees is not too much then others this is the great opportunity to make transaction and save the fees which is very good thing.

[darkangel11]

I like this thread Once in a few days someone comes crying with a "fees are killing bitcoin" thread.
"listen up folks, switch to BCC because BTC is going to die soon. It's going to crash if fees keep rising! Sell now before it's too late!" 
Nice job trolling them OP

[NUFCrichard]

Miners should be focusing on mining subsidiary - a reward for mined blocks. Don't forget that this is the main source of income for them.
Transaction fees shouldn't be a primary concern for miners anyway.

Additionally, according to bitcoinfees.21.co:

"The fastest and cheapest transaction fee is currently 390 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 88,140 satoshis."

The recommended fee on that website is often very high. You can look at the information yourself and decide how quickly you need your transaction to be confirmed, then choose the fee.

My blockchain app had 20 sats for normal and 285 sats for priority yesterday. I used 30 as that would get me ahead of the big bar and my transaction was confirmed within an hour.

200 sats or more is way too much. I'd like to see sub 10, but I can live with sub 30.

[Soutogu]

Fees are supposed to be low. You do know that each block they mine is worth a lot of BTC dont you? and thats where most of their revenue comes from?

High fees are only good for alienating the community and potential new users.

[MAbtc]

Have a heart for the poor miners.

edit 20sat/b is way too low.

These "poor" miners are getting BTC12.5 as the block reward right now. They don't need revenues from transactions. When the block reward becomes less than BTC1.00, we can consider rising the fee. Until then, we need to keep the fee low, so that more people will use Bitcoin rather than any of these altcoins.

Have you thought about how this will work in practice? How is the transition to fees going to work in that case? In your scenario, I think miners will simply shut down in increasing numbers as block reward dwindles (and particularly around reward halvings).

This is a threat to security in general, and if the hash rate drops are severe enough, it could lead to a situation where generations-old mining hardware could be used to attack the network and cause large block reorganizations.

Do you think -- under these circumstances -- that users are going to jump at the chance to pay higher fees? After decades of cheap transactions, they will suddenly want to pay, as the network is becoming increasingly unreliable? At that point, inflation beyond 21 million BTC may begin to look attractive, to ensure PoW security incentive...

[AGD]

I like this thread Once in a few days someone comes crying with a "fees are killing bitcoin" thread.
"listen up folks, switch to BCC because BTC is going to die soon. It's going to crash if fees keep rising! Sell now before it's too late!" 
Nice job trolling them OP

You're welcome! 

[AGD]

Some says it is too high and some says it is too low. I am confused.

If it is "too low" (unprofitable) then it won't get done.
If it is "too high" then someone will do it for less.

Bitcoin is full of incentives and disincentives that keep the transaction price trending toward the lowest profitable value. Of course at any one moment it may be higher or lower than the optimal value.   

Are you saying, that Bitcoin is working normally and will continue to do so? Phew...