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Author Topic: Bitcoin Transaction Fee is Expensive !!!  (Read 2838 times)
Harrisonimo
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September 06, 2017, 07:55:59 AM
 #21


I just checked and found out that transferring bitcoin is bloody expensive !  For reference, am just quoting the details of my first transaction which I did just to check how everything goes...


Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133  3.86 usd
Transaction fee: 0.00024535  which is approx 1.13 usd

22% transaction cost!

this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.
it's the consequence of the effect of bitcoin prices are more expensive, if you do not want to be charged a fee it would be nice you do not have to transact.

Better still, you count/calculating the cost before you think of making the transaction. Well, I did a transfer yesterday and the transaction fee was fair on luno. I suggest one accumulates all transactions to be made at once and not in bits.

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September 06, 2017, 05:52:43 PM
 #22

You pay same fees for sending 1M$. I don't think there is any bank taking 1$ to this amount transaction.

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September 07, 2017, 07:02:20 AM
 #23


I just checked and found out that transferring bitcoin is bloody expensive !  For reference, am just quoting the details of my first transaction which I did just to check how everything goes...


Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133  3.86 usd
Transaction fee: 0.00024535  which is approx 1.13 usd

22% transaction cost!

this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.

It's for this reason Dash, ETC and Litecoin and now BCC are growing in popularity. 
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September 07, 2017, 11:08:05 AM
 #24

Don't you remember when a dime bag used to cost a dime?
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September 08, 2017, 10:07:14 PM
 #25


I just checked and found out that transferring bitcoin is bloody expensive !  For reference, am just quoting the details of my first transaction which I did just to check how everything goes...


Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133  3.86 usd
Transaction fee: 0.00024535  which is approx 1.13 usd

22% transaction cost!

this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.
it's the consequence of the effect of bitcoin prices are more expensive, if you do not want to be charged a fee it would be nice you do not have to transact.

Agreed! It just seems these exchanges are making some good money while we are playing with the coin market:)

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September 08, 2017, 11:17:36 PM
 #26

it will be back to normal after segwit addresses are activated.
i tried to send with 0,03$ fee and it get confirmation in 10 minute with segwit address.
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September 10, 2017, 05:12:47 PM
 #27

Compared to the power that is needed to keep the network of Bitcoin alive it are normal transaction fees. For shopping or like paying a drink I would not recommend Bitcoin. I do feel Bitcoin should evolve to the point that it is possible. Currently, I do most quick transactions with litecoin if I want to pay someone. Even if the transactions fees were low now the network could not handle the higher transactions happening on the network in the first place. Visa level would not be even possible. I am curious how they wanna solve that in the coming years to come.
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September 11, 2017, 12:03:08 AM
 #28

Your only option is finding a wallet that charges you less to almost none whenever you buy bitcoins. Weeks ago I tried using an Abra wallet where I paid about 1 percent teller fees. I then moved the funds to Bittrex which costs nothing. I was surprised looking at an amount similar to what I've sent using the Abra app. The really down moment was it took mo almost 24 hours to receive the funds in Bittrex because of heavy traffic in the blockchain, my friends were able to receive the funds more or less 30 minutes though when they tried to transfer the funds.

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September 14, 2017, 08:40:51 AM
 #29

It really sucks that its so expensive these days. I try to keep the BTC txes to a minimum. Its almost more worth to exchange BTC to another coin, send coin and then convert back to BTC if you are transferring between exchanges atleast.
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September 16, 2017, 11:17:50 AM
 #30

maybe its just normal like other agencies fee is so expensive,its there way of business anyway Smiley

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September 16, 2017, 01:50:47 PM
 #31


I just checked and found out that transferring bitcoin is bloody expensive !  For reference, am just quoting the details of my first transaction which I did just to check how everything goes...


Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133  3.86 usd
Transaction fee: 0.00024535  which is approx 1.13 usd

22% transaction cost!

this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.

I think you need to read more about how things work in this crypto world of Bitcoin.
That fee is charged by local bitcoins, not by the network. They might said is the cost of the transfer which is fine, but it happens that they might set the transfer fee too high for the amount you are sending. That is called bad management of fee. Nowadays there are a lot of procedures to calculate the fee adequately but most of the services out there wont use them
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September 16, 2017, 02:53:43 PM
 #32


I just checked and found out that transferring bitcoin is bloody expensive !  For reference, am just quoting the details of my first transaction which I did just to check how everything goes...


Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133  3.86 usd
Transaction fee: 0.00024535  which is approx 1.13 usd

22% transaction cost!

this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.
I think any transaction and deposit is expensive and bitcoin is no exception. Expensive or expensive transaction fees depend on the amount of money. But bitcoin has the advantage of being fast, convenient and time saving compared to banking transactions.



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September 17, 2017, 02:19:08 AM
 #33


I just checked and found out that transferring bitcoin is bloody expensive !  For reference, am just quoting the details of my first transaction which I did just to check how everything goes...


Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133  3.86 usd
Transaction fee: 0.00024535  which is approx 1.13 usd

22% transaction cost!

this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.
I think any transaction and deposit is expensive and bitcoin is no exception. Expensive or expensive transaction fees depend on the amount of money. But bitcoin has the advantage of being fast, convenient and time saving compared to banking transactions.
Agree with you mate that transaction fee was depend on how much amount you transact and i think it was too much because before i transact much huge bitcoin but the fee is not big like today. That is the main concern of all bitcoin users that is why i think they need to review that and it will back the old fees.
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September 17, 2017, 07:05:08 AM
 #34


I just checked and found out that transferring bitcoin is bloody expensive !  For reference, am just quoting the details of my first transaction which I did just to check how everything goes...


Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133  3.86 usd
Transaction fee: 0.00024535  which is approx 1.13 usd

22% transaction cost!

this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.


its because the bitcoins value is high that time ,  but look at today and the last days as you can see the bitcoin transaction fees are pretty much low because bitcoins value has dropped so in short the transaction fees usually depends on how much the current value of bitcoin is. and also the more bitcoins you send is equals to much expensive transaction fees. for me its not really a big deal and its pretty normal, its just a part of the game.

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September 17, 2017, 01:25:53 PM
 #35


I just checked and found out that transferring bitcoin is bloody expensive !  For reference, am just quoting the details of my first transaction which I did just to check how everything goes...


Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133  3.86 usd
Transaction fee: 0.00024535  which is approx 1.13 usd

22% transaction cost!

this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.
the bitcoin fee is expensive because fee price following bitcoin price right now, 2 years ago if you send with the same amount you just pay less than $1

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September 17, 2017, 06:03:05 PM
 #36

I think as it stands today, only those who are making heavy transaction benefit from it, those making micro payments tend to suffer. The problem of the unstable value of bitcoins affects all.
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September 17, 2017, 06:47:06 PM
 #37

I think as it stands today, only those who are making heavy transaction benefit from it, those making micro payments tend to suffer. The problem of the unstable value of bitcoins affects all.

But today the transaction fees has gone almost 70% down and it is fast also, so i dont think that now their should be any problem in micro transactions.

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September 18, 2017, 02:31:44 AM
 #38


I just checked and found out that transferring bitcoin is bloody expensive !  For reference, am just quoting the details of my first transaction which I did just to check how everything goes...


Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133  3.86 usd
Transaction fee: 0.00024535  which is approx 1.13 usd

22% transaction cost!

this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.

i guess theses days the transaction fees went down low after the price drop of bitcoin and i see many people also complaining that the transaction are a lot faster with a cheap fees its maybe because most bitcoin users  dont sell often these days and blockchain network is not yet congested or traffic. and i think other reason to this is the banning of china.
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September 18, 2017, 01:24:13 PM
 #39


I just checked and found out that transferring bitcoin is bloody expensive !  For reference, am just quoting the details of my first transaction which I did just to check how everything goes...


Bought from localbitcoins: 5USD - 0.00108668 BTC
Transferred to bittrex exhcange: 0.00084133  3.86 usd
Transaction fee: 0.00024535  which is approx 1.13 usd

22% transaction cost!

this is bloody expensive, I thought this crypto thing is supposed to reduce the transaction cost but they seem more expensive then the banks imho.

i guess theses days the transaction fees went down low after the price drop of bitcoin and i see many people also complaining that the transaction are a lot faster with a cheap fees its maybe because most bitcoin users  dont sell often these days and blockchain network is not yet congested or traffic. and i think other reason to this is the banning of china.
Volitality won't cause low fee but no of transactions blocks to be solved does. Actually, flactuation can cause cheaper fee than volitality.

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September 18, 2017, 03:19:06 PM
 #40

I think as it stands today, only those who are making heavy transaction benefit from it, those making micro payments tend to suffer. The problem of the unstable value of bitcoins affects all.

But today the transaction fees has gone almost 70% down and it is fast also, so i dont think that now their should be any problem in micro transactions.
It wont really affect microtransactions as of now and the pain on sending those amounts are gone as of now this is the best time to make transactions.Less fees+Less Congestion which we can accept with fast confirmations. This is the thing I do really love on bitcoin and should really be maintained in long run.

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