Bitcoin Transaction Fee is Expensive !!!

[jamalnasir]

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.

[superplus]

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.

[boxabl]

When the price of BTC is this high, the transaction fees on small amounts are prohibitively expensive. For sending smaller amounts you'd be better off using a different cryptocurrency. BTC will still be much cheaper than banks, wires, or anything else when sending large amounts.

[Wusolini]

In this case it's very high indeed.
But thing is you would pay similar fee when transferring eg. 100+ BTC In other words less amount you transfer the fee percentage rises. Which makes BTC not suitable to transfer small amount.

[TryNinja]

Of course is gonna be expensive if your coins are going through 2 services that charges fees.

How is that Bitcoin's fault? If you want to send 5BTC P2P to a friend, you are only going to pay one transaction fee that can be worth less than $1, and not 22% of your transaction.

Yesterday, for example, I sent a transaction with a $0.3 fee and It got confirmed in the same day.

[coinsgod]

Of course is gonna be expensive if your coins are going through 2 services that charges fees.

How is that Bitcoin's fault? If you want to send 5BTC P2P to a friend, you are only going to pay one transaction fee that can be worth less than $1, and not 22% of your transaction.

Yesterday, for example, I sent a transaction with a $0.3 fee and It got confirmed in the same day.

How the hell can you get transaction fees less than $1? That would mean that LocalBitcoins is a total ripoff scam. Have a read of my thread question about my massive fees charged by them: https://bitcointalk.org/index.php?topic=2134185.msg21331269#msg21331269

Their site says "Current outgoing bitcoin network fee: 0.00029576 BTC (Withdrawals)" then how does my fee charged end up being 0.00435292 BTC? That's an absolutely huge difference between and $1.40 quoted on their site and the $20 actually charged!!

[TryNinja]

Of course is gonna be expensive if your coins are going through 2 services that charges fees.

How is that Bitcoin's fault? If you want to send 5BTC P2P to a friend, you are only going to pay one transaction fee that can be worth less than $1, and not 22% of your transaction.

Yesterday, for example, I sent a transaction with a $0.3 fee and It got confirmed in the same day.

How the hell can you get transaction fees less than $1? That would mean that LocalBitcoins is a total ripoff scam. Have a read of my thread question about my massive fees charged by them: https://bitcointalk.org/index.php?topic=2134185.msg21331269#msg21331269

Their site says "Current outgoing bitcoin network fee: 0.00029576 BTC (Withdrawals)" then how does my fee charged end up being 0.00435292 BTC? That's an absolutely huge difference between and $1.40 quoted on their site and the $20 actually charged!!

Because they are overpricing their fees just like almost every wallet in the market.
e.g: I use Electrum to send my fees, but I also have Mycelium on my android and they want me to pay a fee of 466 sat/byte, while sometimes all I need is to send a tx with a 60 sat/byte fee.

They suggest you to pay high fees because other people are doing the same. And why people are paying high fees? Because their wallets are suggesting them to do so. So, is all their fault at the end.

P.s: I'm not saying it's all their fault. I know that blocks being full will also increase the price of the fees.

[coinsgod]

Because they are overpricing their fees just like almost every wallet in the market.
e.g: I use Electrum to send my fees, but I also have Mycelium on my android and they want me to pay a fee of 466 sat/byte, while sometimes all I need is to send a tx with a 60 sat/byte fee.

They suggest you to pay high fees because other people are doing the same. And why people are paying high fees? Because their wallets are suggesting them to do so. So, is all their fault at the end.

P.s: I'm not saying it's all their fault. I know that blocks being full will also increase the price of the fees.

So basically with any desktop or mobile wallet instead of leaving it at default fees you should change the settings to "the "low/lowest fees" setting or if they allow you to enter a number, just divide the default by 1/8th and set it as your fee?

[Velkro]

I just checked and found out that transferring bitcoin is bloody expensive ! 

It depends on time u send transaction. Currently u can send it for 2 cents. Which is almost nothing, like free.
When spam attack happen, or just there is many transactions happening, you must pay more its normal.

[Anthonyxx]

Few weeks ago I got ripped off even more than you.
Sometimes for small transactions you could pay even higher fee than the value you're sending.
But,after this last SegWit things should improve gradually if I'm right.

[JohnDoe3490]

Yes, SegWit should greatly reduce prices. However, things like LTC and Eth will definitely have lower costs.

[profitgenerator212]

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 had a SEPA wire transfer recently. It cost me 10 EUR.

I had seen BTC transactions recently that had 30 EUR tx fees.

That should tell people something that maybe BTC is heading the wrong direction.

[coinsgod]

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 had a SEPA wire transfer recently. It cost me 10 EUR.

I had seen BTC transactions recently that had 30 EUR tx fees.

That should tell people something that maybe BTC is heading the wrong direction.

Bloody friggen greedy ass miners, ripping us all off! Bitcoin will be doomed with those greedy bastards sending it to the grave.

[cleygaux]

Maybe its heading in a wrong direction because of some greedy miners, Its not the real purpose of bitcoin as the creator proposed, a peer to peer electronic cash system and who will used this system when transaction fees are so high?

[dothebeats]

Earlier this day I wanted to transfer $10 to my steam account but lo and behold, it's asking for a $4 tx fee which is pretty nuts. I need it within an hour but apparently if I pay any lower fees, I would be receiving the money in ~3 hours. I miss the times where you can pay 10k sats for a tx and still receive it within the next 2 blocks or so.

[anglais]

BTC transaction fees are helping open up the space to competitors. What can devs do to try and lower this fee? I thought processing fees were something Satoshi wanted to abolish!

[BobBct]

Because it is still a business (i think) but not that much. depends.

[Tarima24]

I agree. I can't withdraw may btc in mining site due to expensive fee. Tsssssk. Transaction fee is higher than my bitcoin . lol

[Bitfort]

I agree. I can't withdraw may btc in mining site due to expensive fee. Tsssssk. Transaction fee is higher than my bitcoin . lol

Yup, me too. So I think I just need to earn more bitcoin then! 

Hehe, that's how a victim of salami tactics usually thinks   

Just kidding. No victims here. BTC is just not the best way to transfer small amounts anymore (used to be when there was no so much users and BTC price was low ).

[Harrisonimo]

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.