Is the transaction fee for BTC is too high?

[dadabosade]

If you trade your BTC on websites like Bittrex or Cryptopia the fees can be $5, sometimes the fee is equal to half of your withdrawals. So do you think the fee is too high? If not then explain to me, please.

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[iamTom123]

If you trade your BTC on websites like Bittrex or Cryptopia the fees can be $5, sometimes the fee is equal to half of your withdrawals. So do you think the fee is too high? If not then explain to me, please.

I am not aware that Bittrex is charging that much for trading...all I know is that the charge per transaction is very minimal. I have been using Bittrex since I got enamored with trading many months ago and I still do some trading from time to time with Bittrex since it is very newbie friendly.

Are you talking perhaps with withdrawing your Bitcoin from these exchanges to your own personal Bitcoin wallet? I am aware that there is already a significant reduction of fees since the Segwit was activated many days ago and come November we would have another upgrade that can hopefully deal with making the transactions faster as it should be and that can result into lower fees since there would be less clogging.

[heitorlinks]

If you trade your BTC on websites like Bittrex or Cryptopia the fees can be $5, sometimes the fee is equal to half of your withdrawals. So do you think the fee is too high? If not then explain to me, please.

Usually the default fee is 0.0003 whether for small or large transactions, you can raise the fee for confirmation to be prioritized.

The rates of the exchange house must be consulted in the tab "fees" to know the value.

[Frank0209]

I'm using coinbase wallet and I feel its transaction fee is really high. It's changing everyday maybe I just need to pay 0.0004 BTC for transaction fee at the last day but It'll increase 2 or 3 times at the next day . And now it's 0.00115 BTC fee for a transaction. About transaction fee on Bittrex or poloniex I feel it's ok cause It's always stable, it's not changed although BTC price decrease or increase

[BCMB]

Are you talking about the Bitcoin network transaction fee? Or just the cut that these exchanges make whenever you make a trade?

[jagdeepjd]

yes i also feel the transaction fees is increasing on many wallet day by day on coinbase i used to pay around 30-40k fees back in when btc was around 1000$ and now btc price has surged so did the transaction fees on wallets . to send 0.01 btc if you are paying 0.001btc its way too high

[Herbert2020]

If you trade your BTC on websites like Bittrex or Cryptopia the fees can be $5, sometimes the fee is equal to half of your withdrawals. So do you think the fee is too high? If not then explain to me, please.

when you "trade" your BTC on websites like those which are exchanges you pay "trading fees" not "transaction fees" and trading fees in dependent on the platform you are using. bittrex takes 0.25% and cryptopia takes 0.2% on each trade.
if you paid $5 that means you paid 0.00108BTC and that means you have been trading with ~0.432BTC and that is normal.

transaction fees they take for withdrawal is always fixed no matter what. bittrex takes 0.001BTC and cryptopia takes    0.0008BTC which are $4.6 and $3.68 respectively.

if you don't like either of these fees you can stop using those services and use another one that offers lower fees. (good luck finding a more trusted place).

[Somz1]

It's Hugh now,but you can see gradual decline when segwit gets properly Integrated, also lightning network could easily eradicate the need for fees soon

[marky89]

If you trade your BTC on websites like Bittrex or Cryptopia the fees can be $5, sometimes the fee is equal to half of your withdrawals. So do you think the fee is too high? If not then explain to me, please.

I guess the question you need to ask yourself is, "why am I withdrawing $10 at a time?" Bitcoin isn't coffee money anymore. These types of fees can largely be avoided by manually entering correct fees per 21co (aim for a 0-1 block delay, not next block). As for the exchanges, they have to deal with lots and lots of inputs, so their transactions are large. As long as blocks are full, there will be this sort of fee pressure.

So when it comes to exchanges, you should be limiting the number of times you withdraw. Make larger withdrawals to your local wallets where you can control the fees (and your transactions are smaller). And start batching your payments in general to save on fees.

[craZyLovE0916]

If you trade your BTC on websites like Bittrex or Cryptopia the fees can be $5, sometimes the fee is equal to half of your withdrawals. So do you think the fee is too high? If not then explain to me, please.

I guess the question you need to ask yourself is, "why am I withdrawing $10 at a time?" Bitcoin isn't coffee money anymore. These types of fees can largely be avoided by manually entering correct fees per 21co (aim for a 0-1 block delay, not next block). As for the exchanges, they have to deal with lots and lots of inputs, so their transactions are large. As long as blocks are full, there will be this sort of fee pressure.

So when it comes to exchanges, you should be limiting the number of times you withdraw. Make larger withdrawals to your local wallets where you can control the fees (and your transactions are smaller). And start batching your payments in general to save on fees.

Bro, haven't you heard of Lightning Network? You can use the Lightning Network to make almost instant, free transactions... it will be launched in 2018 most likely and Bitcoin will be like it started only much higher price. hahaha

[Doms]

Currently, the transaction fees are a little high for my taste, even if we are talking about small transactions. The fees are not supposed to increase so much, regardless if the price rises or falls. Everyone should be free to send even the smallest amounts at a certain percentage, maybe on a sidechain.

[Sniper150]

If you trade your BTC on websites like Bittrex or Cryptopia the fees can be $5, sometimes the fee is equal to half of your withdrawals. So do you think the fee is too high? If not then explain to me, please.

Transaction fees weren't that much really high because you choose altcoin then you accept the fact that you are talking about, you would also know that not only one process when you are trading your coin. Expect that you spend money for fees before you can get your money. Other trading sites have high transaction fees that's why it is better to hold and wait for the price to increase.

[k@suy]

If you trade your BTC on websites like Bittrex or Cryptopia the fees can be $5, sometimes the fee is equal to half of your withdrawals. So do you think the fee is too high? If not then explain to me, please.

I guess the question you need to ask yourself is, "why am I withdrawing $10 at a time?" Bitcoin isn't coffee money anymore. These types of fees can largely be avoided by manually entering correct fees per 21co (aim for a 0-1 block delay, not next block). As for the exchanges, they have to deal with lots and lots of inputs, so their transactions are large. As long as blocks are full, there will be this sort of fee pressure.

So when it comes to exchanges, you should be limiting the number of times you withdraw. Make larger withdrawals to your local wallets where you can control the fees (and your transactions are smaller). And start batching your payments in general to save on fees.

Bro, haven't you heard of Lightning Network? You can use the Lightning Network to make almost instant, free transactions... it will be launched in 2018 most likely and Bitcoin will be like it started only much higher price. hahaha

That is true, this lightning network will send bitcoin price to another highest again. This is what I like with bitcoin, it continues to innovate to meet the public demand. I hope that bitcoin price will be lower as I find it expensive on my opinion added to that that btc value is increasing.

[h0lybyte]

If you trade your BTC on websites like Bittrex or Cryptopia the fees can be $5, sometimes the fee is equal to half of your withdrawals. So do you think the fee is too high? If not then explain to me, please.

Usually the default fee is 0.0003 whether for small or large transactions, you can raise the fee for confirmation to be prioritized.

The rates of the exchange house must be consulted in the tab "fees" to know the value.

It is not only 0.0003 for both smaller an larger amount of transactions,some wallets do not let you personalise fee.
Recently i moved from coinbase to xapo thinking that it would minimize fee but there is no option to edit your fee.
Their system auto detect amount that you are to transfer and increase network fee accordingly.

[AGD]

The fee is as high as people are ready to pay. Try 20-30sat/b and it will get confirmed. It might take 10-60 minutes or sometimes a bit more.
If you hold your Bitcoins on centralized exchanges, they chose the fee for you. It's not Bitcoins fault. Bitcoin is working fine.

[GideonGono]

I'm using coinbase wallet and I feel its transaction fee is really high. It's changing everyday maybe I just need to pay 0.0004 BTC for transaction fee at the last day but It'll increase 2 or 3 times at the next day . And now it's 0.00115 BTC fee for a transaction. About transaction fee on Bittrex or poloniex I feel it's ok cause It's always stable, it's not changed although BTC price decrease or increase

As we know, Bitcoin's fee in poloniex doesn't change but it doesn't mean that they will not adjust the fee and any other wallets since Bitcoin's price is increasing and so thus its value meaning to say even if it remains stagnant but if we consider its value it is rather getting expensive do they?

[mondobitcoin]

Yes now the fees are too high me too i have payed high fees for transactions
But i think in the next month we can see a stabilisation and the fees will lower

[Youghoor]

Yes i think that right now fees are too high, two days ago i had to send a payment of $20 to a guy, and i had to pay $6,5 of fees for that transaction, that is too much money, even more fees than PayPal or any other payment gateway.
But i am not complaining at all, because i use altcoins most of the time and transactions are fully confirmed in less than two minutes and fees are usually less than $0,15

[yugyug]

in coinbase.com platform a fix of .0003 transaction fee is quite reasonable you can tell if it is too high unless your bitcoin value is too low like you send .008 btc and a tx fee of .0003 is to much high but a bitcoin of .08 and a tx fee of .0003 is quite low, the transaction tx fee may vary from site to site. some charges are thru fix percentage and some are thru fix btc value.

[filharvey]

I don't think so that such a reputed exchange like Bittrex would be charging such a huge charge.I have seen that in poloniex,the transaction fee is just 0.0001 btc and in bittrex also,it seems a little bit near to it.The transaction fee in other wallets is high and if you set the transaction fee low,then it would not get confirmed quickly.But we could also notice that their is a sudden fall in transaction fee this week and transactions get confirmed very quickly with even very low fee.We could continuously enjoy low transaction fee once segwit gets completely locked in in november after which high increase in  bitcoin price could be expected.