Is the transaction fee for BTC is too high?

[fossilized]

Sounds like you are referring to the trading fee which is a percentage of the traded amount? On the other hand, transaction fees are paid to the network in order to get your transaction on the block. It is not neccessarily as built into the bitcoin network, but in order for your transaction to be processed in a reasonable amount of time, a transaction fee is needed to incentivise miners to process your transaction.

You can read more about it here: https://en.bitcoin.it/wiki/Transaction_fees

[buwaytress]

Most exchanges charge a flat fee that does not really change with the price of Bitcoin, but the cost of transaction fees (in satoshi/byte) that will ensure your withdrawals get confirmed within a reasonable amount of time. I've seen that's about 0.001 BTC across the board and the only reason that's $5 now is because BTC price is almost $5,000. That also means the value of coin you receive is higher, so you're still the overall winner.

Of course it seems exorbitant if you're talking about a withdrawal of 0.002 BTC, which is why it is anyway always encouraged to lump your withdrawals together. You save yourself some fees, and help keep the network free from unnecessary multiple transactions. This is also true when managing spends from your own wallet. If you don't need it urgently, wait until you reach a higher threshold before sending them on.

Another trick? Exchange your BTC for an alt... LTC or even DOGE. You pay much less (although lose on the spread).

[aTriz]

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.

The transaction fee is definitely pretty high and that is one of the main problems with Bitcoin, the transaction fees make it inefficient to make smaller dust transactions, which in turn makes it impossible to use Bitcoin in everyday life.

I think the exchanges charge a higher transaction fee than normal since they don't want you to withdraw.

[Akash1243]

I think that transactions fees are bit high when you do small transactions as the transactions fees in some wallets are around $5 which is high and it difficult to use for daily needs or something.But it us quite negligible when do a transaction of worth 1 btc something this is good features of bitcoins I think.Transactions fees are bit worth it if you compare the price of bitcoin now.As miners gains profit from transactions fees so to keep miners from shifting to other crypto currency i guess it has increasing as many miners have shifted to bitcoin cash as it is more profitable to mine it.

[AngelSky]

I think that transactions fees are bit high when you do small transactions as the transactions fees in some wallets are around $5 which is high and it difficult to use for daily needs or something.But it us quite negligible when do a transaction of worth 1 btc something this is good features of bitcoins I think.Transactions fees are bit worth it if you compare the price of bitcoin now.As miners gains profit from transactions fees so to keep miners from shifting to other crypto currency i guess it has increasing as many miners have shifted to bitcoin cash as it is more profitable to mine it.

Ya correct .Now the transaction fees for bitcoin is very difficult to Due to considering the price of bitcoin. Previously the most of is sold with huge profit. So I think the developer should consider this and reduce the transaction fee for the growth of bitcoin consideration. This also reflect the price of bitcoin.

[Lumining]

Eventough that the fees of BTC transcations have increased a lot in the last time, they're still nowhere near to 100% of he amount you're withdrawing. You should check your settings.
But I can understand that many people don't want to pay high fees to be prioritized so that their transactions will get confirmed quicker. That's why many altcoins are booming because people simply take advantage of the features they offer instead of sticking to BTC. Until Segwit is trough, I don't see an amelioration of this situation, that's why I use DeepOnion since a week. It's safer and faster and I don't need to wait for 30 minutes until my transaction got it's confirmations!

[jostorres]

Eventough that the fees of BTC transcations have increased a lot in the last time, they're still nowhere near to 100% of he amount you're withdrawing. You should check your settings.
But I can understand that many people don't want to pay high fees to be prioritized so that their transactions will get confirmed quicker. That's why many altcoins are booming because people simply take advantage of the features they offer instead of sticking to BTC. Until Segwit is trough, I don't see an amelioration of this situation, that's why I use DeepOnion since a week. It's safer and faster and I don't need to wait for 30 minutes until my transaction got it's confirmations!

As much as I know about the transaction fee it depends upon the volume of the transaction amount and the time, means in less time or more time. When all these things decided then the transaction fee is allocated and decocted.

I think it is normal because it give you the choice that how many bitcoin you want to transfer and in how much time you want it in your specified location.

[Harrisonimo]

It all depends on getting the best deal for you. Bittrex charge fee isn't high for me. And charges vary depending on your bitcoin  wallet site when making your transfers. So, you can look out for the best wit minimal fees but wallet security is also Paramount.

[Lumining]

Eventough that the fees of BTC transcations have increased a lot in the last time, they're still nowhere near to 100% of he amount you're withdrawing. You should check your settings.
But I can understand that many people don't want to pay high fees to be prioritized so that their transactions will get confirmed quicker. That's why many altcoins are booming because people simply take advantage of the features they offer instead of sticking to BTC. Until Segwit is trough, I don't see an amelioration of this situation, that's why I use DeepOnion since a week. It's safer and faster and I don't need to wait for 30 minutes until my transaction got it's confirmations!

As much as I know about the transaction fee it depends upon the volume of the transaction amount and the time, means in less time or more time. When all these things decided then the transaction fee is allocated and decocted.

I think it is normal because it give you the choice that how many bitcoin you want to transfer and in how much time you want it in your specified location.

Yes that's right. But there are simply other coins that offer more speed and a better price compared to BCT at the moment. And the consumer usually wants the "best".

[kuyaJ]

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.

It is fair that you do trade on other wallet because it is like a tax and some people get some coin on mining and they really get a money from the trading into another wallet.

[Hamilcar]

Transactions fees became higher than before. But for big transactions it still lower than banks fees.

[Alttradex]

Transaction fees are still reasonable.  It is worth noting that sometimes the exchange are charging a fee and this fee does not reflect the actual cost of sending it, something to keep an eye on.  Most exchanges are reasonable but some charge high fees, worth taking a closer look when you pick an exchange.

[teejayrichard2]

I think its a little bit too high for now but bitcoin is still growing. With time it will stabilize and I believe the fees will reduce.

[aisyah88]

yes if according to my dah dah same our income in btc ... reasonable if the cost in btc in say high-quality do not have high thoughts we just follow do not complain with the high cost price

[MJunioR]

There's a upwards trend to BTCs fees right now that will last until the correction finishes after this last rise spike on the coin value.

[xiboothrezi]

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 do not think so. because if trading in two big market is more benefit and faster than other exchange which has lower fee.

[maruf9522]

yes but i don,t know why , coinbase also now $10+ , day by day there fee incress

[GregH37]

I think its a little bit too high for now but bitcoin is still growing. With time it will stabilize and I believe the fees will reduce.

Bitcoin is still gaining popularity and people are still knowing about this coin and yeah this maybe the main reason that transactions fees are bit high but as it will gain more user circle as well as it will be frequently used then there is a possibility that these fees will get low and if this will really happen then it will also be used as the payment and people will use it freely as cash money and that time will be revolutionary.

[hasmukh_rawal]

There is a network jam in the Bitcoin blockchain and that is why the transaction fees have become higher. Not to worry because the issue will be resolved soon and fees will be lower in a few days. If you want to transfer your coins from one exchange to other then you could just get some other coins with less transaction fee (for example DGB) and then transfer them to the other exchange and then exchange them back to BTC or whatever coin you like. The transfer would be done quickly and with lesser fees 

[Manchumichael]

There is a network jam in the Bitcoin blockchain and that is why the transaction fees have become higher. Not to worry because the issue will be resolved soon and fees will be lower in a few days. If you want to transfer your coins from one exchange to other then you could just get some other coins with less transaction fee (for example DGB) and then transfer them to the other exchange and then exchange them back to BTC or whatever coin you like. The transfer would be done quickly and with lesser fees 

Yes there are a lot of transactions stuck in the network, so it's taking a long time to get delivered our bitcoins in our account. But I think very soon this issue will solve. Even I tried to send $70 worth of bitcoins to my other account it asked me $10 plus fee this is really too high.