*** BITCOIN FEES - Stop paying overpriced STUPID fees to greedy miners!! ***

[Vyper]

well, i tried to to send a transaction with 10 satoshi per byte few month ago and it was stuck over 2 days until i accelerated through viabtc it took another 8 hours to be included in their block. if i used a high priority fee, it will cost me 10 dollars in fees if i used a high priority fee.

Try it today instead! Look at mempool.

[Vyper]

I just did a test. Lets find out.. https://blockchain.info/sv/tx/1d083a2179ffc33eb8365406884fd26fe7cf64310d1733e2b42f89bf447b6407 how long it takes.

[Vyper]

I just did a test. Lets find out.. https://blockchain.info/sv/tx/1d083a2179ffc33eb8365406884fd26fe7cf64310d1733e2b42f89bf447b6407 how long it takes.

Never mind! I did get my first confirmation within two minutes.. And that with as low as 1.022 sat/B ... Go figure

[TheQuin]

I use this site as a measurement of how much that is in the pipe in different fee amounts... https://bitcoinfees.21.co/.
So as the topic says.. Do some tests with lower amounts and you'll see that it will work out for you.

This one https://core.jochen-hoenicke.de/queue/#2h gives a slightly higher definition and some history as well. You can see that if you are prepared to wait you can get transactions through with low fees. The number of transactions that go through with extremely high fees is mainly due to people withdrawing from sites that don't give the option to use low fees. They either use a fixed high fee to make sure transactions go through at high priority or they use dynamic fees that often stay high long after the mempool has cleared out.

[Kanapka]

I don't get why lots of people are pay ridiculous overpriced fees when sending Bitcoin to those greedy ass miners! I've been experimenting with my wallet and reducing the fees each time and have been sending at 0.00005BTC/kilobyte. It only cost me $0.05 (5 cents) to send and I got 4 confirmations in 5 minutes! Anyone paying more than this is a complete idiot. I'm sure that I could even maybe do it at 0.00001BTC/kilobyte and it would get all confirmed within 20mins.

Anyway, let's discuss what is the fees you are paying when sending. What's the minimum fees you've tried?

4 confirmations in 5 minutes?

Guess you sent some altcoin by mistake, almost impossible 4 blocks be mined in 5 minutes with Bitcoin

[Vyper]

Don't take it literally but it is a possibility that different pools could find their respective block within seconds but that would get rectified when difficulty adjusts itself within 1440 blocks if they start to find so many blocks in short time..

The opposite the other way ofcourse if it take too much time.

[bamboylee]

Usually I look at unconfirmed transactions before I decide if I'll place large fees or not. If it is only a few thousands, i'll risk it.

i saw a 0-fee transaction confirmed just the other day: https://blockchain.info/tx/2e1fca53148718bd4d00eeebed510a9417a96a5bbd09be395c51afe776954ef2

so it still happens today. this one was supposedly pushed by a transaction accelerator service right here on the forum. i would be careful sending no-fee transactions, though, for obvious reasons. very easy for transactions like this to get stuck. but if you're just consolidating inputs (sending to self) and you've got time, why not?

It got confirmed but after 99 days, I bet you don't want to do that on a tx you need badly

[Vyper]

I use this site as a measurement of how much that is in the pipe in different fee amounts... https://bitcoinfees.21.co/.
So as the topic says.. Do some tests with lower amounts and you'll see that it will work out for you.

This one https://core.jochen-hoenicke.de/queue/#2h gives a slightly higher definition and some history as well. You can see that if you are prepared to wait you can get transactions through with low fees. The number of transactions that go through with extremely high fees is mainly due to people withdrawing from sites that don't give the option to use low fees. They either use a fixed high fee to make sure transactions go through at high priority or they use dynamic fees that often stay high long after the mempool has cleared out.

That was a fine chart.. It coincides nicely with the ICO ban in China/Korea (And the ICO people got a heads up ofcourse and the volume ceased) due to the regulations.. But it seems temporary as it was announced that a licensing model is required. https://cointelegraph.com/news/china-ban-on-ico-is-temporary-licensing-to-be-introduced-official

[Red-Apple]

which wallet are you using?  well for me i actually tried  setting transaction fee to a verry low amount like 0.0003 but after i send it is still using the default transaction fee which is 0.0007 low priority. by the way im using a coinomi wallet for android.  i think that 0.0007 is too high for me because im not that earning much bitcoins here in the forum.

if you can not edit the fees to what you like then either stop using that said wallet and switch to another wallet that gives you this flexibility or just ask the developers of your wallet to change the fee and give you more flexibility. they usually are listening to feedback.

[Kogs]

In my last transactions I always payed the minium fee of 1 sat/byte, when I'm not in hurry (and I'm usually never in hurry).

When mempool was big (> 50000 tx) my transactions took between 4 hours and 1 full day for first confirmation. Actually I was surprised that it did not take days...
After spamming of mempool stopped, my 1 sat/byte transactions went through within the next 1 to 5 blocks.

So I don't see any reason for me to pay more than the minimum fee at all.

Of course, the wallet need to be able to support those low fees, what is the biggest challange in my opinion.

Now after moving my coins to segwit addresses it's even cheaper as the size of the transactions are smaller.

[coinsgod]

I don't get why lots of people are pay ridiculous overpriced fees when sending Bitcoin to those greedy ass miners! I've been experimenting with my wallet and reducing the fees each time and have been sending at 0.00005BTC/kilobyte. It only cost me $0.05 (5 cents) to send and I got 4 confirmations in 5 minutes! Anyone paying more than this is a complete idiot. I'm sure that I could even maybe do it at 0.00001BTC/kilobyte and it would get all confirmed within 20mins.

Anyway, let's discuss what is the fees you are paying when sending. What's the minimum fees you've tried?

which wallet are you using?  well for me i actually tried  setting transaction fee to a verry low amount like 0.0003 but after i send it is still using the default transaction fee which is 0.0007 low priority. by the way im using a coinomi wallet for android.  i think that 0.0007 is too high for me because im not that earning much bitcoins here in the forum.

Coinomi is the exact same wallet that I used. On the last screen before you actually send it gives you an option of the fee structure, but they automatically change the dropdown menu to "Normal". You need to select it and change it back to "Default" so it will use the fee you have set. That's one thing I don't like about that wallet, you need to be careful or you will overpay.

I don't get why lots of people are pay ridiculous overpriced fees when sending Bitcoin to those greedy ass miners! I've been experimenting with my wallet and reducing the fees each time and have been sending at 0.00005BTC/kilobyte. It only cost me $0.05 (5 cents) to send and I got 4 confirmations in 5 minutes! Anyone paying more than this is a complete idiot. I'm sure that I could even maybe do it at 0.00001BTC/kilobyte and it would get all confirmed within 20mins.

Anyway, let's discuss what is the fees you are paying when sending. What's the minimum fees you've tried?

4 confirmations in 5 minutes?

Guess you sent some altcoin by mistake, almost impossible 4 blocks be mined in 5 minutes with Bitcoin

Lol...how did you become a "Hero" member when you have absolutely no idea? My online exchange account says otherwise. Oh, and my wallet only had BTC so it's impossible to send an altcoin when you have no altcoins.

[figmentofmyass]

i saw a 0-fee transaction confirmed just the other day: https://blockchain.info/tx/2e1fca53148718bd4d00eeebed510a9417a96a5bbd09be395c51afe776954ef2

so it still happens today. this one was supposedly pushed by a transaction accelerator service right here on the forum. i would be careful sending no-fee transactions, though, for obvious reasons. very easy for transactions like this to get stuck. but if you're just consolidating inputs (sending to self) and you've got time, why not?

It got confirmed but after 99 days, I bet you don't want to do that on a tx you need badly

no, it got confirmed in a little over 4 days (received by blockchain.info's nodes 8-28-17, confirmed on 9-01-17). even during that time, it would have been dropped from typical node mempools and would have needed to be re-broadcasted. if it was unconfirmed for 99 days, i highly doubt anyone would still be trying to re-broadcast it.

the push by the network towards segwit transactions has been great. i haven't upgraded yet myself, but the last few transactions i sent were all confirmed within a couple hours and all sent w/ < 5 satoshis/byte.

[coinspam]

no, it got confirmed in a little over 4 days (received by blockchain.info's nodes 8-28-17, confirmed on 9-01-17). even during that time, it would have been dropped from typical node mempools and would have needed to be re-broadcasted. if it was unconfirmed for 99 days, i highly doubt anyone would still be trying to re-broadcast it.

the push by the network towards segwit transactions has been great. i haven't upgraded yet myself, but the last few transactions i sent were all confirmed within a couple hours and all sent w/ < 5 satoshis/byte.

Which desktop & mobile wallets support segwit transactions?

[Barcode_]

Actually it is up to the preference of the sender on setting the miners fees he wants to pay, some users does not mind paying higher miners fees in order to get their transaction confirmed on the blockchain at a shorter period of time, for users that do not mind waiting for long hours to get their transaction confirm, they can always customize the miners fees to a lower amount.

[TheQuin]

no, it got confirmed in a little over 4 days (received by blockchain.info's nodes 8-28-17, confirmed on 9-01-17). even during that time, it would have been dropped from typical node mempools and would have needed to be re-broadcasted. if it was unconfirmed for 99 days, i highly doubt anyone would still be trying to re-broadcast it.

the push by the network towards segwit transactions has been great. i haven't upgraded yet myself, but the last few transactions i sent were all confirmed within a couple hours and all sent w/ < 5 satoshis/byte.

Which desktop & mobile wallets support segwit transactions?

The hardware wallets from Trezor and Ledger are the only ones I know of that have fully implemented segwit. All the others are at "coming soon" stage. That's why I don't think segwit has anything to do with the low transaction fees at the moment. It looks like a combination of the spammers have given up trying to slow the network down and the disruption of miners going off to mine Bitcoin Cash is over for the time being.

[bryant.coleman]

Let's carefully analyze how the situation has changed during the past 6-7 months time. At the beginning of this year, I remember paying around BTC0.0001 as the tx fee for most of my transactions. Back then, the exchange rates were around $1,000 per coin. And the fee was equivalent to $0.10. And after 6 months, I was paying somewhere between BTC0.0015 and BTC0.0020 as the tx fee. Considering the increase in the exchange rates, this represents a 90 times increase in the tx fee (from $0.10 to $9.00).

I agree with the OP. We need to unite against this fleecing by the miners. They've become too greedy.   

[btc_angela]

Actually it is up to the preference of the sender on setting the miners fees he wants to pay, some users does not mind paying higher miners fees in order to get their transaction confirmed on the blockchain at a shorter period of time, for users that do not mind waiting for long hours to get their transaction confirm, they can always customize the miners fees to a lower amount.

In really depends on the individual, if you don't want to used higher fees then don't send it but pay the minimum. But if you prefer that your transaction be picked up in the next 5 -10 blocks then you have to pay them at premium. I think this is how some payment scheme as well in the card industry. If you want to get your funds transfer quickly, then you have to pay them at premium otherwise you have to wait for 3-5 days before actually seeing the funds going into your account. That's why I customized my fee depending on my needs.

[poetra2501]

Let's carefully analyze how the situation has changed during the past 6-7 months time. At the beginning of this year, I remember paying around BTC0.0001 as the tx fee for most of my transactions. Back then, the exchange rates were around $1,000 per coin. And the fee was equivalent to $0.10. And after 6 months, I was paying somewhere between BTC0.0015 and BTC0.0020 as the tx fee. Considering the increase in the exchange rates, this represents a 90 times increase in the tx fee (from $0.10 to $9.00).

I agree with the OP. We need to unite against this fleecing by the miners. They've become too greedy.   

Well, I think so, why the fee for transaction costs Bitcoin now very expensive, in my opinion,
this will make people leave  Bitcoin because we can see that the transaction costs have been very high now.

[manchester93]

Let's carefully analyze how the situation has changed during the past 6-7 months time. At the beginning of this year, I remember paying around BTC0.0001 as the tx fee for most of my transactions. Back then, the exchange rates were around $1,000 per coin. And the fee was equivalent to $0.10. And after 6 months, I was paying somewhere between BTC0.0015 and BTC0.0020 as the tx fee. Considering the increase in the exchange rates, this represents a 90 times increase in the tx fee (from $0.10 to $9.00).

I agree with the OP. We need to unite against this fleecing by the miners. They've become too greedy.  

A big part of the problem is that users are fleecing themselves, effectively, by paying more than necessary. I've recently had transactions confirmed which paid only a couple satoshis per byte. Congestion is actually down, and Segwit transactions are picking up, lowering fees across the board.

The other thing is that we can't look at fees in terms of fiat value. Fiat is irrelevant to the protocol; fees are built into the protocol in terms of BTC. If the market price of BTC will continue to rise in the future, you can expect fees to rise as well. I think we all better get used to that idea now. Batch payments efficiently, migrate to Segwit, and look forward to the Lightning Network and sidechains.

[joseafonso123az]

I think it's not only about the miners, but also when you pay for something, there is always a high priority fee for the transaction, and you end up paying more that normal in fees. The pools are also not that full, so the transactions are getting cleared more or less faster. This is good, and we should have always in mind, that whenever we pay in fiat with a credit card, the bank also takes a little amount for the transaction. Hope bitcoin transactions get cleaner,  and fees continue in some satoshis only.