Bitcoin fees make me angry

[emberbekas]

What the hell ?




it's way too much . i pay higher on fees than the amount i'm sending to people
and i work a lot with bitcoin on small amounts..

The best solution i found now is  pay using ETH , then convert it to BTC using changelly. (something like 0.2$ fees) and its automatic.
Shapeshift is also take huge fees and blockchain.info support it to be part of their site. (don't use) .

This is one of the bitcoin inhibitors to be applied as a mean of payment especially when we deal with small items for a relatively small price. And yes, using other alts will be considered as the best solution so far.

[1714856935]

1714856935

[1714856935]

1714856935

[1714856935]

1714856935

[verifyas]

I am just thinking at present level if the fees seems so high then just think once it reaches 10k the fees would almost be double of what it is today. As the price of the coin keep increasing the fees would automatically be getting costlier and not cheaper. Will this bring down the users interested in btc due to its fees is what wee will need to watch out.

I doubt it would get that extreme. I think the increase is temporary. The miners should know that transactions would not make sense if being too high. users would just opt for other currencies and hold BTC without trading.

[paloloy]

Keep in mind that Bitcoin's value is very high then fees do when making transactions. Don't makr transactions witl little value in it, just wait for a while until time will give you good option for fees. Other than that, you can find cheaper fees in this forum anr there's a lot of them.

[maruf9522]

yes me also , i don.t know , some site fees $5-$7 , day by day theare fees incress  ,

[audaciousbeing]

What the hell ?




it's way too much . i pay higher on fees than the amount i'm sending to people
and i work a lot with bitcoin on small amounts..

The best solution i found now is  pay using ETH , then convert it to BTC using changelly. (something like 0.2$ fees) and its automatic.
Shapeshift is also take huge fees and blockchain.info support it to be part of their site. (don't use) .

You really don't need to get worked up over that because its something you can correct and the fact that its high does not mean you have to accept it. The option of customizing fee is there where you can select the amount of fee you want to pay and it will still  confirm within reasonable time.

Another way is to ensure that since you are collecting small amount of bitcoin try as much as possible to limit the addresses you use because the number of addresses to aggregate where the sum payment is coming from is also something of concern here that goes a long in determining what will be the transaction fee.

[exstasie]

I am just thinking at present level if the fees seems so high then just think once it reaches 10k the fees would almost be double of what it is today. As the price of the coin keep increasing the fees would automatically be getting costlier and not cheaper. Will this bring down the users interested in btc due to its fees is what wee will need to watch out.

I doubt it would get that extreme. I think the increase is temporary. The miners should know that transactions would not make sense if being too high. users would just opt for other currencies and hold BTC without trading.

No, the increase is not temporary. Fees are essential to the network's function, and most importantly, fees are in the process of replacing block subsidy already. The supply of BTC is more then 75% mined already, and the block subsidy has halved twice. Fees need to start replacing that subsidy loss in order to incentivize miners to keep securing the network. Otherwise Bitcoin would be insecure and subject to double spending and other attacks.

In a couple years, the block subsidy will only be 6.25 BTC per block. On-chain fees need to be rising, not falling, for the chain to remain secure. This is why the future of low cost payments in Bitcoin is with the Lightning Network and sidechains, I think.

[SiNeReiNZzz]

I don't know but i have seen some sites, exchanges and wallets that has cheap transaction fees, but either if it we don't have much choice once we are using those service providers, not unless they are doing something fishy behind us, then we don't need to use it further.

[pearlmen]

What the hell ?




it's way too much . i pay higher on fees than the amount i'm sending to people
and i work a lot with bitcoin on small amounts..

The best solution i found now is  pay using ETH , then convert it to BTC using changelly. (something like 0.2$ fees) and its automatic.
Shapeshift is also take huge fees and blockchain.info support it to be part of their site. (don't use) .

Another way to go about this is the timing, I have realised that the same transaction you can pay different fees at different time of the day. Just try when there will be likely to be less activities on the block chain maybe sometimes early in the morning. Also, you can just send with low fees and use one this acceleration services to boost the confirmation time. Its still to.achieve the same result at lower fee.

[Taki]

Wow 4,50 each transaction, that is so high mate, but the fees were not so high a few days ago, i dont understand why it is happening. Well, maybe it is because the difficulty of mining has increased to 21% in the last few hours, but it shouldn't change the fees. Maybe the miners are so congestioned and they can not proccess that payment and this is why the fees are so high.
Anyway, i sent a payment yesterday and it only costed me $1,20, and it got confirmed in 20 minutes.

I decided to check this out and when I was typing the amount which I want to send the fee was like 1,04$, but when I pressed "max" the fee increased to 4,1&$ just like the author said! From my experience I can say that Blockchain.info is not always the same, I mean one day they ask 1$ for the transaction and another not less than 4$. I don't know what from it depends, but I have never paid more than 1,5$ for the transaction on this site.

[BeManga]

What the hell ?




it's way too much . i pay higher on fees than the amount i'm sending to people
and i work a lot with bitcoin on small amounts..

The best solution i found now is  pay using ETH , then convert it to BTC using changelly. (something like 0.2$ fees) and its automatic.
Shapeshift is also take huge fees and blockchain.info support it to be part of their site. (don't use) .

maybe the mining difficulty rise so new block take a little bit longer and there a large unconfimed transaction again thats why fee is getting higher

[Sithara007]

what wallet are the cheapest to use for sending coins

You can decide on how much fees you want to pay, if you use an online wallet which allows you to do so (such as Blockchain.info). But then, be ready to wait for 4-5 hours, if you are paying a significantly lower fee. Last time, one of my transactions got stuck for 3 days after I manually paid a fee of 10 Sat/Byte for my transaction. It was frustrating!

[btc_angela]

I also had the same experience earlier. Was frustrated that I have to pay a high fees and the confirmation didn't went through for more than 10 f*** hours. I already slept, woke up get up and see a doctor and it is still not in my wallet yet. But I have read that it has something to do with the difficulty rising at 21% if I'm not mistaken. Maybe those mining BCH earlier went back to the legacy nodes or whatever, that's why the hashing power is very difficult resulting in a increased of mining fees.

Edit: Alas, it just went through....

[Rajamuda]

I think which causes the fees to be more higher because bitcoin price was increasing. At past.. long day before bitcoin price are so very high up as it's today, the average fee fees from various sites is very cheap. But of course it's different for now, that's bitcoin more days being more popular be used by many people, with price that tend  continue to increase from previous years, of course this can be causes the fees to be more higher I guess. And well.. indeed we should really be able to balancing with like this condition.

[kiver]

the fees has really became a big problem these days especially if you are using small amounts on a regular bases i have an idea that could solve this

that they could make a fee based on the amount you send not all of us have a huge amount of btc 

[Pursuer]

I also had the same experience earlier. Was frustrated that I have to pay a high fees and the confirmation didn't went through for more than 10 f*** hours. I already slept, woke up get up and see a doctor and it is still not in my wallet yet. But I have read that it has something to do with the difficulty rising at 21% if I'm not mistaken. Maybe those mining BCH earlier went back to the legacy nodes or whatever, that's why the hashing power is very difficult resulting in a increased of mining fees.

Edit: Alas, it just went through....

difficulty goes up by increase of hashrate (mining power), for example when new miners start mining bitcoin, when more people buy ASIC miners to mine bitcoin,... the hashrate goes up and the difficulty increases to match this increase and make blocks be mined every 10 minutes on average.

it has nothing to do with the fees though. maybe I missed it but looking at the blocks that have been mined in the past couple of days I do not see any major gap that can cause such a backlog that we currently have, which means only one thing: a spam attack.

[traderethereum]

What the hell ?




it's way too much . i pay higher on fees than the amount i'm sending to people
and i work a lot with bitcoin on small amounts..

The best solution i found now is  pay using ETH , then convert it to BTC using changelly. (something like 0.2$ fees) and its automatic.
Shapeshift is also take huge fees and blockchain.info support it to be part of their site. (don't use) .

how much money you want to send? i think if the amount is more than $100 or even $1000, then i think fine if your fee is $4,51 at least you still have the biggest amount. we are paying fee to make transaction run smoothly and our transaction is not getting delay or waiting too long to be arrive in our wallet. if the amount that we want to send is bigger then we don't need to complain anything and we can receive that fee because we don't want to waiting too long.

[Givebirth]

What the hell ?




it's way too much . i pay higher on fees than the amount i'm sending to people
and i work a lot with bitcoin on small amounts..

The best solution i found now is  pay using ETH , then convert it to BTC using changelly. (something like 0.2$ fees) and its automatic.
Shapeshift is also take huge fees and blockchain.info support it to be part of their site. (don't use) .

Same to our local wallet. When sending bitcoin to others they deducted too much bitcoin fee than the value you are sending. I think the problem with this is the company of the wallets and sometimes this is pissing me off. I hope other wallet take action about this because this is you unfair to us.

[jjacob]

I am just thinking at present level if the fees seems so high then just think once it reaches 10k the fees would almost be double of what it is today. As the price of the coin keep increasing the fees would automatically be getting costlier and not cheaper. Will this bring down the users interested in btc due to its fees is what wee will need to watch out.

I suggest you use an online wallet, it is not possible to escape from the charges, but the oflline wallets are really cruel.

Using online wallets might help you save on fees, but you risk losing all your money if the service provider gets hacked. I think it is much better to pay the fees. If your transaction is not urgent, you can try paying lower fees and wait for it to get confirmed.

[Virman01]

it is true that the cost is too big, I also feel the same with you. is there no other way, besides using ETH, because I think if using meth is too complicated and less simple.

[penig]

I am just thinking at present level if the fees seems so high then just think once it reaches 10k the fees would almost be double of what it is today. As the price of the coin keep increasing the fees would automatically be getting costlier and not cheaper. Will this bring down the users interested in btc due to its fees is what wee will need to watch out.

I doubt it would get that extreme. I think the increase is temporary. The miners should know that transactions would not make sense if being too high. users would just opt for other currencies and hold BTC without trading.

No, the increase is not temporary. Fees are essential to the network's function, and most importantly, fees are in the process of replacing block subsidy already. The supply of BTC is more then 75% mined already, and the block subsidy has halved twice. Fees need to start replacing that subsidy loss in order to incentivize miners to keep securing the network. Otherwise Bitcoin would be insecure and subject to double spending and other attacks.

In a couple years, the block subsidy will only be 6.25 BTC per block. On-chain fees need to be rising, not falling, for the chain to remain secure. This is why the future of low cost payments in Bitcoin is with the Lightning Network and sidechains, I think.

There's an alternative, one which was implicit in the original plans for Bitcoin - that the widespread, distributed mining was cheap and written off as a hobby/interest in maintaining the project.  ASIC and mining farms weren't in the plan and they've skewed the project.  Ideally transaction fees should be tiny and high volume makes mining viable.  

As it is I laugh and cringe every time I read someone advocate no or low fees as advantage for Bitcoin, when its 5-10x a debit card transaction to get in the next block, and only large transactions/movements of bitcoin are financially advantageous.