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Author Topic: 17$ for a transaction fee?!!  (Read 900 times)
porto-pok
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November 15, 2017, 09:11:22 AM
 #61

Yes its very expensive, maybe you have done a mistake ?
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November 15, 2017, 11:58:38 AM
 #62

Yes its very expensive, maybe you have done a mistake ?

No it isn't a mistake. At the time of the transaction, a big volume was traded and over 100 k transactions where pending on bitcoin, thus high time processing and cost. And you can note that, compare to the notional of the transaction (1.4 BTC) the amount is rather small actually.
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November 15, 2017, 01:03:00 PM
 #63

The high bitcoin price means the cost of shipping will be high. When multiple transactions occur simultaneously, costs will increase.

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November 15, 2017, 01:31:12 PM
 #64

it happened to me last week, i was transferring 3$ for the fee of 17$ i was like a cat inside a chicken booth.
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November 15, 2017, 01:44:18 PM
 #65

Hi,
this morning i was surprised to see that to transfer 1.4btc from my ledger nano to kraken the cost of the transaction fees was 17$??
Anyones have some reasons why it costs do expensive?
Thanks

The costly transaction fee today and these past few days is because of the bottleneck in the blockchain. There are many transactions that were made in order to slow down Bitcoin's transaction processes. So in order to cope with the said attack, higher transaction fee is required in order to make your transaction pass through the network. This is inevitable unless you want to wait for hours up to days just to make your transaction be confirmed and finished.

andron8383
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November 15, 2017, 01:49:45 PM
 #66

fees really  suck on BTC right now bch helped it a lot becouse of EDA system they have and bitcoin had not stable 10 min blocks.
I think that bicoin should have better diajustment for difficulty that current.
Olny good LN can help - while even segwit is not deafault on many exchanges.

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November 18, 2017, 04:09:40 AM
 #67

that is a big amount of course the fee will also rise it is just basic
but some of reasons maybe the exchanger or site you've trying to use has so much many pending transactions
they will use other way to confirm but I don't know what is it called hahahahah.
but thats basically it.. expect that in much more value rise of coins the more the fee will get rise too

cdog
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November 18, 2017, 04:37:59 AM
 #68

Bitcoin keeps rising and transaction fees also go up, I'm a little annoyed when I trade Bitcoin because the fee is so high then I always exchange it to Ethereum.

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November 18, 2017, 05:12:08 AM
 #69

Hi,
this morning i was surprised to see that to transfer 1.4btc from my ledger nano to kraken the cost of the transaction fees was 17$??
Anyones have some reasons why it costs do expensive?
Thanks

yes, because fee for byte. if you want send some btc with a small fee, it will take a long time, but depending on mining block. last month, I send a small amount btc, but confirmation transaction only takes 5 minutes, with fee 2 Mbtc  .

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jagdeepjd
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November 18, 2017, 05:21:38 AM
 #70

the unconfirmed transactions queue is piling up in these last few days due to some mining problem i read some news about mining in china . which is making the fees go up terribly.
low fees transactions are stuck for weeks now one of my transaction with low fees took 3 days to confirm.


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woas4
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November 18, 2017, 05:25:49 AM
 #71

Fees are increasing because the blocks are full (1mb cap). They will start going down (no idea when it'll estabilize though) once the scaling solutions are applied to the blockchain, such as Lightning Network.

Meanwhile, we can use altcoins to do cheap and fast transactions while we wait for Bitcoin to evolve.

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November 18, 2017, 05:26:17 AM
 #72

Bitcoin keeps rising and transaction fees also go up, I'm a little annoyed when I trade Bitcoin because the fee is so high then I always exchange it to Ethereum.
It's because many miners are changing the coin they are mining, some are into altcoins and others are into bitcoin cash. So the division starts there and if you want your transaction to get confirmed immediately, just pay higher fees.

But a $17 fee for a transaction, I will only avail this if I don't have any other choice. I will adjust and make it possible to pay lower fees since not all the time I'm in a hurry when I'm sending or receiving a transaction.

Also accelerators seems to be helpful to me by doing it alone but if I'm in a rush for sending bitcoin through an exchange because of FOMO, I'll pay higher fee.



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