17$ for a transaction fee?!!

[forkchain]

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

oh, i have faced such unpleasant thing too. when transfer i have paid the commission of $10. how can it be? bitcoin means the minimum commissions.

[1714111817]

1714111817

[1714111817]

1714111817

[seandiumx20]

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

since value of bitcoin goes higher and higher lets assume that the fees in all wallet platforms will also increases. Its in the flow of the blockchain, everything is directly proportional to each other. my fee for transferring eth to another wallet and having a withdraw cost 10$ already. So i learned that i must save more eth/btc before i withdraw them.

[Turkish88]

its tactical action of segwit2x comunity. He want show us what the old bitcoin network cant live anymore.
I dont be surprised if in the near future peoples call segwit2x for doing somethins with this.
Or bitcoin will become crypto only for big players

[TangentC]

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

$17 is actually on the low side at the moment. If you've got multiple inputs and multiple outputs to your transaction then really you're completely screwed and you're left to pay exuberant amounst of transaction fees.

Right now it's actually a lot better.

A lot of this is generated by the fact that volume of bitcoin cash went so far up, and market activity was just so great.

Nothing we can do.

That is incorrect, get your Core Devs off their incompent lazy asses and have them

1. Fix your difficulty adjustment, so it does not take 2 weeks for the difficulty to reset
2. Increase the block size to 2mb or 4mb

If they do this you will have transaction capacity to spare and reasonable fees for the foreseeable future.

Your problems with segwit coin are because the core devs are incompetent.

Almost every other coin in existence today has a higher transaction capacity than those losers!

[Raimy]

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

I don't think $17 to transfer $9-10K worth of bitcoin is all that high. Sure we all were spoiled with the sub-dollar fees to transfer any amount before this mess, but I think with growth will come higher fees. If you are really worried, when you are ready to sell just up your asking price by $17, the way bitcoin's price is moving around that should only delay your sell order by a few minutes.

[batang_bitcoin]

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

With so much miners that went to bitcoin cash before so the mining fee became expensive but after the hype of bitcoin cash. Many did went again back to bitcoin and now they are into mining again, the fees can be paid as low as 81sat/b now. And the lowest total fee I saw yesterday was only 2 USD though it's still quite expensive for the people who only have small transactions but that's great as unconfirmed transactions are now back at 77k.

[Carlsen]

Many miners went to BCH, and the number of transactions seems to have increased as well.
That leads to really astronomic numbers in the transaction fees.
I try to switch to a different currency to make transactions whenever that is possible.
Many Shops have already started to accept not only bitcoin, but many other crypto currencies as well.

[surix]

First of all, the algorithm of fee estimation on some wallets has serious problems.

Second of all, please take a look here:

https://bitcoinfees.earn.com/

As of 2017-Nov-15, you can get your transaction confirmed within 10 blocks for about 160 satoshi per byte, which is very reasonable;

I suggest you use wallet that have replace by fee funciton (electrum for example), set a low fee and wait. In worst case, you replace it with higher fee. You will not get stuck like this.

[Sithara007]

Many miners went to BCH, and the number of transactions seems to have increased as well.

Almost half of the hash rate went to BCH, but there was noticeable increase in the number of transactions. That makes me worried about the future scenario. The number of users are rising at a rate of around 10% to 15% every month. If the tx fee increases any further, then Bitcoin will be solely used for medium term and long term investment and not as a currency.

[BitNoLimit]

use 10~15sat/byte with electrum
you'll get confirm withing 6 hours

[chicobr]

~~. I heard that there are $700 billion Bitcoin transactions were delayed. So, your information does not make me surprised. This is the worst weakness Bitcoin will have to improve

[drwhobox]

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

1.4 BTC is a big amount you may need more fees for that money to be transferred to another wallet. do even think that you can send 6500$ In a bank without having a big fee to use their services? and wait, that is only the recommended fee you need to send because there is a lot of transactions that are stocked into the Blockchain , Why not use a custom fee to send your money? and just wait for it to be confirmed (This may take long if you do use with a little fee.)

[Rudi Setya]

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

i think because about the price of bitcoin very high so the fee will be high too.. when the price bitcoin $700 the fee is $3-$5 but for now the price of bitcoin reach $7500 so the fee of bitcoin reach $17 so high

[Opquar]

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

i think because about the price of bitcoin very high so the fee will be high too.. when the price bitcoin $700 the fee is $3-$5 but for now the price of bitcoin reach $7500 so the fee of bitcoin reach $17 so high

This is incorrect. Bitcoin price has nothing to do with the fee. It is because there are too many unconfirmed transactions currently.

[n4poleon]

it happens alot
these days miners are charging alot

Obviously you don't understand how it works. These scenarios can be pegged to law of supply and demand. When there's a lot of demand (transactions) that the supply (miners/hashing power) unable to cover for it, fees (price) will go up. Bitcoin's hash rate just drop almost half from about 10,000,000 TH/s to about 5,000,000 TH/s, some miners (maybe bitmain) switched to bcash to take advantage of difficulty adjustments of both coins. Hence this is happening. I think this is all coordinated to try to dismantle bitcoin so these people can gather sentiments that bitcoin is no longer viable. Because all of you plebs only care about low fees and fast transactions. Just use alts or paypal for fuck's sake.

[nanaliepaloma]

well as of now the transactions are very high so you should expect that amount for fees. but after a few days the transaction fees will be lower so if you can wait for that if you are going to have another transaction the better.

[ActiveMars]

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

You have got nearly $ 10,000 and fees less than 1% is too much? It's unnormal if your transfer 0,01 Btc or less...

[romero121]

This happens when large number of transactions get stuck to the network. Recently more than fifty millions worth of bitcoin through around 130k transactions got stuck on the network due to the sudden drop and the price retain. During these days people prefer transaction accelerator and other services.

[strocifer]

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.

[kirikmax]

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