how can bitcoin survive with 26 USD transaction cost?

[KingScorpio]

the current highest transaction fee to get a confirmation in next block is at 0.00081360BTC which is $6.7 with bitcoin being $8245.
if you are paying anything higher than that, you are either making a big mistake or your transaction size is huge and full of small outputs which means you have to rethink the way you are getting paid in your wallet and gathering dust.

i have to add that this fee is the maximum to get the fastest. i pay a lot less and still get my transactions mined fast.
also this won't last forever, we are still recovering from the bitcoin cash attack not so long ago.

aha so its now the users fault because bitcoin transactions can be tricky well my jax wallet had 3 options quick medium and cheapest, i chose cheapest since it warned me to use something else,

i have not done anything else. i relied on the softwares advise

[Rozita]

I agree that Bitcoin transaction fee is one of most important problems, but the transaction fee is not much now. Now 0.5 mBTC which is equivalent to 4 dollar is enough for a transaction to be confirmed very fast.

[KingScorpio]

I agree that Bitcoin transaction fee is one of most important problems, but the transaction fee is not much now. Now 0.5 mBTC which is equivalent to 4 dollar is enough for a transaction to be confirmed very fast.

but my jaxx wallet tok 26 usd from me

[lzby2000]

Feeling bitcoin trading is much higher than other coins. I think forks might be able to help bitcoin find a solution to this problem, or is it because the problem is not solved so that people will use ETH more?

[slate_main]

The fees are sure high now, and then sometimes you have te bump the tx fee, this happened to me a little while ago and result in a higher tx fee than the funds I sent.

Anyway, aside for the fees which the Bitcoin devs are addressing, the main thing is that you are in complete control of your funds with Bitcoin, with some other banks and financial institutions, you are not and it is in their hands -  there are all sorts of reports about this...

[Jet Cash]

I agree that Bitcoin transaction fee is one of most important problems, but the transaction fee is not much now. Now 0.5 mBTC which is equivalent to 4 dollar is enough for a transaction to be confirmed very fast.

but my jaxx wallet tok 26 usd from me

Did you check to see if that was the fee that the miner got, or has jaxx kept some of it?

[oyoW9Pie8oh]

 i send 100$ with only 12$ fee so not think that

[KingScorpio]

I agree that Bitcoin transaction fee is one of most important problems, but the transaction fee is not much now. Now 0.5 mBTC which is equivalent to 4 dollar is enough for a transaction to be confirmed very fast.

but my jaxx wallet tok 26 usd from me

Did you check to see if that was the fee that the miner got, or has jaxx kept some of it?

[KingScorpio]

i am constantly paying around 0.004 btc transaction fee this is what jax reccomends me to do,

[zakalwe]

I agree that Bitcoin transaction fee is one of most important problems, but the transaction fee is not much now. Now 0.5 mBTC which is equivalent to 4 dollar is enough for a transaction to be confirmed very fast.

but my jaxx wallet tok 26 usd from me

Did you check to see if that was the fee that the miner got, or has jaxx kept some of it?

KingScorpio, ok I see that they actually took 0.004 BTC (26 USD) from you but I am quite sure that this is not just transaction fee but also Jaxx takes some for themselves. We can find this out if you click on that link where it says Transaction ID. It is a long code, similar to bitcoin addresses. Click that and you will see all details about that transaction and you will also see how much was transaction fee, was it really 0.004 or maybe just 0.0015 and Jaxx took 0.0025 or something.
It would be even better if you copy that Transaction ID and post it here so we can see aswell.
Anyway, I think even 0.001 is too much and you need to be lucky to pay as low as that. In some wallets you can manually set how much you want to pay for transaction fee but even if you choose minimum, it will still be around 0.001 BTC and you may need to wait few hours until first confirmation. You can do this in Electrum desktop wallet.

[darkangel11]

I agree that Bitcoin transaction fee is one of most important problems, but the transaction fee is not much now. Now 0.5 mBTC which is equivalent to 4 dollar is enough for a transaction to be confirmed very fast.

but my jaxx wallet tok 26 usd from me

Because you've enabled dynamic fees instead of checking how much is needed for the transaction to confirm relatively fast. It's like every other thing in life when you choose to be lazy and want everything to be done fast and with minimum effort you have to pay for it. You had a chance to send a slow transaction for $2 or a relatively fast one for $5, but you were lazy and paid $26 for a first block confirmation. I hope it was worth it and time really meant money to you

[salihno71]

SegWit should reduce the fee when the transaction is done between the two wallets where it's supported. Also do check the current fees on https://bitcoinfees.earn.com/ before you actually send the transaction - you can save quite some money. Down the road there is a plan to implement Schnorr algorithm instead of current ECDSA which is much more efficient and should additionally reduce the prices.

[KingScorpio]

I agree that Bitcoin transaction fee is one of most important problems, but the transaction fee is not much now. Now 0.5 mBTC which is equivalent to 4 dollar is enough for a transaction to be confirmed very fast.

but my jaxx wallet tok 26 usd from me

Because you've enabled dynamic fees instead of checking how much is needed for the transaction to confirm relatively fast. It's like every other thing in life when you choose to be lazy and want everything to be done fast and with minimum effort you have to pay for it. You had a chance to send a slow transaction for $2 or a relatively fast one for $5, but you were lazy and paid $26 for a first block confirmation. I hope it was worth it and time really meant money to you

ah so my wallet didnt had the right mode and now jaxx took extra fees because i used their wallet?

i did what the jaxx wallet recommended me to do i trusted this is a good mode,

now a question do blockchain wallets take fees for the usage?

regards

[KingScorpio]

nope my transaction cost before werent that high it was a sudden increase

[gentlemand]

Wallets are not Bitcoin. And wallets can't keep up with the fee situation. When Bitcoin had capacity to spare in the early days you could guarantee that the fee would remain steady and super cheap.

These days it's all over the place. It could be next to nothing or several dollars depending on who's attacking it or the time of the week. The only way users can make sure they're getting the best fee is to set it themselves, even then it might hurt.

[howtobuy]

The transaction cost is a serious problem for sure.. if we want to see bitcoin getting into mainstream use, not just speculations

[hypersonic1]

You probably use an expensive service, all of my wallets are in the 17-50 cent range.

[ahmad21]

Yes transactions costs are becoming highs these days. Actually problem lies with increasing bitcoin prices each satoshi is know becoming worth it and the fees is sats/bytes. So with increase in sats price the overall fees is increasing too. Moreover the real problem is that if one sends a lower fees transactions take a hell lot of time to approve. These things are really making btc much more centralized don't know how are devs going to solve it.

[teilwalL05]

Wallets are not Bitcoin. And wallets can't keep up with the fee situation. When Bitcoin had capacity to spare in the early days you could guarantee that the fee would remain steady and super cheap.

These days it's all over the place. It could be next to nothing or several dollars depending on who's attacking it or the time of the week. The only way users can make sure they're getting the best fee is to set it themselves, even then it might hurt.

Yup! Bitcoin transaction fee had nothing to do with the wallet issue I really think there are added fees by some wallet, and depending on your wallet the fees might occur, this is a recent problem with the miners fee and for the block to be confirm if there are a solution to these problem it is up for the developer to arrange it, and for the miners fee they only ride the wave of the changing price and a correction might occur as well,

And aside from OP's always spouting about the jax this thread feels like your advertising something. Just saying it keeps on whenever you had to post

[negancoin]

Presently ,the transaction fee is a real problem, imagine someone find out about BTC and watch some old videos about it, when people was talking about bitcoin as currency that will let us get rid of high fees and banking stuff ! he will be like what WTF!

I think, if transaction fee keep getting high and high, Bitcoin will only use to buy expensive stuff like cars, houses etc.