INSANE BITCOIN TRANSACTION FEES!!!

[Thomas3520]

The transaction fee for sending Bitcoins is CRAZY! https://bitcoinfees.info/ Over 5$ for EVERY TRANSACTION??? How should Bitcoin go mainstream with SUCH HIGH FEES???
If I want to pay for a 5$ coffee with Bitcoins, then I have to pay THE SAME AMOUNT FOR FEES!!!

Let's make a Bitcoin fee list:

You pay for something worth 5$ in Bitcoin: 100% fee

You pay for something worth 10$ in Bitcoin: 50% fee

You pay for something worth 20$ in Bitcoin: 25% fee

You pay for something worth 40$ in Bitcoin: 12,5% fee

You pay for something worth 50$ in Bitcoin: 10% fee

You pay for something worth 100$ in Bitcoin: 5% fee


Isn't this INSANE??? What if just double the current amount of people use Bitcoin? Then the transaction fees will DOUBLE TOO!!!
The question that we have to ask us is: Why should we use Bitcoin rather then Litecoin, Ethereum, Dash, Monero, Stellar Lumens etc.?
The only reason why so many people are using Bitcoins and not other coins is, that the Bitcoin price increases the most and they make money with it! Do you agree with me guys?



And also, the confirmation time is OVER 30 MINUTES! So when I send a merchant Bitcoins, it isn't certain that he actually gets them! No confirmation = NOT SECURE!

I don't understand why Satoshi Nakamoto made the block size to only 1 mb and the block time to 10 minutes! Couldn't he just calculate, how much the transaction fees will cost with ~30 million people using Bitcoin? And why should merchants accept a crypto currency, with INSANE fees and SLOW confirmations? For low amounts, no confirmation isn't that bad, but for big amounts like phones, it's a BIG RISK! The confirmation time should be AS FAST AS POSSIBLE and the fees AS LOW AS POSSIBLE for mass market adoption! But that isn't the case for Bitcoin...... GO IOTA, GOOO!



PS: Why doesn't the Bitcoin network just increase the block size to 1 TB and change the block time to 30 seconds??? (Or just make it like Litecoin?) (Or make it Proof of Stake?)

[LeGaulois]

Merchants don't care about the fees as you are the one paying it, not the merchants. Most of them have the bitcoins converted automatically to fiats upon receiving it. Those who don't it's because they are themselves bitcoiners

Waiting 30 minutes to confirm a transaction is decent compared with what we have ever seen from time to time. A merchant won't refuse a sale because it's taking 1 hour to confirm.

Bitcoin is not good for making small transactions it's why people buy bitcoins just to store and speculate

[mammon]

Yep and it is getting worse an worse, thanks to Roger Ver spamming the mempool. (We all know he is, don't moawn he isn't)

Yesterday I tries to move 49,25 euro in BTC and the Fee was 22,73 euro !!!!!   (I didn't do the transaction, complete insane)


Let's see where this ends...

[seanpeabody]

I agree! I tried sending btc just a while ago for me to engage in trading, I LOST A LOT OF BITCOINS COMPARED TO WHAT I LOST IN TRADING.

[freightjoe]

I agree! I tried sending btc just a while ago for me to engage in trading, I LOST A LOT OF BITCOINS COMPARED TO WHAT I LOST IN TRADING.

This is what I have also been pointing out.

The whole purpose is to prevent small investors from selling - that way prices can be kept artificially high. In reality it is stealing the profits from the small investors

[fiulpro]

This is ... Something... Thats the main problem with bitcoins and something that investors.. are trying to solve..well bitcoins...are.. Demanding very high transaction fee also...
Now..' since china ..has stopped providing.. subsidiaries pertaining to the minning of bitcoins thus..now... The transaction fee will sore high..
I don't think thats a good indication.
And I completely agree that its very wrong.. to demand the same fee from different people...
What if..the amount of bitcoins you have .. are the fee that you are going to pay..!?
Its something thats slowly becoming for the rich only.

[OmegaStarScream]

SegWit is here to solve the high fees problem, the sooner services and wallets start using it, the faster you will notice the low fees. Lightning network is also going to help for doing instant off chain transactions. As for the blocksize, increasing it that much will make bitcoin just more centralized because most of the people won't be able to afford running a full node so only big companies will do that.

[sylance]

I've changed my mind on Bitcoin as a future currency, but it did pave the way for an upcoming standard.  I do believe in Bitcoin though... as others have said I see Bitcoin as gold, a store of value and not a currency.  So thus I don't mind the fees that much since I'm not moving my coin around that frequently. 

[Oulay]

You're right.. bitcoin can never go mainstream with the current high fees and confirmation times..
Anyway they can't set the block size to 1TB because it would allow for DOS attacks that will slow down the network, but it would definitely be better to increase it which they did in segwit but its adoption is too slow. They are also saying that the upcoming lightning network would allow us to make small transactions with almost no fee. So in the end they're trying to solve those problems, just hope they don't take so much time.

You can reed wiki's page about segwit for more info:
https://en.wikipedia.org/wiki/SegWit

[cryptonator777]

Yes we need a solution for this , but not like the Segwit dramas played byJihan Wu , Roger Ver Etc.
BCC is not decentralized, It s not the real solution.It will face some of these issues Bitcoin has in some period of time in future.

[tora]

I convert my holding into litecoin when using exchanges as it is both cheaper and faster. Those high bitcoin fees will kill trading in small amounts.

[Iranus]

Over 5$ for EVERY TRANSACTION???

No.  For low priority transactions, you can pay [ DO NOT POST SESC LINKS ]dramatically less[/url].

What if just double the current amount of people use Bitcoin? Then the transaction fees will DOUBLE TOO!!!

It's impossible for double the amount of people to use BTC, because most blocks that can currently be full are already full.  It's impossible to tell how double the number of people wanting to use BTC would affect the fees, because it's primarily about how much those users are willing to pay.

The question that we have to ask us is: Why should we use Bitcoin rather then Litecoin, Ethereum, Dash, Monero, Stellar Lumens etc.?

Because it's particularly secure and it has the first movers' advantage.

And also, the confirmation time is OVER 30 MINUTES!

This depends on what fees you decide to pay.

I don't understand why Satoshi Nakamoto made the block size to only 1 mb and the block time to 10 minutes! Couldn't he just calculate, how much the transaction fees will cost with ~30 million people using Bitcoin?

Because he:

-Didn't know how many people would use BTC
-Left BTC long before the blocks were nearing full
-Wanted to prevent spam in the short term by making it expensive for a spammer to fill blocks.

[1inside1]

I agree that the bitcoin fees need to be fixed, as they're way too high.  I also agree that transactions need to confirm faster.

[AGD]

I pay 10-30 Sat/B and I don't think this is too much. People that pay more are either rich or newbies.

[Yeshualive]

If you do not need to have the value of your bitcoin quick in your wallet, why bother paying high fees? I do not pay more than the minimum necessary, I may well expect the value to be credited even if it takes 3 hours or more. Now if you do arbitrage, you have the problem of time, so I think it's fair that you pay a higher fee. Basically who decides the rate is who sends the bitcoin, I always knew that.

[jman0war]

PS: Why doesn't the Bitcoin network just increase the block size to 1 TB and change the block time to 30 seconds??? (Or just make it like Litecoin?) (Or make it Proof of Stake?)[/color]

Block size increase requires a hard fork which you'd never get consensus on.
Increasing the block size means less people can run a full node, which means fewer and more centralized transaction validation, plus increased costs and bandwidth and more centralized miners. Result is you'd end up with much more centralization and would no longer have a censorship resistant currency.

Additionally you can't just keep increasing the block size to fix the scaling problem.
It's the law of diminishing returns.


Proof of Stake will never happen with bitcoin.
It's way too a radical departure from Satoshi vision and brings new network threats.

Layer2 scaling solutions are the chosen way forward, Lightning Network.
Plus SegWit opens up a lot of flexibility that will reduce costs, but their seems a conspiracy of exchanges and wallets not to create SegWit addresses (like blockchain.info)

[Triple]

It's usually this high when there are a lot of transactions going through and not enough confirmations. Yes, this is a pretty big problem for BTC to go mainstream honestly. Even if I pay $5 for a coffee, I'm not looking to spend any extra fees. I'm not sure how blockchain/BTC will handle this but the fees is one major reason that's preventing BTC from being widely accepted.

[Victorycoin]

It's been discussed and the answers always :
1. Use lower fees if you don't need fast confirmation
2. Spend bitcoin at merchants which accept zero confirmation (as long as you put good amount of fees)
3. Adopt SegWit (i bet majority user still use legacy address)
4. Wait for LN network (or perhaps other 2nd layer solution)
5. Use altcoin/fiat if you don't want high fees

If more people adopt SegWit, help LN development and stop spam the mempool, i'm sure the problem will be reduced.

The impact of Segwit would have been felt by now and the testing and implementation of Lightening Network would have gone far but for the distractions occasioned by Segwit2x et la. Much as the high fees hurts, I have hope that there's going to be improvement in no distant time since the threat of a split is no longer as potent and and support for it have waned.

One can actually save cost by always settling for the lowest or normal fees set by merchants and have one of the guys here that accelerate transactions for free render you their service.

[felicita]

iam using now since a week dashcoin it has now fees and its a old coin.
for me good soulution for sending but iam still holding my Bitcoin core becourse the cash isnt good !




kind regards

[ladydark]

Bitcoin will not suit for micro transactions.Actually,segwit was activated only to solve this issue.It was almost solved but it got collapsed due to the greediness of bitcoin miners and their mentor the bitcoin antichrist Roger ver.We could expect in future that this issue would get solved.