INSANE BITCOIN TRANSACTION FEES!!!

[cryptodrunk]

I agree with you, those transaction fees are insane, waiting for segwit adoption... I have some wallets with spare change which I can't sum because of high fees, all those satoshi will be dust. In the meantime, I usually use litecoin or even dogecoin for transfers between exchanges

[ebliever]

What's with the FUD? https://bitcoinfees.earn.com/ shows you can expect to get a 15 sat/byte TX confirmed in half a day or less. Just because you are massively overpaying doesn't mean it's necessary.

Advice:

1. Use a segwit-enabled wallet when possible to reduce your own fee, and reduce fee pressure on everyone.
2. Use a fee estimator tool like the one above to pick a fee that matches you need for speed vs. cost of the TX.
3. Learn to sweep your wallet during quiet times if you have a lot of "dust" inputs clogging it up. (People complaining about $10+ fees obviously have not done a good job of wallet management and can save a lot in future fees by sending a TX emptying their wallet to a new address in the same wallet during a quiet time for a minimal fee. This way future TX will only need to reference the 1 new input instead of a bunch of small inputs, making the TX much smaller.)

[ezbreezy08]

I am agree with you it's not worth it to withdraw a big amount of bitcoin coz the fee gets high. What we need is hold our bitcoin and sell those bitcoin when it gets high so we dont have problem in any situation when we withdraw certain amount.

[TimtheYoutuber]

One of the main reasons I started looking at Ethereum. And I am glad I did!

[neurotypical]

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]

Because if you increase the blocksize to 1 TB, the blocksize will be too big for anyone to run a node except corporations:



As a result, Bitcoin would no longer be sovereign money, but a money subjected to what these corporations want to do with your transactions. The trust model is broken.

I don't care what satoshi wanted, all I know is I want to keep being able to validate my own transactions.

IOTA, Bitcoin Cash and all of these coins aren't decentralized. There is no such thing as cheap decentralization, unfortunately.

[aardvark15]

If the fees continue to be high, Bitcoin will not be used for small transactions anymore. People will only use it for larger transactions and to store funds.

This is an opportunity for altcoins to fill the niche created by Bitcoin’s high fees. There are several really good altcoins with low or even no fees. Theses altcoins can be used for small transactions or micropayments. I think this is how it needs to play out in the future.

[reflector]

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.

I was worry about the bitcoin transaction fees from the past two months but from the yesterday I noticed blockchain and coinbase wallets are reduced the bitcoin transaction fees 0.011 btc to 0.0003 btc today. But noticed that bitcoin confirmation time has been increased largely like 55 minutes and more to have the bitcoin to the destination wallet now. Even BCH mining investors now turns their head already to bitcoin. Everything will be get the same as before.

[Chrystora123]

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.

I feel this too, 4 days ago I exchange 1 Eth to Bitcoin and if I total how much Bitcoin I get, I only get about 0.93 Eth, this really surprises me because the fee is very high ...
Thanks for SegWit..

[crazyivan]

Bitcoin was never to be a currency in the sense FIAT is. You will never use BTC to pay for your coffee. The main purpose of Bitcoin is to be store of value, like gold. Do you use your gold to pay for your coffee? I guess not.
For these day to day uses, get some fast alt like Neo or Ether.

[The Sceptical Chymist]

I assume it's only going to get worse as the price of bitcoin continues to skyrocket, and hell yes the fees are ridiculous now.  I would never pay for coffee with bitcoin nowadays,  not that any coffeehouse takes it anyway.   

I'd much prefer to pay with a crappy crypto like doge because of the fees alone make it more suitable,  not to mention that the confirmation time would be much quicker.   As I've said before, bitcoin is great to hold but lousy to spend.  Much easier to spend other cryptos.

[PointHope]

If anything was going to kill bitcoin this fee debacle surely will.

[Cazemiro]

BTC has growing, and the fee growing together... Now you have to use other altcoin to micro payment, like Litecoin...

[Hamphser]

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

Completely the same on how we gonna set-out our fees depending on our needs and do suits us. Its not really necessary for me to have fast confirmations this is why i dont really worry too much on these kind of things since i can set-out lesser the amount that have been suggested by the network. If its not needed then better to change it and make it lower but if you are in a rush then sacrifice on paying up huge fees which is really a dumb thing for me and wasting off money.

[tunctioncloud]

Yes it is, I agree with you. And it seems that the current trend will only make it worse and worse. However I do believe in the future a solution will finally emerge from the current troubles.

[cherryganda]

transfer and convertion of BITCOIN to fiat really have a huge fee in any country, and this problem must be resolve sooner or later as those app and platform and really on the bad side that collecting fee from us..

[lighpulsar07]

Why people always whining that the transaction fees are high? Indeed it pretty high now and it will be higher as the price continues to skyrocket but can you just wait for the segwit and the lightning network to finish and also you can lower your transaction fees although it might take longer to confirm sometimes and if you are using an exchange then stop using it and download bitcoin wallets that enables you to adjust the fees in that wau you can set you transaction fee whatever yoy like.

[aliman00]

Well what ever you do, do not use exodus... Sending Bitcoin with exodus is 3 times more then sending with bitcoin core wallet... You don't have possibilty to change transaction fee with exodus as you can with core wallet... If you don't wanna download entier core wallet then use electrum as it is also like 3 times cheaper. Even devs of exodus are telling people to use electrum if they don't wish to pay outrages fees on exodus.

[brontosaurus]

Why people always whining that the transaction fees are high? Indeed it pretty high now and it will be higher as the price continues to skyrocket but can you just wait for the segwit and the lightning network to finish and also you can lower your transaction fees although it might take longer to confirm sometimes and if you are using an exchange then stop using it and download bitcoin wallets that enables you to adjust the fees in that wau you can set you transaction fee whatever yoy like.

Are you telling to reduce transaction fees by increasing transaction times? Wont that be just increasing one negativity by suppressing the other. People want some thing which can move their money easily swiftly in a nice manner. They dont want high fees for quick transactions or vice versa. This is one of the greatest challenge in front of bitcoin. Moreover it becomes worse when miners dont support things like segwit2x for their own good.

[erk]

So what is Bitcoin Core doing to solve this too high  transaction fee technical problem?
Since they activated Segwit the fees have still grown higher.

[AGD]

What's with the FUD? https://bitcoinfees.earn.com/ shows you can expect to get a 15 sat/byte TX confirmed in half a day or less. Just because you are massively overpaying doesn't mean it's necessary.

Advice:

1. Use a segwit-enabled wallet when possible to reduce your own fee, and reduce fee pressure on everyone.
2. Use a fee estimator tool like the one above to pick a fee that matches you need for speed vs. cost of the TX.
3. Learn to sweep your wallet during quiet times if you have a lot of "dust" inputs clogging it up. (People complaining about $10+ fees obviously have not done a good job of wallet management and can save a lot in future fees by sending a TX emptying their wallet to a new address in the same wallet during a quiet time for a minimal fee. This way future TX will only need to reference the 1 new input instead of a bunch of small inputs, making the TX much smaller.)

Shoud be a sticky to peoples foreheads.