Reduced transaction fees

[Bitophile]

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

[allthebitandbobs]

It is very hard to reduce transaction fees with all the transactions going on and the back log. THe mining difficulty is using a load of electricity which is not cheap   .My golden rule use any other coin for transferring money unless it is necessary to transfer bitcoin

[littlewizard]

Based on what I read, if the Lightning Network is in position, the transaction fees in the bitcoin side chains will be greatly reduced. Not sure how long it takes to implement the LN.. Hopefully not too late as Bitcoin user base is growing fast these days

[Creepings]

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

The solution proposed to these is the Lightning Network, though a lot of people are waiting for it to be implemented, we still don't know when will it be implemented.

And I think even if the price pump 4 fold or ten fold more, without the implementation of LN, there will be no time that the fee will reduce.

[ashrobb]

Based on what I read, if the Lightning Network is in position, the transaction fees in the bitcoin side chains will be greatly reduced. Not sure how long it takes to implement the LN.. Hopefully not too late as Bitcoin user base is growing fast these days

Is there any place where I can follow Lightning Network development?

[erickkyut]

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

Actually, that is my concern also. I think that it is not fair to charge high transaction fees to those small transactions. What if I only need to send $5 to someone? The transaction fees is almost the same as the amount to be send. I would like to suggest that instead of a fixed transaction fees, why not get a small percentage based on the amount to be send. That would be fair to everyone.

[Ilegendph]

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

I think the best solution for this is that we should have more miners to cover up the unconfirmed transactions. So that though we minimized the fees up to 50sat/transaction it can still be confirmed for a little amount of time.

[CircularLoGic]

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

The transaction capacity is currently scarce because that's the limit written on the code and that has been kept there intentionally by the  developers.
Remember that bitcoin is a fixed-size blockchain and each block can contain a certain amount of transaction, when there'r high amount of transactions happenin
at the same time you always have to expect bitcoin fees to became higher.

[jseverson]

Based on what I read, if the Lightning Network is in position, the transaction fees in the bitcoin side chains will be greatly reduced. Not sure how long it takes to implement the LN.. Hopefully not too late as Bitcoin user base is growing fast these days

In theory, at least. It's also worth noting that the Lightning Network can't really work at its best without segwit. Segwit adoption is still fairly low, so we'll have to wait a while for that. Only then will we be able to consider implementing it fully, probably.

Some altcoins already implement the Lightning Network with good success, but it's still relatively new. Altcoins are testing it for Bitcoin, in a sense, so when it does get implemented in the Bitcoin network, I'm sure it will be close to flawless.

[SupportBitcoin]

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

There is some new technology floating around called Lightning Network. It's off chain so it frees up the bandwidth of the actual blockchain. I see real potential in this. As more users flood the block chain and use Bitcoin, the mining times will be slower and fees higher. LN is a good solution to this problem that continues to decline. I'm keeping up to date on their development.

[dimastegar]

Bitcoin Fee always rises even 10-fold, due to the Bitcoin price and slow Block transaction so it takes a long transaction time for each Bitcoin shipment. So the cost of fuel that we spend more because of the long journey that we travel.

[roddy5]

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

How are you computing your transaction fees? Is it satoshi per byte or are you converting the transaction fee to your fiat currency. If you are doing the second then you are doing it wrong. You will see really notice that a $3 transaction before is now almost $10 that is because the price of bitcoin is going high. What you should always remember taht bitcoin is the currency and don't convert the fees into your fiat.

[poliy1219]

I hope that the lightning network can be realized earlier. Now such a transaction cost is very high, compared to the development of special currency is very bad. Many practical applications are not easy to cooperate with bitcoin.

[slyfox]

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

That is the way most of us thought things should be but an higher price also means an higher demand and since the space in each block is limited then that means that the price of the fees will go up as well, something has been done with the activation of segwit but it is still not enough.

[jtipt]

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

I think that's unlikely, fees are mostly depending on the congestion of the network. On a bad day when everyone was selling/buying bitcoin  the fees were as high as 800sat/byte but on a normal day an 100 sat/byte has became the normal fee. I don't think it will decrease more than that.

[CuriousGeorge]

As the value of BTC has increased almost 10 fold, do we expect the fees to come down? The charge for small transactions are very high right now.

I think that's unlikely, fees are mostly depending on the congestion of the network. On a bad day when everyone was selling/buying bitcoin  the fees were as high as 800sat/byte but on a normal day an 100 sat/byte has became the normal fee. I don't think it will decrease more than that.

That's right. the fee affected by how crowded the network is, sometimes people want their transaction to be ahead and always setting the most higher fee, if so many people do that, the recommendation fee will simply increase and unstabilize the ecosystem. just see when bitcoin pumped, the network will get crowded and there'll be so many unconfirmed transaction.

[Md Saad]

It is very hard to reduce transaction fees with all the transactions going on and the back log. THe mining difficulty is using a load of electricity which is not cheap   .My golden rule use any other coin for transferring money unless it is necessary to transfer bitcoin

I think also like you When the price is going up at a high rate then you can't expect the low rate of fee, everything is going equally so the price of Bitcoin and the fee of Bitcoin also increase in a parallel way. I also think that when the fee will less than the proportionate rate of price then this thing will not be same.

[aoihs00]

Cant say anything about the fees. It all depends on the miners community and how they re willing to solve the blocks with how much fees.

Just take a look at the last weeks transaction fees, they where off the chart. When miners decided to support the bitcoin cash then no one was able to process any transaction related to bitcoin. To minimise the stress they increased the transaction fees so that people won’t transact very easily. When there was fork situation then also fees were like 0.001 BTC per transaction and then also they had speed of 25 blocks confirmation. Now it is 5 blocks because there is nothing as such thats stopping them or getting them listed with fees, because too many transactions right now. So what if they become too greedy and started charging big fees at the point,? Because they know people aint gonna stop doing transaction. Anything can happen, not sure really when and how.

[fiulpro]

Its an issue that everyone is waiting to be solved..

The transaction fee of bitcoins is indiscriminate weather ypu do a small one or a large one ypu are gonna pay really high.

Because of this I have had lost .. 80% of my first salary..it was quote funny though.

There isn't anything like ..any movement or something nor..any news from the bitcoin creators that they will move forward to reduce it thus there isn't anything that can be said about it..

I hope a fork comes to solve this and .. the time it takes for one transaction.

[saedasda]

To lower the transaction fee is we need more miner to mine bitcoin because of unconfirmed transaction that why the fees is getting higher