Reduced transaction fees

[FoxTheHuman]

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.

when bitcoin is only $ 2,000 the transaction is still 0.0005 and when it reaches $ 9,700 the transaction cost is still 0.0005. It has not increased but the value of bitcoin has increased 

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[jafurih]

Bitcoin transaction fees are increased now.i wish to reduce the fees.but this charges are better than banks transaction charges.mining cost is increased.

[Juggy777]

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 no absolute way to get over the fees as it's the miners who control them and they don't care for end users, all they care is for their profits, so even with increasing prices you can't expect lower fees, however you can try your luck at various hours I once got a fee of 1.75$ for a transaction of 1400$ so it all depends on how well you can try your luck and that's how I am going about this days. Plus if you have small transactions then keep money in ether or bcc.

[pooya87]

~There is no absolute way to get over the fees as it's the miners who control them

miners have no control over the fees! it is the network that determines how much the highest fee for highest priority is. right now there are 53K unconfirmed transactions in the mempool which means the fees will keep on rising as people pay higher and higher to get a high priority so that their transaction be mined in the next block found.
of course they wouldn't pay higher than certain amounts like 10000 satoshi/bye for example! so there will be a cap to it too.
you can also say it is the users who control the fee. but it certainly has nothing to do with miners.

[VitKoyn]

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.

If you use Bitcoin wallet that uses Segwit addresses it significantly reduces confirmation times and it can also help reduce transaction fees. But the problem is there are only few Bitcoin wallet that uses Segwit features right now like Trezor and Ledger nano s, while blockchain.info will implement it next year. The other solution on this scaling problem is Lightning network that uses off-chain protocol, it is still under development and when Bitcoin developers finds a way to make it compatible to Bitcoin network and successfully implemented it will surely solve high transaction fees and confirmation delays. Btw adding more miners will not solve this problem.

[olubams]

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.

We are glad for high prices but that should not translate to high fees which is what a lot of people are clamouring about but I am kind of indifferent to situations like that because when I want to make a transaction, I consider the amount of time I have in my hand to wait for the  transaction to get confirmed and that is what will determine whether I will pay high or low fees. For the small transactions, the best is to avoid it if possible by all means for now as its not anywhere close to being economical.

[davidjoshua]

Reduction of transaction fees is very good, transaction fees greatly affect the current bitcoin

[shezu007]

Reduction of transaction fees is very good, transaction fees greatly affect the current bitcoin

transaction fee should keep low by them because there are large number of people who are following bitcoin due to no taxes or very less taxes so if transaction fee is increased then people will leave using bitcoin or can decrease the used of bitcoin which is not better for the future of bitcoin. so transaction fee should keep low.

[TagaMungkahi]

I don't really think that it is related with the price of BTC, it will be on the standard level, the solution here is another fork which we should wait and trust the developers that they can fix this issue. Though, honestly the confirmation also takes a lot of time, waiting is too long but it's okay, i know this kind of issue will be solved.

[tmawheba]

My funda is use bitcoin when it is really necessary as the transaction fee is more and if we do more transaction more fee has to be given so just keep bitcoin and it will work on its own and we will get the benefits

[pushups44]

I really hope the congestion can be eased and that bitcoin can scale, with reduced fees for transactions. Clearly, the network needs more capacity. Like Charlie Lee, who founded Litecoin, I think wider use of Segwit along with adopting the Lightning Network will be beneficial.

[mailsforcyr]

for any kind of bitcoin discussion you can find in the telegram channel. you will getthe latest updates
https://t.me/joinchat/G2LlkREH_AA4dTfumcqqlw

[lionelho]

We hope to, but this problem now is more related to technical. The bitcoin should implement the sidechain fot trading in order to include more transactions in a block.

[Bitophile]

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.

That would be in a perfect world. Aren't we still valuing BTC based on USD (and other FIATs) and celebrate when it crosses each milestone?

[richardsNY]

Like Charlie Lee, who founded Litecoin, I think wider use of Segwit along with adopting the Lightning Network will be beneficial.

SegWit is active for quite a while now, and the majority of the services still haven't switched over to SegWit, which is quite annoying to be honest. It took us an incredible amount of time, drama and effort to get it activated, but it severely lacks actual usage. Not sure what services as Coinbase are waiting for, but a player from this magnitude can definitely give a first push forward when it comes to SegWit. Lightning Network is something that we'll get eventually, and will massively contribute to a better and cheaper currency experience, which is what most of the people here are desperately waiting for.

[stompix]

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.

Bitcoin fees don't rise or do not fall following the bitcoin price.
We gad higher fees in terms of USD when BTC was at around 3k than when it was at 8k

The fees are always determined by the number of transactions that wait to be included in the blocks and the willingness to pay a larger fee.
Demand and offer for the space in the block. Simple as that.
The price per coin is irrelevant.

There is no absolute way to get over the fees as it's the miners who control them and they don't care for end users,

Miners don't control fees.
Probably you have no idea how the whole thing works so better shut up that giving wrong advice and causing misunderstandings.
The ones that decide how much are they willing to pay are the users. Even the spammers of the chain have this possibility , they can check how much they want pay for each kb they spam the chain.
If nobody will pay more than 10satoshi/b miners will create 1mb blocks with 10sat/b transactions.
If we all decide it is worth paying 4000sat/b , then that will be the new average fee.

[joinfree]

It is not going to happen,at least, not for now, the fees are ridiculous high because there are not enough miners to cover all those hashpower that we need in order to process the transactions a little bit more faster.

But this is not the real problem, the size of the blocks are the real thing that are making the transactions goes much more slowly than before, and of course, much more expensive than before.

I just remember when i had to pay more than $20 worth of fees on november 12, i dont even know why did i paid them, but in the end, they are still at $6 at the moment, and they are so expensive compared to the fees of two or three months ago.

[tientien333]

The bitcoin fee is very expensive and time consuming.
Bitcoin tries a very large system and they are gradually improving their system to meet the needs of their customers

[slyfox]

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

Let us hope that is soon enough, it may happen at some point in the next year but there is not a definitive date, but I'm sure that when that happens  a lot of people are going to have to eat their words when they said the lighting network was not going to work.

[eann014]

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.

As long as the bitcoin price increases, transaction fees are also striking. I don't really expect fee's to come down, just make sense, bitcoin increasing so the fee's are also increasing.