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Author Topic: Fees are so high  (Read 638 times)
hunterxx4
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December 05, 2017, 04:31:33 AM
 #21

Yes bad thing bittrex is taking 12-13$ as transaction fees😢
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mayo2u
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December 05, 2017, 02:40:24 PM
 #22

Transaction fees are expected to be high because you are dealing with the internet and this is one way that they can get profit. Maybe they should set a standard that everybody can follow

There is a limited supply of transactions on the BTC network. There are only a few ways of dealing with problem.
  • We can increase supply. (That has its own problems - see the discussions over SegWit.)
  • We can use a central authority to ration access to transactions. (Hmmm. I may be silly but I don't think most crypto enthusiasts would go for that idea.)
  • Or we can use a transaction fee solution where people pay more in order to have their transaction confirmed quicker.
donDrey
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December 05, 2017, 04:04:30 PM
 #23

The more value Bitcoin gets, the more interests it will attract and the more miners will take in form of transaction fee and right now, Bitcoin is on the rise seriously.
rash123
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December 10, 2017, 07:15:11 PM
 #24

Thank u for your explanations..!!
mixminer
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December 10, 2017, 09:37:07 PM
 #25

As much as I've learned about bitcoin the fees is what still threw me off. Awaiting an unconfirmed transaction to my ledger wallet and getting nervous. I see the value in holding various currencies. hmm.
Bonakid
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December 11, 2017, 10:10:54 PM
 #26

It depends in the wallet you are using like mycellieum transferring of coins was higher of charges the more bitcoins you get the higher fees they deduct to you.Bitcoin is rising up so fast so the transactions we made there are charges that capable to it.
ManaMan
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December 11, 2017, 10:53:59 PM
 #27

As much as I've learned about bitcoin the fees is what still threw me off. Awaiting an unconfirmed transaction to my ledger wallet and getting nervous. I see the value in holding various currencies. hmm.

Try watching some simple video about how does blockchain work what are blocks etc. In short transactions are gathered into blocks, blocks come every 10minutes, blocks are full now because they have a limit of 1mb per size (more transaction means transaction size is higher). So in order for your transaction to be confirmed faster (you get confirmation when your transaction enters a block) you need to put higher fee as with higher fee higher the chance is that your transaction is included in a block. Behind this is the really powerful crystallographic functions that enables all of this to be done and to be secure.
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