♨♨♨ Bitcoin Fees Are Outrageous ♨♨♨

[CriptoIngresos]

This is definitely a big issue. Opinions on Bitcoin vs Bitcoin Cash aside, the fact that Bitcoin is not usable at the moment is worrying. In most 'beginner resources' the features always listed are fast and cheap transaction fees. Beginners will have a hard time when they realize this is not the case anymore.

Possible solutions are also taking forever to be applied, maybe an even worse problem is the fact that the community is not able to agree on anything, there's a big lack of consensus.

The roadmap is not specific enough, I really don't know how close or how far away we are from implementing any possible solution.

We all have complains, the real question now is what are we going to do about them. We should start by getting more informed about the progress on for the lighting network or other possible solutions, how much time can we actually expect them to take to be implemented. I feel there's also a lack of communication between the developers and the users.

[buwaytress]

Bitcoin is about a decentralized, democratic fee system where users actually are free to decide the fee they want to pay and miners are free to accept whichever fees are paid as part of the transactions available in the network. That's actually the only outrageous thing about this concept, that you are not forced to pay any fixed amount. In fact, you can even choose to pay 0 fees if you would so prefer.

If you think about it, it is an equitable system. If you want to jump ahead of the queue and increase your chances of getting your transaction picked earlier than others, you pay more than what others are willing to pay for. You pay for that privilege.

If 90% of Bitcoin owners really own less than 0.1 BTC, then they currently own over $1,600 worth of coin. I have never paid more than $3.50 per transaction, and that's only because the value of Bitcoin has never been higher.

If, like me, you're willing to time your transactions and plan them ahead, willing to consolidate inputs periodically, and willing to wait days before confirmation in congested network conditions, then you also do not need to pay so much.

[kiboloves]

Transaction costs have been a key to the popularization of bitcoin. That's true. We need lightning trade too much. Let's expect a few altcoin to help us, and I think LTC, BTS, and NXT have these functions.

[CoinOnTheBeach]

slowly bitcoin will become a holding / investing token if it is too expensive / slow to be traded in.
with less and less people using it day to day the value will  eventually go down.

[podrick17]

90% of all bitcoin owners have less than 0.1 BTC each

the fees to transfer $100 worth of BTC cost around $25. that is outrageous

I find it expensive as well, i just made a transaction where i place my bitcoins from an exchange into my local bitcoin wallet and it costs me $16
i hope they can find solution to these because bitcoin has a big price as of now.

[LodisMcguire]

Because the price keep rising in the past week,the fee is rising too
You can set the lowest fee for your transaction and wait a long time

[Realist247]

slowly bitcoin will become a holding / investing token if it is too expensive / slow to be traded in.
with less and less people using it day to day the value will  eventually go down.

That's wishful thinking.  Everyone getting into it now probably have no idea of what they just bought.  As more and more people learn about these problems and the fact that in 8 years no one has been able to agree on a means to fix them, people will start dumping en masse.  It's like buying a Ferrari with 4 flat times that cannot be fixed.  It looks nice for awhile until someone wants you to take them for a test drive.  The perception of wealth and prestige vanishes in an instant even though the rest of the car is mint.

It won't be used as a store of wealth anymore since any of the top altcoins like LTC or Dash can take over that role and offer much faster transactions.  I look at the price of BTC and I cringe.  I can feel that something bad is going to happen soon.  Go back and read Forbes from 1-2 years ago.  The head dev at MIT was warning about this exact scenario and considered it something that could end BTC if not fixed...back then.

[jinnyjinny]

Guys, so many upsets about transactions fee! yes, the network load is incredible high, it's like thousands people want to get on the little bus
the same time. Of course fee will be high! Think about this like  your payment for priority boarding. If you are not in a hurry , so, put standart small fee and be ready to wait!

[Momoamzad]

Yes . today I wanted to send some btc to external wallet and I got stuck when I saw the transaction fees is more than the amount.  :/ I stop sensing that

[jeffer8035]

too high this affects us much more to us the smallest

[Ilegendph]

90% of all bitcoin owners have less than 0.1 BTC each

the fees to transfer $100 worth of BTC cost around $25. that is outrageous

Yes the fee is too high, I hope there is a way to lowering the fee of bitcoin transaction. The current fee will not good for daily transactions, I am sure that people will prefer like to use paper money if the fee is still high.

We can lower fees by adjusting the rate of transaction, it is customizable depending on the amount. There is minimum amount should be paid for the transaction to be listed on the blockchain and I know there is free service that can fasten the transaction just search the service section.

[fatalbert]

I've never paid transfer fees. I've transferred 4 times. 1 from Coinbase to Coinbase user using email. $0

Other 3 were from gdax to my hardware wallet. $0 fees and they took about 2-3 hours. This is with 100k-200k in memepool.

[Emissary White clerk]

I don't think it will change, is there a way to make it cheaper? don't think so, correct me if I'm wrong...

[deadsilent]

That sucks. It's not Bitcoin we enjoy to use because of low transaction fees. It does not work the way it used to be. And for me, $25 for every transaction you've made is totaly hurting me. People want a cheaper fees are now bound to wait for days in able to get their Bitcoin. That's very inconvenient. All you can do is to use only one-time  bitcoin transfer and don't transfer to often unless it's important. Also im a bit worried about putting my fees into low amount of fee because there's a possibility that it might get stucked at the process. That's messed up if that happens.

[Jemzx00]

That sucks. It's not Bitcoin we enjoy to use because of low transaction fees. It does not work the way it used to be. And for me, $25 for every transaction you've made is totaly hurting me. People want a cheaper fees are now bound to wait for days in able to get their Bitcoin. That's very inconvenient. All you can do is to use only one-time  bitcoin transfer and don't transfer to often unless it's important. Also im a bit worried about putting my fees into low amount of fee because there's a possibility that it might get stucked at the process. That's messed up if that happens.

This is the problem nowadays, the slow transaction confirmation is forcing people to set higher fees in order for a miner to accept right away the transaction on the network. The average price is getting higher and higher as the number of transactions are also increasing (higher demand). I hope something would change, many people are affected. The purpose of bitcoin to be an efficient coin for sending and receiving coins is slowly fading away. A high transaction fee really hurts.

[Passive Coin]

Few days ago, I paid around $15 to move BTC 0.04.
But, it was important and I was glad to see two confirmations after five minutes

Seems, Bitcoin core dev. do not do much to improve situation.
I think, Litecoin could take some payment traffic for micro-payments and should be more widely accepted by merchants.

[MJG24]

Unfortunately, there are times that fees can be unreasonably high. But, if you get lucky, you can get great deals if you wait for them patiently.

[ZZ111]

Spent $10 sending $20 today. This is the type of stuff that will push more people to use Bcash

[Raffielo]

90% of all bitcoin owners have less than 0.1 BTC each

the fees to transfer $100 worth of BTC cost around $25. that is outrageous

Which exchanges are you referencing for such high fees? For example, some exchanges depending on the country, have been given a green light to operate and therefore their fees are barely noticeable. Others, as I’ve heard charge upwards of 25%, which seems strange because sooner or later there will also be a taxation charge on the amount taken out. In a way these high fees are liking to a double taxation.

[lovesybitz]

Bitcoin Fees are outrageous indeed, bitcoin will get a trouble in the future because fees are much higher than others so people will use bitcoin cash coz the fees are too low,  Micro-payments are not good at all in bitcoin coz your sending money but the charges is too big enough