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Author Topic: Bitcoin transaction cost is too high  (Read 2779 times)
tasiah
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December 13, 2017, 11:01:34 AM
 #1

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
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December 13, 2017, 01:34:35 PM
 #2

If You need deposit or withdraw just use conversion Etherum or Litecoin for transactions.
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December 13, 2017, 02:25:07 PM
 #3

If you think the bitcoin fee is too expensive, I suggest you convert your bitcoin to ethereum/doge/litecoin,
and the total fee which you paid by converting your bitcoin is more smaller than the current bitcoin's standard fee.

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December 13, 2017, 02:35:12 PM
 #4

Recently I read in news that lightening network is being tested and a transaction was successfully made upon it. If lightening network came out to be successful, then yes, there would be a huge fall in fees on the transactions which will be executed on lightening network. This is something which has the potential to boost bitcoin utility and adoption to much greater extent and might solve the long going scaling problem. Right now, these slow transactions and high fees are limitations o bitcoin development. Things are being done to solve it. Have patience!

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December 13, 2017, 02:45:21 PM
 #5

the reasons for the current high fee when converted to FIAT are dual:
1) the fact that the current transaction volume is higher than the capacity of the blocks
2) bitcoin does not care about the fiat value... The current fiat value went trough the roof, so when you payed a 0.001 BTC fee in the past, the fiat equivalent was much lower than when you're paying a 0.001 BTC fee right now

I do agree that the fiat price of an average transaction fee is waaaay higher than it *should* be, but like others have already said: the lightning network is being developed, and if more and more people would switch to a segwit wallet, the problem should also become less pronounced.

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December 13, 2017, 02:58:05 PM
 #6

Too bad that is is not easy to fix. maybe a good fork will do the trick

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December 13, 2017, 03:10:44 PM
 #7

Due to the increase price of bitcoin value the transaction fees
or getting very high, I hope this issue can get solved by the bitcoin
online bank merchants. But I think it will be fine after the bitcoin
price gets stable.

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December 13, 2017, 03:13:05 PM
 #8

If you think the bitcoin fee is too expensive, I suggest you convert your bitcoin to ethereum/doge/litecoin,
and the total fee which you paid by converting your bitcoin is more smaller than the current bitcoin's standard fee.
yeah i always do the same with you when i sent my balance to another accounts.
almost convert all of them in to doge coin before make a transaction. 


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December 13, 2017, 03:17:25 PM
 #9

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
I hope that will be some softforks to increase transaction speed and decrease fees, because it is really high now.
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December 13, 2017, 03:23:28 PM
 #10

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
Currently only the congestion in the network is causing the huge fees upto 350 sat and more, if you consider 100sat/byte as fine fee then we should be back to it if BTC somewhat stabilizes and people stop flooding the mempool with transactions. But obviously this isnt a soultion to the high fees and already BTC is lacking in becoming a real currency because of these high fees, the lightning network can solve this so lets see.
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December 13, 2017, 03:28:10 PM
 #11

How to manage BTC transaction fee. To all all costs in advance & be sure that transaction will be transmitted. Any hints?

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December 13, 2017, 03:30:12 PM
 #12

I agree that transaction fees is really high now, but I hate more how long it's need to complete transaction. This days there are many new people starting with bitcoins so there are transaction volume little higher then usual. I hope it will be solved with new lightening network that they tested last days.

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December 13, 2017, 03:32:20 PM
 #13

I think that the load on the network will not decrease. In time, it will even increase.
A comprehensive solution to this problem is needed
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December 13, 2017, 03:37:54 PM
 #14

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
Number of transaction is increasing and many of those transactions are being made by newbies who are only including very small fee which is not enough to make the transaction go through confirmation. This is increasing total number of unconfirmed transactions in mempool.

Many are paying high fees because they want to get faster confirmation when they are moving their coins in and out of exchange platforms, so those transactions are getting confirmation because of priority based on fee per byte.

Just wait for next few days when mempool will have less uncofirmed transactions fee will go down...

Track bitcoin fees at https://bitcoinfees.earn.com/
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December 13, 2017, 03:38:34 PM
 #15

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise

After last fork bitcoin transaction fees recovered somehow so after transaction are that harder to make and ethereum gas price also good in the every online wallet providers. But suddenly last week onwards gas price has been increased and most of the ethereum network transaction are delayed with the high fee as well.
I am using blockchain wallet I see the transaction fees is around 15 USD and little more for every transaction. This seems ridiculous by the wallet provider.


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December 13, 2017, 03:53:55 PM
 #16

high transaction cost is normal and it is as a result of increasing rise in value of bitcoin. however i think online bitcoin wallet like coinbase and blockchain offer lower transaction cost than other desktop wallets like electrum. also the higher the transaction speed the higher the cost. high transction cost means less block and fast delivery while low transaction cost mean more blocks and lower delivery rate. so it all depend on choice.

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December 13, 2017, 04:10:52 PM
 #17

yeah is high, because there is only 1mb per block allowed in the first place.  So you have think every 10 minutes 1mb of data
is allowed.  Its a swindling amount of data and also the miners will always pick the high Transaction fees so is like people are bidding against each other just send their bitcoins.

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December 13, 2017, 04:34:57 PM
 #18

I tried to send some 100$ in BTC to someone and the economy level fees on Mycelium is around 20$. Why will anyone use this kind of service in the future if it is like this.? I sent using ETH later on as it has much lower fees or even Waves has low fees.

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December 13, 2017, 05:03:08 PM
 #19

So what man i don't understand why even complain you all speculate and hope that btc becomes $20k $40k god knows what all weird amount and when it reaches that most of you regret for not purchasing earlier and start complaining about fees.

Increase in price will come at a cost and that is the fees if you are a penny holder go invest in alts btc isn't for you there are 100's of alts which have fast network and really low fees.

high transaction cost is normal and it is as a result of increasing rise in value of bitcoin. however i think online bitcoin wallet like coinbase and blockchain offer lower transaction cost than other desktop wallets like electrum. also the higher the transaction speed the higher the cost. high transction cost means less block and fast delivery while low transaction cost mean more blocks and lower delivery rate. so it all depend on choice.
You dumb online wallets will have higher fees because you don't have a option they want the speed to be a little faster with desktop wallet you can save a lot more.
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December 13, 2017, 05:55:56 PM
 #20

ya Bitcoin transaction fee is very high !!! I guess it will get low as the hype and the bull market gets over for a while. I transferred $360 of Bitcoin and the fee was $25  Undecided I believe that is quite high.
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