Bitcoin transaction cost is too high

[Ruz05]

If you are an active trader in the world of digital currency and indeed take advantage of extreme price movements Bitcoin to seek profit, Bitcoin prices are fluctuating of course brings its own happiness. But it's different if you use Bitcoin as cash or fiat money. If you redeem your one million Bitcoin and intend to spend it on an online site, you certainly do not want your Bitcoin value to decrease as Bitcoin's price suddenly plummets. Bitcoin you have now can not pay for the Hard Disk 1 Terra you want and eventually you have to buy extra Bitcoin to cover up the shortcomings.

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[Nanot]

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

Transaction cost here in bitcoin is too high.Stated that its values and importance was in increase level so that bitcoin can have a too high transaction cost because it can also pruduce a more investments and saving so it is stricted to make sure the succes of each bitcoiner.

[mayidid]

Bitcoin is getting so expensive that we send small fractions of Bitcoins and the fees is too large for very small amounts of Bitcoin. I think this is where altcoins can be helpful. Altcoins can be used for small transactions while Bitcoin could be used to move large sums of money. This way Bitcoin and several altcoins can exist at the same time. Kind of a symbiotic relationship and the miners can keep getting paid.

[Sylar2016]

I think that the transaction costs is a great problem of Bitcoin expansion, especially over the mainstream. Now it is the most popular crypto but if it will not be able to resolve its problem with speed of transaction and fee, it is probably that other currency will take his place.

[Thamon]

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

This is my main problem too, because bitcoin now is really expensive the commission fee is expensive too and I can not do anything with it because only bitcoin is accepted to sell in cash in my country, so bad!

[imadmirer]

This is a problem but that's how evolution happens! Overcoming the gross problems as well as the bottlenecks. The transaction fee is indeed high and it is best to convert bitcoin to Ethereum etc and transact where the fee is far less. But if you are transferring say large sum amounting to $12000 then it is better not to cringe for 25$.

Smaller value transaction is what that hurts badly. The lightening experiment I hope becomes a success to confront this problem. I think we must for now take it as it is, part and parcel of the game! You want to invest in bitcoin whose value is hitting the skies but grieve over transaction costs? Yes this should be a problem for newbies but the ones who are adept in the world of cryptocurrency I guess this should be a challenge to work on and make things better than cringe!

[Thanasis]

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

This is my main problem too, because bitcoin now is really expensive the commission fee is expensive too and I can not do anything with it because only bitcoin is accepted to sell in cash in my country, so bad!

The high transaction cost is due to more number of pending transactions so the price will get lower when the traffic gets clear.So you just hold your bitcoin for some days the problem will be solved in less than a week.The high traffic is due to the crazy price increase so many people started to buy bitcoins so load of blockchain got increased.

[JTEN18]

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

This is my main problem too, because bitcoin now is really expensive the commission fee is expensive too and I can not do anything with it because only bitcoin is accepted to sell in cash in my country, so bad!

The high transaction cost is due to more number of pending transactions so the price will get lower when the traffic gets clear.So you just hold your bitcoin for some days the problem will be solved in less than a week.The high traffic is due to the crazy price increase so many people started to buy bitcoins so load of blockchain got increased.

Due to high demand of digital currency as well and the miners are being limited compare to when we only have few transactions, they are overworking just to provide and to confirm our bitcoin transactions as fast as they can. It is normal thing, they are incurring high volume of expenses so they are making the the transaction cost high.

[BrewMaster]

Due to high demand of digital currency as well and the miners are being limited compare to when we only have few transactions, they are overworking just to provide and to confirm our bitcoin transactions as fast as they can. It is normal thing, they are incurring high volume of expenses so they are making the the transaction cost high.

miners overworking! that is the first time i hear this statement
miners aren't doing anything different. unless you are pointing to the fact that difficulty has gone up a lot in the past year and it is harder to find a block (requires more work) but it has nothing to do with transaction fees or number of transactions in a block. those are still the same with or without the current difficulty.

[Icey47]

As more and more people use the Bitcoin Blockchain, the congestion increases which in-turn also increases the transaction fees.

[yusupjatigumilar]

I think it's fair that bitcoin prices go up then the transaction tax will go up too, because the tax of each transaction is percentage and it will adjust automatically, so whatever we do the tax transaction will follow, I suggest to do transaction with big amount but only once than in small amounts in the number of frequent transactions

[tee-rex]

Bitcoin is getting so expensive that we send small fractions of Bitcoins and the fees is too large for very small amounts of Bitcoin. I think this is where altcoins can be helpful. Altcoins can be used for small transactions while Bitcoin could be used to move large sums of money. This way Bitcoin and several altcoins can exist at the same time. Kind of a symbiotic relationship and the miners can keep getting paid.

There is another side effect of high and rising transaction costs in bitcoin. When these costs rise in bitcoins as well as dollars as they did during the last couple of years, more and more wallets with small amounts get kind of locked. That is transaction fees become so high that it becomes impossible to move funds from such wallets, and the coins in these wallets are effectively lost for good, or at least till fees drop dramatically, which is an unlikely event.

[Bacotan Bae]

I think it depends on which wallet we use, currently I use 3 online wallet Xapo, blockchain and coinbase, and Xapo is the highest cost of more than 220k satoshi, while the cheapest is the blockchain is no more than 20k satoshi.

[semobo]

I think it depends on which wallet we use, currently I use 3 online wallet Xapo, blockchain and coinbase, and Xapo is the highest cost of more than 220k satoshi, while the cheapest is the blockchain is no more than 20k satoshi.

If your wallet has high fee then yiur transaction will be confirmed faster some wallets have options to adjust the transaction fee but if you set lower fee then you to wait for too long.
But in this case it is not due to wallet it is happening all over the bitcoin world even blockchain has $14 fee for transating $100, normally the fee in blockchain will be $3.so you need to understand the fee will be higher if more number of pending transactions on blockchain network.

[subSTRATA]

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

the price shouldn't be seen from the perspective of the dollar amount (or whatever you use) that is used for the transaction, but the satoshi / byte fee for the transaction. with the volatile price of bitcoin relative to fiat, this is the standard that keeps consistency and a quantitative, consistent metric to rate fees. that being said, the current recommended fee for a transaction seems to range around 380 satoshi per byte (as viewed on https://bitcoinfees.earn.com/ at the time of this post), which seems a tad higher than what i remember, not that i've really been keeping up with it. the fee will continually rise as the backlogged transactions increase, as people will place higher fees on their transaction to get them confirmed faster by the miners, who will prioritize transactions with higher fees (for obvious reasons, they get the reward for confirming them after all). it's a vicious cycle, and it won't really stop until the miners have had a chance to catch up to all the unconfirmed transactions on the network.

[JohnHero]

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

I noticed when I wanted to send 10$. The cost was around $11 . Like, why the hell use it for daily activity? It's more like a burden...

[Digitalbitcoin]

My observation is if user is sending BTC from their own wallet which have many small deposits are acquiring higher fees than regular transfer. As many Unspent/spent amounts seen in transaction. Smaller amount transfer with smaller unspents cost more fess due to size, weight, fee per byte and fee per weight unit. It impact on process of transaction verification, which is done by miners.

[Evgeniy007]

I think that bitkoyn increasingly become not a means of payment but a means of accumulation (asset), digital gold. For payment, transactions there are dozens of other reliable and cheap payment methods. And as for the cost of the transaction, I do not think that it will be very much lower now, even despite the hype surrounding bitcoins, with the increase in its cost, the commission will grow. And translating something less than 100 will not be profitable. Plus, of course, the price of the commission is affected by the size of the membrane, the number of transactions waiting to be included in the block and the trend can be seen from the link below.
https://blockchain.info/ru/charts/mempool-size

[heartrodriguez28]

As the value of bitcoin increase, I think the transaction fee also increases. But I still don't see the logic on it, how come price of sending bitcoin is much higher than before? Can anyone enlighten me?

[redhondaxrm125]

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

I also am very bothered about this. I cannot even touch my bitcoins in my wallet because it would cost me too much to even do just a single transaction. And it would be pretty stupid to do because if i did it, i would lose more than my investments. I wish improvements in the way of trasacting happens for bitcoin because it really is holding bitcoin down and hindering it from reaching its full potential.