Bitcoin transaction cost is too high

[tee-rex]

There is nothing complex here,usually the average transaction charges you pay is around two hundred thousand satoshi and since the price of bitcoin is too much for anyone to purchase as a full bitcoin the price for that average transaction is now around forty dollars and when the price of bitcoin increases the transaction price increases,its a normal math.

No,
It is not normal math.
Time ago my fees was 1% to 10%
Now it is often 20% or more for longer send time.
Fees rate has nothing to see with bitcoin price.
It depends on the "road"
The "road" is over loaded.

There is something to be said for denominating fees in dollar value while Bitcoin rises in price. All else equal, a rising price will increase the dollar-denominated fees. I think we should discourage calculating fees in dollars, particularly if we are trying to transition to a bitcoin-denominated economy.

But indeed, the bitcoin fee rates have significantly increased. Priority fee rates are up ~ 3-4x over recent lows over the last month. I was paying 5-10 satoshis/byte a few weeks ago and I've had to increase more than 10-fold to get reliable confirmations within 24 hours. Over this period of time, that's not natural growth. It's a spam attack.

And what does it tell us?

Maybe that Bitcoin has less and less to do with commerce and real trade? Obviously, this is not natural, but the whole thing about mining and their monopoly over the fees is not natural. Bitcoin aims at becoming money, but money should be cheap in respect to transaction costs and fast in respect to transaction times, while bitcoin is nowhere near that. Essentially, bitcoin has lost its appeal to first adopters unless all they are looking for now is profits.

[1715038644]

1715038644

[1715038644]

1715038644

[1715038644]

1715038644

[1715038644]

1715038644

[jkinit2125]

This is the most common type of problem in the Philippines or I think worldwide when we are going to invest in trading platforms, the high transactions fee. But these transaction fee or cost should not be called like this because it is indeed the miners fee. In some wallets, they have a fixed miners fee of 0.002. Way back then, when the bitcoin price was not yet too high just like today, we can still afford the bitcoin miners fee. But today, I think it is too hard. Miners fee is too material to be given just for the bitcoin you want to transfer, so to enable you to immaterially assess the miners fee, you should be able to transfer funds with high total costs.

[shintosai]

I think  that the transaction costs Is a to your linking problem of bitcoin intensify, especially on top of the mainstream.  Now it is the most popular crypto but if it will not be skillful to resolve its tormented when readiness of transaction  and touch ahead, it is probably that additional currency will believe his place.

It will take some years before an idea to take over will happen, this ongoing issue with transaction fee will be settled in a short while,
we are enjoying the high value of btc so we should not complain about the fee.

[upekhaanthony]

I use LTC or DOGE coin to transfer, depend on situation and purpose. It very very cheap than Bitcoin transaction and faster that Bitcoin transaction

[nathanbryce]

The transaction fee is received by the bitcoin miner. When a new bitcoin block is generated with a successful hash, the information for all of the transactions is included with the block and all transaction fees are collected by that miner creating the block, who is free to assign those fees to himself. Traditionally, the sender pays the full Bitcoin network fee; deducting the fee from the amount received by the recipient will often be considered an incomplete payment, although some wallets have a "sender-pays-fee" feature where the miner fee is deduced from send amount.

[Mind Control]

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

The transaction fee has been always so high and is so impractical for transactions, especially for micro transactions. The activation of SegWit made the fee go down but it did not held up for so long. The tx fee is just difficult to control. We might end up with having more hardforks before we could arrive with the most probable solution. 2018 would be the best year to know what would be the solution.

[Boluwatife]

It’s really to high and it takes forever to send or receive bitcoins

[NightCloudz07]

If You need deposit or withdraw just use conversion Etherum or Litecoin for transactions.

i think it is in balance because even if it is high you cant experience a have a big income because if you exchance low your fee is low but if you exchange high your fee is high so do you think its expensive no it is about to balancing the price you want to exchange!

[Akash1243]

Well bitcoins has attracted lot's of people interest which increases the transactions volume and many newbies has started using bitcoins and during transactions they pay very little fees which increases the number of unconfirmed transactions so people has to pay more to get their payments confirm faster.The fees now is too high i heard 25$ is recommended, i think that best solution for this problem would be lightning network it would definitely reduce fees and increase speed drastically.

[PhucS]

This can be seen as an increasingly obvious disadvantage of Bitcoin, which is becoming more and more common and causing many obstacles when dealing. Transaction costs are too high for users, although the speed and processing time of transactions is slow. I think that the high value of Bitcoin is also affecting this issue. More and more new investors do not have much experience joining Bitcoin, the number of transactions is increasing day by day and that makes the block will not handle data in short time because its size isn't enough. Hope that new solutions will come out soon

[Coin-1]

I think the mining-pools of Bitcoin want to earn much money on the transaction fees. Therefore they rejected SegWit2x because the increasing of the block size would devaluate fees. Also sometimes mining-pools add to blockchain even an empty blocks.

[BingoDog]

Transactions fees are high and expensive but that particulary applies to small value transaction. On higher values that isn't so big problem. But I would say that transaction fees are following the bitcoin price and situation on the market.
Fees are the issue that usualy affect small users and maybe that is the reason why this problem isn't in the centre of attention like it should be. But I beleive that in constructive dialoge with miners if there is a good will this could be improved. Hope this will happen soon because that can make small users to quit bitcoin.

[Doell]

I think Higher transaction costs are caused by new hardforks ,causing miners to increase their commissions to confirm a block but this will not be long after hardfork releases shipping costs will decrease

[daarul50]

The high cost of bitcoin transactions today does make some confusion, but it is reasonable because according to the law of the economy would have happened where if the interest is increasing but the block is not sufficient then the developers are forced to increase transaction costs to meet the enthusiasts.

[DBerendey]

Is it real to change the BTC without making some hardforks with new currencies? Cause BTC have the name and it will be difficult for market/traders to change the basic currency..

[The Alchemlst]

I think so too, every transaction will charge you aside from gas fees etc, I usually spend more than $20 dollars every time I convert different alt coins such as ethereum to bitcoins and not to mention the fees every time I convert bitcoins to our regular currencies.

[Yur]

Maybe in value its too high but 0.001 btc transaction fee nowadays are just in the minimum requirements to be paid for not that fast transaction but not that slow too,yes traffic happens sometimes but its just sometimes and bitcoin still come through

[Yamifoud]

Maybe in value its too high but 0.001 btc transaction fee nowadays are just in the minimum requirements to be paid for not that fast transaction but not that slow too,yes traffic happens sometimes but its just sometimes and bitcoin still come through

Because we need quick response from our transactions that's why some of us are willing to pay high fees just to process their request. With that, exchanger will take advantage also to increase their transaction fees. And besides, we don't have any options in order to continue our transactions is to pay the amount  of what they are asking for or otherwise you'll wait for few days to confirm your transactions.

[tee-rex]

Maybe in value its too high but 0.001 btc transaction fee nowadays are just in the minimum requirements to be paid for not that fast transaction but not that slow too,yes traffic happens sometimes but its just sometimes and bitcoin still come through

Because we need quick response from our transactions that's why some of us are willing to pay high fees just to process their request.

This is not gonna be that way forever. Beastly transaction costs as well as slow confirmation times are killing bitcoin, slowly but surely. In a nutshell, people are dicouraged from transacting with this cryptocurrency, and ultimately, only big cryptowhales can afford that. I don't think it bodes well for it in the long run, and this is definitely not how Satoshi envisioned bitcoin. He envisioned bitcoin to be Internet money but we are far from that already.

[crypto.cr]

Lot of great suggestion already given by expert ! follow them , when you make withdraw just make it ETH .. that's all you need to reduce the fee