Bitcoin sending fees... are you serious?

[jerry0]

I haven't sent btc in a while.  Back when i sent btc, fees were less than 50 cents.  Maybe 3 dollars?  I went and tried to send less than 30 dollars of btc... fees show up as 12 dollars on electrum and thats with the lowest possible fee where i make it send within 25 blocks.  Now if you want to send under 1 dollar, it cost 12 dollars.  When is this issue getting fixed?  Who in their right mind would send btc for small amounts when even the fee is that much?  Its like paying 12 dollars for something you want to buy that is 1 dollar?

[1714007930]

1714007930

[1714007930]

1714007930

[1714007930]

1714007930

[mikeey89]

I haven't sent btc in a while.  Back when i sent btc, fees were less than 50 cents.  Maybe 3 dollars?  I went and tried to send less than 30 dollars of btc... fees show up as 12 dollars on electrum and thats with the lowest possible fee where i make it send within 25 blocks.  Now if you want to send under 1 dollar, it cost 12 dollars.  When is this issue getting fixed?  Who in their right mind would send btc for small amounts when even the fee is that much?  Its like paying 12 dollars for something you want to buy that is 1 dollar?

Yes it's crazy right now. Bitcoin'popularity has just exploded which caused the fee also to rise when the price did. But when they implement Lightning transactions the fees will go down and the transaction speed up. Remember that it's still early in the blockchain technology.

[enterprevic1]

The fees for bitcoins are now very outrageous and can give you heart ache when you really want to send small money with large fees

[Pantoflascrypt017]

I guess this is why some people prefer bitcoin cash over bitcoin. The fees are ridiculous and transaction times are way too slow but the growth has been unprecedented it needs time to take a breather i think. Bitcoin cash and Dash will likely benefit if Bitcoin issues aren't fixed soon!

[aoihs00]

I haven't sent btc in a while.  Back when i sent btc, fees were less than 50 cents.  Maybe 3 dollars?  I went and tried to send less than 30 dollars of btc... fees show up as 12 dollars on electrum and thats with the lowest possible fee where i make it send within 25 blocks.  Now if you want to send under 1 dollar, it cost 12 dollars.  When is this issue getting fixed?  Who in their right mind would send btc for small amounts when even the fee is that much?  Its like paying 12 dollars for something you want to buy that is 1 dollar?

Yup the fee structure is ridiculous here on electrum but you can try to lower the fees even further if you are not in the hurry of getting the transaction done. However if you are sending the payment in urgency then we have no option but to send it with higher fees. I have experienced same problem for last to last fork when he fees went all upto 20 USD per transaction for sending the BTC within next 25 blocks. It is almost impossible to choose the next 5 blocks option which is the quickest one because it is more than 20 USD now due to increased prices of the bitcoin int he market. So you see we have to adjust the stuff here otherwise there is no way we can reach the high threshold of seining payment for which the bitcoin was actually invested. :-)

[supermine]

I haven't sent btc in a while.  Back when i sent btc, fees were less than 50 cents.  Maybe 3 dollars?  I went and tried to send less than 30 dollars of btc... fees show up as 12 dollars on electrum and thats with the lowest possible fee where i make it send within 25 blocks.  Now if you want to send under 1 dollar, it cost 12 dollars.  When is this issue getting fixed?  Who in their right mind would send btc for small amounts when even the fee is that much?  Its like paying 12 dollars for something you want to buy that is 1 dollar?

Yeah this is due to more number of pending transaction on bitcoin network currenctly there were 130K transactions were pending this is 10 times more than normal pending transactions this shows that more number of people started using bitcoins so we need to improve the bitcoin transaction time by implementing lightning network or the condition will even worse in the coming days.

[savioroshan]

Nowadays the transaction fees is really high. For transferring 0.24 btc from my electrum wallet to exchange wallet the transaction fees was 0.08 btc two weeks back. My suggestion is if you want to transfer small amounts try to use bitcoin cash were ever its possible because the fee is really less and use bitcoin only to transfer high amounts.

[jekjekman]

I haven't sent btc in a while.  Back when i sent btc, fees were less than 50 cents.  Maybe 3 dollars?  I went and tried to send less than 30 dollars of btc... fees show up as 12 dollars on electrum and thats with the lowest possible fee where i make it send within 25 blocks.  Now if you want to send under 1 dollar, it cost 12 dollars.  When is this issue getting fixed?  Who in their right mind would send btc for small amounts when even the fee is that much?  Its like paying 12 dollars for something you want to buy that is 1 dollar?

When was that time that you sent a transaction with a 50 cents tx's fee? because I am curious also to how many transaction numbers are involved in the Bitcoin network that time. The number of Bitcoin transaction per day now is averaging 330k+ for more than 1 month now and that's a good sign though as the price of Bitcoin is also increasing but the downside is the tx's fee are riding also.

Sending a micro transaction nowadays using Bitcoin is very frustrating so the best way for you to send a small amount of payment is to convert it to some other Altcoins that offers a very small amount of tx's fee.

[BitcoinNewsMagazine]

Have you checked out the price of litecoin recently? It is now no. 3 in exchange volume behind bitcoin and ether because transactions fees are cheap. A $25 bitcoin transaction fee is only 25 cents using litecoin. Whenever I have to send a payment I try to use litecoin if possible until LN is working.

[mikeey89]

I guess this is why some people prefer bitcoin cash over bitcoin. The fees are ridiculous and transaction times are way too slow but the growth has been unprecedented it needs time to take a breather i think. Bitcoin cash and Dash will likely benefit if Bitcoin issues aren't fixed soon!

It will be fixed. They are working on lightning network now. It has the biggest group of developers of all coins, and they will have an advantage over other coins.

[mikeey89]

Have you checked out the price of litecoin recently? It is now no. 3 in exchange volume behind bitcoin and ether because transactions fees are cheap. A $25 bitcoin transaction fee is only 25 cents using litecoin. Whenever I have to send a payment I try to use litecoin if possible until LN is working.

I agree with this. Litecoin is a very good choice even at this price. I think it will be around 2-3 000 USD next year.

[stompix]

Now if you want to send under 1 dollar, it cost 12 dollars.  When is this issue getting fixed?  Who in their right mind would send btc for small amounts when even the fee is that much?  Its like paying 12 dollars for something you want to buy that is 1 dollar?

If you're going to use segwit and with the coming of LN , have patience. Nothing you can do about.

Who in their right mind would send btc for small amounts when even the fee is that much? 

Nobody.

Its like paying 12 dollars for something you want to buy that is 1 dollar?

Again, if you really want to buy something worth 1 dollar use paypal or a credit card right now.
I won't say altcoins because less than 15 of merchants accept altcoins.

The thing is that you pay for a space not for value.
You pay 12$ for both 10$ or 10millions $ (assuming same number of inputs).
So with no space and more demand... higher fees.

I agree with this. Litecoin is a very good choice even at this price. I think it will be around 2-3 000 USD next year.

And to all others saying LTC
With LN litecoin will become useless

[Gaaara]

I haven't sent btc in a while.  Back when i sent btc, fees were less than 50 cents.  Maybe 3 dollars?  I went and tried to send less than 30 dollars of btc... fees show up as 12 dollars on electrum and thats with the lowest possible fee where i make it send within 25 blocks.  Now if you want to send under 1 dollar, it cost 12 dollars.  When is this issue getting fixed?  Who in their right mind would send btc for small amounts when even the fee is that much?  Its like paying 12 dollars for something you want to buy that is 1 dollar?

Exactly that is what the reason why people are saying having a higher bitcoin value won't do a thing for its development, it will technically affect the economy of bitcoin since while the value is rising the fee is going up as well. It cannot be fixed and the other reason is the hardfork of bitcoin cash since they are miners who reject bitcoin to start another coin and because of that bitcoin blocks can overload anytime so they need to at least get a higher fee for that, also I think there is a fixed amount of fee per transaction so you cannot make a transaction less than the fixed fee you may at least double it so your transaction won't be wasted. It is a problem tho because now no small amount transaction can be generated.

[charlescoin]

I guess this is why some people prefer bitcoin cash over bitcoin. The fees are ridiculous and transaction times are way too slow but the growth has been unprecedented it needs time to take a breather i think. Bitcoin cash and Dash will likely benefit if Bitcoin issues aren't fixed soon!

It will be fixed. They are working on lightning network now. It has the biggest group of developers of all coins, and they will have an advantage over other coins.

Bitcoin really needs 2mb blocks until solutions like lightning network are live otherwise it is going to hurt the bitcoin economy which is already becoming mainstream. I agree with OP that other coins will gain ground if we don't see a short-medium term fix soon.

[JJack@]

As people already have said, BTC has really high costs due to the network being clogged. There has been so much hype and thats why it takes so long. People are now using LTC to transfer between exchanges/ brokers, I think you should look into that. It has quick transfer times and low costs, Ethereum is clogged up too so LTC is probably your best bet.

[palle11]

I haven't sent btc in a while.  Back when i sent btc, fees were less than 50 cents.  Maybe 3 dollars?  I went and tried to send less than 30 dollars of btc... fees show up as 12 dollars on electrum and thats with the lowest possible fee where i make it send within 25 blocks.  Now if you want to send under 1 dollar, it cost 12 dollars.  When is this issue getting fixed?  Who in their right mind would send btc for small amounts when even the fee is that much?  Its like paying 12 dollars for something you want to buy that is 1 dollar?

The fees are actually up in the roof and that actually made me suspend the little transfer I wanted to transact three days ago so I could accumulate it more because is still going to take same deduction when accumulated. Is fees are actually stalling some transactions.

[jerry0]

Does anyone know how long it would take for the fees to go down in price?  Also why would anyone use bitcoin anymore if this is the case?  Also i recalled electrum you could actually put zero fees and it would send but it takes a while.  So right now if you send btc with electrum, you have to minimum put it 25 blocks right?  Thus no more sending btc for free?


So that means you all are not sending any btc unless its at least a certain amount?  I mean imagine sending $5 about 10 times or so.  That is ridiculous.

[drwhobox]

Yea, It is really crazy than the usual transaction that we do recently unlike not it would take you a tiny bit of fortune just to send a buck. Well, its because of Bitcoin's popularity to the community. And the new all time highs that it passed . More and more unconfirmed transactions are put into the blockchain with small fee that's why their asking for big ammounts just to get your transaction confirmed in just 1-2hours. Well you can still set your fee to low if you are not in a rush. Imexpectijg the fees to go down by january

[BingoDog]

Fees are high, that is true but with such high bitcoin price it is illusion to expect for fees to stay low. Would bitcoin ecosystem be sustainable with low fees? Maybe with some agreement or consensus with miners they could be more moderate or find some solution at least not to go higher anymore. But the question is how else could network with such big increase of users survive and develope further.

[BitcoinNewsMagazine]

Now if you want to send under 1 dollar, it cost 12 dollars.  When is this issue getting fixed?  Who in their right mind would send btc for small amounts when even the fee is that much?  Its like paying 12 dollars for something you want to buy that is 1 dollar?

If you're going to use segwit and with the coming of LN , have patience. Nothing you can do about.

Who in their right mind would send btc for small amounts when even the fee is that much? 

Nobody.

Its like paying 12 dollars for something you want to buy that is 1 dollar?

Again, if you really want to buy something worth 1 dollar use paypal or a credit card right now.
I won't say altcoins because less than 15 of merchants accept altcoins.

The thing is that you pay for a space not for value.
You pay 12$ for both 10$ or 10millions $ (assuming same number of inputs).
So with no space and more demand... higher fees.

I agree with this. Litecoin is a very good choice even at this price. I think it will be around 2-3 000 USD next year.

And to all others saying LTC
With LN litecoin will become useless

Perhaps but LN is nowhere close to finished so LTC is proving itself the best option until then if you need to transfer under a few hundred dollars quickly and for less than a dollar.