Bitcoin sending fees... are you serious?

[Wind_FURY]

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 reason for high fees is because your wallet and the services you are sending Bitcoins to do not have Segwit enabled. Segwit increases the transaction capacity in each block by almost 2x. But why is Bitcoin's biggest services not enabling it?

It is right there sitting on the network waiting to be used! Plus the increase in transaction throughput by almost 2x may not sound much but it is enough to help lower fees.

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[Ch1bi]

The fees are crazy, it's really frustrating. I transferred about $40 worth of bitcoin the other day and got about $30 in my wallet. I really hope something is done about the tax issue. If not then I think another coin will take it's place in time.

[zentdex]

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?

I think continous price is due to the sky rocketing price of bitcoins. as the price goes high transaction fees always ride in, but my question is do those increase in transaction fee have some improvement with it. It is quite annoying to be ask by a high transaction fee wherin there is not even transaction speed improvements. But i hope those a sum of those fee spend with security improvements and not just a mere income from the processors.

[Kakmakr]

The fees are crazy, it's really frustrating. I transferred about $40 worth of bitcoin the other day and got about $30 in my wallet. I really hope something is done about the tax issue. If not then I think another coin will take it's place in time.

This is not a tax deduction my friend. It is simply a bad situation that are being exploited by the Bitcoin miners. We are sort of inbetween two scaling solutions now. On the one hand we have the old legacy Bitcoin addresses and on the other hand we have SegWit addresses.

The miners and some people with hidden agendas are sabotaging the Bitcoin network by similtaneously spamming the network and also mining selectively. <jumping between BTC and BCash> This is causing backlogs and congestion on the BTC network, which in turn increase the miners fees. The miners loves this, because they get more income from these higher miners fees that has to be paid.

We hope the Lightning Network will solve this problem in the future.

[jakezyrus]

The reason for high fees is because your wallet and the services you are sending Bitcoins to do not have Segwit enabled. Segwit increases the transaction capacity in each block by almost 2x. But why is Bitcoin's biggest services not enabling it?

It is right there sitting on the network waiting to be used! Plus the increase in transaction throughput by almost 2x may not sound much but it is enough to help lower fees.

The reason for high fees is because your wallet and the services you are sending Bitcoins to do not have Segwit enabled.

i think no. i always use different wallets like electrum, blockchain, coins.ph and coinomi but why the transaction fee is still  high?  i dont think that these wallets do not support segwit or enabled segwit in their services. the main reason why transaction fees are high its because of bitcoin value. the higher it is , the higher the fee also but the lower it is then the fee will be lowered also.

Segwit increases the transaction capacity in each block by almost 2x. But why is Bitcoin's biggest services not enabling it?

i agree with it and infact bitcoin has undergoe for many segwits since the time it was born and introduce to the public but why bitcoin blocks are still the same that is why transactions are still getting stucked and caused a network congestion.

[nullius]

The miners and some people with hidden agendas are sabotaging the Bitcoin network by similtaneously spamming the network and also mining selectively. <jumping between BTC and BCash> This is causing backlogs and congestion on the BTC network, which in turn increase the miners fees. The miners loves this, because they get more income from these higher miners fees that has to be paid.

I should also point out, any miner other than Jihan who mines Bcash is a fool.  ASICBOOST is a security exploit in Bitcoin’s mining algorithm, which gives an unfair advantage over other miners.  ASICBOOST has been patented.  The covert, undetectable form of ASICBOOST was permanently stopped by the activation of Segwit in August 2017; Bitcoin is now safe.  But Bcash is still wide open!

There is strong evidence that Bitmain was exploiting covert ASICBOOST before Segwit was activated.  No wonder Bitmain hates Segwit and loves Bcash.

If you mine Bitcoin, then you are mining on a level playing field.  If you mine Bcash, then you’re Jihan’s patsy; and he’s laughing at you as he pays 30% less than you for the same work.

According to gmaxwell, the covert ASICBOOST vulnerability was fixed inadvertently; it just so happens that covert ASICBOOST is “significantly incompatible with virtually any method of extending Bitcoin's transaction capabilities; with the notable exception of extension blocks (which have their own problems)”.  In layman’s terms, this essentially means that Bcash can never be upgraded with new features and new technologies.  Any real upgrade to Bcash would deprive Jihan of his (not-so-)secret advantage.

[nullius]

The reason for high fees is because your wallet and the services you are sending Bitcoins to do not have Segwit enabled.

i think no. i always use different wallets like electrum, blockchain, coins.ph and coinomi but why the transaction fee is still  high?  i dont think that these wallets do not support segwit or enabled segwit in their services.

I don’t know about the others, but Electrum 3.0 does support Segwit.  You will need to create a new Segwit wallet.  By default, Electrum will give you the new address format with error-correcting codes; those addresses will start with the letters “bc”, and only people with Segwit-enabled software will be able to send money to them.  There are also backward-compatible Segwit “3” address, such as the address you see in my signature; anybody can send money to that, even with old software.  There is a method to make Electrum generate that address type, but it is somewhat more involved; perhaps one of these days, I should write up userfriendly instructions and post them in the Electrum forum.

[LogitechMouse]

Yeah the sending fees of bitcoin is really high others are thinking if they will transfer their bitcoin in other place like in exchanges or not and there is nothing we can do about it but to accept that the fees in sending bitcoin is too high because the price is too high. I prefer litecoin to use when I am sending fees because it has a small fee and it is transaction is fast.

[thomassaba]

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?

fee back today to 4$ problem with network and miners not bitcoin.

today sending bitcoin depend on luck if you lucky will send it with 1$ only else 15$

[whirlcoin]

The high transction fee of bitcoin is being the serious problem in recent times,I don't know when it will be solved.Yesterday I sent  $40 and fee is $10 .If fee is keep on at this rate then bitcoin may fall so need to implement the lightning network as soon as possible.

[xiahui135]

The fee is a problem. this make only large amont transfer OK. and it is not cheap for small ones.

[Newchanka]

I've been wondering how to go about making bitcoin transactions. Even with the lowest fee option it's still too high for the amount I'm transferring. It's so discouraging and the earlier the lightning network which is supposed to be the solution is implemented across board the better.

[jerry0]

Hey all.  I sent btc but did not have dynamic fees checked.  I sent the btc where i moved the slider option on electrum to the within 25 blocks but i choose the one that cost the least.  So i paid about $3.70 etc but not sure how long it would take.


On average, how long does it take for btc to be received when you pay a fee around $3.70?  What about $13?  What if you did like $1?


Also it depends on the size of the transaction right?  What determines that?  The amount you send whether its 1 dollar or 1000 or 10000?  Or its something else?  Because when i was playing around with electrum, it seemed that any btc i put down and clicked preview to send, it was same flat btc amount to send assuming i pick whether low fee or within 25 blocks, 10 blocks etc.

[thomassaba]

bitcoin fee is high because you earn high from bitcoin.

just do some simple calculation  and will find yourself winner if you pay 10$ fee

[shoreno]

I don’t know about the others, but Electrum 3.0 does support Segwit.  You will need to create a new Segwit wallet.  By default, Electrum will give you the new address format with error-correcting codes; those addresses will start with the letters “bc”, and only people with Segwit-enabled software will be able to send money to them.  There are also backward-compatible Segwit “3” address, such as the address you see in my signature; anybody can send money to that, even with old software.  There is a method to make Electrum generate that address type, but it is somewhat more involved; perhaps one of these days, I should write up userfriendly instructions and post them in the Electrum forum.

really? then thats cool. thanks for the verry informative coment. im also using an electrum wallet but i didnt know what versions i currently used but now im gonna update my version to 3.0 to be able to support and use that segwit feature in order for me to enjoy lesser transaction fees and faster transfer time when compared to some wallets that doesnt support this segwit option. although some wallets like coinomi and blockchain are still have an option to adjust your desired fees whether you want low or high priority.

[dlhezter]

bitcoin transaction fees goes crazy now because of these price increase and a high volume of transactions everyday, that high volume of transaction had cause some confirmation delayed, so they implement a high fee for every transaction for the fast confirmation. but i think if they implement a high speed confirmation in blockchain, the transaction fees will back to normal as we paying before.

[nullius]

I don’t know about the others, but Electrum 3.0 does support Segwit.  You will need to create a new Segwit wallet.  By default, Electrum will give you the new address format with error-correcting codes; those addresses will start with the letters “bc”, and only people with Segwit-enabled software will be able to send money to them.  There are also backward-compatible Segwit “3” address, such as the address you see in my signature; anybody can send money to that, even with old software.  There is a method to make Electrum generate that address type, but it is somewhat more involved; perhaps one of these days, I should write up userfriendly instructions and post them in the Electrum forum.

really? then thats cool. thanks for the verry informative coment. im also using an electrum wallet but i didnt know what versions i currently used but now im gonna update my version to 3.0 to be able to support and use that segwit feature in order for me to enjoy lesser transaction fees and faster transfer time when compared to some wallets that doesnt support this segwit option. although some wallets like coinomi and blockchain are still have an option to adjust your desired fees whether you want low or high priority.

You’re welcome; and yes, indeed!  From the Electrum Version 3.0 Release Notes:

Code:

# Release 3.0 - Uncanny Valley (November 1st, 2017)

[...]

  * Segwit support: 

    - Native segwit scripts are supported using a new type of
      seed. The version number for segwit seeds is 0x100. The install
      wizard will not create segwit seeds by default; users must
      opt-in with the segwit option.

    - Native segwit scripts are represented using bech32 addresses,
      following BIP173. Please note that BIP173 is still in draft
      status, and that other wallets/websites may not support
      it. Thus, you should keep a non-segwit wallet in order to be
      able to receive bitcoins during the transition period. If BIP173
      ends up being rejected or substantially modified, your wallet
      may have to be restored from seed. This will not affect funds
      sent to bech32 addresses, and it will not affect the capacity of
      Electrum to spend these funds.

    - Segwit scripts embedded in p2sh are supported with hardware
      wallets or bip39 seeds. To create a segwit-in-p2sh wallet,
      trezor/ledger users will need to enter a BIP49 derivation path.

[...]

Always be sure to download the latest version of Electrum directly from the official site at https://electrum.org/, to avoid fake sites which may infect you with coin-stealing malware.

[XaurumGamma]

Yes it's crazy right now. Bitcoin wasn't ready for this mass adoption so quickly. So fees are real to much to handle if your stack is low.

[Daveeoff]

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.

Thats really nice, I was wondering why it shot up so high up in the rankings. THe bad thing is that its not as widely used as BTC and ETH.

[XaurumGamma]

And markets are rubbing their hands... fee with every transaction, every exchange... nuts..