Bitcoin sending fees... are you serious?

[Carmen01]

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?

usually fees is good because you can't see any kinds of transaction like here in crypto so for me there's no problem in fees and you can also deposit some of your money in bank not here if you have problem in the fees here that is simple only,think if we have crypto where we can find a transaction like the conveniece here,fast and easy way.Fee is only a little thing compare to what it gave to us,and they say also here is no assurance in money but for me it's more sure here to save money than bank even bitcoin have volatile,we need this in life so it's non stop

[stompix]

Man you're asking quite a few...

Does anyone know how long it would take for the fees to go down in price? 

Until one thing of the following happens:
a) people switch to segwit
b) LN
c)  people stop using it > free space in the blocks > fees down

Also why would anyone use bitcoin anymore if this is the case? 

Because some are moving internationally 3 to 1000 BTC , that's millions with 7$.
Try that with a bank.

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?

See:
https://bitcointalk.org/index.php?topic=2345724.0

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.

Yes. Anything that will cost you more than via pp or cc or whatever... your choice, but it's going to cost you.

[deadsilent]

This is why Bitcoin will not gonna be a real currency because of this. The fee is hurting me. It suppose to be a low cost and fast transaction like it was before. The fee could cost you with $20-$25 per transaction you're doing. That's ridiculous amount to send funds. Bigger than fiat transactions. They should implement now the Lightning Network. They should implement it fast. The fees isn't a joke anymore. So the old Bitcoin will back again. The low cost and faster transactions.

[chris molty]

The fees are amazing, in addition the speed of the transfers is rather slow, the minors put themselves well

[exstasie]

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.

Electrum's fee estimation algorithm --- like many other wallets --- tends to overestimate the required fees. When I send based on their fee slider at the 25-block setting, I've often had transactions confirmed within 1-3 blocks. For that reason, I usually manually set the fee lower based on https://bitcoinfees.earn.com/ and replace-by-fee if needed.

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 base protocol isn't going to be "fixed." Fees are denominated in BTC, not dollars, so as the price of BTC rises, you can expect fees denominated in dollars to rise. Also, the capacity limit promotes rising fees over time to replace the block subsidy, which used to be 50 BTC. Now it's only 12.5 BTC and it will continue to drop exponentially. If fees don't rise, Bitcoin's security model comes under threat.

The Lightning Network will hopefully mitigate this and allow for micropayments. But I would guess we're 6-12 months away from LN adoption, if not more.

[marc_a]

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.

Does anybody knows when the lighning network will be operational. Im really annoyed with these ridiculous fees and the slow transactions. For sending between my exchange accounts i even use another coin to cut cost.

[1NV3ST0NM3]

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?

There are two major reasons involved in such upsurging fees. One is the price of bitcoin which is increasing everyday so every satoshi is becoming more and more valuable. Second major reason is mass adoption. As more and more people are coming over the network the traffic is increasing so the fees is increasing for miners to keep track of such transactions.

[BitcoinNewsMagazine]

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.

Does anybody knows when the lighning network will be operational. Im really annoyed with these ridiculous fees and the slow transactions. For sending between my exchange accounts i even use another coin to cut cost.

Getting closer not there yet watch https://youtu.be/a73Gz3Tvx3k should lift your spirits:) Also visit https://github.com/ACINQ/eclair/releases

[chrisrok]

yea crazy situation currently. same with eth due to that kitty game... hope that something is gonna change here.. in fact the current development makes cryptos more and more useless for what they where actually developed --> payments.

[Reid]

Just a question too, how much is it in bitcoin? You are sending 200k satoshis only and you are going to pay what 50k sats?

You know what the problem is? You are doing the transaction in dollars not btc. 50k is easy to get before and they are doing that high fees because of that low amount of transactions that is causing traffic.

One more thing, you said you were away for a while so how much have you profited already for your kept coins?
I guess it wont hurt much for that little amount.

[brusnika]

Guys, don't forget! high fee is the payment for priority and urgent transfers. If you don't want to pay crazy fee, just put some standart small fee and wait for a weeks. Don't look at fees, that we had earlier. The fees are calculated in satoshi, but price of bitcoin went up in many times last time, so i find this  fair , that the fee in in dollar equivalent went up too.

[Slark]

I acknowledge that current fees might be a little over the top, but compared to recent price surge it seems not that bad.
So you want bitcoin price to reach millions yet you refuse to pay for bitcoin transaction? Bitcoin network is congested, fees can't be easily scaled down.
Bitcoin turned out to be a great investment, asset and store value - but not so great currency - just deal with it. Maybe LN will change that.
Because I don't see any way for on-chain transactions to scale accordingly.

[HashieNewb]

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?

Bitcoin transactions will be really large with a small fee. Unless there is a client that allows for small fees implemented into it.

[NUFCrichard]

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 Bitcoin is great until you try to use it!

I too bought something with Bitcoin today and got screwed by Bitpay and by fees. I have bought take away with Bitcoin for ages, but I am done now. It was 41€ for a 24€ order. What a joke.

It's digital gold at the moment, not a currency.

[exstasie]

Does anybody knows when the lighning network will be operational. Im really annoyed with these ridiculous fees and the slow transactions. For sending between my exchange accounts i even use another coin to cut cost.

I am confident that we will be using Lightning wallets on the mainnet in 6-18 months. Unfortunately, it is/was an incredibly large endeavor. The various developer teams have only just established the network specifications and begun testing mainnet transactions.

There is a lot of work to be done testing based on network topography and tweaking routing, and they still need to build wallets for users. LN developers have said they are in "no rush" since they their top priority is making sure that no one loses funds using the new protocol. That seems fair enough to me.

Yeah Bitcoin is great until you try to use it!

I too bought something with Bitcoin today and got screwed by Bitpay and by fees. I have bought take away with Bitcoin for ages, but I am done now. It was 41€ for a 24€ order. What a joke.

It's digital gold at the moment, not a currency.

I hear you. Two things you should consider, though. First, BitPay could have implemented Segwit, dropping fees in half --- they didn't. Instead, they began charging customers a "network fee", doubling the required fee. So, using BitPay has effectively quadrupled the effective fee that you need to pay. This is why I support BTCPay.

Second, it's pretty obvious that the network is getting spammed hard. We saw a similar spike last month when Roger Ver and Jihan Wu were pumping Bcash. When fees rise 40-50x in a couple weeks, you should know this isn't organic growth.

[alt-fire]

now too high a price for a bitcoin transaction. I need to use other coins for the transaction. this makes bitcoin not convenient for payments

[batang_bitcoin]

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 would suggest that if that transaction isn't necessary and can be done in some other days or maybe a week or month, wait for that time until the fees started to be calm again. We can't do something about that today since miners are really looking for those transactions that has higher priorities and paid more than others. Some traders are converting their bitcoins to other altcoins like Doge and ETH to send their funds to others and just converting it later on but ETH has the same problem too. Crypto's are totally in demand today.

[nullius]

Excepting a few scattered posts by well-informed persons, this whole thread is moronic.  Just a place for FUD and fork scamcoin pushers.

First question for the whiners:  Are you using a Segwit address?  A Segwit address will give you an instant discount of about 75% on fees for every transaction you send.  If you are not using a Segwit address, then shut up!

I use Segwit addresses; and I laugh at all the people paying 4× the fees for the same size transactions.  You are essentially making a donation to miners.  You are so kind and charitable.

But that’s not the most important issue here.

What you really need to understand is that Bitcoin doesn’t give a damn about you, the special little snowflake.  Bitcoin doesn’t need you.  Big money is moving into Bitcoin now.  If you don’t like Bitcoin, then dump it now and go be poor.  Someday, you will miss Bitcoin.  Bitcoin will never miss you.

HTH, HAND.

[farhaan]

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 think that it would be the best possible way here after to avoid such higher fee.Lightning ntwork is in its beta stage and we could soon hope for it to get activated.

[NUFCrichard]

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 think that it would be the best possible way here after to avoid such higher fee.Lightning ntwork is in its beta stage and we could soon hope for it to get activated.

Litecoin also have essentially a 4 times bigger block size and about 1% of the the transactions, so yes LTC should be cheaper and faster to use than BTC.
Unfortunately though, LTC will never be as big as BTC. It offers no real technological advancement, it is Bitcoin x4.  If Bitcoin fails, Litecoin will fail too, 100%.

Bitcoin needs to get it's house in order if it will ever be a viable currency, but then I really don't think that 95% of people even care about that, they just want something to speculate on.