Bitcoin sending fees... are you serious?

[lasry]

Bitcoin fees are ridiculously crazy right now. Since no one ever regulating it. They just take advantage of the popularity of bitcoin. I wish someday more online wallets will pop out. So it may happen they wont ever be able to monopolize this transaction fees. Its all just due to their greediness.

[HongKong]

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.

Why are you and other people complaining about the transaction fees when it only costs around 0.0001 btc to send something?

[rzluetlhch]

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.

Why are you and other people complaining about the transaction fees when it only costs around 0.0001 btc to send something?

Man, you have to know that the exchange is not in accordance with the transfer of this fee, and bitcoin now has more than $ 16,200, the cost can not be underestimated ah.

[Casey7]

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?

If i can talk it is crazy But i dont want to say bitcoin is crazy because bitcoin is my favorite coin forever.
Two things we have to fix about bitcoin weakness is fee and transactime time very long.
If the developer or anybody who knows how to fix these problem, i will personally thank you very much.

[HongKong]

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.

Why are you and other people complaining about the transaction fees when it only costs around 0.0001 btc to send something?

Man, you have to know that the exchange is not in accordance with the transfer of this fee, and bitcoin now has more than $ 16,200, the cost can not be underestimated ah.

Oh, since you are trying to send it from some kind of exchange then it's their rules. I could see why something like 0.0005 btc would be expensive.

A desktop wallet can easily send 0.0001 btc.

[senne]

We say Bitcoin price is skyrocketing and so in Bitcoin sending fees. These high transaction fees give you two choices either spend a large amount of money to make a quick transaction or wait for days nearly more than 3+ days to to see even 1 confirmation. Right now, situations are like this that if you want to make quick transactions for small amount of Bitcoin you may need to pay more fees than the actual amount you need to transfer. It is seen one of the biggest flaw of Bitcoin these days, which is making it center of criticism everyday.

[jerry0]

Hey all would like anyone that uses electrum wallet or similar wallet to give me advice on this.


Do most people send btc within the 10 blocks as recommended by electrum?  Sending that cost around 13 dollars.  But if you do 25 blocks, its about 7.  Is that much faster 10 blocks than 25?


Also im not going to do this but you could still change the btc sending fees?  For example i went to preferences and unchecked dynamic fees.  It shows the max static fee as 0.003 btc/kb and checked.


When i unchecked it and then went to send option to see how much the fees are, assuming you put 0.02 btc to send and move the scrollbar all the way to the left, its only a bit more than 1 dollar to send.  It shows as 0.0003btc/kb which is around 1.14 only.  But when you move it to the right a bit when its no longer low fee and says fixed rate 0.0012btc/kb and says within 25 blocks, the fees are about 4.50.  Then when you keep scrolling to the right and say within 25 blocks, it would say 0.0015btc/kb etc and it would go higher 1 dollar and then 2 etc.  Then when it gets to within 10 block and 0.0027 btc, its about 10 dollars.


So basically dynamic fees should always be checked or not?  Or only if you need the btc to be sent pretty quickly?  And it should be kept at 0.003btc/kb or could you change it to 0.002  or 0.001btc/kb?


So you could still send with essentially the low fee of a bit more than 1 dollar but its a low fee send.  That will take about how long?


But if you do the within 25 blocks and 7 dollars without changing dynamic fees, is that still okay?


I was used to back then sending btc for under 50 cents back then.  Can someone tell me what is the best value to send btc in terms of price and speed?  Thus if you send with low fee, don't expect it to hit the other wallet for a few days or so?  But if you do 25 blocks, should be same day but not hours?  If you do 10 blocks, probably much quicker?


Like if im trying to move my btc from a wallet to a site but i dont need it to get there quickly, would you say its mine to use a very low fee or not?  But if you want it pretty fast, either do 10 blocks for 13 dollars or 25 blocks for 7 dollars? 

[jerry0]

Also can someone tell me what exactly is the default max static fee on electrum?  Is it 0.003 btc or 0.0003 btc?

[Guzztsar]

I've always thought that btc taxs are too high and tried to make less transactions as possible, but in recent months, with those current fees my coins are literally stuck.

[africa34]

Also can someone tell me what exactly is the default max static fee on electrum?  Is it 0.003 btc or 0.0003 btc?

i think the max set fees is 0.003 but its better to set your own fees in electrum wallet , last day I sent  0.03 btc with an 0.0005 btc fee to speed up the transaction and it went through in 2-3 hours .

[Naughty Princess]

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?

If i can talk it is crazy But i dont want to say bitcoin is crazy because bitcoin is my favorite coin forever.
Two things we have to fix about bitcoin weakness is fee and transactime time very long.
If the developer or anybody who knows how to fix these problem, i will personally thank you very much.

The transaction fee is now the problem due to the price of bitcoin increase a lot,  it affects everything,  I think,  because some coins dumps while the fee of transferring coins become high which the trader have nothing to do but to pay it.  It is really appreciated if their is a developer who can fix it.

[jerry0]

Also can someone tell me what exactly is the default max static fee on electrum?  Is it 0.003 btc or 0.0003 btc?

i think the max set fees is 0.003 but its better to set your own fees in electrum wallet , last day I sent  0.03 btc with an 0.0005 btc fee to speed up the transaction and it went through in 2-3 hours .

Can you explain how you did this on electrum?  So what you put for max static fee?  Did you check use dynamic fee?  Did you check edit fees manually?

Before you send the btc, did you put down 0.0005 btc fee by typing it yourself?

[Zicadis]

to be honest we are responsible for these high fees as we are fond of using low fees when sending out payments which leaves miners opting for high rewards leaving behind a batch of low transaction fees to be dropped by the network or pile up, and the only way to get ahead of this pile of transactions is paying these high tx fees.

[BitcoinNewsMagazine]

Hey all would like anyone that uses electrum wallet or similar wallet to give me advice on this.


Do most people send btc within the 10 blocks as recommended by electrum?  Sending that cost around 13 dollars.  But if you do 25 blocks, its about 7.  Is that much faster 10 blocks than 25?


Also im not going to do this but you could still change the btc sending fees?  For example i went to preferences and unchecked dynamic fees.  It shows the max static fee as 0.003 btc/kb and checked.


When i unchecked it and then went to send option to see how much the fees are, assuming you put 0.02 btc to send and move the scrollbar all the way to the left, its only a bit more than 1 dollar to send.  It shows as 0.0003btc/kb which is around 1.14 only.  But when you move it to the right a bit when its no longer low fee and says fixed rate 0.0012btc/kb and says within 25 blocks, the fees are about 4.50.  Then when you keep scrolling to the right and say within 25 blocks, it would say 0.0015btc/kb etc and it would go higher 1 dollar and then 2 etc.  Then when it gets to within 10 block and 0.0027 btc, its about 10 dollars.


So basically dynamic fees should always be checked or not?  Or only if you need the btc to be sent pretty quickly?  And it should be kept at 0.003btc/kb or could you change it to 0.002  or 0.001btc/kb?


So you could still send with essentially the low fee of a bit more than 1 dollar but its a low fee send.  That will take about how long?


But if you do the within 25 blocks and 7 dollars without changing dynamic fees, is that still okay?


I was used to back then sending btc for under 50 cents back then.  Can someone tell me what is the best value to send btc in terms of price and speed?  Thus if you send with low fee, don't expect it to hit the other wallet for a few days or so?  But if you do 25 blocks, should be same day but not hours?  If you do 10 blocks, probably much quicker?


Like if im trying to move my btc from a wallet to a site but i dont need it to get there quickly, would you say its mine to use a very low fee or not?  But if you want it pretty fast, either do 10 blocks for 13 dollars or 25 blocks for 7 dollars?  

If I want to send fast and cheap I use litecoin. When I am sending bitcoin I don't cheap out on fees.

Recommendations for Electrum:

• use change addresses
• coin selection priority and dynamic fees
• spend only confirmed coins
• propose replace by fee always
• set the fee slider all the way to the right (maximum)

As long as you always use replace by fee you can experiment with moving the fee slider a step to the left (cheaper) and always bump the fee up if confirmation is taking too long.

[jerry0]

Hi there well i have to send btc because im trying to send to a site that take btc.

I dont want to pay a very high fee for it though if a lower fee would take around the same etc.

[Rana590]

Transaction​ fee is not negotiable now. Some time it shows very unexpected price. Bitcoin is on higher price. It can be a issue here.

[exstasie]

Bitcoin fees are ridiculously crazy right now. Since no one ever regulating it.

Regulation can't solve anything in a decentralized protocol. At most, it can affect adoption by encouraging or discouraging use of the protocol. Fees are determined by supply and demand: limited block space vs. demand for transaction confirmations.

I wish someday more online wallets will pop out. So it may happen they wont ever be able to monopolize this transaction fees. Its all just due to their greediness.

Market competition among wallets won't change anything. No one is "monopolizing" the fee market (although Bitmain is probably manipulating it). There are many wallets which allow you to set whatever fee you want. You can send transactions with a 1 satoshi/byte fee rate, but it might never be confirmed.

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

This is only true because the network is small; nobody uses Litecoin to transact. Its protocol is just a clone of Bitcoin with different parameters, so it has the same fee mechanism.

[yoseph]

The fees are completely ridiculous and it needs fixing very soon, I don't know whether it's the miners that have become greedy or not but the current transaction fee's are totally unacceptable.

[bady]

Yes I know this is ridiculous. I don't know the reason myself and am heart broken by this. You may just lose your profits from trading while on the process of withdrawing your funds.

[primeminer]

I think it's normal that Bitcoin's delivery fee is high because Bitcoin's price also keeps rising. indeed it is very annoying but what can make transaction costs are expensive