Bitcoin sending fees... are you serious?

[dustboy]

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

Are you sure that's the reason why bitcoin transaction fees getting so high these days. I do not think there is any relation between what we earn with the fee. Logically, not all of us are earning high amount from bitcoin. There are some other get nothing or even worst get into negative profit. It does not make senses if the reason is related to our earning.
IMO, it is more about the volume of the transactions which is so huge and makes the network so crowded. It forces the miner to increase the fee for faster confirmation. I could be wrong on this, just my opinion though.

[Eternu]

Because of many new investors coming into bitcoin world there is many new transactions, which create a lot of work that needs to be done. Also there was that hacking problem at Nicehash, so a lot of their miners are not working at the moment, and that means less power for processing transactions. When everything settle down and they start to do their job again, everything will be back to normal. Also transaction fee went up because of bitcoins price, and with correction of price fee will go down as well.

[XaurumGamma]

So more work to be done higher fees.

[bjbear123]

I just sent some BTC (very small amount) I included a 40/sat transaction fee, im hoping it gets confirmed soon. Blockchain.info wanted to charge $50 to send the bitcoin, I changed the fee to 40/sats costing $10 but it hasn't confirmed in 4 hours

[thisappointed]

I just sent some BTC (very small amount) I included a 40/sat transaction fee, im hoping it gets confirmed soon. Blockchain.info wanted to charge $50 to send the bitcoin, I changed the fee to 40/sats costing $10 but it hasn't confirmed in 4 hours

We are all experiencing the same problem since a fork in bitcoin just had a fork maybe that is the reason why, and the transaction fees right now is higher than the usual because bitcoin's price is so higher than the usual too. Miners are taking this opportunity to earn bigger profits because they know that many people will transfer their bitcoins on some exchangers.

[mistletoe]

transaction fees are indeed insane these past few days. i hope the cray cray in traffic subside soon. or let there be brilliant mind people who can make the transaction faster and cheap!

[kinzey]

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 my dilemma at this moment. When I tried sending 5$ but the fee is 14$. I don't understand why there's a lot of hardforks going on but this problem has not been addressed. And one more thing, bitcoin transaction takes longer than usual and costs so much. It's not practical using btc for transactions anymore.

[stompix]

Bitcoin transactions fees and time, are an issue that has been going on for quite a while, this problem started when bitcoin became so popular and so expensive along side the increase of the mining difficulty, see bitcoin mining is so expensive and requires a lot of hardware to do it, which makes it accessible for a handfull of poeple, and since miner are the ones who verifies the transactions, makes them slow because of how many transactions that are going on inside the network, and this means if you pay more fees which go to the miners the faster your transaction will be.

Mining difficulty has nothing to do with fees. Price has nothing to do with fees. Miners are not "verifying" transactions the way you think
We experienced a brief period of high fees (around 5$ when bitcoin was 3000) , it's 6 times more and the average fee is nowhere near 30.

The only thing that has impact on the fee is the number of transactions.

Indeed now all transactions are experiencing a rise so very sorry If there are hunters whose income is still small And if you want to use must only run out to pay the fee course Hopefully in a short time there will be solutions from the authorities in solving all these problems And hunters can feel the results maximum later.

What in the name of god where you trying to say?
Stop using google translate, you will get banned pretty soon for this garbage.

Yes of course this will happen. The cost of bitcoin transfer is getting more and more unreasonable. Of course this is based on bitcoin prices are getting crazy every day. My suggestion try using the popular coin ALT with lower transfer fee. For example LTC which has a transfer fee is not so much.

As explained above, price has nothing to do with the fees.
And you can check the graphs for the last two weeks price/fees.

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.

Paying a higher fee is not like getting a better room.
With limited place in a block, the tx is like the auction for the space in the block.
You get the first one or the second or maybe none.

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.

For estimates check
https://estimatefee.com/
I find it more reliable than fee21

Yes, the fees depend on the size, you can complete in the above link the number of outputs and inputs of your tx.
And as I explained before, you pay for a place in the block, not for the sum.
Assuming the same number of outputs and inputs, for a normal transaction the fee is going to be the same for 1$ or 10$k.

[GreenBits]

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?

Welcome back to the economy, and observe the foolishness we have been up to in your absence LOL


This is purely the result of the price. We have managed to run this thing up to the moon, but on a crap rocketship. The price at this level, according to Satoshi, should indicate that the protocol has scaled accordingly, and adoption along with it. This is a result of speculation, not adoption. So, programmatically we have not truly fixed the fee situation (the congestion situation )

And the confirmation times suck now too

Think of BTC as a utility token. Fees are based off of price, and price set by demand. Demand should derive from the actually usefulness of the coin in this case; what has changed so much about BTC recently, usefulness wise, to justify this price?

[Wittycoin]

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, what you say is true,  bitcoin really takes too much amount of fee when you send even less amount,  this is actually one of the thing that bitcoin must fix.  Really an abnormal thing to send 1 dollar and have a 12 dollar fee. 

[shacc]

Specifically it is the average value times age that matters.

a transaction to require a fee it's possible that as time passes and new blocks are found, the transaction's inputs will age its priority will increase which automatically may no longer cause it to require a fee.
all fees are in turn keeps the Bitcoin network secure.

[khaled0111]

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?

No one is sending small amount lately which makes Bitcoin network useless for many people.
It is ironic to know that the first bitcoin transaction was sent to pay for a pizza, now no one will do that because of high fees.
Everyone want to buy Bitcoins and hold but what will be it good for if you can't use it as a regular currency!
Maybe the lightning network or something else will fix this problem otherwise Bitcoin will have no future.

[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.

[Henry27]

It is awful. You should use Etherium or anything else for small and fast transactions. Bitcoin now is for holdings or transfers for pople, who have large capital and needs to send large amunts of currency.

[cheesyspoils]

Hope they don't so that the value of the HODL won't be any less.hehe

[akamit]

Two days ago I made a trade at localbitcoins, and I paid approx $23 fee to deposit $100 in localbitcoins.
Its very disappointing, and there is no solution for it as I can assume. Below $500 transaction in bitcoin I'm considering as "very expensive".

[GuardiollaJosep1259]

The price for bitcoin sending indeed expensive this is very different from last year or last month. this also because the number of demand for bitcoin increasing.
But if you just want to send 1 dollar better don't have to because you will definitely loss.

[rcoins0720]

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.

yup the price now of BITCOIN IS HIGH and I don't be surprised of the fees. my CONVERSION from 180 USD to btc is about 20 Dollars .. in my local money ranging form .00904636 coins. My earnings from ICO is just alloted to fees . Undecided exchanging tokens to eth to convert to BTC is just meh. fees are so high .same as me well and I think it is also a part of commission of exchanger sites  fees are 0.001BTC

[nullius]

PSA: Fees are low, use this opportunity!

See also: Techniques to reduce transaction fees

Use SegWit and enjoy lower fees

(Giant-sized Segwit ad credit: ETFbitcoin.)

yup the price now of BITCOIN IS HIGH and I don't be surprised of the fees. my CONVERSION from 180 USD to btc is about 20 Dollars .. in my local money ranging form .00904636 coins. My earnings from ICO is just alloted to fees . Undecided exchanging tokens to eth to convert to BTC is just meh. fees are so high .same as me well and I think it is also a part of commission of exchanger sites  fees are 0.001BTC

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What you are describing are EXCHANGE FEES, not the Bitcoin miner’s fee.  If your “CONVERSION” fee is high, then you are using an expensive EXCHANGE.  Switch to a different EXCHANGE, and stop the ignorant whining about Bitcoin.  Bitcoin’s own fees are low right now.

Also, ICOs are all scams; thus, I am not surprised you don’t make much money there.  I suggest that you drop the sigspam for a stupid shitcoin, and learn something about Bitcoin.  Perhaps you may even come to know the difference between getting ripped off by an expensive exchange, and the Bitcoin transaction fee.

[MarianaMiner]

12$ for 1 transaction is a big fee to kill BTC