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Author Topic: Bitcoin fees so high?  (Read 342 times)
kuronokishi10 (OP)
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December 17, 2017, 09:26:47 AM
 #1

why has the bitcoin fee for each transaction recently been so high?
It was easier to send 10-15 usd before but these days the fees are more than that.
Any wallet which takes less fee?Im fine with delayed confirmation.
Bamselk
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December 17, 2017, 09:53:55 AM
 #2

Any wallet which takes less fee?
The wallet that you're using doesn't matter provided that it's a wallet which allows you to customise your fees (which is most of them, including all of the good ones).
Im fine with delayed confirmation.
In that case, you should try using this site to find the lowest fee that you can send without  the delay on the right reaching "infinite" or being close to that.

Currently, you could try sending with a fee of 20-30 satoshi/byte, or for lower risk 70-80.
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December 17, 2017, 09:59:31 AM
 #3

why has the bitcoin fee for each transaction recently been so high?
It was easier to send 10-15 usd before but these days the fees are more than that.
Any wallet which takes less fee?Im fine with delayed confirmation.
The bitcoin transaction fees are rising because the network is getting congested.
Also, the bitcoin price is rising meaning that for the same txn fees in bitcoin which you paid now costs more than 15 usd.
Many wallet have the feature to adjust the fees. In electrum you can set it to minimum but you may have to wait for long to get it confirmed.

sujon2429
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December 17, 2017, 10:04:03 AM
 #4

Hmm. It is a problem for new user. Because we don't have much more btc to pay transection fee.
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December 17, 2017, 10:13:09 AM
Last edit: December 19, 2017, 08:32:04 PM by salsim5774
 #5

This is actually the biggest problem of BTC, we have to hope that this will be better in the future. That is also one point where altcoins are much more better then BTC in the moment.

Two months ago i wanted to trade 0.01 BTC and the fees were about 5€ and i thought that this is very expensive but now it is more then 10€. So the only thing that you can do is to use a wallet were do you can do custom fees but then the transaction will take a lot of more time.
coolcountry
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December 17, 2017, 10:18:43 AM
 #6

This is definitely going to have to be addressed at some point. When the transaction fees were lower, I think people were thinking that this was a feature of the bitcoin environment. If the fees increase now because bitcoin costs more and the network is congested, this is bound to create problems for most users.

zulkarnaen
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December 17, 2017, 10:22:28 AM
 #7

So far speed of each transaction is affected by transaction costs incurred, some transactions will be slower if using lower transaction costs, probably because bitcoin price is very high as if transaction cost feels bigger and expensive, but in my opinion it isn't a burden if it has substantial incomes in bitcoin.
tree1100hn
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December 17, 2017, 10:26:18 AM
 #8

I transfer on the trading platform, received my 0.002BTC fee, transfer fees are too high now, a bit unbearable ah, really expensive. If you can use the other, but there are differences, so I am very contradictory each transfer. However, BCH transfer fees are relatively much lower! Time can also be converted into BCH, but the exchange rate risk, you know.
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December 17, 2017, 10:35:35 AM
 #9

why has the bitcoin fee for each transaction recently been so high?
It was easier to send 10-15 usd before but these days the fees are more than that.
Any wallet which takes less fee?Im fine with delayed confirmation.

Fees are not determined by the wallet, unless you are using some strange off-market wallet that none of us tend to use. The fees are determined by the amount of inputs your transaction has, and the amount of received-transactions that constitute the amount you're trying to send is what is called thee inputs. These inputs add Size to your transaction, and you pay a transaction fee based on size, Satoshi per Byte. Each input adds something like 180-Bytes if I'm not mistaken onto your transaction; I was sending transaction fees of 175 Satoshi per Byte and getting my transactions confirmed almost immediately even at the height of the congestion a few days ago.

Your 10-15 USD may be difficult to send because of the manner in which you have received it, also with the price of a single Satoshi being so "high" right now, it causes ever input towards your transaction to be extraordinarily costly. It's easier to not think about Bitcoin in terms of USD in my opinion, if you think about the fees in this way you'll never send any coin and may miss out on some opportunities, because you're irrationally upset about things you should already understand.

No wallet can "take less fees" and give you any better outcome, this is determined by miners and the network itself. The wallet is just the customer representative you're choosing to be upset with today. I say hold your coin until it is worth it to move around or eat your losses and get out of the game before the fees are even more USD.  Roll Eyes

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ZainSpider
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December 17, 2017, 10:47:14 AM
 #10

Dang I just halted a transaction because the fee was too much. I chose an altcoin to send the payment. I wish and hope bitcoin solves the fees issue.

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Dilladupak
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December 17, 2017, 11:23:02 AM
 #11

My opinion, if you want to do a higher cost transaction, your confirmation will be faster. and if you do not want to lose profit on bitcoin, it's the best thing for us to do so. so also with low cost transaction it will take a very long time , so you will lose the opportunity. because the look at bitcoin prices is currently very good, compared to before.
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December 17, 2017, 11:30:34 AM
 #12

The mempool is getting larger, the transaction exceeds the block size, that could be the problem. The only solution is to implement the lightning network as soon as possible since it could significantly improve the problem that Bitcoin has.
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December 17, 2017, 11:38:07 AM
 #13

why has the bitcoin fee for each transaction recently been so high?
Because the demand for bitcoin has increased greatly and people are priotising their transactions by setting high fees which as lead everyone to follow.

It was easier to send 10-15 usd before but these days the fees are more than that.
Any wallet which takes less fee?Im fine with delayed confirmation.
You will only take advantage of such services if you are sending the bitcoins on the same platform with little to no fees and with the high miner fees bitcoin is best used to send larger amounts of money than sending small amounts like 20 dollars.
francesyrus
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December 17, 2017, 11:41:17 AM
 #14

why has the bitcoin fee for each transaction recently been so high?
It was easier to send 10-15 usd before but these days the fees are more than that.
Any wallet which takes less fee?Im fine with delayed confirmation.

If we convert to local fiat bitcoins miners fee it is so high because bitcoins value now is so high. For example if we have a 0.005 btc transaction fee before when converted to USD it is just about $1 but now a 0.005 btc is worth about more or less $10 now same btc value but different local fiat value. Smiley

Baimovic
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December 17, 2017, 11:43:42 AM
 #15

yes, I think it's a bitcoin rating today, usually good stuff, then the transaction cost will be expensive.
if you want cheap, I suggest to you, so you can use etherdelta market.

engrawaz
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December 17, 2017, 11:49:07 AM
 #16

Basically bitcoin network performs about 7 transactions per second when the tx exceeds that limit the algorithm is set to increase tx fee. This algorithm is implemented to prevent spam.
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December 17, 2017, 11:52:12 AM
 #17

why has the bitcoin fee for each transaction recently been so high?
It was easier to send 10-15 usd before but these days the fees are more than that.
Any wallet which takes less fee?Im fine with delayed confirmation.


Well I have encountered this one, I sell tokens and its not a big enough profit and the required fees were almost 47% of my Bitcoin to be gain, and I have no choice than to pay what they are aquiring cause it will be zero for me. I hope they will lessen fees.
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December 17, 2017, 12:24:21 PM
 #18

why has the bitcoin fee for each transaction recently been so high?
It was easier to send 10-15 usd before but these days the fees are more than that.
Any wallet which takes less fee?Im fine with delayed confirmation.
Bitcoin transaction fees are getting higher every day because millions of people are conducting transactions over bitcoin blockchain network. The more people on the network the slower the network is going to be. But if you can pay the higher transaction fee (miner fee) your transaction gets processed quickly. you should try Xapo i think their transaction fee is more affordable. 

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December 17, 2017, 12:28:48 PM
 #19

why has the bitcoin fee for each transaction recently been so high?
It was easier to send 10-15 usd before but these days the fees are more than that.
Any wallet which takes less fee?Im fine with delayed confirmation.
Bitcoin transaction fees are getting higher every day because millions of people are conducting transactions over bitcoin blockchain network. The more people on the network the slower the network is going to be. But if you can pay the higher transaction fee (miner fee) your transaction gets processed quickly. you should try Xapo i think their transaction fee is more affordable.  

Xapo tried to rob me over 1 million of satoshi

they attracted me without transaction fees.
Then they have set transaction fees
And now they forbid me to access my account because I have not an android mobile phone.

To attract me it was not necessarary...

For me Xapo is my biggest scammer.

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December 17, 2017, 12:34:45 PM
 #20

why has the bitcoin fee for each transaction recently been so high?
It was easier to send 10-15 usd before but these days the fees are more than that.
Any wallet which takes less fee?Im fine with delayed confirmation.
Bitcoin transaction fees are getting higher every day because millions of people are conducting transactions over bitcoin blockchain network. The more people on the network the slower the network is going to be. But if you can pay the higher transaction fee (miner fee) your transaction gets processed quickly. you should try Xapo i think their transaction fee is more affordable. 

I think every wallet fee is high at the moment due to blockchain traffic and number of transactions occurring per seconds also very less like only 7 transaction per second is done.But normally thin number will be around 30 transactions per second.Currently 130K pending transactions in blockchain network so you need to wait for that traffic gets clear to send with lower fee.You can tray wallets with customizable fee but if you send too low fee your transactions will be pending for months,so if you don't know to customize the fee then just send it with default fee.

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