What Can You Say On Bitcoin's Transaction Cost?

[CryptoBry]

The scalability problem of Bitcoin has been magnified with the recent ridiculous rise of transaction cost charged by many wallets to their customers. Many are complaining especially those small transactions as they sometimes cost more than the amount of Bitcoin being transferred. We are complaining because Bitcoin is supposed to be this way -- the whole thing has already become like an auction where we have to bid higher fee so that transactions are not trapped somewhere. There has to be a good solution to this perennial problem otherwise this is like shooting the very foot of Bitcoin and a very bad insult to its own name.

[mafostedu]

That it is a chaos, i can not even believe it everytime that i have to pay for the fees.

it is insane, and most times i am not even able to pay it.

Last night i wanted to send $25 to a friend and the fee for that transaction was over $18, tell me, was it worth to send that amount? of course that it was not.

[Turkish88]

This is grabbing, on the way next fork UB united bitcoin, this fork gives coin to active wallet's - more transaction expect

[Razick]

The main problem are companies consistently upping the fees to push through txs. If they would keep them lower, it would be better for everyone. Due to this competition, the fees slowly will continue increasing higher as Bitcoin grows until something is done to solve it like mass-implementation of Lightning or a block size increase to 2mb... anyway, it will be great when there is finally a solution.

[Dudeperfect]

Average transaction cost is rising as miners are prioritizing the transactions in which high transaction fees are included but one can afford such fees for the international level transactions and when it comes to the domestic transactions, things are not smooth as they should be.

I recently discussed this issue with the vice president of one domestic exchange in my country and he said that we are working on the mechanism where internal transactions will be free of cost for the customers of that exchange. It will make the impact on the growth of microtransactions but again, this is a temporary solution as there is a threat of monopoly in the market in my opinion.

[saedasda]

We cant use bitcoin for daily use. Bitcoin is useless because the main purpose of bitcoin is for peer to peer transaction but how can use it if the fee is too much. They introduce bitcoin for investment not for daily use

[krigger]

We cant use bitcoin for daily use. Bitcoin is useless because the main purpose of bitcoin is for peer to peer transaction but how can use it if the fee is too much. They introduce bitcoin for investment not for daily use

Some people are saying it is now a store of value and not a currency.

[snipetr]

Transaction fees for bitcoin offered for each transaction is much high. Many times fee cost is high aa compared with bitcoin cost which going to transfer. Due to this high fee people's prefer to hold bitcoin rather than use as payment system or other uses. This high cost of transaction is major problem in bitcoin as future currency.

[BrewMaster]

i always say we damage bitcoin ourselves not anyone from outside. all they do is spread FUD about bitcoin but we inflict the most damage on our own.
the current high fees is one of those damages we are doing to bitcoin. people are not going to use bitcoin that has a ridiculously high fees. and so far bitcoin was rising and staying up because it is a currency and if that changes it may rise but it will never stay up because it will be replaced.

[Kakmakr]

The main problem are companies consistently upping the fees to push thorugh txs. If they would keep them lower, it would be better for everyone.

That would be going against the way things was designed to work. The whole point of higher fees, is for people to be able to pay a higher fee to get their transaction to confirm quicker. Some people who are not in a hurry, will pay the normal fees.

The problem is that the MemPool are so congested now on the Legacy addresses <Not SegWit> that everyone is paying high fees now to get their transactions through. The more they pay, the higher the fees will go. ^sad^

[vv181]

I believe the lightning network is the only hope, I hope it soon will be implemented because it will greatly improve the transaction so it becomes quicker and cheaper. The good this is lightning network has been successfully tested on the mainnet test.

[kaysersoze]

The only thing that will probably change all the perspective is just the ligthning network, once that we see this, or just once that it gets implemented on ALL the wallets it will be a huge succes for all the blockchain.

I can not even wait anymore until it gets implemented, i am always dreaming about paying less than a dollar just for fees, just imagine that.

[pawanjain]

Obviously the transaction fee is high and despite of it being high we are having it to pay more than the actual fee because of the congested network.
There are already so many transactions piling up on the network and being congested the transaction fee is keeping on increasing. Even if we pay 0.0005BTC it would make $9.5 which is still more when compared to the fees taken by banks for transferring money. Micro payments are far from being a reality(although are happening but are of no worth) now since the higher payments themselves are seeing issues. Bitcoin will break soon if the issues are not solved.

[WhichIsGood]

I personally think that the transaction cost of Bitcoin right now is still reasonable. With bitcoin becoming mainstream, more and more people use it everyday. The more user, the more congested the network and the longer  the transactions are confirmed. But you can also set your fees at a lower sat/b rather than the recommended one, that is if your fine for a longer confirmation. I tried it, and it works for me.

[13abyknight]

With an surge in the number of transactions, everyone wants theirs to obtain a confirmation within the next few blocks and hence end up setting high fee. If all these people make up their minds to keep it to a low, miners would still continue mining, accepting the lower fee itself.

Bitcoin as an option for micropayments is almost ruled out at this point as the fee overshadows the amount being transacted, making it impossible to use over traditional fiat or other cryptos. This will continue to remain an issue till the core steps up and does something about this and Bitcoin will continue to remain as an 'investment' and not a currency, in many views.

This is grabbing, on the way next fork UB united bitcoin, this fork gives coin to active wallet's - more transaction expect

This is nowhere near to a solution for the existing problems and we're not talking about creating more hard forks here, but on improvising the core.

[Alpha0One1]

the current transaction fee for bitcoin is too high if you look at it at dollar terms.
If you look at it at btc terms, and exchange transfer would only be 0.005 to 0.002%.

[zolfa]

yes, I also see many members who complain and are disappointed with transaction fees.
but my solution to deal with this is to sell it when it has a lot of bitcoin, and if it has a bit bitcoin, then it's better to hold.

[AlaitisalKhayr]

Its too high, I was sent less than 5$ worth of bitcoin but the regular fee is too high. Its only good to send hige amount of transaction. I will only save my bitcoin as investment now.

[pugman]

The scalability problem of Bitcoin has been magnified with the recent ridiculous rise of transaction cost charged by many wallets to their customers. Many are complaining especially those small transactions as they sometimes cost more than the amount of Bitcoin being transferred. We are complaining because Bitcoin is supposed to be this way -- the whole thing has already become like an auction where we have to bid higher fee so that transactions are not trapped somewhere. There has to be a good solution to this perennial problem otherwise this is like shooting the very foot of Bitcoin and a very bad insult to its own name.

Agreed, I once had to transfer 0.001 BTC to some other wallet, the fee itself was 0.001 and hence, I was just spending everything on the fee and the wallet on the other side will have nothing. Was quite despondent at that time, but then the price had also increased so I just let it go and decided to move on. 15-30$ only for transaction is not worth but if you want to send bitcoins to some other wallet or something, you need to pay that much or pay less and wait forever to get confirmations.

[jamirrah]

All I can say is it sucks imagine how you need to pay around 20$ for an average transaction, note I say average not yet fast it still takes hours in order to get process. And in my wallet that 20$ fee is the minimum I can set regardless of the amount I need to transact.