What Can You Say On Bitcoin's Transaction Cost?

[Haunebu]

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.

What did you expect? You do realize that there are multiple options available to send bitcoins right? You can decrease the transaction charges, but you will need to wait longer for the transaction to get confirmed in the blockchain. As the value of bitcoin continues to soar, there will be more demand which will result in more congestion in the network which will obviously lead to higher transaction charges which is not a big deal at all.

[dreamer81]

I say transaction costs are way too high right now. But that is due to popularity. Once people start using bitcoin transactions less, the miners will want to implement new code that allows more transactions.

Forget about bitcash and bitgold. They forked the original bitcoin, and thought that was the way to go, it is NOT. We need consensus to change something, not just fork like in the wild west.

[Tyrantt]

It's still getting stupid even more. Fees should be fixed for any amount under 100%, like for example 5% of any tx or something like that, because with fixed fees there would be no accidental stuck transactions like it happens to people every now and then. Happened to me a few times when blockchain.info wallet is acting up.

So in my opinion fixed % of the amount that's being sent is a perfect solution, you always know how much you will be spending on it, because as of right now. Haven't been anything recently but last time I've been trying something out, I spend 4$ fee on a 1$ transaction.

[alex_rada]

Kind of unusable for everyday transactions. I'd have no problem with it if I had to move 1 million bucks tho. Nonetheless, it's a temporary setback and until we get it fixed try to use this tool to time your transaction costs: https://jochen-hoenicke.de/queue/#24h

[jseverson]

Yeah, Bitcoin hasn't been usable for microtransactions for a while now, but the problem is currently on a completely different scale. These problems have usually resolved themselves in the past given time, but that doesn't look like the case at the moment. The number of unconfirmed transactions is nearly the same as when I checked it a day ago. That means the network isn't getting any progress in trimming down the number of transactions in the mempool.

The only real solution on the horizon is the Lightning Network, but who knows when that will roll out. I would personally support a temporary band-aid solution, should someone come up with one.

[ahmadhidayat27]

I think this event is reasonable because bitcoin is still in the stage of adjustment or development. Bitcoin prices lately are crazy of course transaction costs also go crazy. I advise you to make transactions using cheaper ALT coins in transactions. Do not do bitcoin transactions if the amount is small because the transaction cost is quite unreasonable.

[icanscript]

Yeah, Bitcoin hasn't been usable for microtransactions for a while now, but the problem is currently on a completely different scale. These problems have usually resolved themselves in the past given time, but that doesn't look like the case at the moment. The number of unconfirmed transactions is nearly the same as when I checked it a day ago. That means the network isn't getting any progress in trimming down the number of transactions in the mempool.

The only real solution on the horizon is the Lightning Network, but who knows when that will roll out. I would personally support a temporary band-aid solution, should someone come up with one.

I think that users of the bitcoin network should stop their transactions for a while. The user consensus must be found.

[Mpamaegbu]

This situation calls for concern as it has become overtly discouraging for people transacting in bitcoin. It is now becoming the bane of Bitcoin and may likely drive away its fans if not corrected. Miners don't really care again. They just want to extort the people and this is really affecting micro transfers.

[exstasie]

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.

If Bitcoin were actually ready for mainstream use, it wouldn't be priced this low. The market is speculating on its future utility. Hell, don't they still say that Core is in Beta? Lightning can mitigate a lot of these woes about transaction fees, but that'll probably be a year or more from now. In the meantime, focus on storing your BTC, not spending it (at least until transaction congestion calms down).

Also, take a look at this chart:
https://i.imgur.com/yBMgmyw.png

These aren't natural spikes in transaction growth. A < 500% increase in confirmed transactions that in some cases resulted in > 100,000% increase in fees? The most appropriate word for this is an attack. There are some researchers trying to pinpoint who this mempool attacker is, and I've heard that BTC.com and Bitmain may be implicated.

[Chyton]

It is too expensive right now, the only way I could solve the problem of transferring my coins from an exchange to another one is to convert my coins into other altcoins that has low fees such as Litecoin, Dogecoin, etc.
I think Satoshi doesn't think that Bitcoin could reach a price of more than $15,000, because if Bitcoin price is a around $100-$2000, the transaction cost is still bearable. It is one of the flaw in Bitcoin.

[oyinkansolaberry]

the transaction cost is not encouraging at all. the high cost of sending Bitcoin from one wallet/account to another is defeating one of the purpose of Bitcoin as a medium of exchange. one would have to think twice before opting for Bitcoin as payment for goods or service because the transaction cost would almost equal the cost of the goods or service you intend to pay for. I consider this as a restriction on the capacity of Bitcoin, something needs to be done fast to correct this anomaly.

[exstasie]

I think Satoshi doesn't think that Bitcoin could reach a price of more than $15,000, because if Bitcoin price is a around $100-$2000, the transaction cost is still bearable. It is one of the flaw in Bitcoin.

Satoshi acknowledged that mainstream adoption would entail that bitcoins were each worth millions of dollars. Unfortunately, I can't locate the post now, but this is pretty well known. But more to the point, the very design of Bitcoin entails that transaction fees are calculated in BTC, not USD. The USD value is irrelevant. Bitcoin doesn't understand its own exchange rate, and there's no decentralized way to code it into the protocol. The whitepaper states pretty clearly that the design allows for transaction fees replacing the limited mining subsidy.

I think that Satoshi's desire to reserve room for free transactions was misguided. He likely knew that standard/on-chain scaling was insufficient for mainstream adoption, hence his inclusion of payment channels in the original software. Segwit and Lightning are making it safe to reintegrate payment channels into the software, allowing for exponential scaling and lower fees.

[tiggytomb]

The fees really are an issue, I tried to pay a mate for lunch $15 but the fee added on top just didn't make sense to send it, for small amounts and daily transactions bitcoin can still be used but the payment may stay unconfirmed for a few days if you are not willing to pay the larger fee, this might be okay in many instances but businesses may not be happy with waiting this long to receive their payment even though it is just waiting for confirmation.

Maybe bitcoin will go beyond just being a payment method and become a store of value and then the other coins such as litecoin will come along for the everyday usage.

[LeGaulois]

This has been debated many times before and the question keep to be asked 2 times weekly at least. The transaction cost is what is hurting Bitcoin right now, it can't be used for micropayments and it's used as an "investment" to speculate on. People prefer to hold than to use it.

It needs a serious change and it needs to be asap otherwise Bitcoin will never be used to its full potential

[icanscript]

The cost of transactions is devastatingly huge. To date, the only way to not suffer from this is to make payments in other crypto-currencies.
Unfortunately, this is not always possible.

[kier010]

bitcoin fees now are the problem cause of its price keep pumping what it affects the most are those doing small transactions. if possible avoid sending small amount because you will just lose more.

[TheCryptoSite]

actually the main problem is the transaction fee that exists on the exchanger and market in my opinion, because they average burden with 1mBTC fee. While in the wallet like blockchain we can determine how much the fee, but back again to speed up the transaction, you must increase the amount of fee for the transaction to be confirmed immediately.

[kiwasmose]

The cost problem of bitcoin has always been the biggest problem, and now it's time to make a change. Those forks may be helpful, but now there are too many forks, and they don't get the trust of most miners. It is believed that this problem can be improved within the next two years, and perhaps another altcoin has been recognized by everyone. Why not?

[gabmen]

Well, we just have to live with it for now. Transactions more than doubled in recent times hence it's a lot more expensive now and it even takes longer than a year ago. It probably will change with all the coming forks but for now, well take it with a grain of salt

[squatz1]

This is a short term problem at the moment, due to the fact that the Bitcoin price has risen but the difficulity (with mining) hasn't followed suit as of yet, so it's not like this is going to be something that stays on forever. It's just a small number of miners who are able to make a good amount of money in TX fees (sometimes $10 PER TX) as that is what they demand.

Once more people get in on the action this is going to come crashing down.

But out of this short term, this is one of the many reasons (TX INSANE PRICES ) I use altcoins for transactions within trading exchanges. It's MUCH cheaper in fees.