Damn fees!

[political1907]

The king of digital currencies is Bitcoin. But we can not use it because of high transaction fees. I have to change to Altcoin for transfers. And I hate this situation. It needs to be resolved as soon as possible.

[levvv]

Yes, i agree with you. The bitcoin transaction fee is making most peoples angry.
Maybe it is the time that we must convert our BTC to other cryptocurrencies, and use them.
I think if bitcoin transaction fee keep stay high, many holders may leaves BTC too.

[Kprawn]

Let me tell you about my friend. He bought a bitcoin for $1023 in Jan 2017 and the price increased to $17 174 a year later, he

sold it and laughed at the $30 miners fee that he had to pay a year later. It is all about timing and what you aim to do with

Bitcoin at the moment. Bitcoin suck as a currency at the moment, because the miners fees make it impossible for people to

use it for micro payments... but it is still an excellent commodity. {Store of Value} 

[BitProNews]

I heard about the lightening network for bitcoin transactions but don't see its functionality in the actual network. However, btc is not anyo for small amounts transactions. In many traders forum, we start talking about who pays the fees for the transaction when trade.

[Qunenin]

Fees and slow transfers are killing BTC.

No, the high fees are killing the usage of bitcoin as a currency but are not killing bitcoin in the overall sense, bitcoin is very much alive and well, but there is no doubt we need to solve that problem asap if bitcoin wants to make an impact in the next years especially since it seems a lot of money is going to be invested in bitcoin in the next years.

Bitcoin fee is no doubt very high but it is not killing bitcoins in any way. People are trying to find ways to cut the fee low but the main problem is with online wallets and exchanges which are charging very high bitcoin fee even for small transactions. Other than that people can customize the tx fee from their desktop wallets etc.

[aeternus]

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Yes I feel you but miners can't control the fees. The higher the price of bitcoin, the higher the fee will be charge to us. Hoping for the next development of bitcoin they include to lower the fee.

No, the miners do indeed control the fees, there have been many speculations but the network is spammed to death almost everyday and that has happened for a long time and the only ones that benefit from such a thing are the miners so they are trying to push the prices of the fees higher in order to make more money that is why the devs went for segwit and the LN instead of just increasing the block size.

[Granxis]

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Everyone is trying to counter this problem, but unfortunately these transfer fees do not have a solution. Bitcoin transfer is not approved for 2-3 days when we pay miners fees low. Today a normal transfer fee is between 0.001-0.0015 Bitcoin.

[Hamstead]

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Everyone is trying to counter this problem, but unfortunately these transfer fees do not have a solution. Bitcoin transfer is not approved for 2-3 days when we pay miners fees low. Today a normal transfer fee is between 0.001-0.0015 Bitcoin.

It means that, when price go higher the more we pay high fees. I know people get worried about this, but unfortunately we have nothing to do to stop this or else your can't make transaction success. Of course we want to make our transaction go faster, but due to the bulk numbers of transactions process everyday it could be more priorities those who are paying in high fees.

[danielco9]

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

You right!!
The fees are crazy. it is not pays off the transfer Bitcoin.
I hope it will change soon somehow.

[aardvark15]

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

I remember back about 4 years ago when I first got into cryptocurrencies. Everyone talked about the fact that Bitcoin would give us a payment method with almost immediate transaction with virtually no fees. That has all changed and Bitcoin is primarily an investment and store of value. I think other cryptocurrencies will be able to be used as payment methods because some have smaller fees or no fees in the case of Iota.

[yoseph]

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Everyone is trying to counter this problem, but unfortunately these transfer fees do not have a solution. Bitcoin transfer is not approved for 2-3 days when we pay miners fees low. Today a normal transfer fee is between 0.001-0.0015 Bitcoin.

We just have to wait for the developers to either implement the lightening network or increase the block size and when those are done, the fees are going to go down.

[jonathanrobert1]

These fees are a pain in the ass for persons like me who are working on a very tight budget. I'm aiming for low costs coins and decided to simulate a withdrawal from binance for 500 TRX. Transaction fee 161 TRX. Really?

[Hell-raiser]

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

This is the thing with Bitcoin nowadays, mate.

I don't think you have to explain to them anything. Trying to explain would likely turn them away from crypto altogether. Nevertheless, if they are hell-bent on buying Bitcoin, better tell them to wait a liitle. In the best case scenario, the fees should go down dramatically when Lightning Network is activated in a few months. If it doesn't, well, that will be the worst case scenario, then tell them to buy a handful of major altcoins like Ethereum or Litecoin. $100 is not a big deal anyway, so they won't lose much if Bitcoin tanks and drags down other coins with it.

[Davinus]

I exchange to litecoin when transferring as the fee is lower and transaction is quicker.

I do exactly the same, an by this way, i am always paying less than $5 worth of fees for almost all the transactions.

In fact, most exchanges are asking you for less than 0.001 LTC of withdrawal fee (less than $0,25 at the moment)
So yes, litecoin is very useful for this kind of purposes.

[aeternus]

Fees and slow transfers are killing BTC.

No, the high fees are killing the usage of bitcoin as a currency but are not killing bitcoin in the overall sense, bitcoin is very much alive and well, but there is no doubt we need to solve that problem asap if bitcoin wants to make an impact in the next years especially since it seems a lot of money is going to be invested in bitcoin in the next years.

Bitcoin fee is no doubt very high but it is not killing bitcoins in any way. People are trying to find ways to cut the fee low but the main problem is with online wallets and exchanges which are charging very high bitcoin fee even for small transactions. Other than that people can customize the tx fee from their desktop wallets etc.

Then people need to stop to use online wallets, I have never seen the point anyway, most people are carrying smartphones that are just small computers that you can use as a phone as well, why people do not install a wallet there if they want to have access to their bitcoin? Now if you are a trader then you have no option but to use exchanges and pay their fees but if possible stop trading that much and become an investor not only is easier the profits are better too.

[ethereumhunter]

I exchange to litecoin when transferring as the fee is lower and transaction is quicker.

I do exactly the same, an by this way, i am always paying less than $5 worth of fees for almost all the transactions.

In fact, most exchanges are asking you for less than 0.001 LTC of withdrawal fee (less than $0,25 at the moment)
So yes, litecoin is very useful for this kind of purposes.

besides ltc, I think we can use dogecoin which only needs 5 dogecoin for the fees and I think it is too cheap for us to change into dogecoin and then we can sell it to get btc again. I think we need to think what cheap coin that we could use to send and receive and with fast confirmation so we don't need to wait too long and we can withdraw the bitcoin into fiat.

[Kidmat]

These fees are a pain in the ass for persons like me who are working on a very tight budget. I'm aiming for low costs coins and decided to simulate a withdrawal from binance for 500 TRX. Transaction fee 161 TRX. Really?

This is the problem the transactions fees are getting high. Even you will transfer or withdraw coin in any exchange their is always fees. Let's hope one bitcoin stabalized the fees cost would be lower.

[pratik009]

Yes you are right.nowdays bitcoin transaction price increased too much.if possible then you can suggest them to set less fees but also tell them that it takes more time.if you don't want to do this then i suggest you to use segwit beacause it's fees is less.
The other option is that you can invest into the other altcoins like eth beacause eth transaction fees is very less than btc and it's also take less time.

[Juggy777]

These fees are a pain in the ass for persons like me who are working on a very tight budget. I'm aiming for low costs coins and decided to simulate a withdrawal from binance for 500 TRX. Transaction fee 161 TRX. Really?

This is the problem the transactions fees are getting high. Even you will transfer or withdraw coin in any exchange their is always fees. Let's hope one bitcoin stabalized the fees cost would be lower.

I do not like the idea of sending my money into other coins, these alts loose their value really quickly,look at deeponion, ripple, Bch, not at all worth doing it. The following are my suggestions to save on fees.

1) Switch to segwit based address.
2)Try and transfer at different times of the day
3) Try sending big amounts rather than small ones.

I have tried transferring 1k three times in different time of the day I ended up paying 12, 6 and 2$ respectively.
People have reported segwit is helping lower the fees.

[Hell-raiser]

I exchange to litecoin when transferring as the fee is lower and transaction is quicker.

I do exactly the same, an by this way, i am always paying less than $5 worth of fees for almost all the transactions.

In fact, most exchanges are asking you for less than 0.001 LTC of withdrawal fee (less than $0,25 at the moment)
So yes, litecoin is very useful for this kind of purposes.

besides ltc, I think we can use dogecoin which only needs 5 dogecoin for the fees and I think it is too cheap for us to change into dogecoin and then we can sell it to get btc again. I think we need to think what cheap coin that we could use to send and receive and with fast confirmation so we don't need to wait too long and we can withdraw the bitcoin into fiat.

Yep! Dogecoin is really cheap both in absolute value and in respect to transaction costs. But there are at least two issues with this coin and likely even more which I simply don't know about. First, no major exchange accepts it and that severely hurts and limits its usage as a value transfer vehicle. Second, there is no active development going on with Dogecoin right now, so it is unlikely we are going to see more adoption of doges any time soon. But that's a pity really because it is a unique coin in its own department.