bitcoin transaction fees are abnormal

[marinko9]

I have just made a withdrawal from Coinbase of 0.00581882 BTC and the 0.00120204 BTC was a transaction fee!?

So, to the end BTC address there was only 0.00461678 BTC!

Why are the transactions fees so big. What is the point here?

[nl247]

Network congestion, scaling issue that is yet to be resolved, or possibly there is a solution, but has not been implemented yet and hoping it gets implemented soon enough.  Honestly, it is disturbing but nothing we can all do for now than to hope that lightening network gers deployed soon and that solves the problem at hand to give us back the speedy and less fee transaction that we used to have.

[nightmanisrightman]

Nothing extreme happened it is that bitcoin fees are a % of what bitcoin is worth and since bitcoin has 10x since last year you have to realize that fees also will 10x from last year. Fees are roughly gone up a bit higher than this but until they implement LN there is nothing that we can do if we want to transact in BTC. If you have small amounts try using DOGE coin or a DAG coin with zero fees for transactions if possible.

[Alns]

So you just said that you paid about 0.0012 of fees of a single transaction of 0.005, then let me ask you, why are you cashing out money without knowing how much money you are going to pay for fees?
it is like making a bank transfer of $30 when you need to pay $25 for international fees, no offense, but that is how it works.
And if you do not like to pay fees, just switch all your balance to other crypto, and that will be fine, i will suggest you a few one who have low fees; Dogecoin, Litecoin, Dash, Ripple, and so on..

[avikz]

I have just made a withdrawal from Coinbase of 0.00581882 BTC and the 0.00120204 BTC was a transaction fee!?

So, to the end BTC address there was only 0.00461678 BTC!

Why are the transactions fees so big. What is the point here?

So you have paid 20% as transaction fees. We have long diverted from the actual goal of bitcoin for creating a p2p decentralised currency. It is also going through a massive scaling issue which needs to be resolved immediately or bitcoin is going to die a slow and painful death.

The only hope is the lightening network which is currently being tested on testnet. The sooner it is implemented the better for us. Otherwise people who require frequent transactions, will certainly move their money elsewhere to some technically superior currencies.

[Valentina N]

Yes this is an anomaly situation! Not only bitcoin! Can you imagine I wait some transaction for during two days!!!  Expensive, not anonymous, slow! Awful!

[JMD07]

I have just made a withdrawal from Coinbase of 0.00581882 BTC and the 0.00120204 BTC was a transaction fee!?

So, to the end BTC address there was only 0.00461678 BTC!

Why are the transactions fees so big. What is the point here?

This is normal to people who are doing a business. Without a regulation from government this businessman will surely do what they want. Take advantage of the high demand.
They are milking us.

[Yakamoto]

I have just made a withdrawal from Coinbase of 0.00581882 BTC and the 0.00120204 BTC was a transaction fee!?

So, to the end BTC address there was only 0.00461678 BTC!

Why are the transactions fees so big. What is the point here?

The network is chock full of transactions right now. As I am writing this post there are over 170k transactions which remain unconfirmed, and it has been hovering around this amount for a fairly long time now. The lowest I saw it get to within the past week or so has been around 130k transactions being unconfirmed, followed by another jump up to 190k and then back down to a pretty steady 170k since then. It was like this during the insane pump to close to 20k as well; it crossed 200k unconfirmed transactions on a number of occasions and it was completely filling blocks. Even now they remain completely filled as the network tries to cut down the quantity, at least mostly full anyways.

Switch to something like blockchain.info if you don't want to pay the insane fees, blockchain at least lets you customize those fees.

[sirkings0003]

I have just made a withdrawal from Coinbase of 0.00581882 BTC and the 0.00120204 BTC was a transaction fee!?

So, to the end BTC address there was only 0.00461678 BTC!

Why are the transactions fees so big. What is the point here?

Woww. You are talking of 20% fee payment. That is really very high. I believe that this is already being worked on by the developers. maybe very soon, big relief will come. If not, bitcoin will die a natural death.

[faatipoke]

firstly your amount is too low for bitcoin. honestly, bitcoin is for rich people from now, not for that low amount of wealth. transaction fees are higher for low cap of transactions. you should chose cheaper coins such as litecoin, even digibyte. you should check transfer fee before transfering

do not forget, bitcoin is not for transaction nor low value of payments. bitcoin is digital gold, you store wealth on bitcoin. if you want to make a payment or transfer money, there are tons of other good cryptocurrencies.

[mega_carnation]

I have just made a withdrawal from Coinbase of 0.00581882 BTC and the 0.00120204 BTC was a transaction fee!?

So, to the end BTC address there was only 0.00461678 BTC!

Why are the transactions fees so big. What is the point here?

Well your withdrawal was deducted with the fee so you don't have to ask the remaining balance you've got on your wallet. I was about to send 0.002 BTC and the fee for the lowest priority is even 0.00251BTC isn't that great? Bitcoin is only for the rich people and for us who are too small to trade can't avail the fees.

[eucalyptus]

I totally agree with that bitcoin transaction fees are to high. Yes it is because of mass transactions but if we will pay that amount of money for transaction it is not good for the future of cryptocurrencies. There will e no difference with western union to send money.

[lotto-fan]

Hopefully with lightning network the fee will become much lower, now it is insane and it will not help the bitcoin.

[marinko9]

Thank you all for your comments. Yes, 20% of a fee is way to much but I didn't see any other options becuase I actually made the transaction from Coinbase to another exchange where I wanted to buy some small amount of new altcoins and I needed BTC for the purchase.

I guess in the future I would need to exchange BTC on Coinbase to ETH for example, then transfer the ETH to another exchange. On this other exchange change back the ETH to BTC and make the purchase or just transfer some bigger amounts of BTC as you pointed out..

It is all getting quite complicated and it seems I will need to spend a lot of time calculating for the best methods just to buy some altcoin the easiest way and without being robbed by way overrated fees in the process.

[Tenderino]

When I started using bitcoin around 5 years ago, the fee was cents and the low processing fees were the argument. Nowadays, they charge even a higher percentage than all existing fiat money processors. So it is time to add some other crypto wallets to your repertoire for sending lower amounts.

[dogandogru]

I have just made a withdrawal from Coinbase of 0.00581882 BTC and the 0.00120204 BTC was a transaction fee!?

So, to the end BTC address there was only 0.00461678 BTC!

Why are the transactions fees so big. What is the point here?

BTC fees is not just abnormal but it has gone crazy. Reason for downfall of BTC will be high transaction fees with long confirmation hours. This is the reason, traditional investors has shifted to altcoins. BTC dominance also got down to only 33% today which use to be more than 50% because of this high transaction fees.

[doroty]

Well, fees are out of control really, for 14.99 USD i have to pay transfer fee 22.19 USD, please guys, explain this???

[deadmousehat]

yes, bitcoin is geting popular make the busy traffic, for now bitcoin is not good for low amount transaction. I don't know until when bitcoin cost like this.

[Coin-1]

Why are the transactions fees so big. What is the point here?

Don't be angry. Just calm down and pay fees. Don't wait that transaction fees will be lower in the near future. The Lightning Network is just a banking outside of the blockchain of Bitcoin.

[majest3]

Sent a payment of 0.26 cents a couple of days ago cost me more than $12.00 in fee's. People think that lightening network will be the answer to our prayers,  it appears that we are being directed to that as the only solution to the current fee structure. This won't work unless each of your neighbors has at least the same value of BTC in there wallet, as you want to send. This is going to mean that hubs will have to be created with vast sums of btc in them, to make it work, looks like we are coming full circle again and back to those people that control the banking industry!!!!

[shinjunobi09]

That's not all it takes time for the transaction to be confirmed by the miners especially when you choose the low priority ones take it into account as part of my friends experienced but talk about the transaction fee. Man it's all of our incomes are being served to them. They are like preventing the increase of demand of bitcoin.

[xxx3]

I personally have nothing to say the cost of bitcoin is% of the bitcoin value and since bitcoin has 10x since last year you have to have cost also will be 10x from last year. The cost roughly goes up slightly higher than this but until they apply LN there's nothing we can do if we want to transact on BTC. If you have a small amount, try using DOGE coins or DAG coins at zero cost for transactions if possible.

[Greenkarki]

I have just made a withdrawal from Coinbase of 0.00581882 BTC and the 0.00120204 BTC was a transaction fee!?

So, to the end BTC address there was only 0.00461678 BTC!

Why are the transactions fees so big. What is the point here?

We have an announcement in Coinbase.com that they are woking on the backlogs. I am sure once the backlogs are cleared, the trasaction fees may get reduced. .0012 is so costly here. Even localbitcoin.com as well, costs .0009 for incoming trasactions. So when you change .005 into  your fiats, you would almost loose .0021 btc. Really worried at the cost.

[goaldigger]

I think you should aware on the fees before withdrawing and if you are active and old here on the bitcoin world, you are not surprised with this. Transaction fees are truly high, and so far, its the only way of getting a withdrawal.

[mevmike]

these may seem to be a problem especially if you are doing transactions with smaller values.
that is why it will be better to accumulate bitcoin first on a bigger amount before doing any transfer in order to save from transaction fees.
and we can't really do anything about this.
all we can do is accept it.

[faceoff97]

I have just made a withdrawal from Coinbase of 0.00581882 BTC and the 0.00120204 BTC was a transaction fee!?

So, to the end BTC address there was only 0.00461678 BTC!

Why are the transactions fees so big. What is the point here?

I have also experience this and made me think how come transaction fee keeps on rising. For this reason I tried to diversify my fund for platforms which doea not require big amount of transaction fee. I think aa bitcoin keeo on rising bitcoin transaction fee will also increase. This should be develop and be fix before people transfer to another one.

There actually other coin who offers smaller transaction fee, this made people choose bitcpin over it. Personally I prefer eth to transfer fund because I find it cheaper that bitcoin.

[Jombitt]

I have just made a withdrawal from Coinbase of 0.00581882 BTC and the 0.00120204 BTC was a transaction fee!?

So, to the end BTC address there was only 0.00461678 BTC!

Why are the transactions fees so big. What is the point here?

The blockchain network still congested, there are so many pending or unconfirmed tranasction right now. Its not recommended to make a small transaction using bitcoin. Try to use other altcoin for your transaction, it has smaller fees compared to bitcoin. Make it temporary till the bitcoin transaction fee go back to normal

[jseverson]

I have just made a withdrawal from Coinbase of 0.00581882 BTC and the 0.00120204 BTC was a transaction fee!?

So, to the end BTC address there was only 0.00461678 BTC!

Why are the transactions fees so big. What is the point here?

We have an announcement in Coinbase.com that they are woking on the backlogs. I am sure once the backlogs are cleared, the trasaction fees may get reduced. .0012 is so costly here. Even localbitcoin.com as well, costs .0009 for incoming trasactions. So when you change .005 into  your fiats, you would almost loose .0021 btc. Really worried at the cost.

Wait, what backlog? Their users' transactions? Because I'm pretty sure they have no control over that. That's why they're charging high fees in the first place -- so that their users' transactions can be confirmed as soon as possible.

What they can really do to help clear the transaction backlog is to use Segwit. I know that they already plan to have it implemented by the end of the first quarter of 2018, but man this should have been a long time coming.

Yeah the cost is worrying, but the crypto market as a whole is in a complete uproar right now. Some exchanges are even denying registrations. Crypto grew too big too fast, and while that shouldn't be too much of a problem long-term, it's pretty inconvenient at the moment.

[boboking]

This is really a big problem for bitcoin, network congestion and high fees are making other crypto users to look for a cheap and alternative way to send money. If this is not resolved this will be the start of the end of bitcoin.

[redsuncrypto]

I have just made a withdrawal from Coinbase of 0.00581882 BTC and the 0.00120204 BTC was a transaction fee!?

So, to the end BTC address there was only 0.00461678 BTC!

Why are the transactions fees so big. What is the point here?

my god, crazy fee for btc, almost 20% for withdrawal. maybe it's right time we shoud shift to altcoin

[Turkish88]

The better way for now wait when bitcoin core completes lightning network.
For exchanges we can exchange funds to other crypto and easy transfer

[soros017]

Do yourself a favor, and stop using freaking legacy addresses. Consolidate your funds in SegWit addresses instead.