Today fee of bitcoin transactions is increased

[SKyy991]

what happended today, I sent 1 BTC into another wallet, and it took 2.5 USD. so high

[1714881727]

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[1714881727]

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[1714881727]

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[kevoh]

There are speculations that the increase in bitcoin transaction fees in the past day is due to Bithumb clearing out its wallet in order to secure the remaining funds that were not stolen.

Source: http://bitcoinist.com/bitcoin-transaction-fees-bithumb-wallet/

The fees might possibly go down after the euphoria has died down. But $2.5 is quite small to complain for sending 1 BTC 

[HeRetiK]

The mempool doesn't look too full though (around 1500 unconfirmed transactions as of the time of writing).

Maybe your transaction contained a lot of inputs from various change addresses and/or incoming transactions? Either way it's nice to see that transaction fees of USD 2.50,- have become worthy of complaining again

[ra213]

The most wallets let you set the fee, so it's your choice how much you are willing to pay.

You can check this site to get a feeling how much do you need to get your transaction confirmed.
https://bitcoinfees.earn.com/

[LeGaulois]

what happended today, I sent 1 BTC into another wallet, and it took 2.5 USD. so high

$2.5 fee is too much for sending ~$7000$ ? It's less than 0.04%
Go to Paypal to receive $7000 and you will feel the pain when you will see how much you're charged to receive the same amount. And don't forget to consider that the sender would also pay a fee to seed to you

[btcdevil]

what happended today, I sent 1 BTC into another wallet, and it took 2.5 USD. so high

$2.5 fee is too much for sending ~$7000$ ? It's less than 0.04%
Go to Paypal to receive $7000 and you will feel the pain when you will see how much you're charged to receive the same amount. And don't forget to consider that the sender would also pay a fee to seed to you

Not only paypal but if you have gone some months back then that time bitcoin transaction was so high that you have to pay more then 2 to 5% of the transaction value to get your transaction get confirmed fast. It is nice to see that now bitcoin transaction fees has down back.

[eternalgloom]

Are you using a Segwit address? Can't imagine that you'd pay that much when you're using segwit.
Would be interested in seeing your transaction hash, because you haven't mentioned the size of the transaction either.

Don't think I've paid more than, say, 0.00005 BTC in fees per transaction since I've been using Segwit.

[storyteller2121]

I think the price will go higher and higher. Bitcoin price vs dollar slightly lower than May. But it will rise, so as the conversion fee or sending from one wallet to another.

[ra213]

https://estimatefee.com/ can help to estimate fees, but sometimes they over-estimate on fees for fast-confirmation.

The most wallets let you set the fee, so it's your choice how much you are willing to pay.

You can check this site to get a feeling how much do you need to get your transaction confirmed.
https://bitcoinfees.earn.com/

That website isn't bad, but people should see the horizontal graph rather than see their recommendation on "Which fee should I use?" section.

Never realized that there is a recommendation on the bottom of the page. Yes, seems ten times too high for a non prio transactions.

[LeGaulois]

what happended today, I sent 1 BTC into another wallet, and it took 2.5 USD. so high

$2.5 fee is too much for sending ~$7000$ ? It's less than 0.04%
Go to Paypal to receive $7000 and you will feel the pain when you will see how much you're charged to receive the same amount. And don't forget to consider that the sender would also pay a fee to seed to you

Not only paypal but if you have gone some months back then that time bitcoin transaction was so high that you have to pay more then 2 to 5% of the transaction value to get your transaction get confirmed fast. It is nice to see that now bitcoin transaction fees has down back.

Yeah, I didn't forget this time don't worry  It's funny to see people not happy to pay $2.5 to send 1 BTC, just 2 bucks... I would like to see what he could say if we go back to the period with high fees.
You can send bitcoins for cheap currently, it encourages people to make low payments instead t hold their coins

[reliable]

I think the price will go higher and higher. Bitcoin price vs dollar slightly lower than May. But it will rise, so as the conversion fee or sending from one wallet to another.

When the btc prices increases the transaction fees will also rise and I remember way back in December when the btc prices was above 15k the fees for like 0.1 btc was something like 30$+ and now for 1 btc it is just 2.5$

[stompix]

I think the price will go higher and higher. Bitcoin price vs dollar slightly lower than May. But it will rise, so as the conversion fee or sending from one wallet to another.

When the btc prices increases the transaction fees will also rise and I remember way back in December when the btc prices was above 15k the fees for like 0.1 btc was something like 30$+ and now for 1 btc it is just 2.5$

Fees have no correlation with the price of bitcoin...
From March we've been experiencing fees of under a dollar on average while the price is well above what we've seen prior to November 2017.
Yet the fees were around 5$ at that time.

Unless the number of transactions will exceed the block capacity again we will not see again a rise in fees.

The last block confirmed this transaction:
https://blockchain.info/tx/96a800451c53a4074019ca0aac5d167e3118cd885c7ae74d0375eb5c0f963218
Fee per byte   0.675 sat/B  or 1 eurocent per tx.

And yesterday was full of empty blocks   

[pooya87]

I think the price will go higher and higher. Bitcoin price vs dollar slightly lower than May. But it will rise, so as the conversion fee or sending from one wallet to another.

When the btc prices increases the transaction fees will also rise and I remember way back in December when the btc prices was above 15k the fees for like 0.1 btc was something like 30$+ and now for 1 btc it is just 2.5$

Fees have no correlation with the price of bitcoin...

what @reliable said is not right but in a way there is some correlations between the price and the fees.
for example when price was really low ($10 and lower) the fees in BTC were higher (for example 0.01BTC at some point) but as price went up such fees were unreasonable so they came down. now that price is in 4 digits were paying ~0.00000200BTC as fees.

eg. from 2011 https://www.smartbit.com.au/tx/c0e60912386aefeb6bf6c1b98834cbbb1babc704521057aef27a73631242cbdb

[xYakult]

If I am not wrong, no matter how much you send you just only need to pay same amount.

Not all the time, transaction fees depends on few things like the number of inputs and outputs and also the current memory pool size where some wallets will suggest you to pay larger amount for transaction fees for the miner to prioritize your transaction so it will confirm faster than the others

[stompix]

I think the price will go higher and higher. Bitcoin price vs dollar slightly lower than May. But it will rise, so as the conversion fee or sending from one wallet to another.

When the btc prices increases the transaction fees will also rise and I remember way back in December when the btc prices was above 15k the fees for like 0.1 btc was something like 30$+ and now for 1 btc it is just 2.5$

Fees have no correlation with the price of bitcoin...

what @reliable said is not right but in a way there is some correlations between the price and the fees.
for example when price was really low ($10 and lower) the fees in BTC were higher (for example 0.01BTC at some point) but as price went up such fees were unreasonable so they came down. now that price is in 4 digits were paying ~0.00000200BTC as fees.

eg. from 2011 https://www.smartbit.com.au/tx/c0e60912386aefeb6bf6c1b98834cbbb1babc704521057aef27a73631242cbdb

I don't get your example, the tx is from block 125740 which had 4 txs, the reward, the tx you mentioned  and two other tx with 0 fees

In 2011 the limit of 0.01 was there to prevent spam attacks but transactions with higher outputs than that were not affected. And it got removed from the clients altogether later on, as it was an anti-spam feature forced on the users
You can see in other blocks from the same period they all pay either exactly the same fee of 0.1 or 0.

Back to the price/txfee in sat/usd comparison...

Exactly 1 year ago...
Price in usd 2500, tx costs on average 2.5$,
Now, price 6000, average tx 1$, 6 times less in satoshi terms.

So no, there is absolutely no correlation.

[pooya87]

I don't get your example, the tx is from block 125740 which had 4 txs, the reward, the tx you mentioned  and two other tx with 0 fees

In 2011 the limit of 0.01 was there to prevent spam attacks but transactions with higher outputs than that were not affected. And it got removed from the clients altogether later on, as it was an anti-spam feature forced on the users
You can see in other blocks from the same period they all pay either exactly the same fee of 0.1 or 0.

Back to the price/txfee in sat/usd comparison...

Exactly 1 year ago...
Price in usd 2500, tx costs on average 2.5$,
Now, price 6000, average tx 1$, 6 times less in satoshi terms.

So no, there is absolutely no correlation.

i am talking about fee in BTC or satoshi not its value in USD. when price was low in USD, the fee in BTC was higher (0.01 then for example 0.0005 in 2012) and as price went up, the fee in BTC decreased to match the value.
and the fee has always been there to prevent spam attacks.

[HCP]

Don't forget that as the "base" block reward decreases at each successive halving... the transaction fees in a block will constitute a larger percentage of the total block reward. So, either the value of BTC will need to increase or the fees will need to increase or the cost of mining will need to decrease to incentivise the miners to continue to mine.

I doubt that option 3 is likely to happen (given increasing difficulty)... so we're left with increase of BTC value or increase of fees... or possibly both?

[pooya87]

Don't forget that as the "base" block reward decreases at each successive halving... the transaction fees in a block will constitute a larger percentage of the total block reward. So, either the value of BTC will need to increase or the fees will need to increase or the cost of mining will need to decrease to incentivise the miners to continue to mine.

I doubt that option 3 is likely to happen (given increasing difficulty)... so we're left with increase of BTC value or increase of fees... or possibly both?

there is an option #4 which is finding a way to increase the sum of fees in a block which can be achieved by increasing the capacity. if the blocks contain more transactions then the total fees miners get will be higher without needing the fee per tx to go up.

[cocoklogi]

what happended today, I sent 1 BTC into another wallet, and it took 2.5 USD. so high

It was maybe because your transaction size is large, based on multiple input.

[btj]

Transaction fees not depend only on the number of inputs, but too number of outputs.

Size of transaction = Number inputs * (Input Size) + Number of outputs * (Output Size) + 10 Bytes extra fixed fee required for the framework of the transaction

Learn more from here: https://bitcointalk.org/index.php?topic=4460377.msg39966082#msg39966082