Today fee of bitcoin transactions is increased

[SHAWN-MIDWAYS]

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.

Are you kidding? do you really think 2.5 USD is high?

You're sending 6,000$ to somewhere and just paying 2.5$ USD I ask you again do you think its still high even it's not a 1% of the fee.
Do you know if you send money via bans they applied highly fee on your I still remember I send my father to send me 50,000$ and they give 700$ plus tax?

[@CryptoBlockchain38]

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

Correct but not when 0.01 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

Correct but not when 0.01 BTC

What's not correct when talking about 0.01 BTC? You mean USD 2.50,- are worth complaining about when sending 0.01 BTC? Depends on your use case, I guess. If you're just trying to send some money to one of your buddies across the street, sure. If you're talking about international remittance it's still a good deal unfortunately. PayPal, banks, Western Union, etc all take a bigger cut in that case.

[LoyceV]

If you're talking about international remittance it's still a good deal unfortunately. PayPal, banks, Western Union, etc all take a bigger cut in that case.

This is not entirely true: I can send money by bank to any euro country without paying a fee. And even if I include the "commercial" banking fee, I can withdraw euros from for instance Kraken.com to my bank for just 0.09 euro.
The fee to withdraw Bitcoin is still 2.85 euro, almost 32 times higher.

Even after Bitcoin's fees dropped a lot, it can still barely compete to traditional banking fees.

[Artisanal Miner]

still i can process it with low transaction fees - today i processed it with $0.17

[LoyceV]

still i can process it with low transaction fees - today i processed it with $0.17

It depends on your transaction size: Anything above 1 sat/byte is unnecessary, see Fees are low, use this opportunity to Consolidate your small inputs!.
For $0.17, you could have made a 2.5 kb transaction, that's 14 inputs (non-SegWit) and 14 outputs. If your transaction was smaller, you paid more than needed.

[HeRetiK]

If you're talking about international remittance it's still a good deal unfortunately. PayPal, banks, Western Union, etc all take a bigger cut in that case.

This is not entirely true: I can send money by bank to any euro country without paying a fee. And even if I include the "commercial" banking fee, I can withdraw euros from for instance Kraken.com to my bank for a just 0.09 euro fee.

I wouldn't count SEPA transactions as international remittance though, unless you're withdrawing to US / Canadian bank accounts in which case I'd be positively surprised and impressed

My personal experience with transactions outside of the Eurozone (but within Europe) have been rather sobering to say the least, with transaction fees ranging from EUR 10,- to more than EUR 30,- with little to no beforehand transparency on what fees I might expect. Might just be me having a shitty bank tho.

[LeGaulois]

Nah for me too, I am from "the great" Europe, and transacting with the outside of the Eurozone (but still Europe) is costly. I remember the first time it had cost me more in fee than the transaction itself. It took me three days to figure it out, I even called my bank to blame them and saying they did a mistake. In fact, the charges were well marked on the contract but in a very small size

I think most of us in Europe can send SEPA transfer free of charge, but in my country, they invented a fee some years back. It's called  "account maintenance fee" LOL, of course, there is no maintenance. It's not a lot (~$7 per month) but at the end of the year, you gave it $80-90, when everything's automated now. And I haven't seen my banker since 2012, so I don't use his time. I'm not cheap but with this I can pay 3 months of internet connection unlimited or a year and a half phone plan.

Back to the topic, yesterday and today I did a few transactions, with 3 cents and 10 cents, it all went smooth and got confirmed pretty fast

[Mota satish]

Bitcoin transaction fees are proving to be profitable for so called bitcoin "miners". Miners work out complex cryptographic puzzles to add transactions to the blockchain, a decentralized record of all bitcoin transactions

[manhhieudb4]

Yesterday I also sent in the 2 bitcoin wallet to then know the high cost so high now do not know how to do

[billknight]

Bitcoin transaction fee is always maintained at 0.0005. I think Bitcoin prices are rising so the transaction fees increase. This will be more serious if the price of Bitcoin increases to $ 100,000

[bob123]

If you're talking about international remittance it's still a good deal unfortunately. PayPal, banks, Western Union, etc all take a bigger cut in that case.

This is not entirely true: I can send money by bank to any euro country without paying a fee. And even if I include the "commercial" banking fee, I can withdraw euros from for instance Kraken.com to my bank for just 0.09 euro.
The fee to withdraw Bitcoin is still 2.85 euro, almost 32 times higher.

Even after Bitcoin's fees dropped a lot, it can still barely compete to traditional banking fees.

It may be worth to note that with bitcoin you are basically sending the money from yourself to the recipient directly.

With banks, you are telling the guys who hold your money to send an amount to another institution which holds the money for the actual recipient.

Even ignoring the decentralised, immutable, and guaranteed aravial of the money, i think that this is worth paying more than via 'traditional banking'. For me, it is worth paying a few cents more to be the one who decides when to send the money, without a group of people who can refuse/freeze/undo my transaction (2.85 € seems to be quite high for the current mempool).


But i guess this is a matter of opinion. I am looking forward to a stable and tested LN release, so all of this problems will be solved once for all.

[stompix]

!snip

It may be worth to note that with bitcoin you are basically sending the money from yourself to the recipient directly.

The problem is what to do with those "money".
For 99% of the people that are getting funds from an international remittance is almost impossible to use them all as BTC.

So, they will have to look for an exchange to transform those into the local currency.
At this point is either go for a 5-7% fee at an ATM or 2-3% fee on localbitcoins meeting a total stranger face to face or...use and exchange and...a bank!!

Which is quite counterproductive I would say...

[Jerick01311]

Bitcoin trasactions Depend of # of Transactions
 Small Amount Fee It Will be Increased if so many Are Get Transactions
It Will be increased to High amount. But if no transaction found It will back on Small Amount .
 Thats the reason 😁😁😁

[bob123]

The problem is what to do with those "money".
For 99% of the people that are getting funds from an international remittance is almost impossible to use them all as BTC.

So, they will have to look for an exchange to transform those into the local currency.
At this point is either go for a 5-7% fee at an ATM or 2-3% fee on localbitcoins meeting a total stranger face to face or...use and exchange and...a bank!!

Which is quite counterproductive I would say...

The same applies if someone was to send me some venezuelan dollars.
They are worthless here. I wouldn't be able to convert them because the flat fee would be higher than yearly wages in venezuela.

If i am insisting on only accepting one currency, sure. I will have to convert it and need to pay a fee.

But if i am somehow free of which currency i choose, i won't have to exchange it. And in this case (i guess thats what bitcoin aims for ?) BTC is definitely the better alternative (imo).
There would be no reason for me to exchange BTC if i can pay bills, rent and food with BTC (and i definitely wouldn't).

[ajpandey]

Bitcoin is always costly in terms of transaction fee that's why alternatives are coming as Ethereum much convenient and less expensive. Even steller is too fast as compared to others, Neo is the nest option to send fund without any fee.

[stompix]

The problem is what to do with those "money".
For 99% of the people that are getting funds from an international remittance is almost impossible to use them all as BTC.

So, they will have to look for an exchange to transform those into the local currency.
At this point is either go for a 5-7% fee at an ATM or 2-3% fee on localbitcoins meeting a total stranger face to face or...use and exchange and...a bank!!

Which is quite counterproductive I would say...

The same applies if someone was to send me some venezuelan dollars.
They are worthless here. I wouldn't be able to convert them because the flat fee would be higher than yearly wages in venezuela.

If i am insisting on only accepting one currency, sure. I will have to convert it and need to pay a fee.

But if i am somehow free of which currency i choose, i won't have to exchange it. And in this case (i guess thats what bitcoin aims for ?) BTC is definitely the better alternative (imo).
There would be no reason for me to exchange BTC if i can pay bills, rent and food with BTC (and i definitely wouldn't).

Common you're bringing in the discussion the most extreme example on the planet as an argument?
Maybe you don't know but you CAN'T receive Venezuelan bolivar (not dollars) in like 99% of the world.
Unless you have an account in bolivars or somali shilling or whatever you can't receive those, they will automatically be converted to your euro/usd/pound/whatever currency your account is in.

But if i am somehow free of which currency i choose, i won't have to exchange it. And in this case (i guess thats what bitcoin aims for ?) BTC is definitely the better alternative (imo).
There would be no reason for me to exchange BTC if i can pay bills, rent and food with BTC (and i definitely wouldn't).

This is the point: it aims for! We're not there yet.
And until you will be able to spend it all just like regular fiat you will still have to convert it.

[RyhaniFoyej]

Today fee of bitcoin transactions is increased.
what happended today, I sent 1 BTC into another wallet, and it took 2.5 USD. so high

Of course the fee of bitcoin is increasing because the price of bitcoin is increasing now. Transaction fee was more when bitcoin's price was too high but later, when the price of bitcoin decreased, its fees also reduced. At present the fee has increased due to the price increase.
You can view the bitcoin's transaction fees from the link https://bitinfocharts.com/comparison/transactionfees-btc-sma7.html#3m

[stompix]

Today fee of bitcoin transactions is increased.
what happended today, I sent 1 BTC into another wallet, and it took 2.5 USD. so high

Of course the fee of bitcoin is increasing because the price of bitcoin is increasing now. Transaction fee was more when bitcoin's price was too high but later, when the price of bitcoin decreased, its fees also reduced. At present the fee has increased due to the price increase.
You can view the bitcoin's transaction fees from the link https://bitinfocharts.com/comparison/transactionfees-btc-sma7.html#3m

So can you explain why during June 20-24 when BTC was at 6600-6000, the fee was on average 2.50$ while now, with BTC over 7500$ the fee is on average 0.70$

Price has nothing to do with the fee, stop saying that...

[HeRetiK]

So can you explain why during June 20-24 when BTC was at 6600-6000, the fee was on average 2.50$ while now, with BTC over 7500$ the fee is on average 0.70$

Price has nothing to do with the fee, stop saying that...

That's what happens when people still think in fiat terms

While I wouldn't say that the price has nothing to do with the fee (ie. everything else being equal, BTC @ USD 300,- was cheaper to send in fiat terms than BTC @ USD 6,000,-) it definitely is one of the lesser factors as seen during the December 2017 mempool congestion.