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Author Topic: Fees high  (Read 2535 times)
chrisvl (OP)
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May 26, 2020, 11:51:28 AM
 #1

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

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May 26, 2020, 12:54:01 PM
 #2

What do you want to do about it? There are developments on the scalability of Bitcoin and some progress being made (Segwit, lightning network). More could be done but there's obviously loads of compromises that has to be made at the expense of a larger transaction volume.

Fees is decided by the free market. You could pay a lower fee but it'll take a longer time but that's all that you can do right now.

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May 26, 2020, 01:11:24 PM
 #3

Fees typically rise every time the Bitcoin blockchain comes under heavy usage.
The market decides. If you think in terms of fiat money those fees look "high" but if you read them under a Bitcoin light they are fine.
On the long run fees need to sustain the network.

For everything else use dogecoin
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May 26, 2020, 01:23:29 PM
 #4

Just a few addition for the users above who made some good enlightening. You can always opt to use other alts which has low transaction fees, dogecoin is one example.
If you're not in a hurry, you can still choose to have lower fee, but would take a bit longer to reach your wallet.

Nevertheless, this high transaction fees doesn't stay forever anyway. People are already expecting this to happen after the halving.

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May 26, 2020, 01:27:56 PM
 #5

Just a few addition for the users above who made some good enlightening. You can always opt to use other alts which has low transaction fees, dogecoin is one example.
If you're not in a hurry, you can still choose to have lower fee, but would take a bit longer to reach your wallet.

Nevertheless, this high transaction fees doesn't stay forever anyway. People are already expecting this to happen after the halving.


This is what I'm doing when I want to transfer Bitcoin from an exchange.
However, if OP has his BTC in his own wallet, then he doesn't have a choice but to pay the high fee. Although, I just read an article that BTC fees are 50% down in the last 5 days.

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chrisvl (OP)
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May 26, 2020, 01:36:00 PM
 #6

What do you want to do about it? There are developments on the scalability of Bitcoin and some progress being made (Segwit, lightning network). More could be done but there's obviously loads of compromises that has to be made at the expense of a larger transaction volume.

Fees is decided by the free market. You could pay a lower fee but it'll take a longer time but that's all that you can do right now.
Do you thing lighting network And segwit can solve bitcoin high fees problem ?? No can’t.

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May 26, 2020, 01:46:08 PM
 #7

Do you thing lighting network And segwit can solve bitcoin high fees problem ?? No can’t.

If Lightning network get enough adoption, the problem with fee will be solved because people can be able to send/receive btc with very low fee. I think LN will solve that.

Just a few addition for the users above who made some good enlightening. You can always opt to use other alts which has low transaction fees, dogecoin is one example.
If you're not in a hurry, you can still choose to have lower fee, but would take a bit longer to reach your wallet.

Nevertheless, this high transaction fees doesn't stay forever anyway. People are already expecting this to happen after the halving.


This is what I'm doing when I want to transfer Bitcoin from an exchange.
That's unrelated here, we are talking about bitcoin fee. Also, considering the fee of exchange is totally off topic here. Centralize service may charge whatever fee rhey want.
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May 26, 2020, 01:47:23 PM
 #8

Do you thing lighting network And segwit can solve bitcoin high fees problem ?? No can’t.
I never said they could...

You cannot deny that the capacity of the network has increased significantly from the past. Segwit has made transactions smaller and increased the theoretical total transactions per block. Lightning network has allowed for 2nd layer transactions. It has by no means stopped the high fees problem; adoption rate is way too low and its no silver bullet either.

As of now, the fee is approx. ~60 satoshi/byte for a reasonable timeframe which gives the total transaction fee of a normal transaction to be $0.50. Isn't that cheaper than a lot of the payment processors?

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May 26, 2020, 01:48:33 PM
 #9

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

So what's the point of this? If you cannot afford to pay those fees then much better if you do a bulk transaction each week to save the fees but if you cannot avoid it then maybe just swallow the fee's for now since for sure this incident is just for short term only and once the miner settled provably the fee's and transaction speed will go back to normal. Just focus on what you have right now and ignore things, you will get used to it when time goes by.


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May 26, 2020, 01:57:40 PM
 #10

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

I don’t understand why people constantly complain about high fees, which they really aren’t? Bitcoin is not designed to be sent completely for free, and the biggest problem is that some think the maximum fee should be $0.10, always.

I want to ask you if you think it's a lot to pay $1.5 to make your transaction confirmations in the next 2 blocks (Legacy type of address)? Or to pay close to $1 for same time confirmation with SegWit type of address? Take some time and play whit this fee calculator -> https://www.buybitcoinworldwide.com/fee-calculator/

You still think the fees are too high? One of forum users (Loaded) is move his 40 000 BTC for only $4, and before that he pay only $1.19 -> https://thenextweb.com/hardfork/2019/05/02/bitcoin-whale-moved-212-million-in-cryptocurrency-for-just-3-93/

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May 26, 2020, 02:11:59 PM
Last edit: November 03, 2020, 11:00:59 PM by chrisvl
 #11

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

I don’t understand why people constantly complain about high fees, which they really aren’t? Bitcoin is not designed to be sent completely for free, and the biggest problem is that some think the maximum fee should be $0.10, always.

I want to ask you if you think it's a lot to pay $1.5 to make your transaction confirmations in the next 2 blocks (Legacy type of address)? Or to pay close to $1 for same time confirmation with SegWit type of address? Take some time and play whit this fee calculator -> https://www.buybitcoinworldwide.com/fee-calculator/

You still think the fees are too high? One of forum users (Loaded) is move his 40 000 BTC for only $4, and before that he pay only $1.19 -> https://thenextweb.com/hardfork/2019/05/02/bitcoin-whale-moved-212-million-in-cryptocurrency-for-just-3-93/

Yes the maximum fee mast be 0.10$  0.001$ always.. Loaded can have 40000 btc I can have 100000 btc next days fees scale to x satoshi  per byte I have the ability to pay loaded have the ability to pay 10-15€ fees Alice wich don’t have bulk of bitcoin like loaded  have the ability to pay 10$ fees for 10$ usd tx ?? Peoples must understand that bitcoin need all type of users not only the users wich can pay high fees

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May 26, 2020, 02:14:58 PM
Merited by 1miau (2)
 #12

...
Bitcoin transaction fees have always been an issue that has been discussed as being considered quite high for so long time ago. But, isn't Bitcoin something valuable? Isn't something valuable worth a fairly high fee?

Every transaction of BTC is added into the blockchain in which the validation and adding the transaction to blockchain is conducted by miners. Basically, the rule is that a transaction with higher fees will have the priority in the validation done by the miners. So, the transactions will be done more quickly.

Network conditions and also transaction size also become the factors that influence the different fees.

But currently, I read an article about the relation of the fees and the last Bitcoin halving. The transaction fees of BTC after halving soar much.
Quote
Bitcoin’s average transaction fees continue to rise post-halving—caused by an already overloaded transaction backlog.

As seen on the following chart, the average fees of BTC have risen since January. The amount is astonishing, 1,742%. Whatsmore, the fees are getting higher again approaching to the BTC halving and after halving.


Source: Bitinfocharts

But of course, the higher fees occur not without reasons. Mostly, the high transaction fees occur because of the heavy usage periods. More transactions in the blocks will cause the race of those transactions to get so tight. If you want to be at the top, you should provide more fees to reach the next blocks.

Briefly, the answer to why the Bitcoin fee is high is simple. There are so many users of Bitcoin, and the users want their BTC to transfer quickly. We all know that if something is highly favorited and needed also important, the price will be higher, whatever it is, not only BTC. So does this coin, if you want the BTC arrives in your receiving wallet, pay it, even in high fees.


Source:
https://decrypt.co/29112/bitcoin-fees-halving-rise-mempool

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May 26, 2020, 02:21:18 PM
 #13

Just a few addition for the users above who made some good enlightening. You can always opt to use other alts which has low transaction fees, dogecoin is one example.
If you're not in a hurry, you can still choose to have lower fee, but would take a bit longer to reach your wallet.

Nevertheless, this high transaction fees doesn't stay forever anyway. People are already expecting this to happen after the halving.

I know who network works, I don’t wait any user explain me about it.
The goal is to attract people’s not send him to other coins like dogecoin.
Strong community. Strong bitcoin.

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May 26, 2020, 02:32:01 PM
 #14

Do you thing lighting network And segwit can solve bitcoin high fees problem ?? No can’t.
I never said they could...
Ideall the development of lightning network can really solve the high transaction fee problem, why? Transaction fees are generated computation on how the blockchain is being use, if it is under heavy use or the blocks are congested it will definitely raises the transaction fees, I'd like to call it competitive fees. So if Lightning network goes live all throughout, transaction will become faster that will result to fast and smoother transaction and will finally generate lower fees. No stoplight for heavy loaded transaction sizes.

You cannot deny that the capacity of the network has increased significantly from the past. Segwit has made transactions smaller and increased the theoretical total transactions per block. Lightning network has allowed for 2nd layer transactions. It has by no means stopped the high fees problem; adoption rate is way too low and its no silver bullet either.

As of now, the fee is approx. ~60 satoshi/byte for a reasonable timeframe which gives the total transaction fee of a normal transaction to be $0.50. Isn't that cheaper than a lot of the payment processors?
No, I think it's higher than that. I experienced depositing bitcoin to binance, basically the total includes the transaction fee so you'll know how much it worth when the exchange finally received it. I sent $20 for a quick future trade but then I only got $16.XX in my account. That's almost 1/5 of the fund that I sent, just look how bizarre the fees these days.

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May 26, 2020, 02:47:43 PM
 #15

There's the 'headline' rate and then there's the rates you can get away with if you're in no hurry. I moved some last night for 12 sats per byte. I was expecting it to take ages but it was all done and dusted within 3 hours.

There'll always be someone in a hurry. If you're not that person then there's still a lot of room to breathe.
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May 26, 2020, 02:51:35 PM
 #16

Do you thing lighting network And segwit can solve bitcoin high fees problem ?? No can’t.
I never said they could...
Ideall the development of lightning network can really solve the high transaction fee problem, why? Transaction fees are generated computation on how the blockchain is being use, if it is under heavy use or the blocks are congested it will definitely raises the transaction fees, I'd like to call it competitive fees. So if Lightning network goes live all throughout, transaction will become faster that will result to fast and smoother transaction and will finally generate lower fees. No stoplight for heavy loaded transaction sizes.

You cannot deny that the capacity of the network has increased significantly from the past. Segwit has made transactions smaller and increased the theoretical total transactions per block. Lightning network has allowed for 2nd layer transactions. It has by no means stopped the high fees problem; adoption rate is way too low and its no silver bullet either.

As of now, the fee is approx. ~60 satoshi/byte for a reasonable timeframe which gives the total transaction fee of a normal transaction to be $0.50. Isn't that cheaper than a lot of the payment processors?
No, I think it's higher than that. I experienced depositing bitcoin to binance, basically the total includes the transaction fee so you'll know how much it worth when the exchange finally received it. I sent $20 for a quick future trade but then I only got $16.XX in my account. That's almost 1/5 of the fund that I sent, just look how bizarre the fees these days.
Aprx 0.00054 btc for a median tx size right now. A lot of people’s focus on yesterday fees and now fees we have focus farther to fix fee issue..

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May 26, 2020, 02:57:01 PM
 #17

The fees could be high now because of demand and usage but it doesn't stop transaction depending on how hastened we are in our transaction. If you allow more sat for miners, it is picked faster than trying to tighten up fees, you stay longer. Btc transaction is getting busier now.
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May 26, 2020, 03:04:53 PM
 #18

The fees could be high now because of demand and usage but it doesn't stop transaction depending on how hastened we are in our transaction. If you allow more sat for miners, it is picked faster than trying to tighten up fees, you stay longer. Btc transaction is getting busier now.
A lot of people’s focus on yesterday fees and now fees we have focus farther to fix fee issue..

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May 26, 2020, 03:05:39 PM
 #19

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

One of the first steps to fight high fees at the moment would probably be to not use ANY service which has still not implemented Segwit.
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May 26, 2020, 03:15:03 PM
 #20

The fees will not be fixed and it's unlikely that we see it happen. The two solutions that we can do as of the moment were mentioned.

Convert to an altcoin but seems you don't like the idea.

Pay with low fee but it will take time.

I don’t understand why people constantly complain about high fees, which they really aren’t? Bitcoin is not designed to be sent completely for free, and the biggest problem is that some think the maximum fee should be $0.10, always.
They don't see that it's much cheaper than the payment processors that we commonly used and takes about a day or two or even a three to arrive.

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May 26, 2020, 03:19:09 PM
 #21

There's the 'headline' rate and then there's the rates you can get away with if you're in no hurry. I moved some last night for 12 sats per byte. I was expecting it to take ages but it was all done and dusted within 3 hours.
Yeah basically we can just wait for a longer time than before at the quite same rate. I haven't moved mine since last week, I don't know how much it would take but I'll just do the lowest rate even it takes a day lol.

There'll always be someone in a hurry. If you're not that person then there's still a lot of room to breathe.
If you are trying to send bitcoin during these days, as the blockchain has heavy traffic it is advisable to do it in advance so you'll get just in time you need it. Bitcoin is not for emergency use right now.

I think that we are going to experience this much longer til the market adjusts from the recent halving, the market is pretty volatile and transaction is made every second so we will be longing in higher transaction rates.

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May 26, 2020, 03:23:37 PM
 #22

Fees typically rise every time the Bitcoin blockchain comes under heavy usage.
The market decides. If you think in terms of fiat money those fees look "high" but if you read them under a Bitcoin light they are fine.
On the long run fees need to sustain the network.

For everything else use dogecoin
Isn't one of the points of Bitcoin that it allows to be free from various banking fees and spend less on them? And sometimes it's indeed the case, but probably not right now. Something has to be done with the fees' problem. I used to think that DAG cryptos like IOTA have a big potential because of principally working better when more people join, not worse like blockchain, but they failed because of troubles on the start of the road. If Bitcoin is to be adopted by more people, we need solutions to the scalability problem, or we should indeed go back to diversifying and using multiple cryptos to avoid overload of the network of one of them.

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May 26, 2020, 03:44:48 PM
 #23

Miners are responsible for this. Quite that they are having their way to increase the fees just to compensate themself and survive. Not to think that this is a normal scenario, not all of us are aware of this that the price hikes even surprising.

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

Yes, it can be reasonable if you transfer a huge amount of bitcoin but for those who haven't that capability, it is a big sacrifice to their part. I suggest not to perform any transfer if it is not necessary, fees will be changing soon only we have to wait.

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May 26, 2020, 05:29:41 PM
 #24

The fees will always increase when the network volume increases. This is because the amount of competition for blockspace increases during these times as more people try to move their money to and from exchanges.

Combine that with a bull run and you've got a recipe for high fees.

This is why it's important to consolidate your inputs when fees are low so you can save as much money as possible when things get worse later on. Also, switch to Segwit to cut your fees in half.





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May 26, 2020, 05:34:36 PM
Last edit: May 26, 2020, 05:51:27 PM by chrisvl
 #25

Fees typically rise every time the Bitcoin blockchain comes under heavy usage.
The market decides. If you think in terms of fiat money those fees look "high" but if you read them under a Bitcoin light they are fine.
On the long run fees need to sustain the network.

For everything else use dogecoin
Do you think heavy usage is bad? heavy usage is good, meaning more adoption and that is goal, we have to be happy when we see a heavy usage..

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May 26, 2020, 06:56:58 PM
 #26

Yeah, it's not surprisingly that this scenario would happen after the BTC halving. Just like what others said, if you are not in the hurry, you can pay a lower fees for the meantime (10 sats above per byte would be cheaper and a normal one).

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May 26, 2020, 07:31:40 PM
 #27

Fees typically rise every time the Bitcoin blockchain comes under heavy usage.
The market decides. If you think in terms of fiat money those fees look "high" but if you read them under a Bitcoin light they are fine.
On the long run fees need to sustain the network.

For everything else use dogecoin
This is not a proper response on the delay in confirmation time, bitcoin should be able to transfer more transactions with a much lower fees, we are a long away from a complete solution for scaling and using dogecoin is not the solution. Once bitcoin is pegged with dollars and majority of the investors view bitcoin as a speculative market you need to view this in terms of fiat valuation rather than looking at as a simple fees if we are looking at the long term viability of bitcoin.
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May 26, 2020, 07:57:31 PM
 #28

Fees typically rise every time the Bitcoin blockchain comes under heavy usage.
The market decides. If you think in terms of fiat money those fees look "high" but if you read them under a Bitcoin light they are fine.
On the long run fees need to sustain the network.

For everything else use dogecoin
This is not a proper response on the delay in confirmation time, bitcoin should be able to transfer more transactions with a much lower fees, we are a long away from a complete solution for scaling and using dogecoin is not the solution. Once bitcoin is pegged with dollars and majority of the investors view bitcoin as a speculative market you need to view this in terms of fiat valuation rather than looking at as a simple fees if we are looking at the long term viability of bitcoin.
Agree 100. A lot of people’s think segwit and lighting has solve the Bitcoin scaling maybe they had brainwashed, no segwit and lighting can’t solve Bitcoin scaling, the target is to make people’s use bitcoin not to force them to use other networks like dogecoin..

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May 26, 2020, 08:31:47 PM
 #29

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

To be honest, i agree with you. The fee charges on bitcoin transaction is rather too high and one of the core features of bitcoin is to offer a friendly transaction cost, where does that go? The scalability problem that always result in high transaction cost when heavy usage is recorded on bitcoin network is truly a turn off. Some thing needs to be done as soon as possible if bitcoin is to hit the mainstream we all are anticipating for.
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May 26, 2020, 08:37:36 PM
 #30

...
Bitcoin transaction fees have always been an issue that has been discussed as being considered quite high for so long time ago. But, isn't Bitcoin something valuable? Isn't something valuable worth a fairly high fee?

Every transaction of BTC is added into the blockchain in which the validation and adding the transaction to blockchain is conducted by miners. Basically, the rule is that a transaction with higher fees will have the priority in the validation done by the miners. So, the transactions will be done more quickly.

Network conditions and also transaction size also become the factors that influence the different fees.

But currently, I read an article about the relation of the fees and the last Bitcoin halving. The transaction fees of BTC after halving soar much.
Quote
Bitcoin’s average transaction fees continue to rise post-halving—caused by an already overloaded transaction backlog.

As seen on the following chart, the average fees of BTC have risen since January. The amount is astonishing, 1,742%. Whatsmore, the fees are getting higher again approaching to the BTC halving and after halving.


Source: Bitinfocharts

But of course, the higher fees occur not without reasons. Mostly, the high transaction fees occur because of the heavy usage periods. More transactions in the blocks will cause the race of those transactions to get so tight. If you want to be at the top, you should provide more fees to reach the next blocks.

Briefly, the answer to why the Bitcoin fee is high is simple. There are so many users of Bitcoin, and the users want their BTC to transfer quickly. We all know that if something is highly favorited and needed also important, the price will be higher, whatever it is, not only BTC. So does this coin, if you want the BTC arrives in your receiving wallet, pay it, even in high fees.


Source:
https://decrypt.co/29112/bitcoin-fees-halving-rise-mempool

How long have I been noticing that Bitcoin's transfer fee is being deducted much more than before, but I have a little bit of a shortcoming? What is the rule for deducting these fees? Are these fees deducted from the owners / companies of ordinary wallets? Since Bitcoin is not under anyone's control, Bitcoin itself is sometimes a low fee, or can not take some time. So what is it cutting on? So my previous idea is right

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May 26, 2020, 08:54:48 PM
 #31

Of course, I apologize, but where did you find a large transfer fee? Now the commission is very, very affordable if you use your wallet, where you can charge a fee, and do not use exchanges where you want 50,000 satoshi, and some may even yet more.

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May 26, 2020, 09:35:52 PM
 #32

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

Yes, it can be reasonable if you transfer a huge amount of bitcoin but for those who haven't that capability, it is a big sacrifice to their part. I suggest not to perform any transfer if it is not necessary, fees will be changing soon only we have to wait.
There is no garantes that fees will change soon. And as more users add high fees to their transactions, miners will keep greed behaviors and ignore transactions with normal fees.
There is a theory who said that bitcoin is not made for small transactions due to various reasons. At the time when fees reach all time high like nowadays, it becomes clear how only big amount transactions can be proceeded despite the fee.
I think it's a good time to rise awarness about alternative solutions like the lightening network.
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May 26, 2020, 11:08:26 PM
Last edit: May 26, 2020, 11:23:00 PM by Oasisman
 #33

Just a few addition for the users above who made some good enlightening. You can always opt to use other alts which has low transaction fees, dogecoin is one example.
If you're not in a hurry, you can still choose to have lower fee, but would take a bit longer to reach your wallet.

Nevertheless, this high transaction fees doesn't stay forever anyway. People are already expecting this to happen after the halving.

I know who network works, I don’t wait any user explain me about it.
The goal is to attract people’s not send him to other coins like dogecoin.
Strong community. Strong bitcoin.

Well, that's a good goal and I stand corrected. Then what's the least we can do to achieve such low fees in Bitcoin network? High transaction fees, Bitcoin scalability, That's the usual problem in the network, but what else's stops people, you from not using Bitcoin?

You might be using an exchange then, because you're so affected by the rise of transaction fees? The very reason why I suggested you to switch to other alt for you to save a few bucks. But, then again the goal is different, I though you are looking to save some fees.
Thanks for clarifying. Bitcoin will always be strong.

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May 26, 2020, 11:24:52 PM
 #34

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

Yes, it can be reasonable if you transfer a huge amount of bitcoin but for those who haven't that capability, it is a big sacrifice to their part. I suggest not to perform any transfer if it is not necessary, fees will be changing soon only we have to wait.
There is no garantes that fees will change soon. And as more users add high fees to their transactions, miners will keep greed behaviors and ignore transactions with normal fees.
There is a theory who said that bitcoin is not made for small transactions due to various reasons. At the time when fees reach all time high like nowadays, it becomes clear how only big amount transactions can be proceeded despite the fee.
I think it's a good time to rise awarness about alternative solutions like the lightening network.

that's what I'm thinking also, increase the usage of Lightning Network. we all are experiencing high fees and we can't do anything about it if we need to transact with bitcoin especially from one exchange to another. if you are using your bitcoin core wallet, you can at least set the fees but not too low, as the miners may not confirm your transaction. i have not much experience in terms of electrum, so i don't know how fees are looking at if you use it. anyway, if you want to transfer btc from one exchange to another, use other alts like doge because normally their fee is very low.
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May 26, 2020, 11:33:21 PM
Last edit: May 26, 2020, 11:47:49 PM by chrisvl
 #35

Just a few addition for the users above who made some good enlightening. You can always opt to use other alts which has low transaction fees, dogecoin is one example.
If you're not in a hurry, you can still choose to have lower fee, but would take a bit longer to reach your wallet.

Nevertheless, this high transaction fees doesn't stay forever anyway. People are already expecting this to happen after the halving.

I know who network works, I don’t wait any user explain me about it.
The goal is to attract people’s not send him to other coins like dogecoin.
Strong community. Strong bitcoin.

Well, that's a good goal and I stand corrected. Then what's the least we can do to achieve such low fees in Bitcoin network? High transaction fees, Bitcoin scalability, That's the usual problem in the network, but what else's stops people, you from not using Bitcoin?

You might be using an exchange then, because you're so affected by the rise of transaction fees? The very reason why I suggested you to switch to other alt for you to save a few bucks. But, then again the goal is different, I though you are looking to save some fees.
Thanks for clarifying. Bitcoin will always be strong.

No I don’t want to save fees. I want a bitcoin accessible to all people’s not only for those who can pay high fees, there are countries with basic monthly salary lower 300$ do you think this people’s if adopt bitcoin will be able to pay 5+$ fee per tx ?? I don’t use any exchange, my personal info are mine

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May 26, 2020, 11:45:23 PM
 #36

Just a few addition for the users above who made some good enlightening. You can always opt to use other alts which has low transaction fees, dogecoin is one example.
If you're not in a hurry, you can still choose to have lower fee, but would take a bit longer to reach your wallet.

Nevertheless, this high transaction fees doesn't stay forever anyway. People are already expecting this to happen after the halving.

I know who network works, I don’t wait any user explain me about it.
The goal is to attract people’s not send him to other coins like dogecoin.
Strong community. Strong bitcoin.

Well, that's a good goal and I stand corrected. Then what's the least we can do to achieve such low fees in Bitcoin network? High transaction fees, Bitcoin scalability, That's the usual problem in the network, but what else's stops people, you from not using Bitcoin?

You might be using an exchange then, because you're so affected by the rise of transaction fees? The very reason why I suggested you to switch to other alt for you to save a few bucks. But, then again the goal is different, I though you are looking to save some fees.
Thanks for clarifying. Bitcoin will always be strong.

No I don’t want to save fees. I want a bitcoin accessible to all people’s not only for those who can pay high fees, there are countries with basic monthly salary lower 300$ do you think this people’s if adopt bitcoin will be able to pay 5+$ fee per tx ??

This is really the bottleneck for adoption. Right now, with high fees, a lot can't afford such transaction fees. I hope LN will be more popular to use among merchants and crypto users. Maybe, this is one solution to address of having very high fees in terms of btc.
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May 26, 2020, 11:49:27 PM
 #37

Not that, if the fees are high, this does necessary mean only good for the rich, bitcoin can still be use for people who does not hold a lot of early investors, but the micro transactions is not advisable if the fee is that high, actually we can reduce the fee, but the waiting period is long.

for big transactions, like millions or even thousands of dollars, bitcoin is still cheap and faster since no third party that will check it like what banks normally do when it reaches the ceiling of amount they are required to report for AMLA.

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May 27, 2020, 12:35:06 AM
 #38

Higher fees is optional you could decide to pay higher fees or choose the standard but it takes much longer. Although this has been resolve there are other second layer solutions such as Segwit that uses Lightning Network. But if you compare sending millions to other payment processors such paypal that takes 3-5 days even longer with costly fees. I'd rather go with Bitcoin.

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May 27, 2020, 12:48:07 AM
 #39

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

Read my signature.

You should have three coins

BTC is not fast and best for 1000 usd and up.

LTC. is fast and great for 100 usd to 1000

DOGE is fast and great for 100 usd or less.

Any attempt to end all coins and just do BTC for everything is not going to work.

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May 27, 2020, 03:07:59 AM
 #40

Fees typically rise every time the Bitcoin blockchain comes under heavy usage.
The market decides. If you think in terms of fiat money those fees look "high" but if you read them under a Bitcoin light they are fine.
On the long run fees need to sustain the network.

For everything else use dogecoin

Yes, fees are like taxes that it needs just to maintain and sustain the bitcoin blockchain, we just need to accept the fact that it really need its fees to become higher than other coin. What else can we do if it is the most popular cryptocurrency that we are holding, we just need to adapt and understand those things. If you will invest in doge coin, I think that you should adapt on that because it is really hard to manipulate in the market, especially that it is much lower than the bitcoin's value. Fees are important to let cryptocurrency grow and still exist no matter how long we are using it, we need to support and pay the regulators and those taxes so that it will still continue for so many years, bitcoin have a lot of supporters so it is really not an issue.
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May 27, 2020, 04:20:44 AM
 #41

Higher fees is optional you could decide to pay higher fees or choose the standard but it takes much longer. Although this has been resolve there are other second layer solutions such as Segwit that uses Lightning Network. But if you compare sending millions to other payment processors such paypal that takes 3-5 days even longer with costly fees. I'd rather go with Bitcoin.

maybe he didnt know that segwit exist and lightning networks  .  also there are sites or wallets that doesnt allow you to modify the transaction fee  . so he have no choice if he still use it   but on other service   we can choose to pay a small fee only as long as we waiting is not a big deal to us   .  you compare paypal  , i use paypal before but transacting doesnt take much time and no fees too  but paypal have issues , thats why we are here switching to cryptos
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May 27, 2020, 05:06:30 AM
 #42

Lately the fees have been the highest in almost a year. I think this is due to the halving FOMO and started around that time. Looking at the congestion chart, this seems pretty bullish, however not if you can't get a transaction confirmed.

I think to reduce congestion exchanges should really be using the LN when customers do deposits/withdraws to and from. Most of the transactions happening are between exchanges and they could easily be routed thru a lightning network.

Hopefully they will take action if the fees keep being this high in the near future. Because it doesn't make sense to pay $10 and wait a few hours for a transaction to confirm.

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May 27, 2020, 05:26:00 AM
 #43

Read my signature.

You should have three coins

BTC is not fast and best for 1000 usd and up.

LTC. is fast and great for 100 usd to 1000

DOGE is fast and great for 100 usd or less.

Any attempt to end all coins and just do BTC for everything is not going to work.
Some people still haven't understood why bitcoin is not suitable for everyday microtransactions. That is why we still have talks about bitcoin being not so fast and efficient like Visa currently is. It will never scale to that speed, at least not in the main protocol. Fees in the core blockchain will be higher in the future, especially after 2140 when block subsidy is gone. That is necessary for the network to exist, there always has to be an incentivize for miners. What bitcoin is perfect for is the saving the value. This type of transactions are rare, and that is why paying a bit higher fees is not harmful. But there will be many other transactions, for example, transactions of final settlement, which also have high fees. Small transactions can be done through second layers like Lightning Network or through other blockchains that are not suitable for storing of value but very effective for fast transactions. However, the thing here is we still have no clue which altcoins will survive.

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May 27, 2020, 05:38:45 AM
 #44

Okay I do understand that some wallets have increased their fee , but it's not universal , the wallet I use was charging me a fee of 0.0006 BTC for the transfer but now the fee is 0.00049, approximately 0.0001 difference is also a big deal .

Two things I would like to say here :-

1. It's not universal that the fee is increasing , fee was always calculated in terms of Bitcoins not in terms of Bitcoin's value .

2. Due to halving the small miners have to actually shut down their mining machines because they cannot afford to pay bills and at the same time decrease in hash-rate could prove bad for the Bitcoins , it will make the network vulnerable and at the same time people will loose their interest in investing in Bitcoins. So I do think this might be something that is done to preserve the hash-rate it might be back to normal in some time .

___________________________________________________________

What we can do for this :-
1. Solve the issue of network congestion somehow.
2. Improve the Lightning network

___________________________________________________________

This might take a while and for the time being you can actually use a wallet which charges a reasonable fee. At the same time try and use the lightning network.
__________________•hope this answers your query•____________

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May 27, 2020, 06:00:01 AM
 #45

I think the Bitcoin protocol has to be changed if we want to have cheap fees even if there are hundreds of thousands of transactions. There's segwit, LN, and the proposal of bigger blocks to help ease congestion but with nodes automatically setting a minimum fee everytime it gets full, always expect the fee to spike. As much as we want it to be fast and scalable, the network was simply not designed that way. It was meant to be a decentralized payment system.
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May 27, 2020, 07:31:38 AM
 #46

If Lightning network get enough adoption, the problem with fee will be solved because people can be able to send/receive btc with very low fee. I think LN will solve that.
May I ask what is the road block? Why people are reluctant to adopt the lightning network as opposed to the high transaction fee! If this is what can solve this high transaction fee people are currently facing then there should not be any hesitant about it, just wondering why the adoption is slow,
And as for minimize transaction cost, I also do same, use other alts that has less fees to withdraw.

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May 27, 2020, 07:53:44 AM
 #47

~
May I ask what is the road block? Why people are reluctant to adopt the lightning network as opposed to the high transaction fee! If this is what can solve this high transaction fee people are currently facing then there should not be any hesitant about it, just wondering why the adoption is slow,
And as for minimize transaction cost, I also do same, use other alts that has less fees to withdraw.
One of the main argument is that the network could be centralized. Most of the current LN nodes are controlled by a few individuals but this could be solved if more people will run their own node. Right now, it seems that the cost of implementing LN still outweighs the benefits/rewards and that prevents many platforms from adopting it.

Another issue raised is that it's not user friendly. An average user would need some technical skills or he/she could find it hard to set up opening/closing payment channel/s.
  
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May 27, 2020, 08:01:35 AM
 #48



Fees is decided by the free market. You could pay a lower fee but it'll take a longer time but that's all that you can do right now.

Lower fees might take hours to make a transaction.
This is not a solution though, if we want to say that Bitcoin is electronic cash and a new way of making online payments - if those need hours to happen or they will never happen due to the low fees chosen.
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May 27, 2020, 08:07:45 AM
 #49

Now, as the third halving whipped up retail interest, demand for processing transactions through the Bitcoin network rose, causing fees to rise. Since May 11, the average transaction cost for BTC has climbed as much as 220% to more than $6.40, as per Bitinfocharts.
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May 27, 2020, 09:35:20 AM
 #50

Yes the maximum fee mast be 0.10$ always.. Loaded can have 40000 btc I can have 100000 btc next days fees scale to x satoshi  per byte I have the ability to pay loaded have the ability to pay 10-15€ fees Alice wich don’t have bulk of bitcoin like loaded  have the ability to pay 10$ fees for 10$ usd tx ?? Peoples must understand that bitcoin need all type of users not only the users wich can pay high fees

So you woke up after being inactive on the forum for almost a year, and you probably wanted to sell some of your BTC so you were surprised that you had to pay $1 for the transaction? Maybe BTC is simply not for you, why not use Dogecoin that you mention several times, or maybe LTC?

You want the fee to be fixed at $ 0.10 which is completely unrealistic, and you are also exaggerating the current situation by increasing fees to $10 or $15 in your mind, completely ignoring the progress made by SegWit or LN. Instead of crying for $0.10 fee, move to SegWit and pay $1 for confirmation in next 2 block or if you're not in a hurry $0.20 and wait few hours.

 
https://www.buybitcoinworldwide.com/fee-calculator/

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May 27, 2020, 09:40:46 AM
 #51

This is the scenario.

The rewards of the miners went down because of halving.
To compensate their expenses, the fees went up so they will stay profitable.

If you are living in a 3rd world country like me, the fees really are high especially when you are transferring only a small amount of money. On the other side, if you are transferring huge chunks of Bitcoin then the fee will not hurt you that much. There are some sites or wallets that let you adjust the fee but still there are some where you can't adjust the fee.

Another way to lessen your fees is to use altcoins which has a low transaction fees. Ethereum, Litecoin and Dogecoin are the most popular ones. You can convert it first to either of the 3 then after transferring exchange it again into Bitcoin then you're good to go.

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May 27, 2020, 09:46:43 AM
 #52

This is the scenario.

The rewards of the miners went down because of halving.
To compensate their expenses, the fees went up so they will stay profitable.

If you are living in a 3rd world country like me, the fees really are high especially when you are transferring only a small amount of money. On the other side, if you are transferring huge chunks of Bitcoin then the fee will not hurt you that much. There are some sites or wallets that let you adjust the fee but still there are some where you can't adjust the fee.

Another way to lessen your fees is to use altcoins which has a low transaction fees. Ethereum, Litecoin and Dogecoin are the most popular ones. You can convert it first to either of the 3 then after transferring exchange it again into Bitcoin then you're good to go.
I can feel your sentiment here mate but i think the problem happens not only for the 3rd world country converting
 but the whole world of crypto because even other country account here are asking about
this High transaction fee thats happening here .



I believe that the last time this scenario happens is way back Bermonths of 2017 when the transaction fees are
 very High and thats why congestion happens in many
 transaction because people chooses the lowest fee ,and You are right small withdrawals are the most affected
because the fee seems almost close with the amount we are
 going to withdraw?

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May 27, 2020, 10:17:52 AM
 #53

Lower fees might take hours to make a transaction.
This is not a solution though, if we want to say that Bitcoin is electronic cash and a new way of making online payments - if those need hours to happen or they will never happen due to the low fees chosen.
Using segwit, an average transaction takes about $1 to get a confirmation within a very reasonable amount of time. If you're willing to do so, $0.50 could bring it to a few hours only. Like I said, there are improvements and there isn't any silver bullet solution without compromises. If anyone does have one, please bring it to the table instead of creating a thread and whining about it.

The rewards of the miners went down because of halving.
To compensate their expenses, the fees went up so they will stay profitable.
The miners didn't decide the fees in this case. The mempool is unusually full due to the huge volume and there is a backlog of transactions waiting to be cleared. Profitable or not, the miners couldn't decide on the fee rates. The offset of their loss of earnings comes mainly from the difficulty adjustments.

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May 27, 2020, 11:08:19 AM
 #54

Not actually surprised about the high fees. Our local exchange has almost $5 as a fee in fast transactions and $1 for slow move. I can't also convert it to other coins since they have convertion fee that just makes it double the fees. And I understand why fees are higher than before, miner's award was half already thus they are pushing and prioritize high transaction fees.
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May 27, 2020, 11:09:04 AM
 #55

Yes the maximum fee mast be 0.10$ always.. Loaded can have 40000 btc I can have 100000 btc next days fees scale to x satoshi  per byte I have the ability to pay loaded have the ability to pay 10-15€ fees Alice wich don’t have bulk of bitcoin like loaded  have the ability to pay 10$ fees for 10$ usd tx ?? Peoples must understand that bitcoin need all type of users not only the users wich can pay high fees

So you woke up after being inactive on the forum for almost a year, and you probably wanted to sell some of your BTC so you were surprised that you had to pay $1 for the transaction? Maybe BTC is simply not for you, why not use Dogecoin that you mention several times, or maybe LTC?

You want the fee to be fixed at $ 0.10 which is completely unrealistic, and you are also exaggerating the current situation by increasing fees to $10 or $15 in your mind, completely ignoring the progress made by SegWit or LN. Instead of crying for $0.10 fee, move to SegWit and pay $1 for confirmation in next 2 block or if you're not in a hurry $0.20 and wait few hours.

 
https://www.buybitcoinworldwide.com/fee-calculator/

No I don’t want to sell btc.. It’s just an reminder..  segwit and LN can’t help with scaling..
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May 27, 2020, 11:36:06 AM
 #56

To be honest, it's still cheap compared to other ways. It just depends on how large your Bitcoin is. Maybe the fees was high because of the halving? Because as of now, a lot of miners are turning off their rigs in order to reduce losses because we know that their profit was reduced by 50%. The networked got more clogged because of this I think. Just give it time, fees will gradually reduced overtime.
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May 27, 2020, 11:51:41 AM
Last edit: May 27, 2020, 12:10:34 PM by chrisvl
 #57

To be honest, it's still cheap compared to other ways. It just depends on how large your Bitcoin is. Maybe the fees was high because of the halving? Because as of now, a lot of miners are turning off their rigs in order to reduce losses because we know that their profit was reduced by 50%. The networked got more clogged because of this I think. Just give it time, fees will gradually reduced overtime.
Do you remember when bitcoin cash released, some miners move their hashrate from btc to bch that cause 15$+ fees per tx, it was expected blocks took more than 10 minutes due to hashrate drop that cause more transactions in mempool, in this case we got lucky due to difficulty adjustment, Miners can turn off or turn on their rigs I remember a lot of people’s blame miners because their move hashrate to bch and cause slow confirmations and high fees, miners is not the problem..

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May 27, 2020, 01:27:21 PM
 #58

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

It is understandable because the Bonus of miners are too little now that's why the same reason of this increasing fees like what happen last halving,but i believe that last time the increase happens when the Bull run starts to shake the market.

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

Definitely  it is high compared to 1 sat/byte but I think it's all in all temporary and not going to last a long. The net hashrate has fallen slightly lower resulting in the increase of the size of  mempool. Many bodies are trying to push their transaction as fast as possible setting the fee  level up, however it's already around 10 - 12 % lower than its height at previous week.

Of course this is temporary because this happens already in the past and after couple of weeks everything backs to normal and the fees goes low again,but the problem is those in need now that only has small amount of bitcoin,meaning their funds will decrease big and will take out a little.
Not actually surprised about the high fees. Our local exchange has almost $5 as a fee in fast transactions and $1 for slow move. I can't also convert it to other coins since they have convertion fee that just makes it double the fees. And I understand why fees are higher than before, miner's award was half already thus they are pushing and prioritize high transaction fees.
I can feel that mate,i have used that 5$ couple of days ago because i have no choice but to take some funds.
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May 27, 2020, 02:19:29 PM
 #59

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users which don’t have *million of bitcoins and can’t handle such a high fees.
We can't do anything about the problem of high fees as a user of this currency, but the devs can do as they can increase the block size to increase the number of transactions fitted in a block. Also the lightning network has also made many promises that are very attractive as, if it gets launched then the transaction fees for a single transaction will come down and this will in turn increase the bitcoin popularity as a currency again as for me bitcoin is only an investment and i am not able to use it for day to day transactions due to the waiting time for confirmation and the fees involved in it.

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May 27, 2020, 02:23:31 PM
 #60

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

Why are the fees relatively high now? It boils down to the dynamics of supply and demand of block space available in the Bitcoin network. According to BitInfoCharts data, since halving has occurred, miners are mining at a much slower pace. Fewer blocks per day means lower supply of block space per day. Lower supply and constant or higher demand mean higher prices.
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May 27, 2020, 02:24:44 PM
 #61

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users which don’t have *million of bitcoins and can’t handle such a high fees.
We can't do anything about the problem of high fees as a user of this currency, but the devs can do as they can increase the block size to increase the number of transactions fitted in a block. Also the lightning network has also made many promises that are very attractive as, if it gets launched then the transaction fees for a single transaction will come down and this will in turn increase the bitcoin popularity as a currency again as for me bitcoin is only an investment and i am not able to use it for day to day transactions due to the waiting time for confirmation and the fees involved in it.
Yes devs can do, but seems they don’t want

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May 27, 2020, 02:46:20 PM
 #62

Lately the fees have been the highest in almost a year. I think this is due to the halving FOMO and started around that time. Looking at the congestion chart, this seems pretty bullish, however not if you can't get a transaction confirmed.

I think to reduce congestion exchanges should really be using the LN when customers do deposits/withdraws to and from. Most of the transactions happening are between exchanges and they could easily be routed thru a lightning network.

Hopefully they will take action if the fees keep being this high in the near future. Because it doesn't make sense to pay $10 and wait a few hours for a transaction to confirm.

Still far below what I expected to be honest, with post-halving fomo and all that. I mean, yes, I have had myself to pay an extortionate amount of satoshi to make 1 Pizza Day payment (as it had to confirm fast) but otherwise, I'm still avoiding dollar costs since I do manage my inputs quite well.

Before talking about LN, we should really push services to upgrade to Segwit first, and use batch payments (some still don't!), and then eventually convert to 100% native Segwit. We're getting there. I think that alone would be a huge relief off the network.

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May 27, 2020, 03:13:47 PM
 #63

What do you say? The fee of BTC is lower than normal fee so much. You can transfer a million dollar (by BTC) and the only fee less than $ 10. There is no such cheap transfer service. You also know the fee of BTC belong to Blockchain. If many transaction need to process, the TX will be pending and the fee is increase. The fee is calculated by number of shipments, not by quantity of you transfer, so If you transfer a small, the fee will be large
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May 27, 2020, 03:47:53 PM
 #64

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

I experienced that last week but I opted to wait for a week because I know this is not permanent and after a week of waiting I checked it and was only charged 50 cents down from $6 transaction fee from last week, so don't lose hope  it's not permanent, I don't give up on Bitcoin just because of this.

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May 27, 2020, 03:49:34 PM
 #65

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
When you're making a transaction you're able to choose the level of fees from and the amount you pay determines how long your transaction is going to take. Whenever I am using the Blockchain wallet for a transaction, I usually make use of the regular fee or priority fee. The first takes about sixty minutes, depending on the network and how fast it is at the moment, while the later it's quite fast as I'm paying a higher fee.

I can remember that around last month or two, I even paid more than $2 for a transaction of just $23 and there are times I had to pay even more. And there also times I decided to make use of other cryptocurrencies if I had them, most times it's Ethereum.
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May 27, 2020, 04:13:21 PM
 #66

Yes, there are some exchanges that charge more. But not all exchange sites are the same. If you search a little better, you will find some exchange sites that charge much less. It may take a little longer to reach your wallet. But in that case you must find a good exchange site first.
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May 27, 2020, 04:24:20 PM
 #67

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

Why are the fees relatively high now? It boils down to the dynamics of supply and demand of block space available in the Bitcoin network. According to BitInfoCharts data, since halving has occurred, miners are mining at a much slower pace. Fewer blocks per day means lower supply of block space per day. Lower supply and constant or higher demand mean higher prices.

Yes, near the halving days the fees went up very high and at times I need to think trice to even sent or could not afford it to be sent because for the smaller amount to be transferred the fees are higher then what even I am transferring. Hopefully sooner we have the transaction fees reduced significantly and be back to normal.


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May 27, 2020, 07:01:20 PM
 #68

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
Yes the fees are high Sad but there is nothing you can do about it. You just have to find a way to cope with it and wait it out. There are times I would want to make quick transactions, but due to the high fees I will be unable to make use of the priority option and will only be left with the regular or lower transaction fee which will take around 30 to 60 minutes or even more than that.

devs can do, but seems they don’t want
I don’t think the devs can really do anything about it, unless you’re referring to the miners? No miner at this time will like to accept a small fee at this time, they are all trying to cover up their expenses which probably got high after this halving. The fees we pay for a transaction depends on the situation of the market.

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chrisvl (OP)
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May 27, 2020, 07:12:04 PM
 #69

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
Yes the fees are high Sad but there is nothing you can do about it. You just have to find a way to cope with it and wait it out. There are times I would want to make quick transactions, but due to the high fees I will be unable to make use of the priority option and will only be left with the regular or lower transaction fee which will take around 30 to 60 minutes or even more than that.

devs can do, but seems they don’t want
I don’t think the devs can really do anything about it, unless you’re referring to the miners? No miner at this time will like to accept a small fee at this time, they are all trying to cover up their expenses which probably got high after this halving. The fees we pay for a transaction depends on the situation of the market.
No I’m not referring to miners. No the fees  that we pay for tx is not only depends on the situation of the market.

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May 27, 2020, 09:34:45 PM
 #70

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

You're right the fees are high but I think at some level they're important to continue incentivising the miners who spend lots of money in the infrastructure they need to. mine or to allow transaction to be added to blockchain on a daily basis. Without it the whole system wouldn't work and blockchain technology based systems won't exist either. The only thing that will bring down the fees in my opinion is the adoption since the more people there're using the technology the more processes will be required to be performed ultimately driving the fees down.





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chrisvl (OP)
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May 28, 2020, 12:26:29 AM
 #71

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

You're right the fees are high but I think at some level they're important to continue incentivising the miners who spend lots of money in the infrastructure they need to. mine or to allow transaction to be added to blockchain on a daily basis. Without it the whole system wouldn't work and blockchain technology based systems won't exist either. The only thing that will bring down the fees in my opinion is the adoption since the more people there're using the technology the more processes will be required to be performed ultimately driving the fees down.
No scaling : More adoption -> More transactions -> More high fees.
Scaling: More adoption-> More transactions -> Lower fees

If we want more adoption: ( scaling required)
If we don’t want adoption: ( scaling is not required) current situation

Simple Mathematics.



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May 28, 2020, 02:59:33 AM
 #72

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
This happens sometimes so if you don't want to spend high in fees then wait for the fees to down low before sending.
thats the only option you have or else use low fees but wait for sometimes to be sent.
we are all in the same situation so just bear for a while and stop complaining,You reached that Legendary rank but until now you are acting as a newbie?









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May 28, 2020, 06:31:25 AM
 #73

It’s strange to hear such performances. This is similar to recognizing Bitcoin as the pinnacle of excellence. Everyone knows that this is not so. Why try to dress a stone doll in a suit for a fashion model? This is what has been happening for several years. Monstrous energy costs, cave speed ... But, on the other hand, all the wealth of those who could make a fortune are concentrated in bitcoin. Moreover, most of these bitcoins are not invested anywhere, does not bring the development of the blockchain industry. Bitcoin is a dead doll, an idol for digital savages.
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May 28, 2020, 07:46:06 AM
 #74

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users which don’t have *million of bitcoins and can’t handle such a high fees.
We can't do anything about the problem of high fees as a user of this currency, but the devs can do as they can increase the block size to increase the number of transactions fitted in a block. Also the lightning network has also made many promises that are very attractive as, if it gets launched then the transaction fees for a single transaction will come down and this will in turn increase the bitcoin popularity as a currency again as for me bitcoin is only an investment and i am not able to use it for day to day transactions due to the waiting time for confirmation and the fees involved in it.

It's launched... What are you waiting for?

If you're not spending your bitcoins, then you are part of the problem why it's not being adopted...

Coinbase for selling BTCs
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May 28, 2020, 07:56:16 AM
 #75

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users which don’t have *million of bitcoins and can’t handle such a high fees.
We can't do anything about the problem of high fees as a user of this currency, but the devs can do as they can increase the block size to increase the number of transactions fitted in a block. Also the lightning network has also made many promises that are very attractive as, if it gets launched then the transaction fees for a single transaction will come down and this will in turn increase the bitcoin popularity as a currency again as for me bitcoin is only an investment and i am not able to use it for day to day transactions due to the waiting time for confirmation and the fees involved in it.

It's launched... What are you waiting for?

If you're not spending your bitcoins, then you are part of the problem why it's not being adopted...

also the answer in this thread came the same about their answers here

https://bitcointalk.org/index.php?topic=5251364.0

when others wanted to use their Bitcoins to pay online,some are disagreeing abut the decision obvious that they don't really know what Bitcoin or why Bitcoin was created by Satoshi Nakamoto,and the way this must go?for us to be adopted ,Bitcoin must be use to circulate,this will also Lure other people to try and use this currency instead of always using fiat or even Paypal.

We need to wake those who has wrong interpretation and understanding about cryptocurrency,and not just to HODL but also to use.
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May 28, 2020, 08:04:57 AM
 #76

If you are not in a hurry, a 10sat/byte fees is perfectly okay. Today got 6 confirmation on 10sat/byte within 1.5 hours. That's 26 cents to send 15 dollars.
I was using segwit native and blockexplorer claimed I've saved 42% of fees using a segwit native. So, if you don't have a time constrain, you can go much cheaper.

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May 28, 2020, 11:13:22 AM
Last edit: May 28, 2020, 07:07:26 PM by chrisvl
 #77

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
This happens sometimes so if you don't want to spend high in fees then wait for the fees to down low before sending.
thats the only option you have or else use low fees but wait for sometimes to be sent.
we are all in the same situation so just bear for a while and stop complaining,You reached that Legendary rank but until now you are acting as a newbie?
Do you read my quotes or just the first post ?? You say I’m acting as newbie, I’m glad for this because bitcoin needs newbies (more adoption) I’m glad that express newbies voice...

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May 28, 2020, 08:19:02 PM
 #78

From what I have understood, the fees for Bitcoin transaction is not really attached to price, it’s about the demand and supply being high.

There are times I notice that the price will be increasing and I will have to pay a high fee for a transaction and there are time when the price will stays stable and settle at that same high price and when I try sending money I will be charged small fee.

Bitcoin network can only process 1MB, so when the supply and demand is high the network becomes congested and miners will only process the transactions with high fees. When this happens there are lots of people who are enforced to spend big money as high fees for a quick transaction. As per the current situation, it seems segwit is not helping or it is slightly getting older to cope up with the current number of bitcoin users and their transaction habits; probably it is time for segwit V2.0?
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May 28, 2020, 10:57:16 PM
 #79

From what I have understood, the fees for Bitcoin transaction is not really attached to price, it’s about the demand and supply being high.

There are times I notice that the price will be increasing and I will have to pay a high fee for a transaction and there are time when the price will stays stable and settle at that same high price and when I try sending money I will be charged small fee.

Bitcoin network can only process 1MB, so when the supply and demand is high the network becomes congested and miners will only process the transactions with high fees. When this happens there are lots of people who are enforced to spend big money as high fees for a quick transaction. As per the current situation, it seems segwit is not helping or it is slightly getting older to cope up with the current number of bitcoin users and their transaction habits; probably it is time for segwit V2.0?
Agree. Yes 1mb is the limit, if the limit stays at 1mb segwit v2, v3, v4 can’t help..

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May 29, 2020, 02:14:16 AM
 #80

From what I have understood, the fees for Bitcoin transaction is not really attached to price, it’s about the demand and supply being high.

There are times I notice that the price will be increasing and I will have to pay a high fee for a transaction and there are time when the price will stays stable and settle at that same high price and when I try sending money I will be charged small fee.

Bitcoin network can only process 1MB, so when the supply and demand is high the network becomes congested and miners will only process the transactions with high fees. When this happens there are lots of people who are enforced to spend big money as high fees for a quick transaction. As per the current situation, it seems segwit is not helping or it is slightly getting older to cope up with the current number of bitcoin users and their transaction habits; probably it is time for segwit V2.0?

Increase in fee is a big problem for Bitcoin if we want mass adoption. Already this thread has been full of queries and reason to why the fee is high but, if you still compare the fee with big payment system the fee is very low.

Currently the fee per byte is hovering around 70 to 75 Satoshi, which is previously was 40 to 44 Satoshi. Current USD value of Bitcoin is making it look much bigger than it actually is.

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May 29, 2020, 02:58:54 AM
 #81

From what I have understood, the fees for Bitcoin transaction is not really attached to price, it’s about the demand and supply being high.

There are times I notice that the price will be increasing and I will have to pay a high fee for a transaction and there are time when the price will stays stable and settle at that same high price and when I try sending money I will be charged small fee.

Bitcoin network can only process 1MB, so when the supply and demand is high the network becomes congested and miners will only process the transactions with high fees. When this happens there are lots of people who are enforced to spend big money as high fees for a quick transaction. As per the current situation, it seems segwit is not helping or it is slightly getting older to cope up with the current number of bitcoin users and their transaction habits; probably it is time for segwit V2.0?

Increase in fee is a big problem for Bitcoin if we want mass adoption. Already this thread has been full of queries and reason to why the fee is high but, if you still compare the fee with big payment system the fee is very low.

Currently the fee per byte is hovering around 70 to 75 Satoshi, which is previously was 40 to 44 Satoshi. Current USD value of Bitcoin is making it look much bigger than it actually is.
if i'm not mistaken what happened in 2017 hype is much cruel to the fees we have this time right?

But of course this is not tolerable specially for those who only earned small amount of BTC and needed the fund every now and then.

They are the most affected part thats why i think OP  is correct that we need to look also to small holders that hurting in this situation.
Hoping that this event will end soon so the fees will back low to normal again .

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May 29, 2020, 07:44:42 AM
 #82

I totally don't get all the whining here. If you haven't realized the true value of bitcoin in 2020 you should be neither be able to hold some nor discussing about fees.
Use whatever other crypto you like but forget about btc
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May 29, 2020, 08:51:08 AM
 #83

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
Is there anything we can do to change bitcoins fee or reduce it? I think nothing. The alternative if you want a lower fees use altcoins because altcoins has a lower fees than bitcoin. If you struggled because of bitcoins higher fee then forget btc and focus to altcoins.

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May 29, 2020, 09:26:51 AM
 #84

I totally don't get all the whining here. If you haven't realized the true value of bitcoin in 2020 you should be neither be able to hold some nor discussing about fees.
Use whatever other crypto you like but forget about btc

Bellowing 'tough' and then leaning back in your throne to grab a chicken leg and grouch about your gout lacks a certain grace.

It would be nice to see more education on the subject, perhaps inside wallets themselves. More people should know that if you're prepared to wait you can pay a lot less. I'll assume many believe it's the 'big' fee or nothing still.

And newcomers have probably never been exposed to a dynamic marketplace of this nature before. Telling them why it exists could be helpful. Who knows what the fee market will look like in future but it'll certainly not be what most people arriving from elsewhere are used to.
 

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May 29, 2020, 11:06:30 AM
 #85

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
Is there anything we can do to change bitcoins fee or reduce it? I think nothing. The alternative if you want a lower fees use altcoins because altcoins has a lower fees than bitcoin. If you struggled because of bitcoins higher fee then forget btc and focus to altcoins.
Indeed. There is nothing we can do to reduce the amount of fees. Bitcoin fees is really high, that is why me and friends are now avoiding making transactions in bitcoin because the fees are really expensive for us. So I think using altcoins as a payment is really one of the best solution to avoid huge fees.

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May 29, 2020, 11:32:39 AM
 #86

There is nothing we can do about bitcoin fees, everything is set by the system. We can only accept it, but not to worry related to bitcoin fees.
Because there is a solution, we can convert the bitcoin that we have into altcoins with cheaper fees. For example, we will move bitcoin from
binance exchange to coinbase, if we move bitcoin directly, it will be expensive. But if we convert to XRP first, the fees will be cheaper.

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May 29, 2020, 12:04:08 PM
 #87

This happens a lot of the time. Which exchange you are using. It also depends on the exchange a lot of times. You can change the site in your exchange if you want. There are some exchanges that have very low fees. There is nothing to be afraid of. You may have to be a little more patient. If the current situation is right, the fee can be expected to decrease.
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May 29, 2020, 12:26:08 PM
 #88

I have a feeling that the person who complains about high transaction fees is using online or exchange wallet. They do charge % of the amount you wish to transfer.

Fees are high? Set 1 satoshi/byte and wait for ages for your transaction to be transferred.

I guess the only one who could complain about high fees is Duckburg's richest and greediest duck - Scrooge McDuck.

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May 29, 2020, 12:41:43 PM
 #89

I have a feeling that the person who complains about high transaction fees is using online or exchange wallet. They do charge % of the amount you wish to transfer.

Fees are high? Set 1 satoshi/byte and wait for ages for your transaction to be transferred.

I guess the only one who could complain about high fees is Duckburg's richest and greediest duck - Scrooge McDuck.
No I don’t use any exchange. I’m against exchanges..
My post It’s just a reminder.

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May 29, 2020, 01:50:04 PM
Last edit: May 30, 2020, 02:27:29 AM by ranochigo
 #90

Bitcoin network can only process 1MB, so when the supply and demand is high the network becomes congested and miners will only process the transactions with high fees. When this happens there are lots of people who are enforced to spend big money as high fees for a quick transaction. As per the current situation, it seems segwit is not helping or it is slightly getting older to cope up with the current number of bitcoin users and their transaction habits; probably it is time for segwit V2.0?
Segwit is helping. The average size in byte is about 1.4MB right now, which is 40 percent more than previously. It was achieved with a soft fork and not cause any issues.
Agree. Yes 1mb is the limit, if the limit stays at 1mb segwit v2, v3, v4 can’t help..
Optimization is the way to go. If you want Bitcoin to be like a payment processor like Visa, increasing the limit won't help with decentralisation. Segwit worked. Lightning network is working. There are proposals such as MAST(BIP114), Schnorr signature that helps to optimize the individual Bitcoin transactions. I admit that increasing block size could potentially be a viable option but it does have some drawbacks.


I won't reply to this thread anymore. Seems like you aren't really into discussing the possible solutions and just dismissing all of them.

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May 29, 2020, 01:51:32 PM
 #91

As of now, the fee is approx. ~60 satoshi/byte for a reasonable timeframe which gives the total transaction fee of a normal transaction to be $0.50. Isn't that cheaper than a lot of the payment processors?
Ordinary people aren't very tech savy and don't care about satoshi/byte. I moved funds lately. I believe I spent $5 to move approximately $55 and a higher fee to move a bigger number. In comparison with FIAT I am way satisfied but if I compare it with other altcoins (BCH, BSV, dogecoin) that i moved too then there is no comparison for the same amount.
In the future with the reduced block reward without x2 bitcoin price before and after the halving then miners compensation will be based on fees. Segwit was a good step but not enough imo.

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May 29, 2020, 07:12:05 PM
 #92

As of now, the fee is approx. ~60 satoshi/byte for a reasonable timeframe which gives the total transaction fee of a normal transaction to be $0.50. Isn't that cheaper than a lot of the payment processors?
Ordinary people aren't very tech savy and don't care about satoshi/byte. I moved funds lately. I believe I spent $5 to move approximately $55 and a higher fee to move a bigger number. In comparison with FIAT I am way satisfied but if I compare it with other altcoins (BCH, BSV, dogecoin) that i moved too then there is no comparison for the same amount.
In the future with the reduced block reward without x2 bitcoin price before and after the halving then miners compensation will be based on fees. Segwit was a good step but not enough imo.

You overpaid.
https://ycharts.com/indicators/bitcoin_average_transaction_fee
As you can see the average tx fee is below 2.5 USD so it's possible to send coins much cheaper than for $5.

I know that sometimes you don't have a choice and have to pay whatever the business you're dealing with is charging you for a transaction but most of us use our own wallets and can adjust the fee.

Let's not mix the fees we pay in a casino to withdraw with the network fees for a normal transaction.
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May 29, 2020, 07:20:05 PM
 #93

Ordinary people aren't very tech savy and don't care about satoshi/byte. I moved funds lately. I believe I spent $5 to move approximately $55 and a higher fee to move a bigger number.

5$ for a relatively standard transaction with 2 inputs and 2 outputs (legacy) is more than 140 sat/B. And if you used segwit, 180 sat/B. You heavily overpaid.
Currently 1-2 sat/B are enough to get your transaction confirmed within a few blocks. That's roughly 0.02 USD for segwit and 0.03-0.04 USD for legacy.

Which wallet did you use?
Either your wallet estimated the fee poorly (which almost always is the case) or you chose a way too high fee by your own.

Even when the fees spike (like 1 - 2 weeks ago), a fee of 20-30 sat/B was enough to get your transaction confirmed in a reasonable timeframe.

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May 29, 2020, 07:27:31 PM
 #94

As of now, the fee is approx. ~60 satoshi/byte for a reasonable timeframe which gives the total transaction fee of a normal transaction to be $0.50. Isn't that cheaper than a lot of the payment processors?
Ordinary people aren't very tech savy and don't care about satoshi/byte. I moved funds lately. I believe I spent $5 to move approximately $55 and a higher fee to move a bigger number. In comparison with FIAT I am way satisfied but if I compare it with other altcoins (BCH, BSV, dogecoin) that i moved too then there is no comparison for the same amount.
In the future with the reduced block reward without x2 bitcoin price before and after the halving then miners compensation will be based on fees. Segwit was a good step but not enough imo.

You overpaid.
https://ycharts.com/indicators/bitcoin_average_transaction_fee
As you can see the average tx fee is below 2.5 USD so it's possible to send coins much cheaper than for $5.

I know that sometimes you don't have a choice and have to pay whatever the business you're dealing with is charging you for a transaction but most of us use our own wallets and can adjust the fee.

Let's not mix the fees we pay in a casino to withdraw with the network fees for a normal transaction.
No, don't worry I wasn't mixing Smiley
As I said I moved some funds, at first I didn't pay attention to fees and used the standard one until I realised that I was indeed paying too much. Used 2 integrated exchanges in my wallet later and was able to adjust fees to a reasonable amount in one of it. However since I moved multiple cryptocurrencies (not much amount), fees paid with BTC after adjustment are still high comparing to other crypto fees but still better than FIAT.
Anyway, what i want to say is that bitcoin is the best payment option that i could have, however the weakest points are: speed + fees, better than FIAT for sure but slowwwer and more expensive than other cryptocurrencies, which i believe that it needs to be fixed so adoption could rise exponentially!

Edit:
Ordinary people aren't very tech savy and don't care about satoshi/byte. I moved funds lately. I believe I spent $5 to move approximately $55 and a higher fee to move a bigger number.

5$ for a relatively standard transaction with 2 inputs and 2 outputs (legacy) is more than 140 sat/B. And if you used segwit, 180 sat/B. You heavily overpaid.
Currently 1-2 sat/B are enough to get your transaction confirmed within a few blocks. That's roughly 0.02 USD for segwit and 0.03-0.04 USD for legacy.

Which wallet did you use?
Either your wallet estimated the fee poorly (which almost always is the case) or you chose a way too high fee by your own.

Even when the fees spike (like 1 - 2 weeks ago), a fee of 20-30 sat/B was enough to get your transaction confirmed in a reasonable timeframe.
Definitely my mistake for not adjusting fees in Electrum. Generally I used standard fees but now I feel I was robbed (not) Tongue
I was pressured to fix something, moved funds and made several mistakes (fees, almost losing a crypto funds...). Luckily I realised what happened when everything calm down  Embarrassed

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May 29, 2020, 11:27:22 PM
 #95

Fee, hhmm ... this is a very relative thing.
Can not we set fees as needed?
Isn't there an Alts coin for cheaper transactions? Doge for example.
Transactions using BTC are also not designed to be free, right? We have also gotten many things that we do not get if we use the national currency. With the many benefits we get, I think it is proportional to the fee set.

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May 30, 2020, 02:54:31 PM
 #96

Can not we set fees as needed?

Yes, you can.
But not all wallets have the option to adjust the fee.

Some only let you chose the fee via a slider, and some don't offer that option at all.



Isn't there an Alts coin for cheaper transactions? Doge for example.

There are. But at the same time they are less secure.
Bitcoin is - by far - the most secure cryptocurrency.

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May 30, 2020, 02:57:11 PM
 #97

I think so that there has a high fees for Bitcoin transaction. Bitcoin is now in a growing position. A lot of people are gradually investing in Bitcoin. Its usage and popularity are also increasing day by day. Many countries are permitting bitcoin which was restricted before. In such case, a high fees may be the hindrance of its growing path. So, it is time to reduce the high fees and give the opportunity to the new and small investors as well as miners to enter the bitcoin market.

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May 30, 2020, 04:13:14 PM
 #98

I think so that there has a high fees for Bitcoin transaction. Bitcoin is now in a growing position. A lot of people are gradually investing in Bitcoin. Its usage and popularity are also increasing day by day. Many countries are permitting bitcoin which was restricted before. In such case, a high fees may be the hindrance of its growing path.
The main reason why bitcoin transaction fees are increasing is because mempool are full with unconfirmed transactions.

So, it is time to reduce the high fees and give the opportunity to the new and small investors as well as miners to enter the bitcoin market.
You have to know how miners actually process each transaction because you will get an answer as to why transaction fees increase. Miners will process transactions based on fee, the greater the fees used will allow transactions to be processed quickly and vice versa. At the same time, people are racing to get quick transactions by adding fees so that people who use lower fees will experience delays in the "stuck" transaction process.



Although the main reason for the increase in transaction fees is due to the mempool is full, this is the desire of users themselves who want transactions quickly and this has led to increased fees and many other transactions that are delayed.

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May 30, 2020, 06:44:16 PM
 #99

Maybe you are a little confused. The cost when we trade Bitcoin is calculated by the number of transactions, not by the number of transactions you (for example, the price you transfer 1B with 0.005B is also equivalent). Therefore, if you transfer with a small amount of BTC, you will see very high transfer fees, even accounting for 10%, 20% of the amount you trade. But if you transfer in bulk, the cost of the transaction is almost zero if calculated on the total volume you transfer. (Bitcoin is the cheapest way to transfer money. Example: There are already millions of transactions that cost only 1-5 $)
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May 30, 2020, 09:43:36 PM
 #100

i have not much experience in terms of electrum, so i don't know how fees are looking at if you use it. anyway, if you want to transfer btc from one exchange to another, use other alts like doge because normally their fee is very low.
It doesn't matter what wallet you use. Electrum for desktop has almost all features in bitcoin core and you can adjust the fee manually. Users are forced to set a high fee to get their transactions confirmed fast because not everybody can use an altcoin and altcoins can't be used for daily paiements. At best cases they may use bitcoin cash (supported by several wallets) instead of bitcoin, which is not advisable at all.
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May 31, 2020, 07:03:21 AM
 #101

It's true that bitcoin does have quite high fees compared to altcoins which have lower fees. Therefore the lightning network tries
to overcome the problem of high bitcoin fees. Or you can also convert the bitcoin that we have become altcoins, so this fees
problem can be overcome. Especially with halving, bitcoin fees should increase. Do the solution I have mentioned, because that is
the only way for the time being.

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May 31, 2020, 11:04:09 AM
 #102

The halving definitely shook the fees up quite a bit, it should be dropping slowly now

If you look at the fees of the past 24 hours, they are quite low again.




A 1 sat/B transaction will be confirmed within the next few blocks.
A 2-3 sat/B transaction is almost guaranteed to be confirmed within the next block (if no sudden spike happens).



Especially with halving, bitcoin fees should increase. Do the solution I have mentioned, because that is
the only way for the time being.

The halving already occured.
And the adjustment of the difficulty also took place on May 20.
The next adjustment will be on Thursday evening. The change will be roughly between -11% and -10%.

So even when there are a lot of transactions happening (which is definitely not sunday), fees should normalize again.

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May 31, 2020, 11:11:45 AM
 #103

If you look at the fees of the past 24 hours, they are quite low again.

Exactly. https://mempool.space/ gives an even better overview. Most of the blocks from the last 12 hours were not filled completely.
Even myself I made a low prio transaction yesterday with 1 sat/vbyte and went through in less than 20 minutes.

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May 31, 2020, 12:12:47 PM
 #104

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
Isn't this enough reason people are switching to Segwit? You should try that. However, there are options to even lower how much fees you want to pay only that it delays your transaction. BTW, what would you say of the ETH network where you can't go below a set gas fee, otherwise the transaction will be automatically rejected. This isn't in any way justifying the high Bitcoin transaction fees though.

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May 31, 2020, 12:57:35 PM
 #105

I concur to this. Bitcoin is not for the rich only. It is even one thing they must look into if it want to be accepted worldwide. The fees are too high, even for small amount.  

You are late. Right now 1 sat/vbyte is good again.
And you should read more. The fee is completely unrelated to the quantity or value of the coins sent.

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May 31, 2020, 03:42:23 PM
 #106

You are late. Right now 1 sat/vbyte is good again.
And you should read more. The fee is completely unrelated to the quantity or value of the coins sent.

But some day that will be a fond memory for good. I'm interested to see how many people readjust their expectations and are happy to wait for less cost rather than it having to be NOW. Either way the broke will need a solution that isn't widespread at the moment. Could be LNs, could be something else.
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May 31, 2020, 06:18:30 PM
Merited by gentlemand (1)
 #107

But some day that will be a fond memory for good. I'm interested to see how many people readjust their expectations and are happy to wait for less cost rather than it having to be NOW. Either way the broke will need a solution that isn't widespread at the moment. Could be LNs, could be something else.

There is (also) a problem: various services need "fast" transactions, the most wide spread may be the withdrawal from exchanges (customer trust, lack of options in the software like "I'm not in a hurry, but let me have the extra $), but also certain payments need confirmations.. faster than one week.

Yes, certain transactions can be done with low and very low priority. But in order to have something "commercially available" I'm afraid that many of those complaining are right and something has to be done and I'm not as enthusiastic about LN like I was one year ago (mostly because I had unrealistic expectations it'll get live/out-of-beta/used with the speed SegWit got adopted).

So it's not only about "people readjust their expectations" imho, it's more about how the service providers will adjust to the new reality.

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May 31, 2020, 07:08:02 PM
 #108

There is (also) a problem: various services need "fast" transactions, the most wide spread may be the withdrawal from exchanges (customer trust, lack of options in the software like "I'm not in a hurry, but let me have the extra $), but also certain payments need confirmations.. faster than one week.

Good point. At some point that variability stops being a quirk that some explain away and becomes a flat out impediment to normal operations. I'll guess that's one of the prime reasons Blockstream got Liquid going but I've no idea whether it'll ever have any private uptake and it might end up worse than normal banking in terms of onerousness for all I know.

LNs had better get their skates on as otherwise it's going to be centralised services all the way. So far I have not been compelled to sample it.
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May 31, 2020, 07:27:18 PM
 #109

It depends of the exchange/wallet and the coin (as its network)
exchange/wallet : the fees generated by the staff and this give it its profit.
coin : its network has its fees of move transaction, then when you make withdrawal process, you pay the mix of both fees that wrote in the form of exchange.

Yes it's high as i know. But not a problem of high amounts.   Cool
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May 31, 2020, 10:56:47 PM
 #110

It feels like this happens after the halving. The fees do this. When bitcoin shot up in 2017 the fees went off the roof. Bitcoin is more stable now but the fees are increasing compared to a few months ago when bitcoin was also the same price as now (8-10k) but the fees were not as high. Everyone is rushing to have their transaction done the fastest. I always thought that when fees were high bitcoin mining would be more profitable?
However, it is not the case. It really makes no sense to me and I have no idea how miners predict their profit margins.
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June 01, 2020, 02:06:18 PM
 #111

     Indeed the price is quite steep. Specially when you are in a third world country and you only earn a few satoshis every now and then. The thing is though, is that small people like us won't be able to do much about these prices. And besides, the prices are the way they are probably because it is needed to keep things going good.

     And just as what most of the people do who are not in a hurry or even troubled by hassle just pay lower fees or just uses other coins when doing transfers. If you haven't tried using other currencies yet, you can start with minimum amount or any amount that you are comfortable with and start from there till you get the hang of it.

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June 03, 2020, 02:39:36 PM
 #112

Fees after halving were ridiculous! I've been so used to send transactions with a 1 sat fee that my transaction got stuck in mempool for 10 days! Sad not to mention having to pay like $3 fee for a $5 transaction. That's why ETH has gained so much momentum lately.
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June 03, 2020, 03:23:31 PM
 #113

Fees after halving were ridiculous! I've been so used to send transactions with a 1 sat fee that my transaction got stuck in mempool for 10 days! Sad not to mention having to pay like $3 fee for a $5 transaction. That's why ETH has gained so much momentum lately.

I've sent more than 1000$ for less than 10 cents fee just because I've waited a cool down period. Of course, this is not always possible.
Also the fees are not related to the value you are transacting, so the 5$ and 1000$ figures are useless.

And also Ethereum network is pretty much crowded too lately and I fear that if the trend continues sooner or later you'll face the same issues on ETH.

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June 03, 2020, 11:44:16 PM
 #114

That's why ETH has gained so much momentum lately.

We'll see what happens with ETH 2.0, but ETH has had the exact same problem quite a few times. Anything with a fixed limit and variable fee is going to experience the same thing if enough users arrive.

And since ETH has stablecoins running on it as well as Dex's and no doubt plenty of other things the potential for pressure on fees is seriously high. There doesn't have to be a spike in price or new users to up it. The more services use it for what it was designed to do, contract type stuff, the more demand there'll be for space on chain and that always costs.
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June 04, 2020, 12:05:37 AM
Merited by bob123 (1)
 #115

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

I still use 1 sat/B, and it still works. Takes a while, but who is in a hurry? Its not like i'm in a shop waiting for a coffee to be served or something...

You don't need to be a "millionaire" you just need to use a decent wallet that lets you input a manual transaction fee. Bitcoin works fine, you just have to use it properly, most people are misled by the wallets, well don't let them decide whats a good fee and what isn't, they are wrong. The network doesn't matter unless you are in an absolute hurry, and in most cases, you don't.

Just send at the cheapest fee and relax. Check back tomorrow or the day after that, it'll eventually confirm, it always does.

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June 04, 2020, 10:29:26 AM
 #116

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

I still use 1 sat/B, and it still works. Takes a while, but who is in a hurry? Its not like i'm in a shop waiting for a coffee to be served or something...

You don't need to be a "millionaire" you just need to use a decent wallet that lets you input a manual transaction fee. Bitcoin works fine, you just have to use it properly, most people are misled by the wallets, well don't let them decide whats a good fee and what isn't, they are wrong. The network doesn't matter unless you are in an absolute hurry, and in most cases, you don't.

Just send at the cheapest fee and relax. Check back tomorrow or the day after that, it'll eventually confirm, it always does.

Guess I was unlucky with my transaction then. I've sent about 50, 1sat/B always went through within a few hours except this one time after halving. While I agree with you it's pretty inconvenient for someone having to wait several days to get their bits. Certainly made me look at wallets like Electrum to give me greater control of my transactions and check with sites like bitcoinfees to make sure I know the appropriate fees before sending.
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June 04, 2020, 11:47:21 AM
 #117

It depends of the exchange/wallet and the coin (as its network)
exchange/wallet : the fees generated by the staff and this give it its profit.
coin : its network has its fees of move transaction, then when you make withdrawal process, you pay the mix of both fees that wrote in the form of exchange.

Yes it's high as i know. But not a problem of high amounts.   Cool

If you are not withdrawing with small amount?then that's not really a problem.but if you are having a thousand satoshi and you badly needed the amount?then you are just a dead man.

actually there are many affected now and they are the people mostly from campaigns and bounties but the traders and investors?i can see a little of them that affected.

Fees after halving were ridiculous! I've been so used to send transactions with a 1 sat fee that my transaction got stuck in mempool for 10 days! Sad not to mention having to pay like $3 fee for a $5 transaction. That's why ETH has gained so much momentum lately.
This means i am lucky because i only waited for 3 days?and yours are 10 days in which not common even using 1 sat per byte.

acceleration is not helping as what i saw in this service thread pumped almost every time the market is Growing.
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June 04, 2020, 11:52:20 AM
 #118

Do you thing lighting network And segwit can solve bitcoin high fees problem ?? No can’t.

If Lightning network get enough adoption, the problem with fee will be solved because people can be able to send/receive btc with very low fee. I think LN will solve that.

Just a few addition for the users above who made some good enlightening. You can always opt to use other alts which has low transaction fees, dogecoin is one example.
If you're not in a hurry, you can still choose to have lower fee, but would take a bit longer to reach your wallet.

Nevertheless, this high transaction fees doesn't stay forever anyway. People are already expecting this to happen after the halving.


This is what I'm doing when I want to transfer Bitcoin from an exchange.
That's unrelated here, we are talking about bitcoin fee. Also, considering the fee of exchange is totally off topic here. Centralize service may charge whatever fee rhey want.

Totally agree with you, it requires a lot
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June 04, 2020, 12:33:07 PM
 #119

Fees after halving were ridiculous! I've been so used to send transactions with a 1 sat fee that my transaction got stuck in mempool for 10 days! Sad not to mention having to pay like $3 fee for a $5 transaction. That's why ETH has gained so much momentum lately.

I've sent more than 1000$ for less than 10 cents fee just because I've waited a cool down period. Of course, this is not always possible.
Also the fees are not related to the value you are transacting, so the 5$ and 1000$ figures are useless.

And also Ethereum network is pretty much crowded too lately and I fear that if the trend continues sooner or later you'll face the same issues on ETH.

It's a matter of when the network is crowded and when you pay less fee, your transaction will likely delay for more than an hour or worse in a day. I already experience such as this when I tried to send fewer transaction fees when the network was crowded, it's the time when the BTC price was rising and it feels like everyone us trading BTC. I thought I won't gonna make it that day cause it delayed too long that I expected.
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June 04, 2020, 02:38:28 PM
 #120

The fees are high because we converted it in USD and the value of bitcoin is too expensive so the fee look very expensive too even though bitcoin fee is still the same as before. If you realy want a lower fees you always find a way in some good and trusted altcoins like, XRP, DOGE, ETH and more out there just convert it to altcoins and withdraw it.


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June 04, 2020, 03:11:12 PM
 #121

Fees after halving were ridiculous! I've been so used to send transactions with a 1 sat fee that my transaction got stuck in mempool for 10 days! Sad not to mention having to pay like $3 fee for a $5 transaction. That's why ETH has gained so much momentum lately.

I've sent more than 1000$ for less than 10 cents fee just because I've waited a cool down period. Of course, this is not always possible.
Also the fees are not related to the value you are transacting, so the 5$ and 1000$ figures are useless.

And also Ethereum network is pretty much crowded too lately and I fear that if the trend continues sooner or later you'll face the same issues on ETH.

It's a matter of when the network is crowded and when you pay less fee, your transaction will likely delay for more than an hour or worse in a day. I already experience such as this when I tried to send fewer transaction fees when the network was crowded, it's the time when the BTC price was rising and it feels like everyone us trading BTC. I thought I won't gonna make it that day cause it delayed too long that I expected.

Congestion is that it?yeah i have witnessed this from 2017 and now happens again couple of weeks back.in 2017 i
experienced this High fee when i withdraw just .005
bitcoin but it cost me almost 1/4 just to make the transaction faster and this is really sucks and now i use to this
and don't bother being anger when the fees goes
high,i still use the 1 sat/byte even if this took me 3-10 days because i know this will pass and in days things will
 back to normal like now ,and also soon when things
 are being better and with the help of Lightning Network fees will run down and
everyone will be happy again.

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June 04, 2020, 05:14:32 PM
 #122

The average Bitcoin transaction fees were still at the beginning of the year at the level of USD 0.28. This means that at the current average of USD 4.092, an increase of over 1 325% has been observed.
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June 04, 2020, 06:44:01 PM
 #123

The fees are high because we converted it in USD and the value of bitcoin is too expensive so the fee look very expensive too even though bitcoin fee is still the same as before. If you realy want a lower fees you always find a way in some good and trusted altcoins like, XRP, DOGE, ETH and more out there just convert it to altcoins and withdraw it.
yes I agree, and one of the other alternative ways to avoid expensive fees by making transactions or withdrawals, we can use by choosing to use altcoin which of course the cost is not as expensive as using bitcoin, the expensive cost on bitcoin does make sense because the estimated price of bitcoin is very high However, for withdrawing large amounts I still choose to use bitcoin even though the cost is very high.

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June 05, 2020, 08:21:12 PM
 #124

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
You're right about that. There is one of my friend that is still new to Bitcoin and he told me to send him some bitcoins so he can send money to my bank account, and I did. He didn't tell me that he was going to use it to make a transaction that night. He was trying to learn how Bitcoin wallets works and he tried to make a transaction from his Blockchain wallet to his Luno wallet and was charged $2 dollars for fees lol. He freaked out that I never told him. The amount he sent was just $5 and he was charged that much. I tried to let him know that it only happens when the Blockchain is congested.

High fees sometimes drives us too crazy. Not sure how long segwit addys will remain a solution for blockchain congestion.
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June 05, 2020, 08:36:31 PM
 #125

The fees are high because we converted it in USD and the value of bitcoin is too expensive so the fee look very expensive too even though bitcoin fee is still the same as before. If you realy want a lower fees you always find a way in some good and trusted altcoins like, XRP, DOGE, ETH and more out there just convert it to altcoins and withdraw it.
You have no idea how shit you are talking. Recently, with the pump of BTC, fee has been increased significantly. Where it was possible to get included your tx in next block with 1 sat per byte but recently it was more than 100 sat per byte. Wasn't the fee increased?

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June 05, 2020, 08:52:15 PM
 #126

The fees will not be fixed and it's unlikely that we see it happen. The two solutions that we can do as of the moment were mentioned.

Convert to an altcoin but seems you don't like the idea.

Pay with low fee but it will take time.

I don’t understand why people constantly complain about high fees, which they really aren’t? Bitcoin is not designed to be sent completely for free, and the biggest problem is that some think the maximum fee should be $0.10, always.
They don't see that it's much cheaper than the payment processors that we commonly used and takes about a day or two or even a three to arrive.

I think the second idea there is the best jossiel, send low fee and wait. I've had very low sat/byte transaction clear after a few days (5 sats/byte cleared in 5 days), it's not optimal, but it's better than paying exhorbitant fees. It's better than the alternative where we only pay the high fee and don't have options at all. Good luck, hopefully fees come down in time.
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June 16, 2020, 01:33:07 PM
 #127

The fees are high because we converted it in USD and the value of bitcoin is too expensive so the fee look very expensive too even though bitcoin fee is still the same as before. If you realy want a lower fees you always find a way in some good and trusted altcoins like, XRP, DOGE, ETH and more out there just convert it to altcoins and withdraw it.
yes I agree, and one of the other alternative ways to avoid expensive fees by making transactions or withdrawals, we can use by choosing to use altcoin which of course the cost is not as expensive as using bitcoin, the expensive cost on bitcoin does make sense because the estimated price of bitcoin is very high However, for withdrawing large amounts I still choose to use bitcoin even though the cost is very high.
Even it is high, you do not have any choice if you are really want to get bitcoin. It is all the same expensive fees whichever exchange you are using but withdrawing higher amount is the way to lessen to use of fees. Or convert coins on altcoin that has lesser fee like eth and xrp as stated.

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June 16, 2020, 02:27:26 PM
 #128

Fees are too high in many crypto wallets and exchanges, and I think this will change soon. The market is changing.
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June 22, 2020, 05:16:14 AM
 #129

it's really annoying when we have to pay high fees even for transacting lower amount of bitcoin. using altcoins instead of btc is good idea but that's also annoying. And bitcoin is bitcoin after all. Providing low fee will be a good decision if you want to transfer lower amount of bitcoin. Hope  lightning network & exchanges  will take some helpful steps overcoming the problem, soon...

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June 22, 2020, 06:04:09 AM
 #130

it's really annoying when we have to pay high fees even for transacting lower amount of bitcoin. using altcoins instead of btc is good idea but that's also annoying. And bitcoin is bitcoin after all. Providing low fee will be a good decision if you want to transfer lower amount of bitcoin. Hope  lightning network & exchanges  will take some helpful steps overcoming the problem, soon...
Bitcoin block is small enough to incentives bitcoin network participants to pay high fees. However, you have to pay only if you want to compete with others to be included in the first blocks. No one forces you to use an option of faster transactions, it is always up to you. That is necessary part for decentralized network to work this way, otherwise there would be a mempool with many umconfirmed transactions that have equal fees. Bitcoin is about a free market in which prices are indicators of supply and demand. If there is a high demand for block space, prices are high. If demand is low, you don't have to pay much.

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June 22, 2020, 02:16:22 PM
 #131

If you really want to get bitcoin then you have no choice but to fee a higher fee for your every transaction. But if you want a lower transaction fee you can exchange your bitcoin first to altcoin before you're going to make a transaction. Also higher fees of bitcoin is only based on bitcoins higher value as you can see above all coins in crypto market.

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June 22, 2020, 07:30:18 PM
 #132

This is the main reason for the loss of bitcoin to competitors. ETH much better. Low fees and fast speed of transactions. I think there is no future for bitcoin

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June 22, 2020, 07:34:51 PM
 #133

These fees actually decide on how much service do we want our Cryptocurrencies to be handled. In some exchanges, fees are standardized and they are given guidelines on how much time would it actually take for the Crypto to travel from one place to the other BUT it is certainly disturbing that high fees are costly. High fee's needs to be handled in someway possible.
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June 22, 2020, 08:04:12 PM
 #134

That is true, but the thing about bitcoin and cryptocurrencies its not the rich that benefit from it the most, I know people who got millions out of cryptocurrencies and they've been doing well in their life, they don't have that much money nor they are mining cryptocurrency but they found a way to earn.

What my point is, bitcoin or any other cryptocurrencies creates opportunities and contributes to economy of each respective country.



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June 22, 2020, 09:26:31 PM
 #135

I would like to see a little specificity in support of your position.

If we compare the fees on the Bitcoin network with the fees of banks, even those users who operate with small amounts are more profitable than any traditional methods of sending money.
Yes, there are a number of difficulties in terms of confirming transactions and network congestion, but nevertheless, choosing a commission size allows you to expand the capabilities for transactions of any size.
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June 23, 2020, 10:17:58 AM
 #136

Fees will go high after a high usage of Bitcoins in the market, usually after a huge movement in the Bitcoins price because many trader will sell/buy and many users will transfer their funds to another wallet. But, regardless to all I said I guess you can still transfer your Bitcoin with a very a small amount of fee if you use the new generation of wallets Segwit and Lightning Network easily.

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October 30, 2020, 11:40:59 PM
 #137

Approximately 0.0007 (10$) fee per transaction..

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October 31, 2020, 12:12:33 AM
 #138

it's going to be a big deal when someone only has a little bitcoin. But the best solution is to exchange bitcoin for altcoin for a cheaper fee. Currently the most expensive transaction fees are bitcoin and ethereum. So avoid transactions using it.
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October 31, 2020, 05:05:51 AM
 #139

it's going to be a big deal when someone only has a little bitcoin. But the best solution is to exchange bitcoin for altcoin for a cheaper fee. Currently the most expensive transaction fees are bitcoin and ethereum. So avoid transactions using it.
This only applicable when your BTC is on exchanges.

Approximately 0.0007 (10$) fee per transaction..
mempool.space estimates around $4 [200+ sats/vb] for low priority transactions right now. That's still considerably high if you compare it to previous weekend transactions. The mempool will probably clear up a bit by Sunday or Monday. Seriously, traders needs to take a little break.

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October 31, 2020, 10:17:23 AM
 #140

So is! The Bitcoin network is congested. I wish it would be resolved within a few days. If it is not decongested I would have to exchange Bitcoin for Ethereum to get some Fiat that I normally do every week.
One day we will have a solution to these network problems when there is always a lot of demand. First it was Ethereum now it is Bitcoin.

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October 31, 2020, 05:42:45 PM
 #141

Bitcoin fees have long been high but there are still many users until now. You still have a choice if you don't want to pay higher fees in bitcoin. Try to use alternative coins if you want lower fees or  put a lower fees in your bitcoin transaction but you should wait a little bit longer before it reach in your wallet. Also the transaction fees will change and not stay in a higher fees forever. So, don't worry.





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October 31, 2020, 06:19:59 PM
 #142

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

Don't use bitcoin if you are not willing to pay higher transaction fees. Or, Just hold your bitcoin and wait until bitcoin transaction fees become lower. Not only rich people are using bitcoin ,even those with small capital also using it despite of higher fees.

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October 31, 2020, 06:38:00 PM
 #143

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

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October 31, 2020, 08:05:13 PM
 #144

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

Don't use bitcoin if you are not willing to pay higher transaction fees. Or, Just hold your bitcoin and wait until bitcoin transaction fees become lower. Not only rich people are using bitcoin ,even those with small capital also using it despite of higher fees.
There are countries with base salary per month 300$ Aprx 13$ daily salary do you think this people’s will be able to pay 10$ fee ?? Lower fees meaning no transactions, no transactions no adoption, no adoption no growth, the goal is the adoption not to force users to use alts 

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October 31, 2020, 08:47:09 PM
 #145

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

Don't use bitcoin if you are not willing to pay higher transaction fees. Or, Just hold your bitcoin and wait until bitcoin transaction fees become lower. Not only rich people are using bitcoin ,even those with small capital also using it despite of higher fees.

No other option as transaction fees are really huge, if you are not willing to pay it then try to use other crypto or keep it inside your wallet is the best thing

to do, while other people already aware and they are willing to take this to continue using bitcoin, you need to assess yourself and understand how will you

adjust during this high implemented fees.
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October 31, 2020, 08:49:50 PM
 #146

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

Don't use bitcoin if you are not willing to pay higher transaction fees. Or, Just hold your bitcoin and wait until bitcoin transaction fees become lower. Not only rich people are using bitcoin ,even those with small capital also using it despite of higher fees.
There are countries with base salary per month 300$ Aprx 13$ daily salary do you think this people’s will be able to pay 10$ fee ?? Lower fees meaning no transactions, no transactions no adoption, no adoption no growth, the goal is the adoption not to force users to use alts 

Maybe the best way is to hold until the fees became lower, that's what I always do whenever the fee is high. Minimum salary here in my county per day is only around 10$, there are so many jobs that pay much lower, so even the lowest fee will still hurt, yesterday, the lowest fee I can get to transfer my btc is around 1 dollar and it takes almost 24 hours before I receive it, it's fine as long as I don't need as soon as possible, but it's a hassle sometimes, much more to other people who really needs it asap, but what can I do, it's the fee that I can afford.

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October 31, 2020, 09:59:18 PM
Last edit: October 31, 2020, 10:10:54 PM by Quidat
 #147

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

Don't use bitcoin if you are not willing to pay higher transaction fees. Or, Just hold your bitcoin and wait until bitcoin transaction fees become lower. Not only rich people are using bitcoin ,even those with small capital also using it despite of higher fees.
There are countries with base salary per month 300$ Aprx 13$ daily salary do you think this people’s will be able to pay 10$ fee ?? Lower fees meaning no transactions, no transactions no adoption, no adoption no growth, the goal is the adoption not to force users to use alts  

Maybe the best way is to hold until the fees became lower, that's what I always do whenever the fee is high. Minimum salary here in my county per day is only around 10$, there are so many jobs that pay much lower, so even the lowest fee will still hurt, yesterday, the lowest fee I can get to transfer my btc is around 1 dollar and it takes almost 24 hours before I receive it, it's fine as long as I don't need as soon as possible, but it's a hassle sometimes, much more to other people who really needs it asap, but what can I do, it's the fee that I can afford.
Same here too which i cant really afford on losing up 10 bucks just for some transfer fee this is why i do set even way more lower but not low enough for it to be stuck.
Its just really sucks when you are in a hurry on getting those funds but since the network is clogged then theres nothing you can do yet this had been the common
scenario in btc in the times where its price is shooting up.So its better to sit down and wait up until those tx were processed.This might be an old thread but still
quite relevant on making up discussions about high fees yet its still evident as of todays.Theres nothing we can do about it yet this had been the problem
since from the beginning.

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October 31, 2020, 10:07:41 PM
 #148

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

Don't use bitcoin if you are not willing to pay higher transaction fees. Or, Just hold your bitcoin and wait until bitcoin transaction fees become lower. Not only rich people are using bitcoin ,even those with small capital also using it despite of higher fees.
There are countries with base salary per month 300$ Aprx 13$ daily salary do you think this people’s will be able to pay 10$ fee ?? Lower fees meaning no transactions, no transactions no adoption, no adoption no growth, the goal is the adoption not to force users to use alts 

Maybe the best way is to hold until the fees became lower, that's what I always do whenever the fee is high. Minimum salary here in my county per day is only around 10$, there are so many jobs that pay much lower, so even the lowest fee will still hurt, yesterday, the lowest fee I can get to transfer my btc is around 1 dollar and it takes almost 24 hours before I receive it, it's fine as long as I don't need as soon as possible, but it's a hassle sometimes, much more to other people who really needs it asap, but what can I do, it's the fee that I can afford.

Maybe if you are not in a hurry to receive your funds, better opt for lower fees. Check also the mempool activity before you send your funds. Also, if you are expecting to send money few days from now, maybe send it earlier so even if it takes hours and days, you have allotted time for that. Also, upon sending my btc, I used the bitaccelerate (https://bitaccelerate.com/) free accelerator to broadcast my transaction. Hoping it will help a lil bit in pushing my tx.  Wink
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October 31, 2020, 10:28:29 PM
 #149

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

Don't use bitcoin if you are not willing to pay higher transaction fees. Or, Just hold your bitcoin and wait until bitcoin transaction fees become lower. Not only rich people are using bitcoin ,even those with small capital also using it despite of higher fees.
The time when op has posted this, the fees weren't actually high.

But it's just so happen that the network is congested this time and the price increased. In result, we get to see high fee and the equivalent of the denomination for the fee has increased too if we're converting it to the USD.

I wouldn't care if I transfer that much amount and pay around $1-$10 of fee. But if I transfer small amount, that's when I become conscious about the fees. But as long as you'll pay with the recommended fee, do it and use free acceleration service such as viabtc to quicken the confirmation.

Be prepare too and have more patience with the congestion that we're having.

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October 31, 2020, 10:32:41 PM
 #150

Bitcoin fees have long been high but there are still many users until now. You still have a choice if you don't want to pay higher fees in bitcoin. Try to use alternative coins if you want lower fees or  put a lower fees in your bitcoin transaction but you should wait a little bit longer before it reach in your wallet. Also the transaction fees will change and not stay in a higher fees forever. So, don't worry.



Im using alternative coins when needing to send fund instantly, there is no denying that bitcoin fee is getting higher and higher and some can't afford that high. Aside from using alternative coin to avoid high transaction fee, you can just optimize the transaction fee but the downfall would be you'll be waiting for a period of time for it to succeed. Bitcoin still preferable, just use it when your not in a hurry and does not want to spend large amount of transaction fee.
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November 01, 2020, 03:47:42 AM
 #151

Bitcoin fees have long been high but there are still many users until now.
How long is "have long been high"? If we check the mempool for the last 30 days, there are days [mostly weekends] that you can send with less than 10 sats/vbyte and transaction will confirm within the hour or next. That's like a few cents if you convert it to fiat at current rate https://jochen-hoenicke.de/queue/#0,30d

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November 01, 2020, 09:21:54 AM
 #152

Hi, I’m a newbie to bitcoin and have used a broker to trade for me. The broker has used a platform called Cryptomintfx, which my initial investment of 500GBP made over 80,000USD, apparently, I can view this and have a login to the Platform.
The question I have with fees that are associated with withdrawing these funds to a Luno acct, I’m being asked to pay 1550GBP to Cryptomintfx. They tell me that I need to upgrade to a ‘Gold’ account because I’ve made over a certain threshold in the trade. They tell me I’ll have the funds within 30mins in my Luno acct.

Am I being scammed here or is this real?

Any guidance would be helpful.
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November 01, 2020, 09:30:35 AM
 #153

Hi, I’m a newbie to bitcoin and have used a broker to trade for me. The broker has used a platform called Cryptomintfx, which my initial investment of 500GBP made over 80,000USD, apparently, I can view this and have a login to the Platform.
The question I have with fees that are associated with withdrawing these funds to a Luno acct, I’m being asked to pay 1550GBP to Cryptomintfx. They tell me that I need to upgrade to a ‘Gold’ account because I’ve made over a certain threshold in the trade. They tell me I’ll have the funds within 30mins in my Luno acct.

Am I being scammed here or is this real?

Any guidance would be helpful.
It looks very scammy. I had a look at the site and suddenly reminded me of those HYIP sites that have scammed many along the way. I guess you should open a thread on your own so that others can also share their experience.
My advice is to not pay! Better to have lost £500 than three times that amount.
By the way, your issue has nothing to do with the high fees we are facing right now.
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November 01, 2020, 09:32:57 AM
 #154


 yes it become ;bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money.Where is peer to peer electronic cash for people?

Grin fixes this


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November 01, 2020, 10:04:24 AM
 #155

fees are high just because there is a strong hype behind bitcoin. *We have seen in the past a lot of situation with a mempool full and tx processed after several days.
But this is a good sign for all us, since there is interest to use bitcoin blockchain and process fast txs. I have payed hundreds of USD in the past. If a tx isn't really necessary just wait or setup the lowest fees.
I am agree with usage of dogecoin. it allow to move fast bitcoin between two exchange with low fees.

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November 01, 2020, 12:15:38 PM
 #156

As much as it is a network it still needs to be sustained. That is why you notice that the the fees are kind of high. It also depends on the fluctuations which are not that often but do occur. Then again it is true that bitcoin mining is not for everyone. If you want to mine bitcoins and get a lot out of it then you need to have a lot of resources at hand.  the fees are just ok just that you are looking at with the wrong perspective and once you get the right perspective you will be able to get what I mean. You can still have a lot of bitcoin by starting off as a miner. It is all about how you mine.
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November 01, 2020, 01:21:09 PM
 #157

The miners are not going to complain. Look at some of the previous blocks. Check Block #654997. The block reward is BTC6.250 and the fee reward is BTC1.850. So in total, the mining pool (Poolin), received BTC8.10, which is at least 15% higher than the average. But while the miners are happy, the users and merchants are not very excited about it. I was about to send a transaction today, but had to cancel it due to high fees.
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November 01, 2020, 01:29:20 PM
Last edit: November 02, 2020, 08:11:57 AM by btctaipei
 #158

Trade Secret: Lower your BTC transaction fees are simple: Just a while back when it was @1 Sat/byte or when blocks were not 100% full, transfer your btc from non bech32 to bech32 addresses.  

For the same transaction fee paid You'll be around 2x or faster in times like now: Plan ahead, Use native segwit, and S.A.V.E!

Girl / Guy like us is pushing hard toward decentralized digital cash transactions, with it comes increased monetary velocity.

i.e., transaction of BTC from and to physical commodities (food, gold, silver) as well as local currency.  

Take the fight to the street and make things happen! Always trade face to face and in person. This is how circulation of BTC should be done.  

To institutional banker and deep state gubment spies:
sorry if mom and pop "main street" transaction are now causing you grief.

Remember folks:
1) not your private keys, not your BTC.
2) keep you private keys private.
3) avoid centralized exchanges and services.
4) only with the increased real world use and applications would BTC hold its value.

It was rather entertaining to watch newbies getting scammed by centralized web sites.  Let those minipulative and greedy BTCer getting wrecked.  Those of us planed ahead are now raking honest profit from our hard work.

my PGP Key https://pastebin.com/b7nYutWC
pgp key server search 0x4BCC117F9EFB1A97
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November 02, 2020, 08:16:55 AM
 #159

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

I was about to make a transaction today, but surprisingly the transaction fee is too high unlike before. Though I can optimise the fee but I need an instant transaction which will cost me to much. So instead of making transaction I just trade it with XRP, which save me a lot of amount. Bitcoin is not for those who are in a hurry and want to spend large amount of transaction fee.
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November 02, 2020, 11:15:35 AM
 #160

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

I was about to make a transaction today, but surprisingly the transaction fee is too high unlike before. Though I can optimise the fee but I need an instant transaction which will cost me to much. So instead of making transaction I just trade it with XRP, which save me a lot of amount. Bitcoin is not for those who are in a hurry and want to spend large amount of transaction fee.

This can result in even more loss. Did you checked the exchange rates of XRP for the past few days? During the last one month, its price has declined from 2400 Sat to around 1750 Sat. And the trends indicate that it will go down even further during the next few weeks. So by attempting to reduce your fee, you are incurring even more loss. I understand that the transaction fee is very high. But we don't have a choice.
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November 02, 2020, 11:24:34 AM
 #161

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.

The increase in bitcoin sending fees is likely due to the higher bitcoin price and increased network usage. This is due to investors searching for alternative assets as the dollar has become less attractive due to its devaluation and inflation. As we can see, the network has become congested, as more people want to trade the currency as its price increases, so fees have risen to current levels.
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November 02, 2020, 11:39:48 AM
 #162

I also admit the high fees for bitcoin transactions, but apart from that I also realize that the high price increase in bitcoin itself will at least make the fees go up. But I think we can still adjust how much fee we want to spend, because the higher the fee we spend, it will make our transactions faster and vice versa, we can still spend lower fees when we are willing to take longer transactions.

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November 02, 2020, 11:42:00 AM
 #163

I also admit the high fees for bitcoin transactions, but apart from that I also realize that the high price increase in bitcoin itself will at least make the fees go up. But I think we can still adjust how much fee we want to spend, because the higher the fee we spend, it will make our transactions faster and vice versa, we can still spend lower fees when we are willing to take longer transactions.

Who would wait for days before their transaction will confirmed, we got used to waiting only for minutes for our transaction to confirm, and now we are going to pay higher to make it possible. I made a transaction from our local exchange and it charge me $4 for a single transaction and it would okay if I'm transacting $1000 or more, but it's just a small amount like $50, so that charge is really huge for an amount.

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November 02, 2020, 11:49:20 AM
 #164

It is really a pain in the pocket especially for us  small time holders like us. This is the main reason many bitcoin holders are now using xrp and other altcoins so they can save transaction fees. I just wish the transaction fees could lessen a bit since it is really a pain in the pocket. There are many holders who are complaining nowadays except I guess for the big bag holders and the whales.

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November 12, 2020, 01:35:52 AM
 #165

Fees typically rise every time the Bitcoin blockchain comes under heavy usage.
The market decides. If you think in terms of fiat money those fees look "high" but if you read them under a Bitcoin light they are fine.
On the long run fees need to sustain the network.

For everything else use dogecoin
No for me is not fine.. To be clear 95% of bitcoin users hodl and uses alts for cheap transactions, in a simple words people’s convert their fiat to bitcoin in order to make profit and then convert bitcoin* back to fiat, that the reason why people’s don’t complain about the high fees because they don’t use bitcoin, sounds hard but is the truth, I’m not complaining about Netflix cost because I don’t use Netflix, you don’t complain about high fees because you don’t use bitcoin or you have a lot of btc and you pay an fee amount, that’s goes for everyone wich refer me to use Alts instead bitcoin.. One more time, the fee per tx always must be 0.001$ your favourite dollar..
- Judge me.




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November 12, 2020, 01:39:30 AM
 #166

No for me is not fine.. To be clear 95% of bitcoin users hodl and uses alts for cheap transactions, in a simple words people’s convert their fiat to bitcoin in order to make profit and then convert bitcoin* back to fiat, that the reason why people’s don’t complain about the high fees because they don’t use bitcoin, sounds hard but is the truth, I’m not complaining about Netflix cost because I don’t use Netflix, you don’t complain about high fees because you don’t use bitcoin or you have a lot of btc and you pay an fee amount, that’s goes for everyone wich refer me to use Alts instead bitcoin.. One more time, the fee per tx always must be 0.001$ your favourite dollar..
- Judge me.
Use altcoins mean that you accept risk of 51% attacks and if it happens on the chain you use to move your money you can lose your money in that transaction. It is bad.

Bitcoin chain is very good now and you can move your coin at 1 sat per byte and get confirmation in the next block. https://jochen-hoenicke.de/queue/#1,2h
I don't argue when bitcoin network is busy but in period like at the moment, bitcoin chain is the best chain to use for your transaction: safe and cheap.

You can save more fee by Segwit address to have a reduction in the size of transaction.
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November 12, 2020, 03:41:26 AM
 #167

It is really a pain in the pocket especially for us  small time holders like us. This is the main reason many bitcoin holders are now using xrp and other altcoins so they can save transaction fees. I just wish the transaction fees could lessen a bit since it is really a pain in the pocket. There are many holders who are complaining nowadays except I guess for the big bag holders and the whales.

In the past few days, the mempool activity is not too tight. So right now, you can make a btc transaction go thru even at 5sat/byte. As compared to I think couple of weeks ago, the pending transactions were more than 100k. For small time holders, if you really want to transfer your coins from one exchange to another, use other alts like xrp or doge, to lessen the fees. I guess, a lot of traders are doing that. I even discovered that EOS is also good alternative, however, not all exchanges are having EOS in their trading pair.
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November 12, 2020, 03:51:24 AM
 #168

The Mempool size has fallen, but the users continue to pay high fees. The average fee right now is 300-400 Satoshis per Byte, which roughly translates to $5 to $10 per transaction. There is no need to pay this much fees, as the Mempool size has fallen to less than 1 MB. Just check some of the latest blocks, and most of them are not even using the maximum size limit.
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November 12, 2020, 04:00:51 AM
 #169

The Mempool size has fallen, but the users continue to pay high fees. The average fee right now is 300-400 Satoshis per Byte, which roughly translates to $5 to $10 per transaction. There is no need to pay this much fees, as the Mempool size has fallen to less than 1 MB. Just check some of the latest blocks, and most of them are not even using the maximum size limit.
300 - 400 satoshi per byte. Can you tell me where you get the average fee, please.

https://jochen-hoenicke.de/queue/#1,2h
https://bitcoindata.science/plot-your-transaction-in-mempool.html (it displays 5 satoshi per byte will get your transaction in 1 block).
https://coinb.in/#fees
https://btc.com/stats/unconfirmed-tx


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November 12, 2020, 04:13:30 AM
 #170

The Mempool size has fallen, but the users continue to pay high fees.
Can't blame those people that are still paying high fee until now since there are certain services using a fee estimator and that forces them to pay a high fee.

300 - 400 satoshi per byte. Can you tell me where you get the average fee, please.
I guess he got those numbers from this estimator.

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November 12, 2020, 04:25:12 AM
 #171

It is really a pain in the pocket especially for us  small time holders like us. This is the main reason many bitcoin holders are now using xrp and other altcoins so they can save transaction fees. I just wish the transaction fees could lessen a bit since it is really a pain in the pocket. There are many holders who are complaining nowadays except I guess for the big bag holders and the whales.

In the past few days, the mempool activity is not too tight. So right now, you can make a btc transaction go thru even at 5sat/byte. As compared to I think couple of weeks ago, the pending transactions were more than 100k. For small time holders, if you really want to transfer your coins from one exchange to another, use other alts like xrp or doge, to lessen the fees. I guess, a lot of traders are doing that. I even discovered that EOS is also good alternative, however, not all exchanges are having EOS in their trading pair.

i send a btc coin  yesterday with a 6000 satoshi fee and arrived before the expected time .  im not using an exchange and theres no option for me to convert my btc to other alts before i send them but thats okay as long as im not forced to pay over 10  dollar for the fee i can still wait a little longer for my transactions to be process using a small fee .

 eos was a good coin and also popular , suppostedly almost every average exchange supports it . those that didnt support it can be a bad exchange.
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November 12, 2020, 04:49:12 AM
 #172

On Fee estimators, let's compare:

1. https://bitcoinfees.earn.com/


2. https://mempool.space/


3. https://jochen-hoenicke.de/queue/#0,2h


(Screenshots are taken within a minute or two minutes apart.)

As you can see, no. 1 is clearly over estimating the fees by over 300 times. That should be enough reason why this service shouldn't be used. It's crap.
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November 12, 2020, 05:35:37 AM
 #173

As you can see, no. 1 is clearly over estimating the fees by over 300 times. That should be enough reason why this service shouldn't be used. It's crap.

Well.. their methodology is not inaccurate. They just calculate the median fee paid by all the users. They don't calculate the "optimal fee" which is required for quick confirmation. And at this point, the fee levels are high because the users are still paying such large fee despite the sharp decrease in the Mempool size. It is always better to review more than one fee-calculator, to know how much fee you actually need to pay.
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November 12, 2020, 06:36:41 AM
 #174

The reason why bitcoin fees are high because there are many transactions ongoing on the blockchain. If fees are still high on bitcoin then why not try using other crypto. In the end all of them is all dependent on USD. If the fee is 10$ on bitcoin then look for other like doge, eth, or ltc where it's less than that.
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November 12, 2020, 08:23:29 AM
 #175

The fee's will improve over time, I believe
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November 12, 2020, 10:17:15 AM
 #176

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
The btc transaction fees are not fixed, they only increase when the bitcoin network usage is really high, and the fees determine how fast you are going to get your btc transaction done, miners normally attend to transactions with higher fees first, because they consider them urgent, whilst the ones with lower fees will take some time to get processed, so if your not in need of your bitcoin urgently, then use a lower transaction fee, you can try using this site( https://bitaccelerate.com/) to help speed up your transaction from time to time.

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November 12, 2020, 10:38:03 AM
 #177

The fee's will improve over time, I believe
What do you mean by improvement? Going higher or Lower? I think improvement on out side is going lower because it will give us a lot of less on transaction fee and we can maximize our earnings. If it goes higher, our earnings will reduce because we need to pay a lot for transaction fee. I think when bitcoin price is high, the transaction fee is also high because no one will do a service on people that is having a big earnings while they are having a small earnings.
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November 12, 2020, 11:23:11 AM
 #178

Bitcoin is the best among cryptocurrency which many investors are using to make a good profit from their business. Despite the high fees of bitcoin many users are still joining the platform just because, what they are hearing about bitcoin and what they saw with bitcoin that is making them not to reason the high fees involved. Bitcoin is still increasing in the market that is making other cryptocurrencies to reduce in this pandemic.

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November 12, 2020, 11:53:57 AM
 #179

The problem I see here is always a trade-off. How? Because it was really hard to improve the transaction fee to lower it significantly. I see some potential with the gambling sites which allows users to bet in BTC. There, the system is off-chain, which means that transactions will be as fast as real-time, and there will be no transaction fee when betting. If this is possible, then the bitcoin transaction is also possible in Off-chain. But just like what I already stated from the start, there's always a trade-off, we will no longer have the chance to hold our keys, and IMO, our bitcoin will not be officially owned by us, but owned by the system.

I personally don't like that, for me, the improvement on Segwit update already made Bitcoin more accessible for more people.
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November 12, 2020, 01:23:44 PM
 #180

I also complain about this, rich people will not feel disadvantaged if the transaction fees are quite expensive, it is different if a poor person makes transactions with high fees, I think he will complain seeing the very expensive transaction fees. newbies will leave the crypto world because they are disadvantaged by expensive transaction fees.

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November 12, 2020, 01:26:51 PM
 #181

These fees are quite popular these days because sending coins is currently very expensive. Sometimes even higher fees than the number of tokens to be sent. These are indeed pretty bad conditions in crypto history.

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November 12, 2020, 01:41:19 PM
 #182

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
Correct, When i gonna go to make a $100 transaction, i can see $11 is transaction fee  Roll Eyes. I Don't know is it possible to reduced fee. Hope bitcoin fee will reduced.
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November 12, 2020, 01:58:34 PM
 #183

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
Correct, When i gonna go to make a $100 transaction, i can see $11 is transaction fee  Roll Eyes. I Don't know is it possible to reduced fee. Hope bitcoin fee will reduced.

It's not always like this. I sent bitcoin yesterday with just 5 sats/byte, $0,6 fee for a $100 transaction, I could have paid with just 1 sats/byte yesterday but it will take longer to be confirmed. At the current mempool, you can pay a fee of around 15 sats/byte and still be confirmed within an hour.
Do you know that $11 is an overestimated fee by default? you can always set manual fees depending on what kind of wallet do you use (personal/private wallet), but if you want to transact through exchanges, there is no option to set a manual fee.
check https://mempool.space/ for reference how much fees to pay and how long it takes to be confirmed.
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November 12, 2020, 02:10:28 PM
 #184


I personally don't like that, for me, the improvement on Segwit update already made Bitcoin more accessible for more people.

I agree. The BTC upgrade to Segwit has been nothing but a significant improvement on the blockchain. While this led to fast and more efficient transaction speeds I appreciate that we're not at a level where we are always happy about the fees but it is an improvement nonetheless.

That said, in light of the new rise in price of BTC will lead to more adoption and on-chain transactions, and I have no doubt that more improvements will be done to minimize the fees as much as possible.

However, we must also remember that fees are important incentives for miners to do their job properly so these can't be too low that will de-incentivize them.
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November 12, 2020, 02:42:45 PM
 #185

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
The btc transaction fees are not fixed, they only increase when the bitcoin network usage is really high, and the fees determine how fast you are going to get your btc transaction done, miners normally attend to transactions with higher fees first, because they consider them urgent, whilst the ones with lower fees will take some time to get processed, so if your not in need of your bitcoin urgently, then use a lower transaction fee, you can try using this site( https://bitaccelerate.com/) to help speed up your transaction from time to time.

Practically speaking Miners will pick those who pay more  because they will earn much bigger.

If you want to have a quicker transactions, you don't have any other option but pay the fees according to how fast you wanted the transaction being process. If you are not willing to pay this huge fees is eatiher you use alternative currency to lessen the fee or
use the normal one and wait for your term to be process, it will take longer as you have to wait for the miner to pick your transaction.
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November 12, 2020, 02:49:53 PM
 #186

When bitcoin price rising the transaction fees also increasing just like in the year 2017 the fee is very high.
I remembered that I collected all my bitcoins send it or withdraw in one so I can save money because fees is very high.
Right now the fees is high too so it's up to us on how we can save money by doing transactions.
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November 12, 2020, 02:58:22 PM
 #187

Every site in the crypto market is improving through blockchain technology the demand for crypto is increasing due to which the amount of fees is increasing because the transactions are happening much faster. Bitcoin mines will be able to maintain everything they have. This is due to the increase in the transaction of the site and the demand for bitcoin exchange sites are charging higher fees. The amount of fees is high but everything is happening fast you can exchange on low fee sites. Not all sites are the same.

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November 25, 2020, 07:14:41 PM
 #188

Bitcoin is the very best amongst cryptocurrencies which many buyers are utilizing to make a very good revenue from their enterprise. Regardless of the excessive charges of bitcoin many customers are nonetheless becoming a member of the platform simply because, what they're listening to about bitcoin and what they noticed with bitcoin is making them to not motive the excessive charges concerned. Bitcoin remains to be growing out there that's making different cryptocurrencies to cut back on this pandemic.
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November 25, 2020, 11:14:40 PM
 #189

unfortunately it can't be done yet. because transaction fees are pegged to coin itself (Bitcoin). it is of little value if it is in bitcoin. but it would be great if it were converted to fiat. the higher the bitcoin price, the higher the fee value in fiat. but it's still the same in bitcoin. the only cheap way to transact is, to convert them to cheaper coins for transactions.
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November 26, 2020, 03:43:25 AM
 #190

What is bothering me is the uncertainty regarding the fees. It is getting quite difficult to calculate the fee now. Yesterday I made one transaction, after paying 30 Sat/Byte as the fee (which would have given me instant confirmation according to various fee calculator sites). But after I made the transaction, the Mempool size went up and the transaction got stuck. It got confirmed only after 4 hours.

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November 26, 2020, 04:27:59 AM
 #191

These fees are quite popular these days because sending coins is currently very expensive. Sometimes even higher fees than the number of tokens to be sent. These are indeed pretty bad conditions in crypto history.

Actually, the fees in crypto calculations are still the same, for example, like bitcoin the fees charged start from 0.0002, I think it's still the same until now.

But what becomes expensive because the price is getting higher, of course we cannot equate this with the equivalent of USD, but we still have to calculate it in crypto so that we can be relevant in comparing it.
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November 26, 2020, 07:03:34 AM
 #192

After remaining at low levels for 2-3 weeks, the Mempool size is increasing once again. At one point, it went up to 44,000 KB. Now I don't want a repeat of what happened during the first week of November, when users were paying as much as $5 or $10 for a single transaction. Last time, the spike in tx fee lasted for 3 weeks. Let's see for how long the current spike lasts.
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November 26, 2020, 04:18:22 PM
 #193

What is bothering me is the uncertainty regarding the fees. It is getting quite difficult to calculate the fee now. Yesterday I made one transaction, after paying 30 Sat/Byte as the fee (which would have given me instant confirmation according to various fee calculator sites). But after I made the transaction, the Mempool size went up and the transaction got stuck. It got confirmed only after 4 hours.
You should be aware that as bitcoin pumps as well as eth, expect that their fees will go high too, I remember last 2017, fees are high that time, I withdraw my bitcoin and it takes 3days before I receive it, luckily I receive it before my birthday , during that time I think some other people uses bitcoin accelerator I don't know if it is true and make your transaction faster but it will cost you another fee, well if it is true , I think it can help you especially if you need money so much.




Actually, the fees in crypto calculations are still the same, for example, like bitcoin the fees charged start from 0.0002, I think it's still the same until now.

But what becomes expensive because the price is getting higher, of course we cannot equate this with the equivalent of USD, but we still have to calculate it in crypto so that we can be relevant in comparing it.
You got the point, what is changing in bitcoin is its value not its quantity, but then as I said we should expect this thing to happen, maybe convert your bitcoin to xrp for lower fees and faster transaction.

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November 26, 2020, 04:51:13 PM
 #194


I personally don't like that, for me, the improvement on Segwit update already made Bitcoin more accessible for more people.

I agree. The BTC upgrade to Segwit has been nothing but a significant improvement on the blockchain. While this led to fast and more efficient transaction speeds I appreciate that we're not at a level where we are always happy about the fees but it is an improvement nonetheless.

That said, in light of the new rise in price of BTC will lead to more adoption and on-chain transactions, and I have no doubt that more improvements will be done to minimize the fees as much as possible.

However, we must also remember that fees are important incentives for miners to do their job properly so these can't be too low that will de-incentivize them.
Mining fees were extremely low before 2017 and miners were doing pretty well, they were still getting decent reward from fees alone but right now, what happens is ridiculous. Fees are extremely high, this often leads a lot of people to don't use bitcoin often and I think that's bad for bitcoin network. This is the time when users from btc to altcoins and then it happens like they stick to them. For example, see BCH, some bitcoin users leave it because BCH offers them higher block size, i.e. cheap transactions. Sadly, lighting network isn't massively adopted and that's a huge problem.
If I want to send $50, why do I have to pay $10 in transaction? I know at the moment it's lower but... Because of the love of bitcoin, we shouldn't deny the fact that current situation around fees is very bad. We need massive adoption of LH but I don't know what resistance these people find in adopting of it.

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Spack17
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November 26, 2020, 09:46:28 PM
 #195

There is one important thing to know that as Bitcoin or any other cryptocurrency continues to increase, the fees will go up too. I don't know whether there is a way to prevent this partly or completely but I hope there could be a way in the future. Otherwise, for example when Bitcoin reaches 50k, the fees can be very high comparing to now.
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November 26, 2020, 09:51:25 PM
Last edit: December 07, 2020, 02:19:28 PM by mprep
 #196

most transaction could be speed up by paying less fees by using bech32.
The trick is to do this when the mempool is less than 5Mbyte. In most instances you can just pay 1sat/byte and it clears right away.

How it works is simple: if you have funds in non-segwit BTC address
by upgrade to full segwit (bech32) the amount of kbyte for your transcript script size would be much smaller.

so for the same transaction fee paid it would speed up more than 200% or even more depend on how payment fee queues are staggered

see discussion no. 5288901



I wonder how they will adopt to the system now that it's very and critically high. Even the middle man is still yet to get over with it left alone the amateur.

I am doing alot of on street transactions with fees are at around 53 sat/byte.
For high security / full privacy transactions my  average are around 433 bytes which costs about 20k sats
the fee is now around 4 bucks.

sometime if someone wants an full btc for example for a full bech32 output it costs only 148 bytes which are approx $1.50

It clears in 30-40 minutes while we both have drinks.

Not too bad for an $20,000 transaction.

[moderator's note: consecutive posts merged]

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November 27, 2020, 05:50:43 PM
 #197

Fees are still high.  I don’t think bitcoin is only for early miners who have a lot of bitcoins, and for rich people’s who have a lot of money they both can pay as High fees he wants. We have to focus on whole users wich don’t have *million of bitcoins and can’t handle such a high fees.
That's not entirely true, I believe the only time fees become high and expensive is only when the network is congested or should I say when there are too many transactions going on at a particular time, so I don't think bitcoin is only meant for miners and the rich people, it was created for everyone, since bitcoin is a global currency now with more people adopting it daily, the network is always congested, that's why the fees are always high.

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