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Author Topic: Fees high  (Read 2535 times)
Salamstar
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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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chrisvl (OP)
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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.
SquirrelJulietGarden
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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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ETHEROLL
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shoreno
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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.
Bttzed03
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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.
Vishnu.Reang
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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.
xSkylarx
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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.
ReggieBush
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November 12, 2020, 08:23:29 AM
 #175

The fee's will improve over time, I believe
Traderbtcc
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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.

Serious475
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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.
Zanab247
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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.

Debonaire217
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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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