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Author Topic: Fees high  (Read 2459 times)
chrisvl
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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.

A smartness bitcoin which will operate as the human brain can easily scale beyond the level of traffic VISA,Trainman pgp
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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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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.

A smartness bitcoin which will operate as the human brain can easily scale beyond the level of traffic VISA,Trainman pgp
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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

A smartness bitcoin which will operate as the human brain can easily scale beyond the level of traffic VISA,Trainman pgp
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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.

A smartness bitcoin which will operate as the human brain can easily scale beyond the level of traffic VISA,Trainman pgp
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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..

A smartness bitcoin which will operate as the human brain can easily scale beyond the level of traffic VISA,Trainman pgp
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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..

A smartness bitcoin which will operate as the human brain can easily scale beyond the level of traffic VISA,Trainman pgp
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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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