Fees high

[chrisvl]

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

[buwaytress]

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.

[adytran]

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

[fortunecrypto]

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.

[tbterryboy]

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.

[lillobo]

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.

[onrise]

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.

[jostorres]

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 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.

[chrisvl]

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 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.

[rexxarofmoknathal]

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.

[chrisvl]

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.

[peter0425]

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?

[lyka]

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.

[kjlimo]

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...

[carlisle1]

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.

[Tipstar]

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.

[chrisvl]

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...

[wozzek23]

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?

[chrisvl]

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..

[pakhitheboss]

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.