Fees high

[kotajikikox]

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 .

[Karartma1]

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

[Alert31]

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.

[gentlemand]

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.
 

[Kong Hey Pakboy]

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.

[Shasha80]

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.

[lillobo]

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.

[TopTort777]

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.

[chrisvl]

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.

[ranochigo]

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.

[snipie]

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.

[pixie85]

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.

[bob123]

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.

[snipie]

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
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)
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 

[crustycrab666]

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.

[bob123]

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.

[azmirihaque]

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.

[ShowOff]

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.

[billykannithi]

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 $)

[coupable]

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.