BitCoin and bitcoin high transaction fees

[20kevin20]

Bitcoin is much more convenient to be used as a safe haven asset than a currency for daily usage. Decentralization comes with a cost, but remember that centralization does as well. We pay monthly fees for having bank accounts and commissions for most txs we make through banks, right?

But Bitcoin fees are changeable, unlike bank account fees which are fixed through the signed contract. You can download Electrum and choose the fees you want to pay - which could be as low as 1 vsat/byte. The time you choose to pay those fees matters a lot tho as well, but if the mempool is empty enough, you can spend BTC with very low fees and have it confirmed in time.

In the meantime, make sure you use a SegWit address specifically to support lower fees and faster confirmations for them. AFAIK, the percentage of SW users is way too low and this is one of the reasons fees don't decrease very often.

[BlackHatCoiner]

Fees cannot be reduced, this is bitcoin and it'll remain the same. Block size must remain the same megabyte. Although there are some things that don't make sense in the bitcoin network. Yesterday I made a transaction with 1 sat/byte (because I didn't care when it would be confirmed) and it got within 1-2 minutes. I have made many transactions with 10 sat/byte and they took 1-2 hours to get confirmed. Can someone answer that?

OP, you can also see topics that their posters are really pissed off from the confirmation duration. If I remember correctly, there was a guy who paid the median fee and waited 8 hours... Did the miners blacklist him? Lol.

Should we just use 1 sat/byte after all?...  

[kryptqnick]

Consider bitcoin as a asset for you. Like Gold.

Here is an experience I am sharing. Other day my wife went to the Jewellery shop to sell some of the Gold she has. The Goldsmith gave her a price which is over 15% less than the current market price plus whatever the weight it had they took off 20% from it which means the total weight lost 20%. If we do the math then all together she lost over 35% value of the gold she had.

With bitcoin you are not going to lose that much.

I don't understand , I live in india and here we can use UPI like google pay and phonepay to easily pay money within seconds and a touch and no extra cost or transaction fees is taken .

I will suggest to study about bitcoin. Comparing with those centralized payment processor is not the thing with bitcoin.

I don't think that Bitcoin should necessarily be compared with assets. Some put Bitcoin on the list with fiat currencies, others put it on the list of assets, but some compare it with payment processors. I think there's some truth and some problems with each of these things because Bitcoin has different aspects and different use cases. I was in a situation when I paid 100 EUR in fees for an international banking transfer of a thousand EUR. I had to use a banking transfer, unfortunately, because I needed the money on the bank account for official purposes. But a simple Bitcoin transfer back then would have cost, like, 5 EUR, and the transaction would get confirmed faster than the international banking transfer. So there are situations when Bitcoin as money (not as an asset) could also be beneficial.

[JeromeTash]

It's unfortunate that the people who always complain about the bitcoin transaction fees never look at the bigger picture. Someone just moves BTC worth 20 USD, pays a fee of 2 USD to get the transaction confirmed in 10 minutes and all of a sudden bitcoin fees are super high and transaction so slow at it was the case with OP. They never even pause to think for a minute that one can also move 5 Million USD worth of BTC and still pay the same fee of 2 USD to  get the transaction confirmed at approximately 10 minutes something which is impossible with the conventional payment processors.

You can't move $5 Million or even just $1000 using Paypal or Western Union and get charged only 2 USD in fees. This is totally impossible. OP you need to enlighten yourself  more about bitcoin and it's fees instead of complaining and you will see light

Here is an example
This is the fee you would pay if you made an attempt to move $1000 using paypal


This is the fee someone paid involving a transaction of BTC worth roughly $1000 which has been confirmed a few minutes ago



Sincerely tell me how bitcoin fees are unfair and high?

[piebeyb]

You can use other alternatives besides bitcoin if you want to make small transactions with lower fees, I also never use bitcoin to withdraw money from exchanges usually the withdrawal fees from exchanges are very large so I choose other alternatives, you can use other ways if you want it doesn't have to be bitcoin, in my opinion bitcoin withdrawal fees are currently quite cheap in my opinion, it is also not recommended to use bitcoin for small transactions

[Velvet78]

I admit that Bitcoin’s transfer fee is quite high for daily transactions. As a result of this, I think we won’t see bitcoin very often in daily use, however, this doesn’t mean that cryptocurrencies can never take place in daily life. For example, it is possible to pay with xvg (verge) for a premium membership on pornhub, one of my favorite sites.

[Reid]

If that's the case then stick with the old one.
Don't force yourself to make transactions where you will pay more.
In this pandemic, every penny will count.

Comparisons. Money remittances also put fees whenever you send money. Like 3-5% of how much you will be sending.
The good thing about using bitcoin for that is the fees won't get any higher. You send thousands of dollars and the fees could still stay at 10-30 USD.
Bulk transactions are Bitcoin's upper hand.

[HunyB]

Bitcoin is a network and we are different people/entities participating in. You, me, and everyone using it. Miners are needed to validate transactions and secure the network (so you too), and they can not spend resources for free (it costs them a lot of money).
So they help you and you help them with the fee attached to your transaction. This is their incentive. We can't operate a decentralized environment for free

[Harlot]

Bitcoin is a network and we are different people/entities participating in. You, me, and everyone using it. Miners are needed to validate transactions and secure the network (so you too), and they can not spend resources for free (it costs them a lot of money).
So they help you and you help them with the fee attached to your transaction. This is their incentive. We can't operate a decentralized environment for free

Actually bro you are wrong. The first post I have in this thread shows you that we have a good alternative where you can skip some network fees or any kind of fees at all. This is a good option especially when the prices of the transaction fees are way high, using alternatives when the network is congested is also actually helping the Bitcoin network to decongest by using off-chain transactions which therefore also helps the prices of network fees to decrease.

[ryap12]

I don't understand , I live in india and here we can use UPI like google pay and phonepay to easily pay money within seconds and a touch and no extra cost or transaction fees is taken . But when i try to ay with bitcoin like 1000 ruppes i have to pay around 120 ruppes in fees to get the transaction done in 10minutes .  So for a order of 1000 i have to pay 1120 ruppes and also wait for 10minutes for the transaction to be done .

So why is bitcoin or any other cryptocurrency more reliable or disruptive if it cant even help me in paying a simple small amount . Can somebody lease elaborate what i am missing here . Thanks in advance

You do have a point there but note that your way of transaction is very limited compared to Bitcoin. Also, bitcoin transactions can help the identity of the sender to be hidden. Bitcoin is commonly used in the Dark/Deep web to make illegal transactions. I think if you use Google Pay or PhonePay in the Dark/Deep Web will just expose your identity and may lead you into prison. Bitcoin also is great for making huge transactions like thousands or millions of dollars. Google Pay or PhonePay will probably put a hold on your transaction. There are so many differences between them and both have pros and cons. It is up to you though on how you use your digital funds and where you are going to use them for.

[hulla]

But when i try to ay with bitcoin like 1000 ruppes i have to pay around 120 ruppes in fees to get the transaction done in 10minutes .  So for a order of 1000 i have to pay 1120 ruppes and also wait for 10minutes for the transaction to be done .

So why is bitcoin or any other cryptocurrency more reliable or disruptive if it cant even help me in paying a simple small amount . Can somebody lease elaborate what i am missing here . Thanks in advance

Bitcoin (cryptocurrency) decentralized and is the inexpensive means of making global transaction despite it being cheap there are some certain (high traffic, mempool size etc) that influence the transaction fee and the transaction fee are paid to the miners that maintain the network and also make sure each transaction are confirmed.

I live in india and here we can use UPI like google pay and phonepay to easily pay money within seconds and a touch and no extra cost or transaction fees is taken .

I dont understand what you mean by no transaction fees is taken by UPI because there no way they will offer their seevice for free and the last time I check they will need some fund to manage their site, pay their staff etc.
Meanwhile, by the Phonepe/UPI terms and condition of charges it says

PhonePe does not charge its Users any fee for creating an Account, however, We reserve the right to change its fee policy from time to time. We may introduce fees for any new services or amend/introduce fees for existing services, as the case may be. Changes to the fee(s) shall be displayed accordingly to You via website/app and such changes shall automatically become effective immediately after they are posted. Unless otherwise stated, all fees shall be quoted in Indian Rupees.
Your bank may charge you a nominal transaction fee for BHIM UPI transfers- please check with your bank for any such charges.

[Emitdama]

What you have said here is no lie, you’re right, in some situations Bitcoin might not be the right choice. But, there are also times that it is better to make use of bitcoin.

I can even count how many times I have used Bitcoin when it’s a transaction that I’m doing to someone in my country, that’s because I rarely make use of Bitcoin for local transactions. When it comes to international transactions, believe me when I say that all the international transactions I have made since 2015 that I got to know about Bitcoin has only been Bitcoin and no other method.

[Nhor1011]

I don't understand , I live in india and here we can use UPI like google pay and phonepay to easily pay money within seconds and a touch and no extra cost or transaction fees is taken . But when i try to ay with bitcoin like 1000 ruppes i have to pay around 120 ruppes in fees to get the transaction done in 10minutes .  So for a order of 1000 i have to pay 1120 ruppes and also wait for 10minutes for the transaction to be done .

So why is bitcoin or any other cryptocurrency more reliable or disruptive if it cant even help me in paying a simple small amount . Can somebody lease elaborate what i am missing here . Thanks in advance

Bitcoin is best as investment but if you are going to transfer it you will charge a high transaction fee. But we still have a choice using different cryptocurrencies or fiat money as an alternative to avoid a very high transaction fees.

[lumeire]

What you have said here is no lie, you’re right, in some situations Bitcoin might not be the right choice. But, there are also times that it is better to make use of bitcoin.

I can even count how many times I have used Bitcoin when it’s a transaction that I’m doing to someone in my country, that’s because I rarely make use of Bitcoin for local transactions. When it comes to international transactions, believe me when I say that all the international transactions I have made since 2015 that I got to know about Bitcoin has only been Bitcoin and no other method.

OP is talking about the fact that UPI directly sends the money from your bank to the receivers bank and that too without any network fees, isn't it cool but the problem with bitcoin is that it is not feasible to send small amounts like under 100k Satoshi as the fees is higher than this on most of the Exchanges, so this actually limits the usability of bitcoin and people have to convert their bitcoins into some other currency to send in order to save money on fees and transaction confirmation times.

[Rengga Jati]

First, we should understand that Bitcoin and other payment methods are different. You may not only consider BTC as payment but also as an asset. You may consider that sending BTC needs more times than those payment methods, it may be true. But how is about doing some transaction around the world and need to pay it globally? Sometimes, BTC is needed.
Additionally, people may not only focus on using BTC for payment but prefer to use it for trading and investing. You know, from these, we can earn more profits. It is different from the currency where we cannot make profits from it more easily.

Actually, the fees are different depending on the time we are using and the blocks we are passing. Here, you can set the fees to determine how long your transactions will be processed until done.

[taufik0911]

First, we should understand that Bitcoin and other payment methods are different. You may not only consider BTC as payment but also as an asset. You may consider that sending BTC needs more times than those payment methods, it may be true. But how is about doing some transaction around the world and need to pay it globally? Sometimes, BTC is needed.
Additionally, people may not only focus on using BTC for payment but prefer to use it for trading and investing. You know, from these, we can earn more profits. It is different from the currency where we cannot make profits from it more easily.

Actually, the fees are different depending on the time we are using and the blocks we are passing. Here, you can set the fees to determine how long your transactions will be processed until done.

what we need is not bitcoin but blockchains system
indeed at this time transaction speed and transaction fees are a problem, but this problem will be resolved gradually, maybe not by bitcoin but by other project blockchains that can minimize transaction costs and also speed up transaction speed on its blockchains

[TedMosby]

So why is bitcoin or any other cryptocurrency more reliable or disruptive if it cant even help me in paying a simple small amount . Can somebody lease elaborate what i am missing here . Thanks in advance

you missed the decentralized thing.
google pay, wechat pay, internet banking, mobile banking, etc is a centralized wallet/payment system.
you store numbers in your wallet, not money.
when you try to transfer money, you just transfer the numbers. your money still in the 3rd party company.

but, with bitcoin or other cryptocurrencies,
you store the actual money in digital form.

also,
there's bitcoin lightning network that can offer you faster and cheaper bitcoin transactions.

or you can try crypto penny like doge, tron, etc.
you can send billions USD with the fee only $0,02. how cool is that?

[Findingnemo]

I don't understand , I live in india and here we can use UPI like google pay and phonepay to easily pay money within seconds and a touch and no extra cost or transaction fees is taken . But when i try to ay with bitcoin like 1000 ruppes i have to pay around 120 ruppes in fees to get the transaction done in 10minutes .  So for a order of 1000 i have to pay 1120 ruppes and also wait for 10minutes for the transaction to be done .

So why is bitcoin or any other cryptocurrency more reliable or disruptive if it cant even help me in paying a simple small amount . Can somebody lease elaborate what i am missing here . Thanks in advance

The transaction fee varies too often and it depends on the network clog, currently more traffic which means increased in the transaction fee but few months back we had transaction fee  only in few cents.

But you are using bank for transactions so it looks better for smaller transaction but you are going to face difficulties while spending in millions or in billions to someone.Its your money but still banks ask the reasons for the transaction, source of payment, blah blah....

[cryptopediabd]

I don't understand , I live in india and here we can use UPI like google pay and phonepay to easily pay money within seconds and a touch and no extra cost or transaction fees is taken . But when i try to ay with bitcoin like 1000 ruppes i have to pay around 120 ruppes in fees to get the transaction done in 10minutes .  So for a order of 1000 i have to pay 1120 ruppes and also wait for 10minutes for the transaction to be done .

So why is bitcoin or any other cryptocurrency more reliable or disruptive if it cant even help me in paying a simple small amount . Can somebody lease elaborate what i am missing here . Thanks in advance

You are probably paying around 1.7$ fees for each transaction. Mate, Believe me  UPI is giving you the most luxurious transaction fees. UPI is saving how many rupees you don't know about it. We usually pay (6-7)$ per transaction fees through exchanges or crypto wallets. I think i need to choose UPI payment system. Just give me the link. Cheers.

[narwhalosaurus]

I don't understand , I live in india and here we can use UPI like google pay and phonepay to easily pay money within seconds and a touch and no extra cost or transaction fees is taken . But when i try to ay with bitcoin like 1000 ruppes i have to pay around 120 ruppes in fees to get the transaction done in 10minutes .  So for a order of 1000 i have to pay 1120 ruppes and also wait for 10minutes for the transaction to be done .

So why is bitcoin or any other cryptocurrency more reliable or disruptive if it cant even help me in paying a simple small amount . Can somebody lease elaborate what i am missing here . Thanks in advance

There are still lots of coins besides bitcoins. I'm usually sending with dogecoin, stellar, which has a lower fee and faster. However, It depends on the sender country and the receiver country.