Transaction fee much higher than what I will be sending

[bassbity]

As many have said, in my opinion it is true that you have to be more creative when you want to withdraw balances on the Blockchain, maybe you can see or check one by one of all the coins that have low transaction fees. If you're using Bitcoin or Ethereum, it's obviously very difficult to expect low shipping costs. in fact, it seems to me, it applies to all platforms. And we as traders big and small are always looking for alternatives to avoid cutting shipping costs.

so high costs are not an obstacle, but be creative in making everything cheap.

[meanwords]

bitcoin and ethereum has a very high transactions fees now

This picture really says a lot about the current fees of Ethereum right now. I'm trying to use Ethereum to move tokens to other wallets but the fee is just absurd.


I really wish that I could exchange tokens to other less expensive coins like Doge or Tron, but I guess it'll only be just a dream.

[X-ray]

That doesn't make sense to see that. based on https://bitcoinfees.earn.com/ and the recommended fees was around 22k satoshi and you should use customize fees and you must adjust your tx based on the recommended fees that already published by that site. I have been watching the bitcoin explorer to get the tx with the low fees and it will always try to copy how much fees already put to the its tx.
These days bitcoin and ethereum fees are so crazy.

[Congyang]

Transaction fees are currently unfair, only giving miners profit. So for now, if you don't need a very important transaction, it would be better to hold it until the transaction fee has decreased

[masterrex]

Thats the problem when the price of Bitcoin was skyrocketed same as in 2017, But I think it's not that high during the 2017 Bullish trend, It's getting weird now especially in Ethereum it's not happening even in the 2017 Bullish trend, and I believe it's affecting the crypto adaption Imagine if you send a $10 dollars worth of ERC20 token and transaction fees is about double of that amount would you still using it. I think it's not good It will drive the people away because of this greediness.

[TribalBob]

It is true, the transaction fee is greater than the funds to be sent this now , maybe for wholesalers and traders who benefit from BTC who reaches ATH how many X is not a problem, but for small traders it is very torturous, my advice is to try to use other coins for transactions so that the losses are not too large, if possible and not too urgent, wait until the transaction costs decrease

[criket]

I don't use blockchain but I think you can set it low the transaction fee if you are not in hurry, expect that it will take long to land your bitcoin in your local exchange. I wonder if bitcoin reached $100k I don't think small time traders will still trading on bitcoin.

when the price is higher and the situation is still like today it is like you said. Bitcoin will only be an investment asset for people who have a large capital. whereas small traders will only play altcoins which may have stabilized transaction fees. some altcoins may indeed increase, but looking at the transaction fees charged I don't think it will pay off anything.

[Ridwan Fauzi]

I guess that is an instant withdraw, I mean your transaction will be proccessed quickly, that is why the fee for transaction is very high. You can click the customize and see there will be some options with a consequence your transaction takes a little longer to process, but it still work to be choosen.

Indeed, there will be a consequence when bitcoin price has a high price. This matter has been discussed many time in this forum. Also, there is another option to resolve this problem namely lightening network that will make the transactor more cheaply and fast, have you tried it?

[skarais]

That's a sizable fee for the size of your transaction. Use the Electrum wallet and you can set your own fee and can give you the freedom to choose transaction fee. If you are on a bitcoin payment campaign, you can still use an exchange address to save on transaction fees. But you have to make sure that you have to use a segwit address according to the need of the campaign.

The problem of high transaction fees is currently being complained by all crypto users, especially those middle to lower class traders. because many of the small traders can earn only $ 10 - 50 / week. so if the transaction fee reaches $ 20, the small trader can be said to not get a profit every week because the profit is only to pay the transaction fee. I hope the founders will solve this problem soon.

If they are trader, why spend fee all the time ?
I think they can still save fee if there are not many deposite or withdraw transaction.

[Silberman]

I have $74 and I need the money and would like to send it to our local exchange I expect at least a $10 transaction fee on blockchain but got a big surprise when Blockchain is charging 0.00112176 BTC $53.74 I would end up sending only $20, this is to bad when you want to trade a small amount and you want to trade right away I will have a few hours or day before I can trade it.

I noticed this myself some days ago, this is why you need to take advantage of the low fees whenever they appear, I do not know if you are still using legacy addresses but if you do you need to change that and move your coins to segwit addresses, also if you have a lot of incoming transactions you need to consolidate those inputs by sending your coins to another address that belongs to you with the cheapest fees possible, that way the next time you want to make a real transaction its size is going to be lower and as such it is going to be cheaper.

[Tash]

10 coins Avg. Transaction Fees (couple of days ago)

BTC           $25.47   USD
BCH        $0.0027   USD
BSV      $0.00053   USD
ETH          $23.15   USD
XRP      $0.00068   USD
LTC           $0.045   USD
Doge         $0.281   USD
Dash        $0.0045  USD
XMR          $0.053   USD
ETC         $0.0027   USD

There are so many questions, if you only trade why have you got coins on some place not in your control?

[jrrsparkles]

OP, you can use the customise fee option and reduce the fee greatly but you have to wait for days to get it confirmed.Most likely you are paying too much fees because the weight of your transaction is higher due to more inputs, there is no other way to reduce the fee than waiting.

It is unfair? no I guess but you missed to consolidate then funds when the fee required for fastest transaction was less than 10sat/byte.

[sgenuine]

I see only one way to deal with this high commission situation. It is of course risky and very few people use it this transition to another cryptocurrency, the network of which is not so busy. But I read that according to experts, even if there is a solution to the problem of scaling networks, it will not last long due to the huge number of people willing to buy / sell coins, which is growing every day.

[avarnet]

Maybe if the estimate we send is less than $ 100, I'm sure we will spend quite a lot of transaction fees. I last sent the token 2 weeks ago and it cost me 20 $ with the estimate I sent 150 $, this is why now I stop trading on dex trading. even though now there are so many airdrop opportunities with big results that can be obtained and also the advantages of altcoins that can be bought. however, the calculation of the cost of gas must really be considered

[forexandcryptoauditor]

I see the high trasaction fees is a major problem today in cryptocurrencies market today. I am afraid this will somewhat reduce the confidence among investors. There should a better way on this problem which should be win win situation for both.

[acdc]

Ideally at the moment you should not try to trade with Bitcoin or Ethreum, the fees of these two coins are currently very high.
If possible I think you should convert Bitcoin to another currency with lower transaction fees before sending it out.

[Silberman]

OP, you can use the customise fee option and reduce the fee greatly but you have to wait for days to get it confirmed.Most likely you are paying too much fees because the weight of your transaction is higher due to more inputs, there is no other way to reduce the fee than waiting.

It is unfair? no I guess but you missed to consolidate then funds when the fee required for fastest transaction was less than 10sat/byte.

This is something that a lot of people forget about it, they have lots of inputs into their addresses not realizing that this makes their transaction bigger, and the bigger the transaction the more you have to pay in fees, some people think this is unfair because then we see cases like the one we're seeing here in which you are trying to send an amount of money that is kind of low and you need to pay more in fees than the transaction itself, but to me that is completely fair, so whenever you have the opportunity you should consolidate your inputs, that way whenever you have to make an urgent transaction then the fees that you will need to pay will be as low as possible.

[Kena Banned]

Im curious have you solve the problem? May you share your experience if its solved.
Because i think for Bitcoin tx fee shouldnt as much as shown in your pic.

[JeffBrad12]

I am afraid this will somewhat reduce the confidence among investors. There should a better way on this problem which should be win win situation for both.

High transaction fees already made some big platforms think to migrate to the binance chain. The high fees only happened with ethereum and bitcoin. There is a lot of proposals to fix this problem but it needs a very long time process especially vote by the noodles validator on ethereum chain to approve such proposal. This is a very big problem that will never be solved when the miners are always abandoning the proposal.
Miners are only approving the proposal that gives them a lot of advantages.

[AmoreJaz]

Im curious have you solve the problem? May you share your experience if its solved.
Because i think for Bitcoin tx fee shouldnt as much as shown in your pic.

because he can always customised the fee. theres a button if you want to change the reco fee. dont know if the OP proceed with his transaction here.
but the way it sits here, he can also change the tab, network fee - as slow and customised the fee. he's just showing the fee if he chooses the regular network fee with about 1hr+ confirmation. so at least his wallet is giving him options. if you are not in a hurry and can wait, just select the slow option and you will pay smaller fees of course