Transaction fee much higher than what I will be sending

[TastyChillySauce00]

Sending money using bitcoin or ethereum isn't really a viable option right now not to mention their fee that's just beyond ridiculous the fee alone could feed people in third world country for a whole month. The option for you is to convert it to another coin but that still requires the bitcoin you have in wallet to get deposited into the exchange deposit address which still eats up big portion of your money. You can set the fee below standard and hoping it would miraculously get confirmed within few hours if not day or else the only way is just to wait it out.
Sounds ridiculous but that's the only thing we can do.

[LogitechMouse]

3 options if you really want to transfer.

1. Exchange it to other coins that has a lower transaction fee and then transfer it and then exchange it again.
2. Don't transfer it at all.
3. Just close your eyes while doing it.

In your case, the second option will be better. That is the problem we are facing right now. Bitcoin and Ethereum have a high tx fees unfortunately. In order for you to transfer 20$, you need to pay 50$ which is absolutely insane .

[Silberman]

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

Most wallets have the option to customize your fee, that does not really seem like the issue, what happens is that as we know every time bitcoin goes in a bull run the fees skyrocket as everyone wants to move their coins to exchanges to begin to trade or they want to spend some of their bitcoin now that the price is so favourable, but this makes the fees very expensive, so even if you were to send a transaction for a cheap fee you are not going to get a confirmation anyway as everyone is trying to get a confirmation as fast as possible and it drives up the fees.

[torrantz]

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.

That's true the fee should be less than this if customized properly with the risk of the transaction being ignored by the miners. However, the transaction size also depends on the input and output of that address meaning there's possibility that the transaction size might be bigger than usual. Though, it's still no reason to justify this crazy fee, really hoping that this would get settled very soon but guess what, that's just a dream because there's no real sign of fixing this up till now.

[virasisog]

That is why if ever other alternatives such as XRP are available I use them as an alternative when transferring my money from my wallet to another. There are a lot of altcoins with lesser fees, this is how I save money from transaction fees. For example, BTC from my local wallet to XRP, sent to an exchange wallet, then XRP to BTC or USDT whatever you desire to start trading.

[maxig.boroday]

Dont know which exchange or application you are using but that transaction fee is ridiculous! Its even higher than your own asset lol, the fees should always depends on how much you are transferring but its not your case as shown in the image, Even tho we know how pumped up Bitcoin and Ethereum are that fee is beyond my imagination already....

This is why I do not use any app/exchange, always looking on the small fees one but secured! Maybe next time, try to use exchanges like T1 exchanges which has small fees.. Im using Kucoin to buy Ethereum and also for withdrawals but havent encounter such high fees than my assets

[Flor1982]

This is normal especially for these two most famous cryptos in the market. We should expect this because they are the most in-demand right now in talking of crypto investments and when there are a lot of transactions going on, blockchain proposes the best fee to get your transaction a success as fast as possible, which is why it is high at this moment.

[X-ray]

It is really a pain in the ass seeing that transaction fee ballooned like this wherein it way bigger than what you want to transfer. I think the developer of both bitcoin and ethereum must do action about this because it really hurts plenty of small time crypto enthusiasts.

The possible thing for ethereum and bitcoin to implement the sidechain solution. Ethereum code developers have a big problem with the miners. It's quite difficult to fix the problem that faced by both of coins.
The solution must have passed the various process to be able implemented in the blockchain. I think that if it's impossible to see both of coins will be fix its scalability problem in a short time.
I think you must try to understand about how the mechanism of EIP and BIP implementation are working.

[Banulit]

Many small funded investors are having problem and it is really painful for them especially seeing that the transaction fee is way higher than what they will receive especially with BTC and ETH. This problem must be resolved by the developers of these crypto coins or else many crypto enthusiast will change and shift into using a much cheaper transaction fee blockchains such as TRX, ADA and DOT.

[libert19]

bitcoin and ethereum has a very high transactions fees now
i think its better to exchange your bitcoin to tron or doge first, then after that you can send it to your local exchange with low fee my friend
regards

That will also need fees right? Conversions aren't free?

[Fivestar4everMVP]

It is like this for a lot of people, I personally have experienced this so many times I can't even count, so it isn't a new thing, there have been times when I want to send or trade a token on uniswap or even to move the token to a centralized exchange, I realize that the fee I have to pay is way more than the worth of the currency I want to transfer or trade, everyone was hoping eth.2 will solve the high fees issue but then, it's just getting worst and worst every day blessed day, I don't know when this menace can actually be put behind us for good.

[Silberman]

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.

That's true the fee should be less than this if customized properly with the risk of the transaction being ignored by the miners. However, the transaction size also depends on the input and output of that address meaning there's possibility that the transaction size might be bigger than usual. Though, it's still no reason to justify this crazy fee, really hoping that this would get settled very soon but guess what, that's just a dream because there's no real sign of fixing this up till now.

I disagree, there are justifications for the high fee, as we know the space on each block is limited and when everyone wants to get access to a scarce resource this drives up the price, this is not the fault of miners, this is just the way cryptocurrencies are designed to work, also as we know the size of your transaction has a lot to do with your fee, as the bigger the transaction size the more space occupies on each block and the more you have to pay for it.

[Sithara007]

I disagree, there are justifications for the high fee, as we know the space on each block is limited and when everyone wants to get access to a scarce resource this drives up the price, this is not the fault of miners, this is just the way cryptocurrencies are designed to work, also as we know the size of your transaction has a lot to do with your fee, as the bigger the transaction size the more space occupies on each block and the more you have to pay for it.

LOL.. it's not the fault of the miners? Very funny. There was a proposal to increase the block size to 2MB. 99% of the users were in favor of it, but the miners refused to implement it. Since the decision making power is within their hands, they could simply veto any proposal that they don't like. They want users to pay $100 fee per transaction or more. Right now the users don't have any other choice, and therefore they are paying this much fee. Ultimately it will result in the growth of indirect payments, using BitPay or Coinbase rather than direct payments with Bitcoin. It is simply not viable to transfer small to medium amounts with BTC right now.

[Lantind]

With the increasing price of bitcoin and ethreum, the cost of gas transactions today is very expensive even above the price we want to exchange, then the way to save gas costs you have to exchange your bitcoin for tron to make the cost cheaper, and this is indeed a problem for all of us because when the distribution of prizes many teams are delaying distribution on the grounds of high gas costs.

Actually this is also a bit confusing where in the past two days Bitcoin and Ethereum have experienced a price decline when the correction occurred, but Gas costs are still rising and not going down either, so the effect of Gas on the price of Bitcoin and Ethereum is only slight, because it arrived currently the transaction fees are still expensive, and I myself have never exchanged Bitcoin to Tron directly except through the USDT token bridge.

[alex_andr25]

With such fees, everyone will soon forget about the blockchain on the Ethereum network. And even now it is already difficult to find a project that would use this network. All switched to BSC

[tvplus006]

With such fees, everyone will soon forget about the blockchain on the Ethereum network. And even now it is already difficult to find a project that would use this network. All switched to BSC

In fact, not everything is as bad as you think. And despite the fact that some projects choose BSC for themselves, the number of ethereum blockchain used is constantly growing. And this is one of the reasons for the large commissions in the network, which have recently significantly decreased after the Berlin hard fork.

[ringgo96]

For now, ethereum's transaction fees have decreased. I think if we compare it to the last few months today is the lowest. The existence of the Dex trade makes many transactions so that Gwei has increased. besides that in conversion the USD will also follow an increase. what is clear for now is if indeed you send a cheaper token. even with a low nominal value, it is still profitable

[ipanks]

If your account has a converted feature from bitcoin to altcoin, you can select the other coins with a low transaction fee. But if it's not, I guess you can not avoid the high transaction fees and only wait for a while until the fees can reduce a lot. It seems your account needs to upgrade to have more features from that exchange.

[Lantind]

With such fees, everyone will soon forget about the blockchain on the Ethereum network. And even now it is already difficult to find a project that would use this network. All switched to BSC

I don't think it will have a serious impact on Ethereum because I see the value of Ethereum always increasing even though the users of the Ethereum platform have started to be quiet, and you should also know that within two days the cost of Gas on the Ethereum platform has decreased very well.

[sapnu]

Way back, the transaction fee was not as high as to what we have right now, it is quite disappointing witnessing bitcoin and ethereum charging so high right now whenever you are sending money. Well, modern problems would require modern solutions that's why you can see many who converts their bitcoin or ethereum to other coins with low transaction fees before sending it to someone. Also, it is not really ideal to send small of amount of money since what may occur may become the same as you experienced wherein the transaction fee is much higher compared to the money you are sending. It would be best if you only make transactions when a huge amount of money is to be transferred.