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Topic: Bitcoin transaction cost is too high (Read 3243 times)

Harlot

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Re: Bitcoin transaction cost is too high

December 13, 2017, 06:09:38 PM

#21

The reason why it looks high right now is because Bitcoin's price is now above 16000$ making it look high as the value of Bitcoin is expensive. But in terms of Bitcoin it has still remained the same. The network fees in Coinbase are around 70,000-85,000 which I normally see even before Bitcoin reached the price of 3,000$. I really hope that the implementation of the Lightning Network will improve the fees and transaction speed. Right now it is best not to use Bitcoin as a mode of payment.

fabioganga

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Re: Bitcoin transaction cost is too high

December 13, 2017, 06:15:15 PM

#22

Although I agree that the price of the fee is too high, one mustn't forget that the value of Bitcoin against fiat currency has also gone up, hence the price rise.

I don't think it will be easy or even at all possible to lower the fees, it would require to quench the miners' greed some other way.

pri3oner

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Re: Bitcoin transaction cost is too high

December 13, 2017, 06:15:27 PM

#23

That problem with high fee does exist! 10$ per transaction is awful while sending low quantity of BTC. The solution is needed asap!!

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magle

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Re: Bitcoin transaction cost is too high

December 13, 2017, 06:18:38 PM

#24

The developers behind bitcoin should really look into the transaction fees when they introduce fixes to the scalabity issues. Otherwise there is no point in comming up with a solution to scale, because it will never scale properly if the transaction fees are 30 USD or more, which is much higher than an international bank transfer.

andiko

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Re: Bitcoin transaction cost is too high

December 13, 2017, 06:21:10 PM

#25

Of course it's unpleasant when you send $ 20 for example and half of it is spent on commissions. But soon this problem will be solved with the introduction of the Lighting Network

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senne

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Re: Bitcoin transaction cost is too high

December 13, 2017, 06:46:38 PM

#26

Seriously, I can't even afford to lose so many coins just for transaction Bitcoin from one wallet to another. Congestion in the pool has raised transaction fees to another level now but despite that Bitcoin value is continuously rising without any stop. New Year is still far away either we are going to expect highest value of Bitcoin in it's history or drastic crash, possibility any of them is likely to happen any time soon.

AshikurRahmanKhan16

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Re: Bitcoin transaction cost is too high

December 13, 2017, 06:54:15 PM

#27

Yes, bitcoin transaction price is too high now. I wanted to withdraw some btc from cryptopia and i was shocked by seeing transaction fee. 20$ transaction fee! This is not normal. And now I just use myetherwallet for swap eth to btc or btc to eth. It is simple and transaction fee only 3-4$. So, you may try it.

HashieNewb

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Re: Bitcoin transaction cost is too high

December 14, 2017, 03:06:06 AM

#28

Quote from: pri3oner on December 13, 2017, 06:15:27 PM

That problem with high fee does exist! 10$ per transaction is awful while sending low quantity of BTC. The solution is needed asap!!

It's not that high considering how much the price of the coin is. Bitcoin transactions can get spent with a small fee.

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sazon84

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Re: Bitcoin transaction cost is too high

December 14, 2017, 03:30:36 AM

#29

Just yesterday, the monitor this issue and turned out it is cheaper to transfer via LTC and the transaction rate is high and the Commission came out cheaper than bitcoin. But if you need it in bitcoins, it is better not to save on the Commission, and to put her more. More chances that a transaction will be faster

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wiser

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Re: Bitcoin transaction cost is too high

December 14, 2017, 03:35:03 AM

#30

So far, the Bitcoin developers and miners cannot agree on a fork that would both increase the number of transactions a block can handle and reduce the transaction fees. That's one of the bugs, er... features, of being decentralized and leaderless. Some of the other altcoins I know are still decentralized but maintain a stronger leadership so as to actually make decisions like when and how to fork the coin to keep up with the technology.

RockBar0

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Re: Bitcoin transaction cost is too high

December 14, 2017, 03:41:51 AM

#31

$ 20 per transaction. for small transactions. The cost for each transaction is too high. It's hard to trade them.

TopT3ns

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Re: Bitcoin transaction cost is too high

December 14, 2017, 03:47:29 AM

#32

Quote from: tasiah on December 13, 2017, 11:01:34 AM

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise

for now maybe take it or leave it, Grin

transaction fee is depend on size. and for exchanger fee, you will not ask that question if bitcoin price not high like this. just accept it or use altcoin to reduce fee transaction

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OFID

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Re: Bitcoin transaction cost is too high

December 14, 2017, 03:48:40 AM

#33

It's not, in the future, it will be higher and higher, only sky is the limit

Deborah Christine

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Re: Bitcoin transaction cost is too high

December 14, 2017, 03:50:51 AM

#34

Quote from: tasiah on December 13, 2017, 11:01:34 AM

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise

Yes i agree with you now bitcoin transaction fee is more than expensive than before. But it causes density in the blockchain network that causes the length of the transaction process. so the fee is increased so that the transaction process is fast.

777Jolami

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Re: Bitcoin transaction cost is too high

December 14, 2017, 03:52:29 AM

#35

very high. and very long for each transaction. You have to spend more than 10 breads and take 3 days to complete a bitcoin deal. Bitcoin transaction speed is too slow. So I advise you not to use bituminous to swap

BossMacko

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Re: Bitcoin transaction cost is too high

December 14, 2017, 03:55:07 AM

#36

Yes, Bitcoin transaction cost is too high that is why most of the time when i do a deposit or withrawal and i see the transaction is high i wait for an hour or i check the transaction time to time and withdraw when the transaction fee are lessen. I do that when i am sending out Bitcoin from my coins.ph web wallet.

pooya87

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Re: Bitcoin transaction cost is too high

December 14, 2017, 04:36:31 AM

#37

Quote from: budovskiy on December 13, 2017, 01:34:35 PM

If You need deposit or withdraw just use conversion Etherum or Litecoin for transactions.

yeah, you can use Ethereum and pay $2.5 for a transaction and still be stuck because some big ICO is clogging up the Ether network for good or maybe some cryptopuppies this time is causing the same issue. and your transaction may not even propagate and disappear every 2 minutes.
all in all very good choices

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Junypn

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Re: Bitcoin transaction cost is too high

December 14, 2017, 04:38:06 AM

#38

I just paid 33 dollars for a transaction with a few inputs... I feel sad to see bitcoin this way, i hope it can recover soon to its great days.

mocacinno

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Re: Bitcoin transaction cost is too high

December 14, 2017, 06:28:09 AM

#39

Quote from: Junypn on December 14, 2017, 04:38:06 AM

I just paid 33 dollars for a transaction with a few inputs... I feel sad to see bitcoin this way, i hope it can recover soon to its great days.

$33 for an average transaction seems a bit excessive.
https://bitcoinfees.earn.com/ teaches us that you'd need 380 sat/byte for a 95% chance of getting in the next 3 blocks. For an average, non-segwit, transaction of 226 bytes, that would come to ~86000 satoshi's = 0.00086 =~ $14 (at current preev rate).

Granted, this is way higher than i'm comfortable with, but if you payed $33, it either means you had a large transaction (many inputs/outputs) OR your wallet screwed up.

Mind telling us which wallet you were using?

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upekhaanthony

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Re: Bitcoin transaction cost is too high

December 14, 2017, 06:31:55 AM

#40

It is true . Is bitcoin fee fixed for any amount or it is depend on how much amount you are going transfer ?

Thank.

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