If you've been using bitcoin lately you might have noticed that the fees are extremely high. You have to have 7-10$ for a transaction fee and even so you have to wait 1 hour for the transaction to get confirmed. How much do you think the fees are affecting the bitcoin market?
Bitcoin fees
- Thread starter Vladv26
- Start date
vest1992
Guest
They are not affecting it, it s how wallets make money, it differs on how long do you want it to take until it is transfered, if you are not in a rush you can pay less, and will take longer for the bitcoin packet to be sent of course
- Admin
- #3
How much are you sending,that is causing a $10 transaction fee? The last amount I sent off to someone yesterday, and I only got charged a $0.39 fee for it. Provided it was a $5 amount in Ethereum.
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
vest1992
Guest
Maybe he spends dozens of bitcoins if he pays that much, I don t really know for sure, though I know the faster you want them to arrive to the other wallet the more expensive the fees are.
Bitcoin fees are really a problem 10$ for transaction is too high fees the only way is to use a defferent crypto like Litecoin
it has very low transactions fees i wish the BTC fees will be reduced
it has very low transactions fees i wish the BTC fees will be reduced
- Thread starter
- #6
It's not about the amount you spend. If the network is very busy then you'll have to pay a big fee no matter what. I am not spending huge amounts of bitcoins but even for transactions of 50-100$ you need to pay a 7-8$ fee if you want your transaction to be confirmed fast (in 1-2 hours). Of course you can pay 1$ for the fees but then you would have to wait at least 12-24 hours until your transaction is confirmed
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
- Thread starter
- #7
Wallets don't make money from bitcoin transactions. The fees you pay when making a bitcoin transaction are for the miners that are confirming your transaction. That's why the higher the fee you use, the faster your transaction will be accepted.
The fees are just too high and I have to wonder if the increase in bitcoin price has anything to do with it. I have always complained about ETH gas fees, now btc fees have become high too.
- Thread starter
- #9
I think the increase of bitcoin price is the main factor of big fees. Always when the price goes up so do the fees
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
I really wish something could be done about that because with the expectations of seeing bitcoin at $50,000 and above, that means that the fees would be extremely high.
- Thread starter
- #11
They are already working on bitcoin lightning. Using this the fees would drop to just a couple of cents while transactions would be confirmed almost instantly
It will be nice if the bitcoin transaction fee is drastically reduced because at the moment it is extremely high, I tried sending $15 the other day and the fee was as high as $4.6 though it is possible if the network is not busy it could be lower.
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
Thanks for the information and I sure hope the project is successful because this will benefit users and even attract more investors to the network.
- Thread starter
- #14
Well, the lightning network for bitcoin was already launched. You can already use it but the problem is it still needs some upgrades and not many people are using it right now. But I'm sure in the future everyone will just use lightning network because its much better
In addition to what everyone has said, honestly speaking you do not expect the transaction fee to be low when the price worth is increasing on a daily basis. That is why I tell all online investors to have an alternative offline investment, just in case the online investment goes wrong.
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
Like I've predicted in the past, bitcoin has seen a drastic reduction in the price and just trying to move up the coin market again. But I am sure that bitcoin can not have a fixed price as it continues to move against all odds.
In my own Bitcoin wallet, my transaction fees are not that high, although I don't send Bitcoin to other wallet but when I sell or trade my Bitcoin, the fees are okay and reasonable. I have discovered that selling my Bitcoin on the exchange market attract less fees than selling it directly to Luno.
The of fees Bitcoin are really a problem 10$ for transaction is too high fees the only way is to use a defferent crypto like Litecoin
it has very low transactions fees i wish the BTC fees will be reduced so take advantage for this.
it has very low transactions fees i wish the BTC fees will be reduced so take advantage for this.
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
Bitcoin Average Transaction Fee is at a current degree of 8.904, up from 7.823 yesterday and up from 0.555 one year prior. This is a difference in 13.81% from yesterday and 1.50K% from one year prior
I think the fees of each crypto currency is determined by the amount of each crypto currency they are buying. As we all know that the price of Bitcoin had Increased automatically the price of the transaction will also be high. So you just have to bear with it
