MrBottomTooth

Was just moving some cryptocoins out of coinbase so I can actually sell them at some point and I see the network transaction fees are over $40 for bitcoin.

So you have to pay that even if you're just trying to buy a pizza? What good is bitcoin as an actual currency then?

Best-In-BC

Yeah, i spent 60 bucks yesterday at Coin Base and got 40 dollars worth of bitcoin by the time I got it to YOBIT

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It's highly overrated and overpriced in more ways than one.

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pimpmaster9000

But but but Bitcoin will reach 100k LOL

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DBS.US

The price you pay to be Bitcoins rich.

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magneto664

bitcoin is the currency of the future, only idiots do not buy bitcoins, sometimes bitcoins will be able to pay a $ 2 ticket in the subway with a $ 100 fee - THIS IS A WONDERFUL FUTURE OF THIS CURRENCY. ;)))

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Quine

Is that the price you pay when you try to buy bitcoins there?

I planned to play with 50?, if 80% of that will be spent on the fee, I won't register there.

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rowan

That's what some are arguing right now: that because it is completely impractical for transaction purposes (unless you're moving some serious funds), it's really more a store of value, which is really only of interest to speculators. What other currency would be this volatile? (There's probably an answer to that, but let's just consider it a rhetorical question. )

Bitcoin's upcoming Lightning features (off-chain settlements) are taking too long and even once available will take some time to adopt, so we're going to have to endure this pain for a while longer. The Bitcoin Core team refused (and continue to refuse) to increase the block size. Hopefully that decision is not going to result in a mass exodus to another coin before Bitcoin transaction levels (and costs) become reasonable again.

mineistaken

Who is the bitcoin core team? And who assigned them if Satoshi nakamoto is a secret/unknown guy?

How can the fees become reasonable again? What needed to be done? Mining cost to go down very significantly? Thus only theoretical?

MrBottomTooth

I bought some at coinbase and the fee was only a few dollars. Now that I see Canadians can't sell on coinbase I am moving stuff to quadrigacx. The fee to move it all out of coinbase was over $40.

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mineistaken

What about p2p fees? Same?

Konda

Bitcoin is flawed as a p2p currency due to the high fees and slow transaction time.
That's why forks like Bitcoin Cash happened (which unfortunately has a team behind it with a wrong mindset).
There are other coins with much more potential. But since BTC was the first everyone still sees that as the most valuable and just holds it as an commodity investment (similar to gold).

Bladewire

FileCoin

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DBS.US

But I can ready hold my gold in my hand.

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MFCT

Well, the fees are by design for now, but temporary. You see, a cool thing to look forward to is when they waive all fees for people that get an RFID implant, or some similar forthcoming "mark-of-the-beast" technology.

Ain't it funny how stone-age cavemen were able to predict stuff like digital currency and a mark to protect against identify theft way back in the day?

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DBS.US

Someday people will happly line up to get a RFID implates

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mineistaken

Link to those predictions.
Thanks

NatalieK

this is why btc isn´t going to become the actual currency to use for everything, unlike Nagacoin

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NatalieK

omg, just checked bitpanda, seems it has the same...


ffs!

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rowan

What do you think the Bitcoin "network" is? You thought Coinbase were just being greedy for the sake of more profit?

TheDynasty

just bought bitcoin on coinbase only $1.97 fee

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rowan

Now try to withdraw and see how much of that BTC gets eaten up by network fees.

That's what the OP is referring to.

ReggieDurango

Bump for answers!

shake

I did a small bitcoin transfer a few days ago and still waiting for it to go through. I set too small a transfer fee...

This is definitely a problem that needs to be fixed in a future crypto currency. I know ripple transactions are really quick for one.

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Sly

I tested the other day and had fees between 1.5-1.9% with both BTC and LTC. The LTC transaction was quick, BTC took a little time. Important to note: when I buy something with my credit card, I pay no fees, the merchant does.

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rowan

Are you talking about purchase/trading fees, or network transaction fees? You wouldn't normally express network fees in percentages because a transaction fee is not necessarily related to the amount being sent.

mce

Screenshot taken for inevitable "I Told Ya So" moment

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mineistaken

jscott

Satoshi didnt assign a team, the core team is derived of anyone who can provide usable code, so they are active contributors to the bitcoin development.

Fees can become reasonable again once the network spam lowers (most coming from the Bcash fuckers usually, look at the time of their 1st "flippening" attempt, it coincided with their rise in spam attacks)

Speed/fees, wait for Lightning, check out the youtube videos that explain it easily to understand, big great and bright future for bitcoin

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Sly

You are right. Misunderstood. Thanks for clarifying.

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rowan

Not quite. There was never really any formal structure at first, and technically there isn't now, but the current people with commit access (you could count them on one hand, maybe a couple of hands) are in complete control of both the source. There's no way to for the users of Bitcoin to decide whom they want to control the reference client, nor to democratically vote on which features to implement or abandon. You have a small team of people, many whom are employed by the same for-profit company, that decide where Bitcoin goes from here.

From https://blog.plan99.net/the-resoluti...nt-dabb30201f7 (I strongly recommend you read the entire article. It gets a little sensationalist and whiny but there's some good information in it.)

When Satoshi left, he handed over the reins of the program we now call Bitcoin Core to Gavin Andresen, an early contributor. Gavin is a solid and experienced leader who can see the big picture. His reliable technical judgement is one of the reasons I had the confidence to quit Google (where I had spent nearly 8 years) and work on Bitcoin full time. Only one tiny problem: Satoshi never actually asked Gavin if he wanted the job, and in fact he didn?t. So the first thing Gavin did was grant four other developers access to the code as well. These developers were chosen quickly in order to ensure the project could easily continue if anything happened to him. They were, essentially, whoever was around and making themselves useful at the time.

[...]

Complicating things further, Maxwell founded a company that then hired several other developers. Not surprisingly, their views then started to change to align with that of their new boss.

[...]

But it quickly became apparent that the Bitcoin Core developers were hopelessly at loggerheads. Maxwell and the developers he had hired refused to contemplate any increase in the limit whatsoever. They were barely even willing to talk about the issue. They insisted that nothing be done without ?consensus?. And the developer who was responsible for making the releases was so afraid of conflict that he decided any controversial topic in which one side might ?win? simply could not be touched at all, and refused to get involved.


Problem is, how long are we expected to wait? Even once Lightning is (finally) released it will take some time for enough people to adopt it that it becomes "part" of every Bitcoin transaction. There's no point me being an early adopter of Lightning if only 3 of the 100 recipients I regularly send funds to support it - those other 97 will still need standard slow, high fee transactions.

Lightning is very complex so it's going to take some time before everyone is confident it works, which will slow adoption. Bitcoin is already a mindfuck for newbies. Many people will sit back and wait for the others to iron out all of the inevitable problems once it's actually in use. They're not going to want to try to figure out how to use something that doesn't yet work reliably. In the meantime... the Core team could relieve the current painful situation by raising the block size, but it seems that's never going to happen. I'm just concerned this continued stubbornness is going to end up losing a lot of loyal users.

One consequence of the current network clogging is that people are more likely to leave their funds as balances on an exchange. That's bad, m'kay.