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Raise of fees

Sat Dec 30, 2017 6:47 pm

I thought that the forks were supposed to lower fees. I went onto coinbase where there is only 1 kind of bitcoin to buy. This is about a week after the second fork. I was sending $100 US worth of bitcoin to my wallet. First of all the cost to send the bitcoin was $25 and like they said it took a whole 72 hours for the transaction to occur. Then I made another transaction and again the exchange between USD and BTC was done instantaneously. But it was still a 72 hour wait on the transaction and this time the cost for $100 USD of bitcoin cost $30 USD. I used to love bitcoin but I can't see how it stays a currency with prices like these. Before the split a $100 USD transaction of BTC cost no more than $10 USD. Is this just happening with Coinbase? What is going on? I am almost afraid to use bitcoin because the cost are getting outrageous, not better like the fork was supposed to do. Forget making money when I spend 30% and wait 72 hours for a transaction to take affect. :x

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Nickel Bitcoiner
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Re: Raise of fees

Sat Dec 30, 2017 7:38 pm

I agree - the fees are ridiculous these days.

It's partly Coinbase's fault. When the main split happened, both chains had a different approach to scaling. Bitcoin Cash (BCH) went for larger blocks, while Bitcoin Core (BTC) went for Segwit. But Coinbase hasn't implemented Segwit yet, so their version of Bitcoin Core is out of date and doesn't include the latest scaling plans.

If you want to send cheap transactions, for now use something like Bitcoin Cash, Litecoin, or Ethereum.

Bronze Bitcoiner
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Re: Raise of fees

Thu Jan 04, 2018 3:47 pm

Fees suck and segway doesn't help at all!!!!!
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Nickel Bitcoiner
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Re: Raise of fees

Sun Jan 14, 2018 3:26 pm

Fee is a real problem, and it is getting bigger. Even for faster passage of the bitcoin transaction, you need to pay an additional fee (transactions with a higher fee more priority)

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