Blockchain fee

rottie 11

In order to send 5euro worth of bitcoin its charging me a fee of 20euro ?

If i remember correctly the fee was only a euro or 2 last time i used it?

Does anyone else use a blockchain wallet ?

GreeBo

see here for explanation

Shauny2010

https://www.youtube.com/watch?v=aUgL-4fx2JE

wannabecraig

GreeBo wrote: »

see here for explanation

I read through this and I think it's a little outdated?
The problem is that the attraction to BTC was low fees and fast transfer (obv loads others) as a currency, not the fees are huge...

grindle

wannabecraig wrote: »

...the attraction to BTC was low fees and fast transfer (obv loads others) as a currency, not the fees are huge...

That was supposed to be the attraction to users.
Now the attraction is "ME LIKE PRICE GO HIGH!!1!"

It's certainly not the attraction to miners or Blockstream.

GreeBo

wannabecraig wrote: »

I read through this and I think it's a little outdated?
The problem is that the attraction to BTC was low fees and fast transfer (obv loads others) as a currency, not the fees are huge...

How do you mean out of date?

Fees are high because miners are split over multiple forks, a huge number of people are doing millions of micro transactions and the currency limits 1mb block every ten minutes. If you want your confirmation in that block, you gotta pay more, that's it.

rottie 11

Why all of a sudden tho ? It was always on about 2 euro for me ?

Also is it gonna stay this way or is it possible the fees could go down again

GreeBo

rottie 11 wrote: »

Why all of a sudden tho ? It was always on about 2 euro for me ?

Also is it gonna stay this way or is it possible the fees could go down again

Did you read the link I posted?

It has been climbing for a while now.

Fees will fluctuate based on several factors, as described in the other thread and the link.

grindle

It'll stay this way until Blockstream figure out how to keep this gravy train running whilst also implementing a solution to scalability that doesn't impede the gravy train.

spix

Recommended fee for me to send $134 worth of bitcoin is $34...and you still have to wait 1+ hours. Completely unacceptable and shows how bitcoin is too flawed to be actually used as a real currency.

GreeBo

spix wrote: »

Recommended fee for me to send $134 worth of bitcoin is $34...Completely unacceptable and shows how bitcoin is flawed to be actually used as a real currency.

Again, the fee is not related to the amount of "money" or current value in the transaction...

or to put it another way, you could also transfer $134,000,000,000 for that same $34.

spix

GreeBo wrote: »

Again, the fee is not related to the amount of "money" or current value in the transaction...

or to put it another way, you could also transfer $134,000,000,000 for that same $34.

Which makes it really bad. Lets put bitcoin in the position of every day currency, you want to pay for a sandwich and the transaction fee is $34. How useful.

JonnyM

spix wrote: »

Which makes it really bad. Lets put bitcoin in the position of every day currency, you want to pay for a sandwich and the transaction fee is $34. How useful.

Moral of the story don't buy a sandwich with bitcoin....simples!

GreeBo

spix wrote: »

Which makes it really bad. Lets put bitcoin in the position of every day currency, you want to pay for a sandwich and the transaction fee is $34. How useful.

Which makes it *currently* really bad for buying a sandwich, but amazing for transferring millions...

But hey, if you dont want to get involved feel free to not get involved!

spix

JonnyM wrote: »

Moral of the story don't buy a sandwich with bitcoin....simples!

Moral of the story = eventually bitcoin will lose almost all of its current value since it is useless as an actual currency. The higher the value of bitcoin goes and the more people use the blockchain, the more useless it becomes. The only reason to buy bitcoin now is to eventually sell it for a real currency and make profit, people are buying into it hoping they become rich but once that phase is over it will be worthless. Don't forget to sell before the big crash

GreeBo

spix wrote: »

Moral of the story = eventually bitcoin will lose almost all of its current value since it is useless as an actual currency. The higher the value of bitcoin goes and the more people use the blockchain, the more useless it becomes. The only reason to buy bitcoin now is to eventually sell it for a real currency and make profit, people are buying into it hoping they become rich but once that phase is over it will be worthless. Don't forget to sell before the big crash

Do you buy your sandwiches with gold or barrels of oil?
No?
They must be worthless so, right?:rolleyes:

spix

GreeBo wrote: »

Do you buy your sandwiches with gold or barrels of oil?
No?
They must be worthless so, right?:rolleyes:

Gold + barrels of oil have actual uses

GreeBo

spix wrote: »

Gold + barrels of oil have actual uses

What use is gold exactly other than "ohh shiny"?

spix

GreeBo wrote: »

What use is gold exactly other than "ohh shiny"?

People buy jewelry, alot of people. Not alot of people care about the ability to make cheap million dollar transactions, who will have to pay fees to convert that bitcoin back to a real currency and hope it doesn't crash in the meantime.

GreeBo

spix wrote: »

People buy jewelry, alot of people. Not alot of people care about the ability to make cheap million dollar transactions, who will have to pay fees to convert that bitcoin back to a real currency and hope it doesn't crash in the meantime.

Right, so what you are saying is that gold has value because people are willing to buy jewelry for a certain price, but other than that it has no intrinsic use or value.

Reminds me of, oh i dunno, every currency in the world including crypto!

Remember when it cost you £5 to read an email over WAP and it took hours to download...sure that internet thing will never catch on at that rate.

Like I said earlier, feel free to not get involved with crypto if you want, the rest of us will keep investing in it as the future of banking.