Bitcoin is a piece of shite! $500 tx fee for a $2500 transfer?

in bitcoin •  10 months ago

Clipboard - January 7, 2018 3_58 PM.png

This is why I don't hold Bitcoin anymore other than the ones I mined back in 2009. It's old tech and it's just a religion now that people hold onto. When maximalists talk about store-of-value, they really meant sentimental value. 500 USD transaction fees for a regular 1+ hour transfer? This is at 350 sat/b rate. I'm a cheapskate so I went for 35 sat/b rate and that's still a hefty 50 USD. Failed to process transaction.

This is @kevinwong's microblogging account

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well i sent $100 to blockchain . info but now can't move out just due to that fees this is getting ridiculous


Yeah i thought the numbers were exaggerated when i first heard about it coz it sounded ridiculous. but turns out it's true.


still not possible to get out of that now asking $50 for 100 $ transaction lol i just wasted my money


Try to exchange bitcoin for another coin in the same place (Bitcoincash, for example) and probably the fee will be less. I had to do it like that once for Dogcoin and it was really less than with Bitcoin.


absolutely. by now I don't think BTC's single use case as a "store of value" merits its valuation. essentially any coin can fill that utility, with added transaction speeds and lower cost. in particular this is why i'm excited about projects like ethereum which provide a basis for an ecosystem of apps - much more exciting than "digital gold"

I sold my last piece of btc a couple of months ago. even for transaction it's bettere to use ltc, if you want not to wait for days! ^^


ltc is still like btc.. not much difference really lol. but yeah after btc ppl ususally go for ltc. not my thing tho ;)


Btc has begun to capture the increase and this seems to increase. Where do you reach the maximum? @kewinwong


good decision...but in my country we don't have choice ..... we need to buy bitcoin first then convert in another ...many times i paid 50$ transaction fee to buy steem


how do you think about the price of sbd and steem in early 2018 this?


That's going to the other extreme. They want us to buy the other coins, mainly Ether, which is supposed to go big this year with two possible forks.

I agree Bitcoin gets all the hype and a piece of shit. In the short term, it will make place in portfolios of investors, who are just getting started and want exposure to this sector (which includes institutional money). If the bitcoin community does not work towards transaction cost and scalability other large alt coins will take its place.


Bitcoin is dead


Yeah! But I want to have 1000 corpses of that kind in my wallet.
Ja, ja, ja


To be fair they're about to make it better but I agree, why choose bitcoin if other cryptocurrencies are just flat out better? It's a shame you have to buy them to trade them in for so many other coins. I'm always wondering why there are still people predicting bitcoin to hit 200k imo it's a sinking ship.

I agree. People are so weird about it.

"You're missing the big picture, it's life changing tech so let's not rush it!"

"Bitcoin can just adopt any new tech improvements from other coins so it'll be fine."

"But they're are ways to reduce the fees!"

"The most important thing is that the network is secure!"

"Just face it, Bitcoin will ALWAYS be the king."

It really is becoming a religion. It has literally nothing going for it but brand recognition.

alot money will flow into other altcoins right now because of this! this could be very good for steem

The only reasons i have btc:

  1. Sell for fiat
  2. Trade alts
  3. Earned through referrals..

Good answer.

What's with the exaggerated transaction fee? They might as well rob us. This is why I don't use bitcoin, not only is the transfer slow, the transaction fee is through the roof. I rather have dogecoin than Bitcoin.


there's no they.. but yeah this is magic internet money's tax kicking in.

@etherpunk I was a bit confused with your profile pic. What's microblogging? Best wishes.


@kevinwong is for long post. microblogging = short posts lol


Is only going to get worst with Bitcoin. Best wishes.

Due to the ridiculously increasing fee of BTC - many have switch to BCH...

I think this will be the fall of BTC and the rise of an alternative. You can't expect people to pay so much money to make a transaction, it's absolutely ridiculous.


totally agree


There are a couple of new coins promising no fees, like RAIBLOCK, but.... are they going to do it?


Look at skycoin if you want a peek at the future. They've got it all.

Same thing with Ethereum, fees are rising and transactions fail because of congestion.

'Add more gas", you say? "Switch to a DPOS blockchain", I say.

When more fiat pairing will happen this will be just history and probably so will bitcoin.


You mined back in 2009? Jeeezus. I use Litecoin whenever I can to save on the fees; And a while back I found out the Dogecoin is equally fast and has even smaller fees :^)

Bitcoin might be super slow and high txfee but remember that the masses are buying what they can find on Coinbase...


Just a couple of BTCs lol. Didn't think much of the philosophical and potential stuff back then.

Wait til Ethos displaces Coinbase ;)


how do you think about the price of sbd and steem in early 2018 this?


Many people do that in exchanges. Trade them for Doge and then back to Bitcoin. I had to pay $50 for getting out $300 through one of those ATM-Bitcoin in December. Then I used Coinbase and Chase Bank to receive the money and it was much less. I dont think I will be using the ATM-Bitcoin ever. By the way, those $50 were splitted between and the ATM-Bitcoin. I am not too happy with many of these abusive sites and people in the industry. Bitflip was charging 3/4 of the money to withdraw bitcoin and there was a chat saying the best way was trading bitcoin for doge to get a lower fee. I am just waiting so all these waves of high fees come down to transfer the money to my seed wallet. Third party wallets are very abusive. We are trying to flee from Bank of America's fees and find a similiar or worse situation here.

What exchange is this? I bet it’s the exchange. I just sent btc and it was a few bux.

This is ridiculous not fair anymore who wants to use bitcoin now

oh fuck ..500$ just transaction fee ...this is 500 $ we can buy 500 coin which are under 1$.

Nice very good

Do you use gold or diamonds for your grocery shopping? No. That means that gold/diamonds are a piece of shit with no value? No, it’s a store of value.


I don't own gold or diamonds, they're worthless to me..

Let take the alternative altcoins nem. And save on fees.......keeping up with time

SteemIt community I need you advise.
I have approx $300 worth BTC in Purse.IO I made it by selling Amazon gift card, I need to buy altcoins with it so I need to move this to an exchange say Binance, Poloneix. I don't care even if the transaction takes a month but I am not ready to spend more than $10 for this transfer, is it possible?

I wonder where to where your are moving this, you can take BTC an economic class ticket and send it to almost anywhere for $500. I think BTC is going to fail miserably and it is going to take all our money because of sentimental value.

I know all exchanges gives from us huge TX fee. You told it yesterday post.


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This is why bitcoin will fail. I was recently charged thirty pounds just to exchange my small amount to bitcoin cash. Of course this is the reason why I changed it all because I can see the fees only going higher and me been stuck. Bitcoin now has no value

Yes you are right...Now a days I don't own a single bitcoin...Also I use neo or ripple to transfer as the txn charge are super cheap... Buy Neo from Binance and transfer it to anywhere without any cost...

Nothing to say but good I like it your post carry on man👏👍

I jump to LTC transaction is fast. ETH transaction on shapeshift takes 24 hours to complete.

Hi @etherpunk, fees are way to high. I went to take out 60 and paid 61 dollars in fees. ridiulous. It's a rip off, thanks for sharing, following

That is unbelievable!! What a racket that is! Hopefully that does not continue and it goes back down to manageable levels

$500 fee is too much is difficult for all... It's better to hold another cryptro

All will be solved with the lighting network!!
Would be much cheaper if all wallets implemented swegit by the way! For example exodus still uses legacy not swegit!

I think ltc and eth is better then btc,..