Bitcoin fees as high as $50, transactions still slow to confirm, new messaging system on BlockTrades
Increased fees on Bitcoin transactions
Due to the increasing price of bitcoin transactions, we've upped the max fee our site will pay to get a bitcoin transaction to confirm quicker. Currently a bitcoin transaction from our site will cost around $50 USD.
One friend told me yesterday that he spent $100 USD to pay for a bitcoin transaction to confirm faster and it still took all day to confirm.
Unconfirmed Bitcoin transactions
We have a lot of unconfirmed bitcoin transactions outstanding at this point, some up to 3 days old. We believe all of them will eventually confirm, but it could still be several days before that happens.
Please note that we are unable to cancel a transaction after we've sent it, so the only thing to do is to wait until it confirms.
New messaging system on BlockTrades
We've also added a new messaging system to our site to allow us to warn customers of significant issues of this sort. Previously we've just used Steem posts in our News section, but the new messaging system allows us to add visibility to important notices such as a rapid change in change in transaction fees.
The new system message allows our system administrators to dynamically place warning messages on our site in a timely fashion, without requiring coding changes to our web site.
Below is an example of the messaging system being used to notify users of the high fees for bitcoin transactions right now:
I saw the new fee ( 50$)
and I placed new order : Transfer 91.648 SBD to blocktrades318bc1f7-ed4a-47f6-b290-05c723314882
Hopping this time will be fine and quick with the new fee..
Have a great weekend..
Merry christmas..
I got the first confirmation after 20 miuntes..
Keep the good work..
Thank you..
#bitcoinisbroken
Hi. I have a coinbase account and I saw a "network fee" of $20+ just to send $80 worth of BTC to an account I have at binance. However, I noticed that by moving the $80 worth of LTC to my binance account, the "network fee" was about $2. I am new to this crypto currency exchange, but it seems that there are different fees associated with different altcoins. I believe it has something to do with how the coins are maintained on the network.
So what you could do is exchange the BTC to another type of coin like LTC in-house to the platform (i.e. coinbase) which is usually a lower fee in the $2 or $3 range. Then send that LTC to another platform like binance so that you are not paying HI transfer fees.
Coinbase is a complete joke. If they would adopt Segwit Wallets the fees would drop significantly and the backlog would begin to go away. Its a complete joke how such a big exchange can be so incompetent.
They've been dodging the question forever @vogeltron1, but they finally said they'd adopt it.... in 2018...
If they did adopt Segwit wallets, their customers could pay much smaller fees and it would help the Bitcoin network, but not by a huge amount. We need massive Segwit adoption plus Lightning Network release for a total fix.
@mooncryption I agree with you about the mass adoption. But when some of the largest exchanges haven't adopted yet, its a joke. I read that Bitpay will finally be getting Segwit Wallets as well in 2018. Hopefully it starts happening soon. The Lightening Network and all the other cool stuff is waiting for that to happen.
At this point I believe exchanges that are tending towards the BCH side are resisting towards SegWit.
Notice how Coinbase, which recently added BCH, is resistant towards Segwit. Bitpay, which was a supporter of the 2X fork and is planning to add BCH, is resistant towards Segwit.
Meanwhile, exchanges like Bitstamp who are heavily invested in the original Bitcoin add Segwit almost instantly (Bitstamp added months ago).
Bitcoin is becoming only for the wealthy..... Or it's a dinosaur.
@blocktrades im starting to see really long wait times for my steem/steem dollar purchases via lite coin most recently going on 8 hours about as im writting this post. Almost 2 hours last night for etherium and now 8 + for lite coin? This is becoming very concerning.
😑
Did your litecoin confirm ok? If so, did we send you the Steem?
I wanted to add an update to my comment. Although there are high fees, you can make money from Coinbase as well. Look at my most recent blog about this. Happened in the past few hours. Maybe you might get luckier than me.
https://steemit.com/bitcoin/@yomaicoin/make-a-usd1000-in-seconds-on-coinbase
Thanks for this. This does sound more promising and rewarding.
I bought via coinbase with bitcoin and seems like its going to be a while? Any ideas for the timeframe for this type of transfer? Also I am new please help me get some upvotes snd tips! https://steemit.com/steem/@dynamicrypto/mine-with-a-cryptologist
Hi @blocktrades
Can you help me understand the verbiage? When you say "We have a lot of unconfirmed bitcoin transactions outstanding at this point, some up to 3 days old. " What does that mean? Are they stuck in the backlog on the bitcoin network or are they still in you system waiting to transmit?
I sent a SDB to BTC transaction 3 days ago
(79.362 SBD to 1d25179d-5d39-4189-9b47-2a96c4abea9e)
and I've yet to see any kind of memo post in my wallet.
My SDB to BTC transaction I sent 4 days ago processed in about an hour.
Just wondering where I stand.
Thanks!
It means they are stuck in the backlog of the bitcoin network. We can process an SBD transaction in about 3-9 seconds generally.
right now i need to just hold and dont move bitcoin :)
I was thinking of holding as well, but I do see an opportunity here. I am not too familiar with investing, but altcoins could be another investment avenue to make money on the drop and rise of altcoin value.
BTC did drop a lot in the past few hours. But there was a moment in that drop, that the price rose again well over $500 before dropping again. Money could have been made in that moment if someone was really watching closely and bought before the rise, and sold before the drop. Beginning to sound like what a day trader does in the stock market.
My only dilemma is finding a good trading platform to buy and sell with. I was at first using Coinbase, but during this drop and rise of the price, trading was disabled because of platform issues. Not very good for me as a customer.
yep totally agree with you but i was stuck in btc with all money :( and i miss out the drop now i need to wait rise without profit :( That is the market rules ;)
I am fairly new at buying and selling cryptocurrency, but what "market rules" are you referring to. Do you mean at a particular online trading platform, you can buy a altcoin again during a certain period after just selling? Can you elaborate more? I am eager to learn as well as share. Thanks.
Its mean like after every big grow in price how bitcoin made this the last two month should be a big dump like was few days ago :) is doesn't matter is bitcoin or altcoin ;)
Thanks. I understand what you mean. Here's another blog of mine referencing differences in BTC prices between Coinbase and Binance. A $1000 difference. Any thoughts on this?
https://steemit.com/bitcoin/@yomaicoin/coinbase-and-binance-prices-differ
All exchange with fiat currency to btc have high price than real market price ;)
Money was def made at that moment:)
I'm holding too! But it's kind of against my will, because if I ever wanted to move my Bitcoin, I'd have to pay $50 or some crazy fee!
I'm holding ,too on my little SBD...
good choice )
I'm holding also. That's the smart move. I see it dipping right now, but pushing upward (at a steady pace) after tax season
You all are doing just fine!
Just take a deep breath, and forget about Bitcoin for the day.
or just convert to other much faster and less expensive coins. The fees are just to damn high for sending or buying with bitcoins. This could be the reason why bitcoin will fail eventually
I don't think bitcoin will fail the community will find a way to solve this problem soon :)
I was taking a look at bitshares the other day. It looks interesting, is there anyone who could represent it for an interview?
Maybe ask around this telegram group: https://web.telegram.org/#/im?p=@BitSharesDEX
Thanks guys for the update - I sent some SBD for Bitcoin purchase yesterday and will wait out the next few days for confirmation in my wallet.
Cheers guys! have a good Christmas!!
Keep up the good work!
It's time to offer transactions in Bitcoin Cash!!
I just posted a rant about Bitpay not working with Exodus wallets. Basically, I have to transfer my BTC from Exodus to Electrum ($50 cost) before I can send it out over the BitPay network (yet another transaction fee).
https://steemit.com/bitcoin/@sirstacksalot/bitcoin-payment-protocol-sucks-for-us-exodus-users
It makes more sense if possible to do transactions with LTC.
It will be a time where transactions in BTC will be for high sales.
BTC now is going backwards.
Keep on steemit
nice upgrade and notice the Fee warning right away. Going to send over some LTC later today. Thank you
@robertmannino
Sending over more !!!
Thank you
Steemit.com
@blocktrades For transactions that have been in limbo for nearly 3 days, will those be considered stuck and refunded? There is a point of no return for some transactions, it would be nice to at least have the steem back.
3 days isn't nearly the point of no return. Bitcoin transactions can take weeks. In one case, a customer sent us a transaction that didn't confirm for a month (but they paid a really low fee).
Thank you for the response, I just didn't know.
Passed 3 days with no confirmation: https://blockchain.info/tx/760e51dd55ef4c456262ce73c52def66b6724741bc6c0090eb78ac2db542b131
Will transfers from then ever go thru?
We had a transaction sent by one customer take a month to confirm.
wow, probably shouldn't refresh every 5 minutes then lol. It was sent with "Fee per byte 308.585 sat/B". I have no idea if that is high. I would gladly pay extra to expedite it. Don't see any such option on block trades yet though.
We may add an option to pay for acceleration in future. There's so many things to do, it's a difficult thing to prioritize.
That's a decent amount, I think it will go through for sure. I suspect this whole thing was mainly caused by some bitcoin miners temporarily moving to bch. Probably they will wait till difficulty drops, then move back to mining bitcoin.
You are right. Thats great news for blocktrades user that you given in this post. thanks for adding this new messaging system on Blocktrades.