Bitcoin Network Fees Are Irritating Cryptocurrency ProponentsOver the past week, there’s been heightened tension around the conversation about bitcoin fees and confirmation times. Many individuals have been complaining about unconfirmed transactions and average median transaction fees, costing $31-52 USD on December 23. With bitcoin being divisible by eight decimals, many of those decimals are rendered useless as small amounts of satoshis held on wallets can never be spent unless fees subside.
Is It Faster and Cheaper to Send Private Keys by Fedex Than the Bitcoin Network?
The discussion about fees and confirmation times has gotten hectic as people are complaining about network fees spiking above the $30 region for just a basic 226-byte transaction. At the time of writing, there areaccording to Blockchain.info, and that number is lower due to the weekend lulls. Businesses that deal with bitcoin like Coinbase, Bitpay, and Shapeshift are all telling their users about the delays. Bitpay initially required its card users to load more than $100 worth of bitcoin because of high fees. The company changed it’s mind and reverted back to $5 invoices and card loads, but stated it still recommended higher payments. Shapeshift is requesting people shift more than $250 worth of BTC in order to swap for another cryptocurrency. Shapeshift’s CEO Erik Voorhees is not pleased with the fee market situation, : When it’s cheaper (and sometimes faster!) to Fedex private keys to someone than to send a digital payment, Bitcoin is no longer a P2P electronic cash system.The Pineapple Fund Pays $1,100 More in Fees to Push a Donation
Further, just recently news.Bitcoin.com reported on the anonymous donor called the Pineapple Fund who has been donating 5,057 BTC to charitable causes. This week the Pineapple fund posted to the Reddit forum /r/btc and had a “.”
“We’ve had some hiccups with bitcoin core payment processing. , in which we used Segwit and paid an effective fee rate of 298 satoshis per byte, which did not confirm for four days and countingAt the time of sending, 298 sat/b looked like it would confirm within an hour or two,” explains the Pineapple Fund. Since this created a series of unconfirmed transactions, we had to do something drastic: use Child-Pays-For-Parent with a very significant fee. We made a minimal transaction with a size of just 215 bytes, and paid 0.0794 BTC ($1,100 USD at time of sending) in order to expedite confirmation to all of our previous transactions.Bitcoin.org Owner Won’t Renew the Websites SSL Certificate With Bitcoin Due to High Fees
Even the owner of Bitcoin.org is complaining about bitcoin core fees these days. The web portal’s owner Cobra Bitcoin says he won’t ever be able to use bitcoin to pay to renew the SSL certificate for the website. “We really need these ridiculous fees to come down, and in a way that doesn’t depend on us begging centralized services to ‘Adopt Segwit,'” says Cobra Bitcoin. The anonymous individual
Bitcoin Network Fees Are Irritating Cryptocurrency Proponents
BTC News is the world’s premier 24/7 news feed covering everything bitcoin-related.
About Bitcoin News, How to Calculate Bitcoin … · Bitcoin for Beginners Op-Ed