High transaction fees create discontent in the community

In recent weeks the debate around the transaction fees of bitcoin and the time they are confirmed, becoming more and more strained. Many community members complained of unconfirmed transactions and high value transactions medium size, which is often more expensive$ 30, and a transaction with lots of inputs can cost more than 50$.

Such major bilinovich payment processors like Coinbase, Bitpay and Shapeshift warn their users about the delays. Bitpay has even released a special statement and has notified clients that will no longer be processing bitcoin payments less than $ 100 for the rapidly growing commissions. However, the next day, the platform changed her mind and returned to the processing of payments from $ 5, but noted that we still recommend that you commit larger payments. This was achieved by sending a group of transactions for small payments.

Shapeshift in turn asks users to convert more than $ 250 in BTC to exchange for other currencies. Shapeshift CEO Eric Voorhes (Erik Voorhees) is not satisfied with the situation on the market commissions. He said:

«Now may be cheaper (and sometimes faster!) to send someone the private keys via Fedex than to carry out a typical transaction. Bitcoin can no longer be considered P2P electronic money system».

In addition, it was recently reported about anonymous, created Pineapple Foundation Fund, which donated 5 057 BTC to charity. This week representatives of the Fund Pineapple raised on Reddit about the problems with transactions of bitcoin.

«We had some trouble processing payments in Bitcoin Core. One transaction, in which we used Segwit and paid commissions in the amount of 298 Satoshi per byte, has not been confirmed within four days. During the submission, it seemed that such amount of Commission should provide confirmation within a couple of hours,» — said the representative of the Fund. «Because it provoked the emergence of a series of unconfirmed transactions, we had to take decisive action: to resort to CPFP (child-pays-for-parent) transactions with a very high Commission. We made a minimum transaction size of only 215 bytes and paid 0.0794 BTC (1 $ 100 at the moment of sending), to speed up the confirmation of all our previous transactions.»

Even the owner Bitcoin.org complains of the Commission’s network of Bitcoin. Cobra Bitcoin says he’s never going to be able to use bitcoin to pay for updating the SSL certificate for the site.

«It is necessary that extremely high commissions declined. For this you need to ask Central services to implement Segwit,» says Cobra Bitcoin. He’s very vocal about the high fees for the transaction last week.

«The only one who will agree to such spending (the increase in transaction fees) for transactions in bitcoin — a financial institution or a large company,» explains
Cobra in his Twitter. «Large blocks make a full node, but the great Commission is even worse, they make all the nodes of the destitute.»

Sometimes the confirmation of a transaction takes more than three days, even when users believe that installing the correct average size of the Commission. Market commissions Bitcoin definitely has disappointed supporters of the cryptocurrency – it is possible to see on forums and in social networks. Miners now earn up to 30% of income just on commissions. It is hoped that the widespread introduction of SegWit not long to wait. This will be the impetus for integration of decisions of the second level, such as Lightning, allowing almost instant payments with low fees.

Moreover, it is clear that the current situation with the commissions became one of the main reasons for the decline bitcoin exchange rate and growth of the most part alithinou. Further postponing the problem of scaling can lead to an outflow of users from bitcoin and other cryptocurrencies that do not experience such difficulties.

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