Any solution to the problem of high fees?

Pan Troglodytes

member

Activity: 392

Merit: 39

Quote from: jseverson on December 11, 2017, 01:50:28 AM

Segwit was supposed to address it along with the confirmation speed issue, but some exchanges opted not to use it, and some people don't care about it. It kind of helps, but only works when both the sender and receiver are using it.

The Lightning Network is being tested and should be ready soon. It offers instant confirmations and is predicted to lower transaction fees significantly. No idea when it will be ready though, and it's kind of reliant on Segwit.

Other than those, I don't really know.

I my previous post I stated the the LN will not necessarily help here because you need to open and than close the channel paying the reguar fee for both operations. But what I have learnt meantime is that you can open the channel to LN provider and keep it open, paying all that time virtually 0 fees. If that is confirmed in practice, that would fix the high fee problem once and for good.

pinkliar

full member

Activity: 262

Merit: 100

Quote from: Gab0 on December 10, 2017, 12:49:53 PM

Is Core currently working on the solution of high fees and excessive waiting times? If so, what is it?

I imagine that for all newcomers, and those that are yet to come, it must be a nasty surprise to find the current fees.

First of all, Thanks

Accept this was the risk for that we are able to take for we all need and we have to think for this fee are on that so we dont have to file on it that you have for cause we all know that this fee is very common and accept it.

mahibul49

full member

Activity: 826

Merit: 104

i think soon they will gonna solve this fees issue.

i heared lightning network will come in 2018 for bitcoin.it will be great.

paradeflag

newbie

Activity: 11

Merit: 0

Unfortunately, there is no existing solution for the high price of transaction fees since they are positively correlated with the prices of Bitcoin, which is also increasing at the moment.

Carmen01

full member

Activity: 294

Merit: 101

Streamity Decentralized cryptocurrency exchange

OP the fee is only way to do transaction here so that is not problem because it's digital money it's online like if you travel abroad you nee to pay for that's the example of a transaction also like here in crypto,Moreover we can avoid that in the way like don't do any transaction so you not experience the some high fees and then wait for the right time to do transaction that's only the option or our choice here.

btcdepo

full member

Activity: 322

Merit: 100

Quote from: Gab0 on December 10, 2017, 12:49:53 PM

Is Core currently working on the solution of high fees and excessive waiting times? If so, what is it?

I imagine that for all newcomers, and those that are yet to come, it must be a nasty surprise to find the current fees.

First of all, Thanks

My personal solution is to exchange first to any alt and then do the transfer. I know it is very annoying thing about transaction fees and enormous transaction times. if these problem is not solved properly, I'm sure that it will effect the crypto's future in a negative way unfortunately.

Anti-Cen

member

Activity: 210

Merit: 26

High fees = low BTC price

Quote from: yoseph on January 15, 2018, 01:32:16 PM

The fees are actually not based on the price of bitcoins in the market, it’s actually so because of the high congestion of the network which rises the transaction fees by requires by the miners.

Ye old "Supply and demand argument" but if you know your history then you would know that when bread prices
rise above a certain level then you can expect riots and revolutions to take place.

Tell me from a technical perspective do you think that higher fees make number fly across the internet
faster or that we need 20,000 miners competing just to process seven transactions a second and from
a design point of view should we trust a development team who deals with a poor design of a network
by putting the price up instead of down or could it just be that they believe that they have a captive
audience and they can lock the doors via the miners working as bouncers on the doors.

Anti-Cen

member

Activity: 210

Merit: 26

High fees = low BTC price

The market will resolve the problem long before the bitcoin development team deals with the
miners in six months time and introduces a maximum fee of $1.50 so that 90% of miners leave and the
remaining miners can make a living from a fee for a system that can only process 7 transactions per second.

Fees up, price goes down and you can already see this if you look at the charts here.
https://bitinfocharts.com/comparison/transactionfees-btc-bch.html
Squint one eye and see the line above the zero reads less than $1.00 per transaction

Well fees peeking at $55 has resulted in a lost of trust between the development team and the public
so even when fees went down to $30 per transaction we can see that the price is dropping and
my guess is that lots of people are going to panic and want to leave when BTC goes below
$10,000 but unless they are going to pay the miners $500 per transaction to get out then
they will be in for a shock, locked in until the price hits the floor.

having a market where you think you can grab your winning and rush out the exit door is very
risky if logic dictates that this approach won't work and I am not making this up, it's based on maths and seven
transactions per second

yoseph

sr. member

Activity: 868

Merit: 266

Quote from: hopepears on January 15, 2018, 01:03:57 PM

We can't do something about the fees because they are based on the price of Bitcoins in the market. The only way you can do is hope for them to drop by the time you are going to transfer.

The fees are actually not based on the price of bitcoins in the market, it’s actually so because of the high congestion of the network which rises the transaction fees by requires by the miners.

olubams

hero member

Activity: 798

Merit: 503

Quote from: Gab0 on December 10, 2017, 12:49:53 PM

Is Core currently working on the solution of high fees and excessive waiting times? If so, what is it?

I imagine that for all newcomers, and those that are yet to come, it must be a nasty surprise to find the current fees.

First of all, Thanks

There is solution already but the rolling out is what is slow because in the past few weeks, I have read about the lightening network and even SegWit which has been with us for a while. However, the people that are highly technically incline in things that relate to crypto would have start harnessing all this opportunity and make life easier for themselves. All that is left is for everyone to find a way to join the train or else while others are paying low fees, you realised you are only making the miners richer.

hopepears

newbie

Activity: 10

Merit: 0

We can't do something about the fees because they are based on the price of Bitcoins in the market. The only way you can do is hope for them to drop by the time you are going to transfer.

freezingmere

newbie

Activity: 12

Merit: 0

Based from the current situation of Bitcoin, that is a problem we can’t find a solution to. But, we do hope it can be changed in the future.

harbin55

sr. member

Activity: 615

Merit: 258

Since this is the way why bitcoin wallet does earn by collecting fees in exchange. I think since the cost is already fixed and we cannot change it.
The best thing to do is to earn and earn, once your money or bitcoin is too plenty it is the time to exchange it so that the cost will be not to burden .

illinest

sr. member

Activity: 454

Merit: 251

Quote from: Pan Troglodytes on December 11, 2017, 02:13:04 AM

bitcoin was a breakthrough and it had been considered breakthrough when it was used by a small circle of early buyers and investors. But I am wondering if maybe the problem of transaction fee is not INHERENT to any blockchain currency, maybe it is a kind of a flaw. Yes, you can argue that there are small currencies that don't have the problem of fees. Sure, they are. They are small. When (If) they become major, they will have the same problems. A blockchain can contain only so many transactions.... Look, all major currencies have the problem of conjestion, btc, eth, ...

Yes, blockchains do not presently scale well (while remaining decentralized), because of their linear growth. In the future, we need exponential scaling mechanisms like tree chains, sharding, or trustless off-chain protocols. It seems like the direction the Bitcoin ecosystem is heading is towards off-chain scaling with bi-directional payment channels.

Ethereum is likely to pursue sharding, which is an alternative consensus method where the parallel processing power of multiple networked machines split up the workload of verifying transactions. In both cases, lots of research and development is being done as we speak, as most of the development community agrees on the incredibly limiting nature of linear blockchains.

Pan Troglodytes

member

Activity: 392

Merit: 39

Quote from: iamTom123 on December 11, 2017, 02:02:01 AM

Quote from: Gab0 on December 10, 2017, 12:49:53 PM

Is Core currently working on the solution of high fees and excessive waiting times? If so, what is it? I imagine that for all newcomers, and those that are yet to come, it must be a nasty surprise to find the current fees. First of all, Thanks

There are now some who are predicting that if Bitcoin could not fixed e this big problem as soon as possible, a big crash can happen all because many users and holders are not anymore confident with Bitcoin due to escalating transaction fees. This has become a perennial problem for Bitcoin and all of the past hard forks actually did not produced the solutions acceptable to all parties concerned. What happened this past week magnified the problem to the max as transfer fees became ridiculous most especially for small transactions. This is unacceptable because Bitcoin is designed to be fast and cheap and definitely not the way it is now. Something has to be done ASAP otherwise the problem will get bigger and bigger most especially next year where we are expecting more expansions for Bitcoin. Can anybody tell me who are the people responsible for this problem and why it is taking them so long to decide on what to do?

bitcoin was a breakthrough and it had been considered breakthrough when it was used by a small circle of early buyers and investors. But I am wondering if maybe the problem of transaction fee is not INHERENT to any blockchain currency, maybe it is a kind of a flaw. Yes, you can argue that there are small currencies that don't have the problem of fees. Sure, they are. They are small. When (If) they become major, they will have the same problems. A blockchain can contain only so many transactions.... Look, all major currencies have the problem of conjestion, btc, eth, ...

illinest

sr. member

Activity: 454

Merit: 251

Quote from: Gab0 on December 10, 2017, 12:49:53 PM

Is Core currently working on the solution of high fees and excessive waiting times? If so, what is it?

I imagine that for all newcomers, and those that are yet to come, it must be a nasty surprise to find the current fees.

Core has been tirelessly working to scale Bitcoin for years. If you consider the magnitude of increasing adoption and also the fact that Bitcoin has had virtually no downtime (ever), it's hard to ask for more. First and foremost, Core is concerned with keeping the network operating day after day -- reducing bandwidth and CPU load, mitigating propagation delays, improving the codebase. They gave us Segwit, which will allow exponential scaling increases, once Layer 2 solutions are widely deployed.

But we can't expect this to happen overnight. There are several teams working on the Lightning Network, which will allow trustless, off-chain transactions using payment channels. Since in-channel transactions will be off-chain, they will be cheap and nearly instant. But if we're being realistic, it could be 2+ years before we see wide deployment across the ecosystem. We've only just started seeing test transactions on the mainnet; now to mitigate topography and routing limitations and start building wallets for users....

iamTom123

hero member

Activity: 490

Merit: 501

Quote from: Gab0 on December 10, 2017, 12:49:53 PM

Is Core currently working on the solution of high fees and excessive waiting times? If so, what is it? I imagine that for all newcomers, and those that are yet to come, it must be a nasty surprise to find the current fees. First of all, Thanks

There are now some who are predicting that if Bitcoin could not fixed e this big problem as soon as possible, a big crash can happen all because many users and holders are not anymore confident with Bitcoin due to escalating transaction fees. This has become a perennial problem for Bitcoin and all of the past hard forks actually did not produced the solutions acceptable to all parties concerned. What happened this past week magnified the problem to the max as transfer fees became ridiculous most especially for small transactions. This is unacceptable because Bitcoin is designed to be fast and cheap and definitely not the way it is now. Something has to be done ASAP otherwise the problem will get bigger and bigger most especially next year where we are expecting more expansions for Bitcoin. Can anybody tell me who are the people responsible for this problem and why it is taking them so long to decide on what to do?

Jet Cash

legendary

Activity: 2814

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https://JetCash.com

If high fees and a high value for Bitcoin squeezes out the faucets and similar sites, then it will be beneficial for Bitcoin in my opinion.

Pan Troglodytes

member

Activity: 392

Merit: 39

Quote from: jseverson on December 11, 2017, 01:50:28 AM

Segwit was supposed to address it along with the confirmation speed issue, but some exchanges opted not to use it, and some people don't care about it. It kind of helps, but only works when both the sender and receiver are using it.

The Lightning Network is being tested and should be ready soon. It offers instant confirmations and is predicted to lower transaction fees significantly. No idea when it will be ready though, and it's kind of reliant on Segwit.

Other than those, I don't really know.

I have read that unfortunately this is only wishful thinking (that the lightning will help). I don't know the exact technical details but apparently you have to open and close the lightning tunnel what requires twice the normal (regular) fees plus any transactions inside the tunnel. The latter transactions can have the low lightning fee. If the number of inner lightning transactions is very low (like 1 or 2) than using lightning is more costly than not using it.

jseverson

hero member

Activity: 1834

Merit: 759

Segwit was supposed to address it along with the confirmation speed issue, but some exchanges opted not to use it, and some people don't care about it. It kind of helps, but only works when both the sender and receiver are using it.

The Lightning Network is being tested and should be ready soon. It offers instant confirmations and is predicted to lower transaction fees significantly. No idea when it will be ready though, and it's kind of reliant on Segwit.

Other than those, I don't really know.

Topic: Any solution to the problem of high fees? (Read 366 times)