Topic: big transaction fee in Bitcoin , really down the future of btc ? (Read 2229 times)

That's normal. Bitcoin's price increases mean that transaction fees will also increase. However, the higher the transaction fee, the faster the transaction will be. This is true. You must pay the right amount for the work of the miners. Instead of lamenting, you should focus on finding BTC. Besides, I am confident that Bitcoin is the most rewarding currency, making you the fastest richest.

That leaves plenty of room for debate

It is like claiming that victims of robbers are to be held responsible for the robbery since, first, they have money which could be robbed, and, second, they were given sort of choice (to give up money or die). As the proverb goes, the stronger always blames the weaker. Regarding regulation, this can only be changed either by moving from the PoW model to the PoS model (which is highly unlikely) or by setting up payment channels in the way Lightning Network does which allows to completely (well, mostly) bypass miners and the hefty fees they tax

It is so simple. The transaction fees are high because BTC users are ready to pay them. It's actually only them, who are responsible for high fees. As a matter of fact voluntary fees can kill the whole BTC, because they are driven by greed which can be endless (because of people's nature). This is a real issue in BTC protocol that must be resolved, sooner the better.

I do understand their purpose (reward for miners in the future, instead of newly mined BTCs), but the fees regulation is really needed and should be set to constant - e.g. 1 satoshi per 100KB. No matter how big the transaction is, all transactions would be with the same priority, with no possibility for any of them to be "forgotten" in the space.

Everyone has to report yes to transaction fees.

I know that it is just normal for money transactions to have fees but sometimes you might get into thinking that maybe the fee is higher and you think that it is too much. I can’t say that the transaction fee affects the future of the bitcoin but I do really think that it would be great if the transaction fee is lower. It would really be a big help if we can now transfer, send and received money with lower transaction fees.

I think it's really a problem for bitcoins to have a big transcation fee many users are complaining about the high fees of transaction i think this is one of the big problem of bitcoins but i may say this will not gonna bring down the bitcoins eventhough the users are complaining about the fee they can't do anything they just deal with it because bitcoins run the crypro world because of its high value in the market but if a crypto comes around with high value but lower transaction maybe that's the time that the bitcoins will fall.

Ok, I did as you directed me to with the viabtc guys sine yesterday. But the transaction is still not confirmed. Does that mean my coins are stuck now forever? Will I not be able to retrieve my Bitcoin from this failed transaction or what?

Well, indeed it could just be a reason in it. Because of the nature of the problem it is already go on and don't have much the best way out, just give me the high fee was the best way for now. But I think in this case it will certainly become a bitcoin can make into the trash, because now they have a lot of problems and if the original owner didn't show up and find a way out in the future price of the bitcoin will quickly go down
 

Useless shit post?

There is no such thing as the default fee.

With a surging price, even a stable fee-rate will end up causing high average fees. In Bitcoin specifically, the price rise was coupled with a decent rise in the fee-rate which made it worse.

Yet another example of uninformed people spewing nonsense. If people move to other coins -> other coins have the same issue -> people whine again. Increasing the block size is not a solution.

There are multiple points in solving this, First of which is the effort by the developers and the network to make larger blocks and hence accepting and verifying more transactions and the fees to let a transaction pass would become lower.
The second would be focusing on sending transactions in bulk and including higher amounts with small amounts like how coinbase and paxful do, sending dozens together, the size is bigger but the fees are bigger as well - this isn't a solution though, since it would still be +100s/b.
So the main thing is waiting for a fundamental change allowing more transactions and hence less fees.

not just a big fee but also the length of the transaction confirmation even if using the default fee. some users also complained about it and hoped there was an opportunity to repair the chain block network and increase the block size. but this may be proportional to the profit for user due to the rise in bitcoin prices.

Day to day, week to week Bitcoin price is increasing but with this arises a big problem that is fee.

Can you think that with an increase in Bitcoin transaction fees will result in less use of Bitcoin for transactions from one address to another. Because it saves the cost for the expense of the fee.

And people will move towards other market competition Or there is an opportunity to repair chain block network and increase block size.

I ask everyone to give you thoughts and views on this big cost issue in the future. 

Fees can really be painful. Yet when i came to think of it i have realized that  i was still able to gain more profit now because of the price hike of course even if i do send a higher fee so basically this is quite reasonable because the opportunity also increases

Dude I know that you are seasoned bitcoiners but have you used low fees when sending the transaction? I haven't checked the fee's but last week its around 400 sat/byte. So I guess it may have something to do with the fees' you used. I suggest you used viabtc to help accelerate you transaction and maybe you got lucky and it will be pick in the next 6 hours or so.

I don't really know if I am stuck or whatever. I have an unconfirmed transaction of 0.025 btc that I sent out pending since 12th June till now. That's close to 72hours and I am at loss on what to do. Can someone help me out on what to do here. This Bitcoin lag in confirming transaction will definitely lead to its death...

That's the point that I addressed right at the start

I specifically pointed it out that LN will likely kick in exactly when it will be most needed, i.e. as soon as we "start to feel the pressure". As I said, Litecoin, as a coin which has already implemented both SW and LN, cannot possibly run into the issues that Bitcoin is now confronted with, i.e. high fees and slow confirmation times. Payment channels will pop up just when it makes sense. It is an effective solution to the problem faced, and just because we don't need it yet (in Litecoin, obviously), it doesn't mean that it is not viable or applicable. Therefore, any claims that any coin will inevitably have the same issues as Bitcoin (if it rises as high) are unfounded and invalid

emphasising the bit i emboldened for you

if you can get routed.. then yes. but there is no guarantee..
this is why i said some users end up being hubs with THOUSANDS of contracts connected, just to allow average joe to not need more than just a couple channels.

without hubs, users end up needing more than a couple channels to be able to ensure reliable routing.. (research 6th degree of separation theorum)

also if doing the hub style.. lets say EVERYONE was contracted to starbucks. so that it only cost you 1 hop fee to pay anyone.
1000 payments =$10 being eaten from the amount you deposited

but imagine it required hop style because not everyone was directly connected to starbucks.. and the routes were on average 4 hops apart
that 1000 payments would = $40 being eaten from your deposit amount.

...
also if you only deposited $180 in your contract to starbucks, you only have funds for 60 coffee's so only able to do 60 payments.
if however you were 4 hops away from starbucks. requiring payment more fee's per hop. you may only get 59 coffee's/payments.

worse.. if the route require 20 hops you make less payments/less amount of coffee's you can buy due to hop fee's eating up your deposit a little more.

...
in bitcoin there is a big difference between 'technically possible' and 'realistically possible'

TL:dr;
just having 1-2channels does not guarantee 'thousands of payments'
its dependant on how reliable/complex the routing is
how much funds you deposit
how often the channels open/close

That's basically what I wanted to hear

In fact, this is what I correctly assumed myself. So, to open (and close) a payment channel, I would need two otherwise regular transactions, and after that I can make any number of transactions between LN nodes which can be routed to me (and me to them). In other words, with just 2 LN transactions I can make literally thousands of near ping-time transactions which otherwise (without LN) would require me to pay insane amounts of fees and likely wait infinite amount of time to confirm, right?

other things to take note.
no one will be foolish enough to put their entire hoard into an LN channel.
no one will be foolish enough to lock their entire hoard into an LN channel for a year

blackmail, CSV revokes, and other issues of possible attack vectors can make people lose funds offchain..

what you find is that channels will not remain open for 12 months.(no one can predict spending habits of 12 months)
people will only for instance open a channel with starbucks HUB and deposit enough for maybe 1-3 months of coffee
so the reality would be

A pays (if onchain fee was $2)
$3 to open and close channels with starbucks to deposit $180 (to cover 3 months of coffee)
buying a $3 coffee once a day, 5 days a week for 3 months.. costs 60cents of fee for 60 payments
which average $0.06 per payment(average after including setup/settlement fee)

so all these 'best cases' are in reality
average fee being more like 10cents if used daily for a couple months
blocks required being 4-6 times higher than the 12month example. due to people wanting to move funds in and out every couple months.

infact its suggested that many merchants will want to close out every couple weeks.. not once every 12 months. which could mean blocksizes needed would be 26x more than the 12month utopian blocksize. which also would raise the average cost pr customer fee

EG $3 setup/sttlement + 10 weekday payments of coffee per fortnight =$0.34 average fee's
and
 it would require 3.4gb blocks for fortnightly channels (instead of 133 MB blocks per 12month channels)

Fees have rose significantly recently in terms of both satoshi per byte of transaction and fiat. This increase in fees have made it impossible to make micro transactions with bitcoin but fee is comparatively low if compared to other payment gateway when making bigger transactions. But yes either block size should be increased or more versatile solution like segwit need to be activated to keep bitcoin as cheapest and fastest payment method.