Topic: Bitcoin fees - page 2. (Read 582 times)

The bitcoin fees are there for a reason, they are used to pay the miners. If there was a similar concept by government, you would have been paying more to feed the leaders as taxes.

Well, bitcoin charges have been greatly diminished, there are coins (litecoin,dogecoin,bitcoin cash)which are aggressive and individuals are
as yet utilizing them yet with segwit and lightning on bitcoin its less expensive and faster to move bitcoin than it was previously.

true but incomplete. the correct way to say it is that the amount of fee you pay depends on the size of your transaction. the size changes based on a couple of factors including out many inputs and outputs you have.
the other factor is the type of transaction you are making. for example a regular tx with a compressed key adds 148 bytes to a transaction but a multisig can add nearly 400 bytes and SegWit about 102.
check this cool site for more information: https://coinb.in/#fees

At present its very fair, if you are converting fiat to BTC to transact, but when there are congestion and huge price surge, the price becomes more impossible to afford. Fees are normal but converting them to fiat sometimes gives mental pain.
Lightning Network may come as a friend for us, but don't know what might happen, the whole system has been unpredictable till now.

Lighting network uses 'state channels'. Its basically a network for people to make secure transactions without having to upload every single transaction on to the blockchain. It won't become successful overnight as it is a protocol which means its success relies on adoption but we are already at 2000 nodes and only a month into the main net being launched!

If successful fees will be as little as 1 satoshi making the IOT possible. it could change our relationship with money. Streaming money would then be a possibility! this is hundreds of sub 1cent payments a second. You could get paid by your boss per minuet live into your bank account

Remember the amount of BTC you send is irrelevant. There are no coins in bitcoin. When you send BTC you send inputs, depending on how many inputs you consume to generate the output the fee will vary.

Although it would be nice if there was a fixed % in terms of satoshis you send. But that would make spam attacks too easy.

just relax, the cost of capital and operational is not proportional to income, it is normal, because with the capital will be gained a doubled profit.

Compared to 2015, transaction cost for btc
 has increased sometimes making nonsense of the of actual transaction amount.

There is no need to complain about bitcoin fees because its natural, they need to charge for any transactions in order for them to earned also, and of course they are working on it, we should not be greedy anyway we earned also.

1. Bitcoin fees are not too expensive (this time, this was true last year December, maybe you have forgot to update your thoughts.)
2. Fees are for maintenance, storage, etc? Bitcoin is not a hardware store or anything like that...
The fees are for the miners good, that's all....

Bitcoin fees are too expensive but hopefully that fees are appropriate. They need that fees for the maintenance, storage etc. that contributes to the good services that will provide or providing to us. What if there's no fee, I think the system is very slow or there are anomaly happening within or might get all our Bitcoin. So, think of it, that fee is for our own good.

I think for smaller transactions the fees should be reduced. It is fine to compensate with higher fees for larger transactions because miners have to be paid ultimately.

Bitcoin fees hitting $55 will never be forgotten and has made Bitcoin indeed "Trustlesss" and the lightning network is
nothing more than off-chain banking hubs.
https://www.youtube.com/watch?v=UYHFrf5ci_g

Not getting the picture, convinced the slot machine is about to pay out are we because this is the picture you
should be watching if for one moment you think that bankers have not already taken over Bitcoin or that the
Ministry of Bitcoin Propaganda (MBTCP) is not spoon feeding you FUD here.

https://lnmainnet.gaben.win/

Now is a good time to head for the exit door if you didn't get out with me when Bitcoin was last at $18k and I would
advise you all to invest in lead but not for bullets, they are using a ton of the stuff here to weigh posts down
https://bitcointalksearch.org/topic/ministry-of-bitcoin-propaganda-mbtcp-3387753

It's a new protocol for Bitcoin, its objective is to make Bitcoin transaction fast and cheap.
They also claims to have the solution to Bitcoin Scalability problem.
You can read more about it here
https://lightning.network/

Use Segwit based wallet, it can decrease TX Fee tremendously.
You can also use Lightning Network Protocol, although it's still in its early stages, if you are not developer you might want to wait until the end of year for it to become mainstream.
Speed of transactions are determined by the miners, all you can do is to make sure to set a fee high enough for miners to pick your transaction to the next block to be confirmed instantly.

i think bitcoin fees is so cheap right now and with the start of lightning network bitcoin will go to another apex of success and ofcourse current bitcoin fees is so cheap too

I think bitcoin networg improves a lot in transactions.

Lightning network basically lets you do transactions off chain, peer to peer. Using this involves standard BTC fees when you open and close a channel, but remember you can do many transactions on that one channel without necessarily closing it. This is often called "Layer 2 scaling".
While you are transacting over this channel the fees are basically free, over LN Bitcoin is the cheapest coin in existence to send funds with, plus the transactions clear literally instantly. What makes this amazing is I can pay you a millionth of a USD cent per millisecond if I want to. You can stream money like you are streaming data with this ! It opens up so many new possibilities for BTC.

Here is a video from a youtuber I want to shill (Ivan on Tech) , he actually shows a transaction on the LN testnet including how to set it up. You would be shocked to see how instant everything is.
https://www.youtube.com/watch?v=B5IPheyaNHA

LN is live now and is starting to get adopted since this video was made, remember the setup will eventually reach a point where you wouldn't even know you are using Lightning.



In times like now when the mempool is empty the best thing  you can do is consolidate your inputs, basically just send all your BTC to another wallet and then send it back. You can do this with a low fee per Kb if you don't mind waiting. Remember your transaction fees are not dependent on the amount of BTC you send but on the amount of inputs. So if you received a little BTC at a time many times, sending all that out will be expensive.

This way if the network gets spam attacked again you are okay and won't need to pay through your ears in fees

Most of all use a Segwit wallet wherever you can, since you can then leverage the 4Mb block weight vs the normal 1Mb block size on BTC. A segwit wallet will start with "3", a normal BTC wallet starts with "1"

Lighting network mean fast transaction speed and it can be happen with increase in size of block,  With increase in block size transaction fees become cheaper. Current best coin in term of lightning network and fees is DigiByte.

Bitcoin whining is expensive. Bitcoin has to pay a lot of money in transaction. It has to pay different types of fees. And by this we have more fees than our fees. However, we are earning money from bitcoin and earning livelihood.

Correct, bitcoin fees have been massively reduced, there are coins like
Bitcoin cash, litecoin dogecoin which are competitive and people are
still using them but with segwit and lightning on bitcoin its cheaper and
quicker to move bitcoin than it was before.