Bitcoin fees are like 5 sat/byte now what?

streazight

hero member

Activity: 910

Merit: 502

Quote from: pinkflower on September 04, 2017, 12:54:42 AM

Quote from: lumeire on September 03, 2017, 09:59:58 AM

Well at least I won't be asked to spend ~$7 in fees for a $20 transaction again.

Quote from: pinkflower on September 03, 2017, 09:56:10 AM

Quote from: Vishnu.Reang on September 03, 2017, 09:46:27 AM

Quote from: Red-Apple on September 03, 2017, 09:40:34 AM

Lower fees = more happy users = more adoption = higher price = more reward for miners.
(12.5BTC+0.5BTC) * $5000 >> (12.5BTC+3BTC) * 1000

I don't understand why the miners are ignoring this very important thing. If the fee is low, then for a short while their revenues may decline by 4% or 5%. But in the long term, it will increase manifold due to the large spike in users.

I dont think a spike in users will happen just because the fees are low. No one is really using BTC to buy items online. They have their credit cards and Paypal for that. The only attraction most users have for BTC is to hold them as an investment to get rich.

Isn't the unbanked and those without Paypal and CC supposedly the primary users of BTCBTCBTC. Seems times have changed.

What do you mean? The unbanked people from a third world country? They do not need a bank or cryptocurrencies. What they need is food, shelter, clothing and a helping hand in how to get their life in order.

They are barely surviving and they dont have the time to think about cryptocurrencies.

I don't think so all the people of advanced or developing countries use banks or cryptocurrencies.
It is individual's choice. However, in third world countries, there are banks but few ones and yes their life is full of difficulties. They won't give banks or digital currencies a thought if they are striving hard for even their basic needs. Nobody will.

pinkflower

sr. member

Activity: 868

Merit: 259

Quote from: Red-Apple on September 04, 2017, 01:45:59 AM

Quote from: pinkflower on September 03, 2017, 09:56:10 AM

Quote from: Vishnu.Reang on September 03, 2017, 09:46:27 AM

Quote from: Red-Apple on September 03, 2017, 09:40:34 AM

Lower fees = more happy users = more adoption = higher price = more reward for miners.
(12.5BTC+0.5BTC) * $5000 >> (12.5BTC+3BTC) * 1000

I don't understand why the miners are ignoring this very important thing. If the fee is low, then for a short while their revenues may decline by 4% or 5%. But in the long term, it will increase manifold due to the large spike in users.

I dont think a spike in users will happen just because the fees are low. No one is really using BTC to buy items online. They have their credit cards and Paypal for that. The only attraction most users have for BTC is to hold them as an investment to get rich.

actually what i meant was the opposite.
low fees may not lead to "spike in users" but high fees and all the issues associated with it can prevent the "spike in users".

in other words if bitcoin works smoothly like it has been for years, the adoption will continue to grow and the speed of it will increase. but if fees continue to be high and all the delays and stuff like that continue happening then the adoption will also be prevented.
luckily the spam attacks and with it the high fees never last long so the effects have not been severe so far.

Thats because it will never last long. Spamming will cost the attacker a lot of money. If he wants to continue doing it for years then he will inevitably realize that it was better for him to save all those BTC he wasted in the first place.

Dhaaaw

full member

Activity: 140

Merit: 100

Quote from: BitcoinBarrel on September 03, 2017, 08:52:44 AM

Quote from: lqkfamily on September 03, 2017, 08:48:23 AM

yeah, the block size is 4.2mb now... transaction is cheaper and faster

Sure, but it will likewise have an effect on Bitcoin price. Lower fees = lower rewards for Miners. More miners = higher network hashrate = higher Bitcoin price.

It's all relative.

Because a bunch of newbs started whining, people decided to change the blocksize. Little do these newbs realize, that they are even less likely to make it rich with Bitcoin now.

This really hit me hard, people are so ungrateful and greedy they're ready to jeopardize the bitcoin price for the sake of not paying a fine, either that or the fact that they're clueless about the bitcoin price mechanism.
Do they think that the prices BOM magically ?

xskl0

sr. member

Activity: 378

Merit: 260

Bitcoin SV is Bitcoin

Quote from: lqkfamily on September 03, 2017, 08:48:23 AM

yeah, the block size is 4.2mb now... transaction is cheaper and faster

What are you talking about? block size is around 1 mb https://blockchain.info/blocks

HeRetiK

legendary

Activity: 3122

Merit: 2178

Playgram - The Telegram Casino

Quote from: Red-Apple on September 04, 2017, 01:45:59 AM

Quote from: pinkflower on September 03, 2017, 09:56:10 AM

I dont think a spike in users will happen just because the fees are low. No one is really using BTC to buy items online. They have their credit cards and Paypal for that. The only attraction most users have for BTC is to hold them as an investment to get rich.

actually what i meant was the opposite.
low fees may not lead to "spike in users" but high fees and all the issues associated with it can prevent the "spike in users".

in other words if bitcoin works smoothly like it has been for years, the adoption will continue to grow and the speed of it will increase. but if fees continue to be high and all the delays and stuff like that continue happening then the adoption will also be prevented.
luckily the spam attacks and with it the high fees never last long so the effects have not been severe so far.

Yeah, that's the problem with high fees. Sure, most people use BTC as a store of value right now and less as a means of payment, however the potential for the latter was also one of the main driving factors for BTC appreciation. If BTC fails to be usable as a currency in the future, either directly or via 2nd layer solutions, its utility and therefore value will have been vastly reduced.

Red-Apple

hero member

Activity: 1470

Merit: 655

Quote from: pinkflower on September 03, 2017, 09:56:10 AM

Quote from: Vishnu.Reang on September 03, 2017, 09:46:27 AM

Quote from: Red-Apple on September 03, 2017, 09:40:34 AM

Lower fees = more happy users = more adoption = higher price = more reward for miners.
(12.5BTC+0.5BTC) * $5000 >> (12.5BTC+3BTC) * 1000

I don't understand why the miners are ignoring this very important thing. If the fee is low, then for a short while their revenues may decline by 4% or 5%. But in the long term, it will increase manifold due to the large spike in users.

I dont think a spike in users will happen just because the fees are low. No one is really using BTC to buy items online. They have their credit cards and Paypal for that. The only attraction most users have for BTC is to hold them as an investment to get rich.

actually what i meant was the opposite.
low fees may not lead to "spike in users" but high fees and all the issues associated with it can prevent the "spike in users".

in other words if bitcoin works smoothly like it has been for years, the adoption will continue to grow and the speed of it will increase. but if fees continue to be high and all the delays and stuff like that continue happening then the adoption will also be prevented.
luckily the spam attacks and with it the high fees never last long so the effects have not been severe so far.

pinkflower

sr. member

Activity: 868

Merit: 259

Quote from: lumeire on September 03, 2017, 09:59:58 AM

Well at least I won't be asked to spend ~$7 in fees for a $20 transaction again.

Quote from: pinkflower on September 03, 2017, 09:56:10 AM

Quote from: Vishnu.Reang on September 03, 2017, 09:46:27 AM

Quote from: Red-Apple on September 03, 2017, 09:40:34 AM

Lower fees = more happy users = more adoption = higher price = more reward for miners.
(12.5BTC+0.5BTC) * $5000 >> (12.5BTC+3BTC) * 1000

I don't understand why the miners are ignoring this very important thing. If the fee is low, then for a short while their revenues may decline by 4% or 5%. But in the long term, it will increase manifold due to the large spike in users.

I dont think a spike in users will happen just because the fees are low. No one is really using BTC to buy items online. They have their credit cards and Paypal for that. The only attraction most users have for BTC is to hold them as an investment to get rich.

Isn't the unbanked and those without Paypal and CC supposedly the primary users of BTCBTCBTC. Seems times have changed.

What do you mean? The unbanked people from a third world country? They do not need a bank or cryptocurrencies. What they need is food, shelter, clothing and a helping hand in how to get their life in order.

They are barely surviving and they dont have the time to think about cryptocurrencies.

BitcoinBarrel

legendary

Activity: 2026

Merit: 1034

Fill Your Barrel with Bitcoins!

Quote from: ?? on ??

Quote from: BitcoinBarrel on September 03, 2017, 08:52:44 AM

Quote from: lqkfamily on September 03, 2017, 08:48:23 AM

yeah, the block size is 4.2mb now... transaction is cheaper and faster

Sure, but it will likewise have an effect on Bitcoin price. Lower fees = lower rewards for Miners. More miners = higher network hashrate = higher Bitcoin price.

It's all relative.

Because a bunch of newbs started whining, people decided to change the blocksize. Little do these newbs realize, that they are even less likely to make it rich with Bitcoin now.

You dont have to be so arrogant about it now that you can afford every fee out there. And about ''these newbs'' , they represent the majority of bitcoin users and they keep the market alive. Whitout them, bitcoin would be wortless...pretty much like your calculations. The majority of the market is populated with people with small ammounts of money to whom the fees are a big impediment...that is why the people that actually think and understand fully how the system works have changed the blocksize.
And it is a little bit hypocritical to call other people whiners when your post was just about that.

If these people that "Understand Bitcoin" know what's best, why didn't they just create their own alt-coin? Because it doesn't matter.

And look, I wasn't the one trying to change Bitcoin. It was working just fine as far as I was concerned. I honestly can't see any reason to spend less than $20 worth of Bitcoin anyway... Would you trade $20 worth of gold so you can buy a soda and chips? I don't think so...

Reid

hero member

Activity: 3052

Merit: 651

Quote from: Vishnu.Reang on September 03, 2017, 09:46:27 AM

Quote from: Red-Apple on September 03, 2017, 09:40:34 AM

Lower fees = more happy users = more adoption = higher price = more reward for miners.
(12.5BTC+0.5BTC) * $5000 >> (12.5BTC+3BTC) * 1000

I don't understand why the miners are ignoring this very important thing. If the fee is low, then for a short while their revenues may decline by 4% or 5%. But in the long term, it will increase manifold due to the large spike in users.

This tells it all.
If we increase in number of users then the price will go with the wave.
Why not just take it for now and use the profit they have made from before and all will be fine afterwards.
They say newbies whine too much. Who will not?
The large price for a long time of transactions. It is just not fair. Why would the new users need to adjust?
How can we even invite more investors if all the problems are already here? Do they just want to mine and no one will buy it? That is going to be more of a problem.

BitcoinBarrel

legendary

Activity: 2026

Merit: 1034

Fill Your Barrel with Bitcoins!

Quote from: joseafonso123az on September 03, 2017, 10:08:08 AM

The transaction fees reduced, and bitcoin's price also decreased, it looks like everything is related here. But I think it's great that the transfer fees decreased, because I believe in the long run bitcoin's price will be higher, and number of users using bitcoin would increase, thus, making the miners have profit on the long run also.

Bitcoin will continue to rise, but at a much more steady rate I think. I was very much against Segwit, raising Blocksize, etc. because I believed in Bitcoin as it was created. I paid the high fees gladly because I was investing in Miners who were keeping the network secure. I knew that this investment in fees would add to the value of Bitcoin later, and help keep the Bitcoin economy in motion.

joseafonso123az

sr. member

Activity: 476

Merit: 250

The transaction fees reduced, and bitcoin's price also decreased, it looks like everything is related here. But I think it's great that the transfer fees decreased, because I believe in the long run bitcoin's price will be higher, and number of users using bitcoin would increase, thus, making the miners have profit on the long run also.

xFiber

sr. member

Activity: 336

Merit: 252

Quote from: pinkflower on September 03, 2017, 09:56:10 AM

Quote from: Vishnu.Reang on September 03, 2017, 09:46:27 AM

Quote from: Red-Apple on September 03, 2017, 09:40:34 AM

Lower fees = more happy users = more adoption = higher price = more reward for miners.
(12.5BTC+0.5BTC) * $5000 >> (12.5BTC+3BTC) * 1000

I don't understand why the miners are ignoring this very important thing. If the fee is low, then for a short while their revenues may decline by 4% or 5%. But in the long term, it will increase manifold due to the large spike in users.

I dont think a spike in users will happen just because the fees are low. No one is really using BTC to buy items online. They have their credit cards and Paypal for that. The only attraction most users have for BTC is to hold them as an investment to get rich.

You would be surprised how many people actually still pay with bitcoin. Don't forget the dark web is still up and running and if you check purse.io there are still hundreds of orders coming in to buy stuff on Amazon with bitcoin. Don't forget you can now buy lambos with bitcoin, tip your Uber with bitcoin etc.

BitcoinBarrel

legendary

Activity: 2026

Merit: 1034

Fill Your Barrel with Bitcoins!

Quote from: pinkflower on September 03, 2017, 09:56:10 AM

Quote from: Vishnu.Reang on September 03, 2017, 09:46:27 AM

Quote from: Red-Apple on September 03, 2017, 09:40:34 AM

Lower fees = more happy users = more adoption = higher price = more reward for miners.
(12.5BTC+0.5BTC) * $5000 >> (12.5BTC+3BTC) * 1000

I don't understand why the miners are ignoring this very important thing. If the fee is low, then for a short while their revenues may decline by 4% or 5%. But in the long term, it will increase manifold due to the large spike in users.

I dont think a spike in users will happen just because the fees are low. No one is really using BTC to buy items online. They have their credit cards and Paypal for that. The only attraction most users have for BTC is to hold them as an investment to get rich.

Exactly, and what good is more users if there are no miners processing transactions? We should have left the blocksize at 2mb just out of respect for Satoshi since he wanted it to be 2 mb.

You don't think Satoshi thought about the Pros/Cons to different blocksizes? Sheesh...

lumeire

legendary

Activity: 1848

Merit: 1009

Next-Gen Trade Racing Metaverse

Well at least I won't be asked to spend ~$7 in fees for a $20 transaction again.

Quote from: pinkflower on September 03, 2017, 09:56:10 AM

Quote from: Vishnu.Reang on September 03, 2017, 09:46:27 AM

Quote from: Red-Apple on September 03, 2017, 09:40:34 AM

Lower fees = more happy users = more adoption = higher price = more reward for miners.
(12.5BTC+0.5BTC) * $5000 >> (12.5BTC+3BTC) * 1000

I don't understand why the miners are ignoring this very important thing. If the fee is low, then for a short while their revenues may decline by 4% or 5%. But in the long term, it will increase manifold due to the large spike in users.

I dont think a spike in users will happen just because the fees are low. No one is really using BTC to buy items online. They have their credit cards and Paypal for that. The only attraction most users have for BTC is to hold them as an investment to get rich.

Isn't the unbanked and those without Paypal and CC supposedly the primary users of BTCBTCBTC. Seems times have changed.

pinkflower

sr. member

Activity: 868

Merit: 259

Quote from: Vishnu.Reang on September 03, 2017, 09:46:27 AM

Quote from: Red-Apple on September 03, 2017, 09:40:34 AM

Lower fees = more happy users = more adoption = higher price = more reward for miners.
(12.5BTC+0.5BTC) * $5000 >> (12.5BTC+3BTC) * 1000

I don't understand why the miners are ignoring this very important thing. If the fee is low, then for a short while their revenues may decline by 4% or 5%. But in the long term, it will increase manifold due to the large spike in users.

I dont think a spike in users will happen just because the fees are low. No one is really using BTC to buy items online. They have their credit cards and Paypal for that. The only attraction most users have for BTC is to hold them as an investment to get rich.

Hamphser

sr. member

Activity: 2604

Merit: 338

Vave.com - Crypto Casino

Quote from: rebel92 on September 03, 2017, 09:50:08 AM

This is all well and good, thanks for the information.
Segwit fix all of the problems with Bitcoin.
Advice, Don't use Coinbase !
I use coinbase and it wants to charge me $16 for a $8 transaction lool

I just did make a transactions on coinbase which i do pay up still $7 as a far as i remember on transfering my coins on other wallet which do really suck. Hope it would really be fixed soon and hopefully these service would adjust later on to its designated or normal rate of fees.For now its unjustifiable to pay-up large fees specially on micro transactions.

rebel92

sr. member

Activity: 616

Merit: 260

This is all well and good, thanks for the information.
Segwit fix all of the problems with Bitcoin.
Advice, Don't use Coinbase !
I use coinbase and it wants to charge me $16 for a $8 transaction lool

Vishnu.Reang

sr. member

Activity: 1988

Merit: 453

Quote from: Red-Apple on September 03, 2017, 09:40:34 AM

Lower fees = more happy users = more adoption = higher price = more reward for miners.
(12.5BTC+0.5BTC) * $5000 >> (12.5BTC+3BTC) * 1000

I don't understand why the miners are ignoring this very important thing. If the fee is low, then for a short while their revenues may decline by 4% or 5%. But in the long term, it will increase manifold due to the large spike in users.

Red-Apple

hero member

Activity: 1470

Merit: 655

haha, nobody cares when things are smooth and fees are low, you can see that from the 8 years of silence when fee was nearly zero. but when you spam attack is hard at work they all come out crying about why it is "expensive".

Quote from: BitcoinBarrel on September 03, 2017, 08:52:44 AM

Lower fees = lower rewards for Miners.

or,
Lower fees = more happy users = more adoption = higher price = more reward for miners.
(12.5BTC+0.5BTC) * $5000 >> (12.5BTC+3BTC) * 1000

BitcoinBarrel

legendary

Activity: 2026

Merit: 1034

Fill Your Barrel with Bitcoins!

Quote from: lqkfamily on September 03, 2017, 08:48:23 AM

yeah, the block size is 4.2mb now... transaction is cheaper and faster

Sure, but it will likewise have an effect on Bitcoin price. Lower fees = lower rewards for Miners. More miners = higher network hashrate = higher Bitcoin price.

It's all relative.

Because a bunch of newbs started whining, people decided to change the blocksize. Little do these newbs realize, that they are even less likely to make it rich with Bitcoin now.

Topic: Bitcoin fees are like 5 sat/byte now what? (Read 695 times)