Topic: ♨♨♨ Bitcoin Fees Are Outrageous ♨♨♨ - page 4. (Read 1411 times)
too high this affects us much more to us the smallest
Yes . today I wanted to send some btc to external wallet and I got stuck when I saw the transaction fees is more than the amount. :/ I stop sensing that 
Guys, so many upsets about transactions fee! yes, the network load is incredible high, it's like thousands people want to get on the little bus
the same time. Of course fee will be high! Think about this like your payment for priority boarding. If you are not in a hurry , so, put standart small fee and be ready to wait!
the same time. Of course fee will be high! Think about this like your payment for priority boarding. If you are not in a hurry , so, put standart small fee and be ready to wait!
slowly bitcoin will become a holding / investing token if it is too expensive / slow to be traded in.
with less and less people using it day to day the value will eventually go down.
That's wishful thinking. Everyone getting into it now probably have no idea of what they just bought. As more and more people learn about these problems and the fact that in 8 years no one has been able to agree on a means to fix them, people will start dumping en masse. It's like buying a Ferrari with 4 flat times that cannot be fixed. It looks nice for awhile until someone wants you to take them for a test drive. The perception of wealth and prestige vanishes in an instant even though the rest of the car is mint.
It won't be used as a store of wealth anymore since any of the top altcoins like LTC or Dash can take over that role and offer much faster transactions. I look at the price of BTC and I cringe. I can feel that something bad is going to happen soon. Go back and read Forbes from 1-2 years ago. The head dev at MIT was warning about this exact scenario and considered it something that could end BTC if not fixed...back then.
Because the price keep rising in the past week,the fee is rising too
You can set the lowest fee for your transaction and wait a long time
You can set the lowest fee for your transaction and wait a long time
90% of all bitcoin owners have less than 0.1 BTC each
the fees to transfer $100 worth of BTC cost around $25. that is outrageous
I find it expensive as well, i just made a transaction where i place my bitcoins from an exchange into my local bitcoin wallet and it costs me $16 the fees to transfer $100 worth of BTC cost around $25. that is outrageous
i hope they can find solution to these because bitcoin has a big price as of now.
slowly bitcoin will become a holding / investing token if it is too expensive / slow to be traded in.
with less and less people using it day to day the value will eventually go down.
Transaction costs have been a key to the popularization of bitcoin. That's true. We need lightning trade too much. Let's expect a few altcoin to help us, and I think LTC, BTS, and NXT have these functions.
Bitcoin is about a decentralized, democratic fee system where users actually are free to decide the fee they want to pay and miners are free to accept whichever fees are paid as part of the transactions available in the network. That's actually the only outrageous thing about this concept, that you are not forced to pay any fixed amount. In fact, you can even choose to pay 0 fees if you would so prefer.
If you think about it, it is an equitable system. If you want to jump ahead of the queue and increase your chances of getting your transaction picked earlier than others, you pay more than what others are willing to pay for. You pay for that privilege.
If 90% of Bitcoin owners really own less than 0.1 BTC, then they currently own over $1,600 worth of coin. I have never paid more than $3.50 per transaction, and that's only because the value of Bitcoin has never been higher.
If, like me, you're willing to time your transactions and plan them ahead, willing to consolidate inputs periodically, and willing to wait days before confirmation in congested network conditions, then you also do not need to pay so much.
If you think about it, it is an equitable system. If you want to jump ahead of the queue and increase your chances of getting your transaction picked earlier than others, you pay more than what others are willing to pay for. You pay for that privilege.
If 90% of Bitcoin owners really own less than 0.1 BTC, then they currently own over $1,600 worth of coin. I have never paid more than $3.50 per transaction, and that's only because the value of Bitcoin has never been higher.
If, like me, you're willing to time your transactions and plan them ahead, willing to consolidate inputs periodically, and willing to wait days before confirmation in congested network conditions, then you also do not need to pay so much.
This is definitely a big issue. Opinions on Bitcoin vs Bitcoin Cash aside, the fact that Bitcoin is not usable at the moment is worrying. In most 'beginner resources' the features always listed are fast and cheap transaction fees. Beginners will have a hard time when they realize this is not the case anymore.
Possible solutions are also taking forever to be applied, maybe an even worse problem is the fact that the community is not able to agree on anything, there's a big lack of consensus.
The roadmap is not specific enough, I really don't know how close or how far away we are from implementing any possible solution.
We all have complains, the real question now is what are we going to do about them. We should start by getting more informed about the progress on for the lighting network or other possible solutions, how much time can we actually expect them to take to be implemented. I feel there's also a lack of communication between the developers and the users.
Possible solutions are also taking forever to be applied, maybe an even worse problem is the fact that the community is not able to agree on anything, there's a big lack of consensus.
The roadmap is not specific enough, I really don't know how close or how far away we are from implementing any possible solution.
We all have complains, the real question now is what are we going to do about them. We should start by getting more informed about the progress on for the lighting network or other possible solutions, how much time can we actually expect them to take to be implemented. I feel there's also a lack of communication between the developers and the users.
90% of all bitcoin owners have less than 0.1 BTC each
you don't know that because "bitcoin owners" don't hold a flag telling the public how much bitcoin they own. all you saw is some stats on some website telling you how much each transaction output is worth and at least half of them are change addresses and the other half is the result of the spam attacks against bitcoin network.Right now, there are around 50 million to 100 million Bitcoin users around the world. Let's say that the Bitcoins are distributed uniformly, which means that there is an average of BTC0.16 available to each user. This is the mean value. The median may be even lower and most probably somewhere around BTC0.001. Now considering that the average fees is around BTC0.0005, decide yourself whether the fees is high or not.
90% of all bitcoin owners have less than 0.1 BTC each
the fees to transfer $100 worth of BTC cost around $25. that is outrageous
Simple solution: use the real Bitcoin. Real Bitcoin has near zero fees. It always has. Bitcoin.com the fees to transfer $100 worth of BTC cost around $25. that is outrageous
I hope that this just was a bad joke. BCH, as referenced by bitcoin.com as the 'real' bitcoin, is just a bad joke itself.
Changing blocksize is just a temporary fix. Its just delaying the problem. On-chain solutions to the scaling problem aren't going to be successful.
There has to be a second layer (like the lightning network, coming soon) to handle this problem.
This is rather a wet dream - but BCH is real and compatible to oldest Satoshi's versions - shops are coming back here.
90% of all bitcoin owners have less than 0.1 BTC each
the fees to transfer $100 worth of BTC cost around $25. that is outrageous
Simple solution: use the real Bitcoin. Real Bitcoin has near zero fees. It always has. Bitcoin.com the fees to transfer $100 worth of BTC cost around $25. that is outrageous
I hope that this just was a bad joke. BCH, as referenced by bitcoin.com as the 'real' bitcoin, is just a bad joke itself.
Changing blocksize is just a temporary fix. Its just delaying the problem. On-chain solutions to the scaling problem aren't going to be successful.
There has to be a second layer (like the lightning network, coming soon) to handle this problem.
Bitcoin now is not mentiones to be used for payment, its like gold and has his negative sides. Hold in your wallet and wait.
That how it is right now and we can't deny that fact because everytime bitcoin go pumped up bitcoin fee also surges up, I think it would be best if there is limited price for every transaction just like exchanges because sometimes this wallets we have on a pc or a cp they almost suck what others earn. I think miners or mining industry would be profitable in this time around and if ever there is limit or should I say a determined consensus fee for every transaction then that would be good so that their is equality on every transaction fee for bitcoin.
Yes, it is too high. It should be reduced soon so that it does not become a hindrance on the progress of bitcoins.
that is the disadvantage Side of bitcoin when it goes in a higher value there's a possibility also that the fees of our transactions will be higher. We should accept the fact that bitcoin fee is outrageous on this scenario which is not good to us even though it has also a good advantage When the growth rate increasing. 90% of all bitcoin owners have less than 0.1 BTC each
the fees to transfer $100 worth of BTC cost around $25. that is outrageous
the fees to transfer $100 worth of BTC cost around $25. that is outrageous
Best to schedule your bitcoin transfers properly. Transfer from an exchange to anywhere would cost at a minimum 0.002.
If you look at it, fee to transfer is only 0.002%
It's just that the price of bitcoin had really risen a lot.
I'm assuming the creator, Satoshi, didn't forsee that bitcoin 0.002 transfer fee will be equal to $32 in such a short span of time.
90% of all bitcoin owners have less than 0.1 BTC each
the fees to transfer $100 worth of BTC cost around $25. that is outrageous
Simple solution: use the real Bitcoin. Real Bitcoin has near zero fees. It always has. Bitcoin.com the fees to transfer $100 worth of BTC cost around $25. that is outrageous
Yeah - that's cool. It's cheaper in price and fees - looks like with BTC you have to (pre-) pay for lot's of useless over-engineering stuff : SW, LN, RBF, shills, bubble ... does not make much sense
those fees are what really annoys me most. Its really hard to transact now compare to years ago.
Bitcoin's selling feature as being a cheap way of transacting has never been much of a viable long term thing. It was obvious from the very beginning that the further we go in time, the more importance fees will have, and the further we go in time, the higher the level of adoption becomes, and the higher the fees will be.Those people regulating these fees are trying now to abuse the soaring price of bitcoin. I hope they stop their greediness someday.
As we speak, miners don't need to spam the network anymore to artificially inflate the fees, because the insane usage peak is doing that already. It's like an auction where the highest bidders are the winners - people outbid each other's fees to get their spot in the next block. It's a situation where economics are the dominating factor, and this is something that will not change with Bitcoin in current form. 
90% of all bitcoin owners have less than 0.1 BTC each
the fees to transfer $100 worth of BTC cost around $25. that is outrageous
the fees to transfer $100 worth of BTC cost around $25. that is outrageous
Yes 90% of all bitcoin holder was below 0.1 btc in there wallet and if the transaction fee is too high then it would realy affect this to a large community of bitcoin everytime bitcoin price goes up then the price also goes up. Yes thats true its because of the price goes up the btc that you are using for transaction few also goes up its just natural for this matter because transaction fee itself also is a bitcoin so if bitcoin price goes up the fee also goes up if bitcoin goes down the fee also goes down simple as that.
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