bitcoin fees, where's your limit? - page 2.

clickerz

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Quote from: eternalgloom on November 25, 2016, 09:53:38 AM

I've used 0.001 BTC fees when I wanted to send Bitcoin extra fast, I know that it's a bit over the top, but even such a big amount of fees doesn't deter me from sending Bitcoins.

And as previously said in the thread, even if you send with a low amount of fees (say 0.0001 BTC or less), your transaction will still get confirmed.

Yes indeed, and it is common misconception that the higher the amount to be sent, the higher the fees should be. I think it is 200? or 300 satoshi per byte and from there you man make your computation regardless of amount.

Carlsen

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Quote from: Denker on November 25, 2016, 10:28:52 AM

Quote from: mindrust on November 25, 2016, 09:56:28 AM

I always send my coins with the smallest fee possible. If it were possible, i would send them without any fee.

If this fee thing increases a lot in time, i will definitely dump my position on bitcoin and gtfo. Because it won't make sense to use it anymore.

Really you would dump bitcoin because of the fees?
I will keep using it.Just alone because of the potential of future growth it is having.
As long as the fees is cheaper than the all the other traditional one I will be happy!
If I send coins worth $10k for a fee of bucks there is no reason in my opinion to complain about.
Bitcoin might evolve to a network for big transactions who knows!And small payments will happen on higher layers or maybe sidechains.

It is always a question for what bitcoin are used.
When they are considered to be an investment, the fee usually does not matter. One time bought, one time sold after a long time. That's it.
But when people actually want to use bitcoin as a payment system, the fee will matter a lot.
I personally would not buy something worth 15$ if I had to put one dollar at the top of it just to make the transaction.
Hopefully we will never see that developement.

chesatochi

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Quote from: Denker on November 25, 2016, 10:28:52 AM

Quote from: mindrust on November 25, 2016, 09:56:28 AM

I always send my coins with the smallest fee possible. If it were possible, i would send them without any fee.

If this fee thing increases a lot in time, i will definitely dump my position on bitcoin and gtfo. Because it won't make sense to use it anymore.

Really you would dump bitcoin because of the fees?
I will keep using it.Just alone because of the potential of future growth it is having.
As long as the fees is cheaper than the all the other traditional one I will be happy!
If I send coins worth $10k for a fee of bucks there is no reason in my opinion to complain about.
Bitcoin might evolve to a network for big transactions who knows!And small payments will happen on higher layers or maybe sidechains.

I think your comparison is right, a fee of 1$ for a 10000$ is not a big deal I think. I think they should implement a fee for the differents level of transfer of value.

Small amount {1-1000} = 0.01%
Medium amount {1000-10000} = 0.02%
Large amount {10000-1000000} = 0.03%

This is only for an example.

mastica

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The services i do use has different fees, some charges 10k others does charge 30k as well 50k satoshis as fee, sure if i could choose i would make it 10k at all, i dont see why i should raise the fee since i usually transfer similiar ammounts between the websites. But i know that as bitcoin is getting bigger in size and value the fees looks like will replace the blocks reward, soo its expect to the fees to raise at some point to keep the security.

Denker

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Quote from: mindrust on November 25, 2016, 09:56:28 AM

I always send my coins with the smallest fee possible. If it were possible, i would send them without any fee.

If this fee thing increases a lot in time, i will definitely dump my position on bitcoin and gtfo. Because it won't make sense to use it anymore.

Really you would dump bitcoin because of the fees?
I will keep using it.Just alone because of the potential of future growth it is having.
As long as the fees is cheaper than the all the other traditional one I will be happy!
If I send coins worth $10k for a fee of bucks there is no reason in my opinion to complain about.
Bitcoin might evolve to a network for big transactions who knows!And small payments will happen on higher layers or maybe sidechains.

apoorvlathey

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My Electrum wallet suggested me a fees of 0.004 btc for a 0.7 btc transaction but i resorted using the old fee only ( 0.0004 btc). blockchain.info showed it under medium priority and it was finally confirmed after many many hours.

I too think that the txn fees should be lowered till it becomes same as the older ones so that people don't hesitate in sending bitcoins just because of high fees.

romero121

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Quote from: eternalgloom on November 25, 2016, 09:53:38 AM

I've used 0.001 BTC fees when I wanted to send Bitcoin extra fast, I know that it's a bit over the top, but even such a big amount of fees doesn't deter me from sending Bitcoins.

And as previously said in the thread, even if you send with a low amount of fees (say 0.0001 BTC or less), your transaction will still get confirmed.

Yeah most of the time I too go with the transaction fee around the plus or minus range of 0.0001btc. It is enough for the transaction, because once its send automatically the other end gets notified on the insight transaction. This itself gives the confirmation that bitcoin will be received soon. No need to wait for further conformations.

mindrust

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I always send my coins with the smallest fee possible. If it were possible, i would send them without any fee.

If this fee thing increases a lot in time, i will definitely dump my position on bitcoin and gtfo. Because it won't make sense to use it anymore.

eternalgloom

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I've used 0.001 BTC fees when I wanted to send Bitcoin extra fast, I know that it's a bit over the top, but even such a big amount of fees doesn't deter me from sending Bitcoins.

And as previously said in the thread, even if you send with a low amount of fees (say 0.0001 BTC or less), your transaction will still get confirmed.

ABCbits

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Only up to 0.00060000BTC/KB or less than 5% of micro-transaction for current condition, but i think the fees for average transaction (about 200-300 bytes) should be about 2 cents or less.
If block size isn't increased or block time is reduced, this condition will become worsen and could stop bitcoin adoption.

groll

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Quote from: jeraldskie11 on November 25, 2016, 01:09:16 AM

There is no limit of fees that you'd transact. It depends on how much you transact or transfer to one another by percent. And also because the confirmation is much more if you transact also much. Therefore, the transaction fees is depends on how much would you like to transfer or cash out or ay out by percent.

Yes, There is no Limit fees on every transaction, i think they should put a limit on bitcoins transactions because sometimes users are not aware of the fee.I know that The transaction fee is therefore an incentive on the part of the bitcoin user to make sure that a particular transaction will get included into the next block which is generated but sometimes the fees were too high for the transaction.

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Quote from: Sithara007 on November 25, 2016, 03:44:18 AM

I am OK with transaction fees of up to 0.50% of the total amount. And right now, the average tx fee seems to be much lower than that amount. But still, I am worried about the future. Just hoping that the fees will remain stable in the future as well.

0.5% is quite a lot. Although it is still consider little by other payment methods, i am looking a the far future where mbtc or even satoshi can be the norm price of things. By then the fee has to be way lesser.

Sithara007

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I am OK with transaction fees of up to 0.50% of the total amount. And right now, the average tx fee seems to be much lower than that amount. But still, I am worried about the future. Just hoping that the fees will remain stable in the future as well.

poptok1

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Quote from: Kakmakr on November 25, 2016, 12:57:59 AM

I think most people underestimate the importance of the cost of the transaction fees. You have to remember that these costs are stacking up, as users are moving between third party services. < Which we do not want them to do, but it is done any way > You buy Bitcoin on a regulated exchange, and then you pay their fee, and then you transfer it out to your hardware wallet to keep it safe, and you pay a additional fee.

Then you transfer some bitcoins to someone else's Bitcoin address to use it, and you pay more fees. ^hmmmmm^ We should fight for low fees, otherwise we will have no edge over other payment options, when it comes down to cheap fees.

100% right. Today, already bitcoin fees are close or equal to standard bank transfers.
Few days ago I was transferring bigger chunk to my main wallet and that transfer cost me more than
a similar operation via fiat bank account... Undecided

Not a fan of that. Of course I could use the smallest fee available
etc. but I didn't. 1st confirmation time was in fact not so instant. A voice of disapprovement for high fees must be spoken. Otherwise along with prise rise cost of transactions will be unbearable.
Nobody wants to rob miners of their money but if high volume TX is more expensive than greedy banks are...
then I dont know who is more needy here any more.

equator

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Quote from: Karartma1 on November 25, 2016, 02:59:59 AM

On my simple bitcoin wallet that I use as BTC pocket money I always use the "economy" fee and my transactions get usually confirmed within the next 6 blocks which is fine by me.
I don't mind much about tx fees: the network gives us a service so they need to get what they deserve.

what you said is true that until you dont give a sufficient transaction fees your transaction will get more delay in getting confirmation as the price rises the transaction fees will also rise as miners also have to maintain their setup according to the cost of expenses

Karartma1

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On my simple bitcoin wallet that I use as BTC pocket money I always use the "economy" fee and my transactions get usually confirmed within the next 6 blocks which is fine by me.
I don't mind much about tx fees: the network gives us a service so they need to get what they deserve.

requester

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Yes obviously transaction fees will increase because after halving there is just little shift in its price and miners have very little profit so to make enough profit miners should increase the transaction fees this is what we call bitcoin

davis196

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Quote from: European Central Bank on November 24, 2016, 03:34:27 PM

as the fees have been marching ever upwards, have you found yourself postponing or putting off transactions completely?

i have a balance with a bunch of inputs that got a little out of control so i've given up thinking of buying anything and am waiting for a reason to swallow the fees. guess my limit's already been reached.

would there be a point where you stopped buying things with bitcoin or would you do it for ideological reasons or because you're already sitting on a huge gain?

i could live with high fees if i felt bitcoin was showing strong signs of being gold 2.0, i'd park them and wait, but i think the market's just the same old bunch of people with no real signs of that on the horizon.

i think many massively overestimate the appetite the majority of users have for the expense and may end up a little surprised when many of them walk away, and even more who were considering it never dip a toe in.

is this a blip while we wait for a second layer, a new reality that most will be ok with or hubris that's gonna fatally bite some asses?

I`m holding my bitcoins so i don`t care very much about fees right now.

If i had a real bitcoin business high fees would be pain in the a$$.

pooya87

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at some point i always give up spending bitcoin because even if i spend it with the normal fee (the usual amount of fee that i always include 0.0001-0.0002BTC per tx with 2 outputs) the transaction is not going to get confirmed.

besides i believe that the more fees we pay the more greedy the miners get. at this point with $730 price and 12.5BTC reward they are earning a decent amount of money to cover all their costs and make a good profit so any additional+ fees (like paying 0.001 instead) is like bribing them to confirm my transaction.

and website like bitcoinfees.21.co despite being informative are not helping the situation either when they increment the fees in a way that speeds up this fee competition.

jeraldskie11

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There is no limit of fees that you'd transact. It depends on how much you transact or transfer to one another by percent. And also because the confirmation is much more if you transact also much. Therefore, the transaction fees is depends on how much would you like to transfer or cash out or ay out by percent.

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