Topic: bitcoin fees will NEVER come down - page 7. (Read 1091 times)

yes it is true.. I checked bitcoin fees everyday and transaction fees continue to increase even bitcoin price go down.. until now I left my bitcoin in blockchain and I don't know when I can withdraw my bitcoin..But I hope it will come back to the previous place

I think for as long as bitcoin is increasing, the transaction fee increases as well probably because it balances the price of bitcoin in the market. But I do hope they make a fixed rate once bitcoin reaches a certain amount in the future.

The fees of bitcoin are not determined by the price of bitcoin but rather by the network because when the network becomes congested with a lot of unconfirmed transactions that’s when the fees rises but with less transactions, the fees goes down.

That's something which isn't true, bitcoin fees come down based on the network conditions. If we're facing a mass amount of people trying to use the network, then the fees are going to increase. If we have a low amount, then the fees are going to be lower. It's really as simple as that.

Not too hard to understand.

as more miners enter the space you will have to reduce your price if you want to get paid. this is how supply and demand works. so no, transaction fees won't stay the same price forever.

The bitcoin transaction costs will continue to follow the bitcoin price if it decreases then the cost will be even greater because the miners have to cover the operational costs of mining they do to confirm all existing transactions but if the price increases then the miners will also establish an agreement with the miners to determine the fair price for the cost of a bitcoin transaction.

if you deal with low fees you will be confirmed to take longer time, and you will lose a little chance. With higher transaction costs will get faster Confirmation

Yes it is, since bitcoin mining supply become less, the more maintenance price or fee of the bitcoin itself.
I think bitcoin fees become stable when all the bitcoins is mined and also maybe bitcoin price become stable

What fee are you talking about? In bitcoin there is a transaction fee for processing. There is no withdrawal fee. Perhaps you are thinking of a fee charged by a website or something? But that is not a bitcoin fee. I think I paid $0.50 for sending about $200 this weekend. That is about 0.25%. I am not aware of a cheaper system, are you?

This is big problem I thought because when withdraw some btc charge is very high so its big problem

The fees charged on mining bitcoins in my opinion is fair. It will be unfair to make an assertion that the fees are going up. While there are a number of ventures that can make money there are also fees to be paid and this calls for reviewing the service charges offered by an third party. If the fees are exorbitant or unreasonable, then the client is advised to find an alternative - which abound in the market today.

I don't know what you mean. It has come down dramatically since this thread started. Not to mention that side chains are starting to address this. I played with the lightning network recently and saw how I could further reduce the fees.

Credit cards cost about 3% to use. Many people think they are free to use and if you pay at the end of the month it seems that way. However if you own a business you know it costs and that you must pass that cost to the customer. The Tx fee is small compared to the processing cost of a CC. And I don't risk my identity with BTC.

Yes it will never come down and also it will increase year by year. The thing is that when there are many new users they will increase the fees.

This title is really important. Thanks to Bitcoin we entered a new era.
Many people earned huge bucks thanks to BitCoin.
We started making fast and cheap money transfers with Blockchain. They were all thanks to bitcoin and other coins.

wrong, it will come down. bitcoin fee will decreased if bitcoin price decreased.
you wrote this thread at the highest price of bitcoin, so the fee is very expensive.

You can use altcoins for more fast and cheap transaction, though bitcoin is reliable, but on low amount transactions fee is real high for sure.

I also believe Bitcoin fees will never go down, regardless of how Bitcon's value changes. Bitcoin intermediaries need Bitcoin investors to conduct their related trading activities, but they will not reduce Bitcoin fees as Bitcoin trading in the Cryptocurrency market is trending. increasing numbers. If there are more trading floors, with the competition and the purpose of enticing Bitcoin traders to their floor, maybe Bitcoin transaction fees will be adjusted?

Yes.of course, bitcoin fees never come down. Because the price of Bitcoin will increase all the time and definitely the fee will come. People are investing more and more.
People are starting to believe that Bitcoin is a lot of profit for the people. Bitcoin has been rewarding people's confidence. So, bitcoin fees never come down.

Hi, just my thoughts on fees.

I'm in the Uk, and recently tried to buy approx $400 (GBP can't find the pound sign on this linux distro) worth of goods.
Now in the this particular case the transaction has to go through Bitpay, so i have desktop wallet, and have to manually copy the address, and amount across, and the wallet recommends a fee based on current network demand. It gives me options such as 10 mins, 20, 40, 60, 2 hours, 4hours, 8 hours, 24 hours, 3 days...etc....at the moment if defaults to fees for the 2 hour slot.
Now since Bitpay only gives you a small window for first confirm, i selected 20 mins instead of 2 hours...i cant remember exact fees but it doubles it, over 978 sats i think.
Anyway when i went to confirm, the fee equated to over 25 GBP (on a 400 GBP order)
Even at this level Bitpay complained that i had selected a @low miner fee@ and 6 hours later the transaction has timed out at their end.
So now i have an irreversible transaction. They and the supplier have cancelled the order.
So what happens next is i have to contact supplier, ask them for a refund. If i am lucky they will refund, when i get email link i have only 24 hours to collect (great if i am away from emails in a low signal area for a few days), and then the refund i get is minus there miner fees.
So i have spent about 50 GBP, wasted 2-3 days, and have no goods.

Now i don't have a crystal ball, but i cannot see how any currency can possibly hope to survive nevermind flourish with such a broken transaction system.
In the UK at least, all those transactions firstly would have just gone through, and secondly would have been free.

So what am i saying...please bitcoin people, reduce the fees, the whole original idea was to produce a currency that could be used anonymously, world wide, for everyday transactions.

I don't understand the technicalities of segwit and blocksizes etc, i just know that for survival the system needs a huge overall.
I understand the vested interest in high fees for the miners, but that was back in a time of no competition.
Look back in history at all the fallen giants (IBM, HP, etc) they all thought they knew best.
I love Bitcoin, but it really is time to wake up and get with the modern times.
Right now is a huge opportunity for world wide recognition and to ensure its future for the next 20 years. (heck its even making news on every UK TV channel and newspaper - and we dont support BTC over here)
Lets not squander that chance.

Reduce fees 10 fold ! and speed up confirm time and lets fly...if not unfortunately i think it will die - as to the whales / miners / greedy manipulators who ever you are...no use having the most expensive petrol in the world, when we are all running on electricity...

J

Bitcoin fees are so crazy right now, Initially as the fee was increasing what i normally did with my blockchain app was to use advanced option to set the exact numbers of sat i needed for low fee so even if it took longer for transaction to go through at least i saved myself some extra dollars, But as of late no matter how i try to reduce the fee i still end up paying so mych for such little amount of Bitcoin.. And i don’t believe the fees will ever reduce