Topic: Bitcoin High Transaction Fees (Read 188 times)
Transactions will soon be fast and will almost cost nothing. Developers are working on Lightning Network, Schnorr and so on, as soon as all's working we'll transactions issues will be over.
I sent 5$ in btc with coinbase and it was 0 fee 
Its kinda normal when it comes to bitcoin, yes the users with smaller transactions will affect, rest wont, so nothing worrying.
When bitcoin rises transaction fees rises in dollars.Is that cause for reduce bitcoin users future?
IF fees rise with bitcoin price rise, for example if in 5 years price is $1 million dollar per bitcoin and fees for a transaction is $100 then yeah it will reduce the number of bitcoin users and price wouldn't even go that high if that happens.
BUT remember that things can change. for example capacity can increase in a way that you don't have to pay higher fees. and the fees can reduce to 1 satoshi and with $1 million per BTC that is only $0.01 fee which is acceptable.
Where do you think bitcoin fees will go in the future?
Up, Blockchain is not a very efficient design, it was costly for years already and we haven't changed too much about it to change that
And what is the maximum you would like to pay?
I would like to pay 0 I guess, but I would be willing to pay an amount depending on the situation. I think $1 is a max, where I say "this is expensive". Of course I'd pay more in some situations and like to pay less, but that's my feeling of a high price
I am talking about normal bitcoin transaction, no lighting and stuff.
There are normal transactions that we could do without lightning that would lower fees. For example if we had a buddy system where we grouped our transactions together, we'd save on fees. There are lots of solutions.
We should not make ourselves dependant upon the promised innovation of the developers community.
If you want change, it's got come from somewhere, software improvement is hard work not magic
Up, Blockchain is not a very efficient design, it was costly for years already and we haven't changed too much about it to change that
And what is the maximum you would like to pay?
I would like to pay 0 I guess, but I would be willing to pay an amount depending on the situation. I think $1 is a max, where I say "this is expensive". Of course I'd pay more in some situations and like to pay less, but that's my feeling of a high price
I am talking about normal bitcoin transaction, no lighting and stuff.
There are normal transactions that we could do without lightning that would lower fees. For example if we had a buddy system where we grouped our transactions together, we'd save on fees. There are lots of solutions.
We should not make ourselves dependant upon the promised innovation of the developers community.
If you want change, it's got come from somewhere, software improvement is hard work not magic
ery low chance of that happening. People just aren't using crypto for that. Even fiat solutions like paypal, venmo ect are just better right now because all blockchains suffer from this problem, the more they are used the higher the on-chain transaction fees become. Bitcoin works great as a store of value. Store of value is a huge market, way bigger than the petty cash transaction market. We don't want bitcoin to be only for the rich, but if that's all we were working towards then bitcoin is pretty much done, the rich have no problem paying $50, $500, or $5,000 transaction fees. They already pay much more for lawyers and bankers storing wealth in offshore accounts and such things. Bitcoin is a swiss bank account in your pocket. So even as it sits right now bitcoin should be worth much more. I mean, why the hell are some diamonds worth $20k a piece? Diamonds are not rare, bitcoin is extremely rare.
When bitcoin rises transaction fees rises in dollars.Is that cause for reduce bitcoin users future?
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