Topic: Bitcoin network fees are not high is you who can't afford it. - page 2. (Read 482 times)

I'm pretty sure using a broker will make you spend more fee because they're not working for free. Why the current fee affect trading? there's no correlation because the fee in CEX is fixed and as long as you not send your coins, you will not pay huge fees. Of course I didn't mean to suggest using CEX to hold your coins, there has been a lot exchanges going bankrupt.

The truly rich person will don't have to wear a paid signature.

I would also clarify that the topic is to some extent geared towards beginners; people who have just come to Bitcoin will be intimidated by large commissions, simply because they have probably heard, or maybe observed, something different. Those who accidentally received Bitcoin will pay large commissions, and we do not know what could be different if we recall the recent case of a huge commission. But you shouldn’t divide people into those who can afford something or not; it was probably invented by Satoshi precisely as a means available to everyone, despite their financial ladder.

Let's not shy away from the truth, the network fee is high as it is, even our old folks here know that, them not saying it, does not mean that they are ok with it.
OP, do you know that despite how good a system is some events can bring discouragement, we should know that it is not everyone wants to hold, in this situation, people have decided to wait until the network fee is decreased before they can withdraw, that's to say that they are indirectly holding which might not be their initial plan, this might sound good for bitcoin itself because the situation might further its upsurge.
We have to face the matter at hand squarely which is the fee itself, and I think that we should improve beyond this, modalities should be worked out to curtail this in the future because I believe the system should do better than this to avoid unnecessary panic.

Not everyone is as rich and opulent as you OP so don't say stuff that are so out of touch, that TX fee of $15 could be 2 days worth of meal for someone so calm down with stupid hot takes you know. Maybe those people don't really mind that the transaction isn't prioritized so they don't pay a lot, that's one of the logical reason why they don't want to pay the high fees. I want you to stand on this statement when the tx fees are starting to climb much higher than what it currently is, also you're probably just saying this because you don't do transactions on a daily basis unlike other people that are doing daily transactions, it's going to hurt them money wise.

I get dizzy and shake my head when I see BTC Fees now... I think another solution is that we should always use a reputable and established broker when trading who also acts as a Counterparty for our trades. Yes. Maybe this is still normal but, for people it is difficult to accept the reality at this time as you said.

After reaching an agreement for a transaction using Bitcoin, then you want to pay and see very high transaction fees, of course you will think twice about continuing the transaction. Logically, a very small number of people are willing to pay extra transaction fees above the average previously incurred for small transactions. The Bitcoin community is very aware that high transaction fees will not last long, they prefer to wait until the fees return to normal rather than being forced to pay when the fees are still high, especially when Bitcoin is sent in small amounts.

It's a problem for some parts of this market, but it's easy for new people looking at it to be intimidated by it, which forces them to learn more about it so they don't make mistakes.

We all understand that fees are not fixed, so every time there is an unusual increase in activity, the fee to cover transaction speed increases. I'm not sure how other people use it, but for me, Bitcoin fees under $10 are always ready to be paid without hesitation. If I understand correctly, the unit I want to mention will be the satoshi.

Maybe new people find it difficult to accept, but of course no one forces them to do it. The impulse will increase as they become more certain.

Currently, the high fee is a negativity buddy but we know it'll be sorted out in the future and it's just a matter of time before that happens. Congestion of the blockchain has been a big issue and the OGs aren't complaining because they're already used to this issue happening many times and it's not because they don't think the fee is high. One of Bitcoin selling point was low transaction fees but that isn't the case so you don't expect people to just accept paying miners this outrageous fees we have to pay to get our transaction confirm faster.

If bitcoin was to be accepted globally by now don't you think the scalability problem will cause many discomfort among clients, consumers using the Bitcoin blockchain. Some transaction has stayed days and weeks without confirmation and it's very annoying because many use Bitcoin because of its reputation of fast transactions. And this congestion is obstructing many business from going on.

Buddy Bitcoin network fee are high, just because you can afford it doesn't make it not high, this is meant to be an industry for everyone and not only for the rich ones among us. We're already at a disadvantage to the elites with the banks, it won't be nice been at a disadvantage here as well when this is meant to be where we come for equality. Instead of denying the fact on ground, we should put heads together and come up with a solution that'll solve the scalability issues and one that can be widely accepted too by the community.

Assuming that I have a business and one of the methods of payment is through bitcoin, do you think that this your logic will be correct or it applies that in this case. Nobody wants to pay anything extra high fees after making a purchase. It makes no sense especially with high fees. And it has nothing to do with affordability or not. Did you know that this is one of the issues that critics points out when talk against bitcoin and it is call scalability.

In this statement, the term high is subjective.  If a person can't afford it, it simply means it is too high for them to pay.  This simply means the transaction fee is expensive.  There shouldn't be any argument on that, IMO.  Even Electrum give notification like the transaction fee is too high for the transacted amount.  Like sending a $50 worth of BTC with a transaction fee of $12, that really is insanely high in relation to the amount that is need to be sent.


Old-term holders have enough profit to ignore the transaction fee spike.  Imagine, getting profit 50x to 100x from their holdings, even I won't complain even if the tax bloated 100x from its normal transaction fee.

First of all, Bitcoin fees are not high for the old holders those who are entering now in the market with fewer Bitcoins, The current network fees are too high for such people. As a holder as well I won't let my Bitcoins be wasted on such high network fees.

Newbies are also not aware that this kind of network fees hikes are temporary. I've seen many of fellows complaining about the uncertainty of the memepool, this is what likely we can expect on such events, More on it the over hyped ETF approval development, we can expect even worse situations in coming days so be prepared.

Maybe the OP is trying to show off in my own view like because someone has alot of bitcoin in his wallet is that enough reason to spend much on transaction fees? Hell no, we all know that the high transactions fee is as a result of congestion in the system which will eventually go down when the traffic becomes less. At this point I think bitcoin holders that wants to perform transactions should rather be patient and wait for the transactions fees to reduce before performing transactions or better just pay the high transactions fees that's for people that needs to perform urgent transaction.


Definitely, if the transactions fees continue to be this high it's really gonna scare away lots of newbies that wants to store bitcoins in personal wallets.


Anyone who is accumulating bitcoins doesn't need to be in a hurry of performing transactions but rather instead should keep accumulating as against the upcoming bull market.

High network fee will narrow or reduce Bitcoin transactions by a small amount. The complaints of beginners on the Bitcoin network that they think it is too high are very basic, usually beginners do not have large amounts of Bitcoin. When they wanted to send Bitcoin, they had to give up because they were hampered by network problems. The small amounts of Bitcoin they send need to be taken into account with network fees. High fees will drain some of their money, of course this will be a big obstacle for them.
High Bitcoin transaction fees will certainly feel expensive for small transactions, this condition will potentially limit the number of small Bitcoin transactions. Those making payments for goods and services will wait until transaction fees are low to make payments.

Are you trying to show off because you can afford the transaction fee? I can also afford it but honestly it's a waste of money,  there is nothing to be ashamed of if you decide to queue using small transaction fee or just abandon the transaction for now and try again another day.

The creator of Bitcoin never stated that this project is for those who can afford it, it's not meant for whales and not everyone will be whales anyway, mind you Bitcoin will be less attractive if newbies are finding the transaction fee to be annoying, there are too many block chain projects that offers cheap transaction fees.

It's right to ignore Bitcoin if the fee is too high, beginners need to accumulate Bitcoin with ease and if transaction fee is what's stopping them they have a good reason to look else where, I already pictured how the next bull market will look like, maybe Bitcoin is made for the whales to only to enjoy, but it's not a cool thing to say.

If you say it is then so be it because people aren't more comfortable about paying high fees while there are other networks with cheaper rates, i don't know how you come about talking in this kind of tone after knowing how this has been affecting alot of bitcoiners seriously.


Could you afford paying $9 all because you want to send $10 maybe you need to consider here that not everyone is a whale or a giant holder who cannot waste time in waiting the confirmation


People have to complain because this wasn't how it was before now, maybe you have perform any bitcoin transaction for a very long time and you're not getting to understand the rate at which people are making daily transactions and miners were being served with this benefits.

Odohu and others, sorry if the title of the thread has created a misunderstanding or a conflicting overview of the ops and I am sure that was not intentional and I apologize for that, but back to our discussion, and what the aim for this thread is and what it stands to help us unveil in terms of knowledge in term of constructive discussion just as what we are having and will be having subsequently as we progress in this discussion on the bitcoin fees and how best newbies could prepare their mind for future occurrences such as temporary Bitcoin network congestion and high fees and how best to handle this and what possible alternative to using is such situation.
Please 🙏 the basis for this thread is not to create an argument rather but to trigger up discussions that can help our basic knowledge.
Also, I have tried to edit the title a bit to give it a better introduction to what the ops really covers, hope this works well for you guys.
 

Nice thank you for sharing the link to previous fees, the general notion for this thread is to discuss how best to handle such temporary network issues which is a global financial phenomenon and what best alternatives to use as urgent support or what development is underway to eliminate possible future occurrence,  and what the reality is for anyone who must use bitcoin network, how much fees willing to pay or what time to

Yep, this case depicts a guy who thought that Bitcoin fees were very cheap and said "Fuck it, fees are so cheap I’m going to spend 83 BTCs on fees just to prove to the world just how cheapsy they are …".

Exceptions aside, fees are indeed not above values seen in the past, but cost is probably best seen in comparison to the amount one wants to send. Clearly sending very small amounts of bitcoin, whilst within normal ranges for many to send, do encounter nowadays high fees compared to the base amount being sent. Fees on TXs that send higher amounts are relatively smaller compared to the base amount being sent, and thus are conceptually easier to digest.

For those who know why the fees are as they are nowadays, there’s also the added conceptual aggravation of fees having steepened not because of a natural set of circumstances like the 2017/2018 FOMO, but because of some abomination someone thought would be fun to base on the Bitcoin Network, flooding the mined blocks with Ordinal related TXs in ranges, as of late, between 40% and 70% of all mined TXs per day.

OP, I don't understand why you feel the need to say these things. Even someone who has been holding Bitcoin for a long time agrees that Bitcoin fees are high. If a person holds 1 BTC and wants to send $300 worth of BTC to someone else, and the fee shows $79, do you expect them to proceed? That would be foolish, OP. Yes, the person can afford the fee, but is it really necessary? I consider it a waste of the privilege of holding a substantial amount of Bitcoin. For many, $79 is what they use to regularly invest in Bitcoin weekly, aiming to grow their Bitcoin portfolio. Now, imagine if the person makes transactions every day you expecting them to constantly pay such high fees doesn't seem reasonable.

Complaining about fees may be a reason for devising solutions, and if you are complaining about high fees, there are ways to reduce the fees that you pay, as a transaction with one input may need $3 to be confirmed within 10 minutes, another with 10 inputs may need $20, and so on.
Understanding how Bitcoin works will make you pay the correct fees, which are often lower than choosing random fees, but increasing fees and continuing to rise will really affect the demand and adoption of Bitcoin.

Your topic head is quite amusing. Following your logic, one can say luxurious vehicles like aren’t at all expensive and it’s only the majority of the general population that can’t seem to afford them.
I wouldn’t exactly call what’s going on now in the bitcoin network a crisis but you do you. Also, have you thought of the fact that why long term holders aren’t complaining is because they’re literally holding onto their assets and not having plans to sell anytime soon.
It’s all good the current network fees doesn’t seem high to you. But it’s definitely high for a lot of bitcoin users out there especially those in developing nations.