Topic: Bitcoin transaction cost is too high - page 16. (Read 3174 times)
I think it's fair that bitcoin prices go up then the transaction tax will go up too, because the tax of each transaction is percentage and it will adjust automatically, so whatever we do the tax transaction will follow, I suggest to do transaction with big amount but only once than in small amounts in the number of frequent transactions
As more and more people use the Bitcoin Blockchain, the congestion increases which in-turn also increases the transaction fees.
Due to high demand of digital currency as well and the miners are being limited compare to when we only have few transactions, they are overworking just to provide and to confirm our bitcoin transactions as fast as they can. It is normal thing, they are incurring high volume of expenses so they are making the the transaction cost high.
miners overworking! that is the first time i hear this statement
miners aren't doing anything different. unless you are pointing to the fact that difficulty has gone up a lot in the past year and it is harder to find a block (requires more work) but it has nothing to do with transaction fees or number of transactions in a block. those are still the same with or without the current difficulty.
What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
This is my main problem too, because bitcoin now is really expensive the commission fee is expensive too and I can not do anything with it because only bitcoin is accepted to sell in cash in my country, so bad!will it change after adjustment since the transaction cost is being affected by the crazy price rise
What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
This is my main problem too, because bitcoin now is really expensive the commission fee is expensive too and I can not do anything with it because only bitcoin is accepted to sell in cash in my country, so bad!will it change after adjustment since the transaction cost is being affected by the crazy price rise
This is a problem but that's how evolution happens! Overcoming the gross problems as well as the bottlenecks. The transaction fee is indeed high and it is best to convert bitcoin to Ethereum etc and transact where the fee is far less. But if you are transferring say large sum amounting to $12000 then it is better not to cringe for 25$.
Smaller value transaction is what that hurts badly. The lightening experiment I hope becomes a success to confront this problem. I think we must for now take it as it is, part and parcel of the game! You want to invest in bitcoin whose value is hitting the skies but grieve over transaction costs? Yes this should be a problem for newbies but the ones who are adept in the world of cryptocurrency I guess this should be a challenge to work on and make things better than cringe!
Smaller value transaction is what that hurts badly. The lightening experiment I hope becomes a success to confront this problem. I think we must for now take it as it is, part and parcel of the game! You want to invest in bitcoin whose value is hitting the skies but grieve over transaction costs? Yes this should be a problem for newbies but the ones who are adept in the world of cryptocurrency I guess this should be a challenge to work on and make things better than cringe!
What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
This is my main problem too, because bitcoin now is really expensive the commission fee is expensive too and I can not do anything with it because only bitcoin is accepted to sell in cash in my country, so bad! will it change after adjustment since the transaction cost is being affected by the crazy price rise
I think that the transaction costs is a great problem of Bitcoin expansion, especially over the mainstream. Now it is the most popular crypto but if it will not be able to resolve its problem with speed of transaction and fee, it is probably that other currency will take his place.
Bitcoin is getting so expensive that we send small fractions of Bitcoins and the fees is too large for very small amounts of Bitcoin. I think this is where altcoins can be helpful. Altcoins can be used for small transactions while Bitcoin could be used to move large sums of money. This way Bitcoin and several altcoins can exist at the same time. Kind of a symbiotic relationship and the miners can keep getting paid.
What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
Transaction cost here in bitcoin is too high.Stated that its values and importance was in increase level so that bitcoin can have a too high transaction cost because it can also pruduce a more investments and saving so it is stricted to make sure the succes of each bitcoiner. will it change after adjustment since the transaction cost is being affected by the crazy price rise
If you are an active trader in the world of digital currency and indeed take advantage of extreme price movements Bitcoin to seek profit, Bitcoin prices are fluctuating of course brings its own happiness. But it's different if you use Bitcoin as cash or fiat money. If you redeem your one million Bitcoin and intend to spend it on an online site, you certainly do not want your Bitcoin value to decrease as Bitcoin's price suddenly plummets. Bitcoin you have now can not pay for the Hard Disk 1 Terra you want and eventually you have to buy extra Bitcoin to cover up the shortcomings.
Due the increase of Bitcoin price the fees costs too high
Simply the Bitcoin nowadays is not for the people who have small amounts of Bitcoin.
This happen because bitcoin demands is increasing as to bitcoin fees are expensive. Most hopes on bitcoin transactions fees could be lesser in the future. Well i hope this will be fixed. Simply the Bitcoin nowadays is not for the people who have small amounts of Bitcoin.
Yes, they are way too high because of the small size of each block. You can solve this issue by using forks, such as BCH/GOLD which both are pretty good IMO, or switch to Litecoin, which is known for it's extremely fast transaction speed. There is also apparently a project being worked on called Bitcoin Lightning which aims to solve network speed issues, but might take a while to come out.
What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
will it change after adjustment since the transaction cost is being affected by the crazy price rise
no there are no becoming changes after that crazy price hike. the adjustment of this transactions fee are fix to raise because of the high volume of transactions everyday vs the limited confirmation of bitcoin transaction every hrs. so this problem leads us to a high cost/fee for every single bitcoin transactions.
Converting it to other cryptocurrency is a good move and can save you more satoshi on the long run, bitcoin planning to make it more lighter is good but now we have to adjust for more
Bitcoin transaction are high because the demand on BTC grew up incredibly, creating a large queue of transactions. And the price of one satoshi is now more high, than before,so if you count in dollars, it seems ya, the fees were increased, but not in satoshi. So, increase of demand always causes price growth, so not surprising for me, that fees cost so high. But if your transactions is not urgent, you can just put small fee manually and wait longer. Not the problem.
What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
will it change after adjustment since the transaction cost is being affected by the crazy price rise
may be many factors that cause bitcoin transaction price up 0.001, as the master said in the comment that it is still cheap in comparison first, all depends on bitcoin prices, now the price is so expensive and also more and more transactions
Due to the current price jump will cause a huge amount in small transactions in total, it was not this big before the increase
What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
will it change after adjustment since the transaction cost is being affected by the crazy price rise
High miners fee but still transactions are becoming too slow.
When miners fee is low the faster the transaction is, when miners fee becomes high it becomes too slow.
I think we need more miners to process our transaction...
Recently I read in news that lightening network is being tested and a transaction was successfully made upon it. If lightening network came out to be successful, then yes, there would be a huge fall in fees on the transactions which will be executed on lightening network. This is something which has the potential to boost bitcoin utility and adoption to much greater extent and might solve the long going scaling problem. Right now, these slow transactions and high fees are limitations o bitcoin development. Things are being done to solve it. Have patience!
is this real? if this happens transaction cost will become lesser burden for us, I hope there will not be a time that the half of the gain we earn will just go to transaction costs 
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