Bitcoin transaction fees | Bitcointalksearch.org

mRasika

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Quote from: sonawer on September 08, 2017, 02:36:39 AM

Quote from: mohucool on September 08, 2017, 02:33:33 AM

Bitcoin transaction fees have become very high for micro payments, is this means bitcoin will never make it to mainstream mass market?

there is an opinion that bitcoin should become a tool for large payments, and for small payments there are altcoins

Agreed

bitart

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Quote from: aardvark15 on October 23, 2017, 05:50:44 AM

Quote from: mohucool on September 08, 2017, 02:33:33 AM

Bitcoin transaction fees have become very high for micro payments, is this means bitcoin will never make it to mainstream mass market?

The Bitcoin fees will probably make it not useful for small payments or micropayments. You won’t be able to buy a cup of coffee or a meal at McDonald’s with Bitcoins. I think the niche for Bitcoin will be as a store of value or a way to send money over long distances quickly. I could also see Bitcoin used for major purchases like for houses or cars.

This limitation for Bitcoin opens the door for altcoins to be used for everyday purchases and other small transactions. So I think we will see several cryptocurrencies that will be used for various functions.

Or, if some new features like the lightning network or something gets implemented and let people to pay the small amounts in bitcoin too, without worrying about the fee. Today the fees are a bit lower, the highest was after the BCH fork and the miners were hopping on and off from the BTC and BCH chains. Or, it's possible that we'll use bitcoin like gold in the ancient times and we'll have another alt like silver was for small purchases. (E.g. litecoin or ETH, etc...)

aardvark15

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Quote from: mohucool on September 08, 2017, 02:33:33 AM

Bitcoin transaction fees have become very high for micro payments, is this means bitcoin will never make it to mainstream mass market?

The Bitcoin fees will probably make it not useful for small payments or micropayments. You won’t be able to buy a cup of coffee or a meal at McDonald’s with Bitcoins. I think the niche for Bitcoin will be as a store of value or a way to send money over long distances quickly. I could also see Bitcoin used for major purchases like for houses or cars.

This limitation for Bitcoin opens the door for altcoins to be used for everyday purchases and other small transactions. So I think we will see several cryptocurrencies that will be used for various functions.

chichan13

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Quote from: mohucool on September 08, 2017, 02:33:33 AM

Bitcoin transaction fees have become very high for micro payments, is this means bitcoin will never make it to mainstream mass market?

With transactions, users might include fees in order to process the transactions faster. The higher the fee, the more priority it gets within the network and the quicker it gets processed.

sirat01

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because of bitcoin price is pumping.When bitcoin price was low that time fee was 0.001 still now it's same.Now fee 0.001 btc. but you told that fee is too low. but fee is same but btc price is high that's why you think that fee is high

jossiel

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Quote from: Brama Jasa on October 17, 2017, 04:53:27 AM

I think the transaction costs are expensive because bitcoins have not been legalized,

No, there's nothing to do with legalization or a thing with this matter. The pricing of miners fee are depending on the block size so if you are paying small amount of fees for your transactions don't expect that you'll be confirmed immediately.

Quote from: Brama Jasa on October 17, 2017, 04:53:27 AM

so the pricing for transaction fees does not yet exist, if anyone makes their bitcoin wallet that determines the transaction fee

Are you really transacting with bitcoin now? How can you say that the fees doesn't yet existing? for more info these are the fees https://bitcoinfees.21.co/ so I don't get it that you are saying it is not existing.

EcoChavCrypto

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Yes bitcoin fees are pretty high right now if you are only going to send micropayments, but why dont you try to make higher payments? i dont use bitcoin to send $10 payments, i try to use it for transactions that are over $50 or maybe $100 each one, this is most profitable for me since paying 2 or 3 dollars are nothing compared to $100 or $200. Maybe you should start to use other altcoins to do those kind of micropayments if you dont want to spend a fortune on fees.

blacklotus.crypto

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For small transactions I use other altcoins. For moving bitcoin from one exchange to another i use ripple.

Brama Jasa

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Quote from: mohucool on September 08, 2017, 02:33:33 AM

Bitcoin transaction fees have become very high for micro payments, is this means bitcoin will never make it to mainstream mass market?

I think the transaction costs are expensive because bitcoins have not been legalized, so the pricing for transaction fees does not yet exist, if anyone makes their bitcoin wallet that determines the transaction fee

lance04

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Quote from: sonawer on September 08, 2017, 02:36:39 AM

Quote from: mohucool on September 08, 2017, 02:33:33 AM

Bitcoin transaction fees have become very high for micro payments, is this means bitcoin will never make it to mainstream mass market?

there is an opinion that bitcoin should become a tool for large payments, and for small payments there are altcoins

Bitcoin can really become an intrument for large transactions because as we observe bitcoins has a huge value when it is being exchanged in fiat money. So there is a possibility.

Lizzie_Girl

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You can use other altcoins. I use doge for small transactions and small trades. Trading over 0.01btc I will only then use bitcoin.
I honestly have no idea what will happen with this or how it will effect daily bitcoin use.

Catmony

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Quote from: mohucool on September 08, 2017, 02:33:33 AM

Bitcoin transaction fees have become very high for micro payments, is this means bitcoin will never make it to mainstream mass market?

Search for lightening network which will soon be activated in bitcoin. After that I expect fee to lower down enough to make micro transaction possible again. Yes right now we have to pay more than 2$ to get confirmation in next block for transactions with normal size. So sending less than 10$ doesn't make any sense and you might end up paying whatever you have in your wallet in just fees.

webtricks

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Quote from: mohucool on September 08, 2017, 02:33:33 AM

Bitcoin transaction fees have become very high for micro payments, is this means bitcoin will never make it to mainstream mass market?

Trying finding web wallets using batch payment system. In this way they are able to reduce fees and give direct benefits to users. Earlier Coinbase had zero fees through this system but now they have regular fees.
There are still some exchanges offering zero or minimal fees for withdrawing Bitcoins (I don't actually remember names). You can use them as your secondary wallet for making small payments.

coynedterm

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Quote from: mohucool on September 08, 2017, 02:33:33 AM

Bitcoin transaction fees have become very high for micro payments, is this means bitcoin will never make it to mainstream mass market?

I don't think that increase in the fee of the bitcoin transaction is a big factor to retard the progress of the bitcoin because here the principal is totally simple , give more confirm first , so a type of the competition always exists in the transaction network to confirm the transaction first .
Here according to the increase in the price of the bitcoin and increasing value showing us directly that the fee needed for the confirmation is not big because we are making much money without big limit .
Here you may face some misunderstanding also because fee of a transaction doesn't directly depend on a single factor .
It depends upon the input +output of the transaction .
So if you want to transfer a small amount of bitcoin that you got from from multiple transaction then you will needed to pay high fee to confirm because sat/byte is the basic thing to calculate the fee

Proteania Dev

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There should be a healthy debate regarding fees...I don't think community members are doin enough in this direction. There seem to be a lot of personal issues overshadowing the main issues

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sonawer

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Quote from: mohucool on September 08, 2017, 02:33:33 AM

Bitcoin transaction fees have become very high for micro payments, is this means bitcoin will never make it to mainstream mass market?

there is an opinion that bitcoin should become a tool for large payments, and for small payments there are altcoins

mohucool

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Bitcoin transaction fees have become very high for micro payments, is this means bitcoin will never make it to mainstream mass market?

Topic: Bitcoin transaction fees (Read 582 times)