Topic: bitcoin transaction fees has put me out of business - page 4. (Read 1186 times)
Restricting too many transactions will cost you a lot of money. You can also opt for low-cost exchanges such as Binance and Kucoin for trading purposes to reduce transaction costs because these exchanges have very low fees. The transaction fee is huge if you do not have a way to reduce this amount, it will greatly affect the profit you make when trading.
Try to minimize the number of transactions, because they will cause you to lose a large amount of your money through the assignment activities. Only conduct compulsory transactions. Currently, transaction fees will never decrease, but the value of the coin is still not really strong growth. Buying and selling coin on the exchange for real profits is no longer effective. The difference you make from the sale process will be paid to the broker. Sometimes you have capital losses.
The only people who are currently benefiting from bitcoin transactions now are the miners, the transaction fees are insane,,
so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..
i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers
am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business
i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..
my question is why can't merchant website accept at least one other crypto for people to make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,
why do we keep suffering from problems who's solutions are already there??..
What you are describing is the reality in the ground bitcoin is simple unusable as a currency right now, the only thing I can say to you is that things are not going to change in the next weeks or months so you need to find other ways to make money, once this gets resolved with the eventual activation of the LN then things are going to improve but until then you have no other choice but to suspend your operations and hope all this mess gets resolved soon.so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..
i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers
am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business
i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..
my question is why can't merchant website accept at least one other crypto for people to make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,
why do we keep suffering from problems who's solutions are already there??..
Though the btc value has come down, still we happen to loose money on high transaction fees. The miners and the wallet promoters do not even fluctuate according to the situations being around? Earlier the fees was so genuine and we were in a situation to spend the decent amount for transactions. Any team out there to set a control on it though we spend only the transaction fees? Just not sure about it, hence posting doubts here not to harm anyone. At times the traffic delays the transactions and we need to wait. Hope the situation gets changed.
The only people who are currently benefiting from bitcoin transactions now are the miners, the transaction fees are insane,,
so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..
i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers
am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business
i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..
my question is why can't merchant website accept at least one other crypto for people to make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,
why do we keep suffering from problems who's solutions are already there??..
What you are describing is the reality in the ground bitcoin is simple unusable as a currency right now, the only thing I can say to you is that things are not going to change in the next weeks or months so you need to find other ways to make money, once this gets resolved with the eventual activation of the LN then things are going to improve but until then you have no other choice but to suspend your operations and hope all this mess gets resolved soon. so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..
i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers
am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business
i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..
my question is why can't merchant website accept at least one other crypto for people to make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,
why do we keep suffering from problems who's solutions are already there??..
The only people who are currently benefiting from bitcoin transactions now are the miners, the transaction fees are insane,,
so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..
i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers
am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business
i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..
my question is why can't merchant website accept at least one other crypto for people to make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,
why do we keep suffering from problems who's solutions are already there??..
so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..
i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers
am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business
i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..
my question is why can't merchant website accept at least one other crypto for people to make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,
why do we keep suffering from problems who's solutions are already there??..
Yes this is true we always keep everytime suffering a highest payment of transaction pay and my opinion maybe this is due to our system become decentralized and not regulated,every platform or merchants have its own policy to get the percentage of every transaction,especially in trading investment.I thinks also miners have a same problem situation of ours traders because they also doing transaction,when changing there asset into traditional currency,but not worst like ours traders.my only perception in solution about this problem is to regulate bitcoin to each and every country so that government will impulse a law what a proper disposition of processing fee of every transaction.
Even I too had to spend more on the last transaction I had with coinbase wallet. Almost .001 bitcoin was taken as transaction fees. I should have held back the bitcoin as the value has come down again. Really waiting for the normal situation to happen in terms of trasaction fees. The more the values has gone, the miners and traders have increased the transaction fees. Hope the fees come down back to normal.
The only people who are currently benefiting from bitcoin transactions now are the miners, the transaction fees are insane,,
so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..
i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers
am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business
i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..
my question is why can't merchant website accept at least one other crypto for people to make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,
why do we keep suffering from problems who's solutions are already there??..
so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..
i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers
am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business
i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..
my question is why can't merchant website accept at least one other crypto for people to make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,
why do we keep suffering from problems who's solutions are already there??..
Yes this is true we always keep everytime suffering a highest payment of transaction pay and my opinion maybe this is due to our system become decentralized and not regulated,every platform or merchants have its own policy to get the percentage of every transaction,especially in trading investment.I thinks also miners have a same problem situation of ours traders because they also doing transaction,when changing there asset into traditional currency,but not worst like ours traders.my only perception in solution about this problem is to regulate bitcoin to each and every country so that government will impulse a law what a proper disposition of processing fee of every transaction.
The biggest problem with bitcoin now is the high transaction costs that can not be used to buy coffee, candy and others because the transaction costs are so high that people are lazy to make transactions using bitcoins. The best alternative is to use altcoin because the transaction cost is quite low, but if it continues like this I'm sure there will be altcoin that will be comparable even beat bitcoin in the future due to high transaction costs so this problem should be fixed soon
I think it is almost impossible that altcoins are capable of being proportional to bitcoin. indeed the cost of altcoin transactions is lower than bitcoin but the higher bitcoin transaction issues are bound to improve and the developers will not take silence, behind the high transaction costs will probably spur the bitcoin price increase so it can become more valuable in the future.As of now, segwit supported wallets will do short term solutions for higher BTC transactions. The much awaited lightning networks may bring a permanent solution for scalability of bitcoin network.
The biggest problem with bitcoin now is the high transaction costs that can not be used to buy coffee, candy and others because the transaction costs are so high that people are lazy to make transactions using bitcoins. The best alternative is to use altcoin because the transaction cost is quite low, but if it continues like this I'm sure there will be altcoin that will be comparable even beat bitcoin in the future due to high transaction costs so this problem should be fixed soon
I think it is almost impossible that altcoins are capable of being proportional to bitcoin. indeed the cost of altcoin transactions is lower than bitcoin but the higher bitcoin transaction issues are bound to improve and the developers will not take silence, behind the high transaction costs will probably spur the bitcoin price increase so it can become more valuable in the future. I know how you feel because everyone that use btc surely know that too. They will do that in time and don't forget that we are still in an early stage or they say in the experimental stage. All of that will be sorted out very soon.
The high transaction fee of the bitcoin and the tiring transaction process is really creating lot of problems for the ones who are investing their money into bitcoin. It is one of the main reason behind this that the number of people who are investing in bitcoin is not that much great as it really needs to be. This is the issue which really need to be resolved as this will great effect the market of bitcoin. Actually this has been agreed with LN solution, lightning network. However, the results are disappointing, some exchanges are not fast in implementing this so that only the transactions we do are charged a large fee.
Results are disappointing? How is it even possible for exchanges to implement something that isn't even ready for mainnet use? And another thing, lightning network testing has been extremely promising.What you *probably* are referring to is that exchanges haven't yet utilized SegWit. If really so, then you are indeed right on that. I however have to point out that even if SegWit reaches 50% utilization, Bitcoin has still limits.
That's why we strongly need the lightning network to be available for mainnet use. Yes, there has already been a service accepting lightning payments, but I prefer to see it roll out and gets used when it's ready for real.
The biggest problem with bitcoin now is the high transaction costs that can not be used to buy coffee, candy and others because the transaction costs are so high that people are lazy to make transactions using bitcoins. The best alternative is to use altcoin because the transaction cost is quite low, but if it continues like this I'm sure there will be altcoin that will be comparable even beat bitcoin in the future due to high transaction costs so this problem should be fixed soon
Actually this has been agreed with LN solution, lightning network. However, the results are disappointing, some exchanges are not fast in implementing this so that only the transactions we do are charged a large fee.
In one sense it is true. The Bitcoin transaction fee is too high. If we want to transfer Bitcoin worth 500$ then we need to pay 100$ as transfer fee. It is a huge amount. If Bitcoin doesn't fix this transaction fee that is if the fees remines this high then other crypto currency may overtake Bitcoin. When any big amount of Bitcoin is transferred that is worth of 1000$ then to reduce the transfer fee usually the people use other low crypto currency which needs lowest transaction fee.
There is actually a solution. If you accepted bitcoin payments in your wallet directly or you integrated the processing of bitcoin payments through bitcoin core or blockchain.info, you should just look at the multiple coins merchant providers now (like Coinpayments) which allow to accept all of the most popular and traded altcoins during the checkout process, while you as merchant have opportunity to choose which coin or fiat is for your balance with the processing provider. It means you can offer the payment options with over 50 different coins while your balance will be in USD or EURO in order not to lose on the market move of the coins.
Many small investors have complained to me that the cost of each bitcoin deal is so great and they are turning to Ethereum trading to limit transaction fees. I hope that the site and miners should have a longer term view, should not raise so high that it may cause them to lose potential investors, it is very bad. If you are trading with bitcoin then you should make large transactions to limit this fee. 
I know right! The fee is really insane right now, my advice to OP is avoid micro transaction. If you really need to do micro transaction use altcoins like that have a low fee like dogecoin. It's more better than spend much money on the fees. We can't do anything about the fees though.
Basically. It requires a solution regarding solving this issue. suppose you have paid your money through your wallet or by Bitcoin system then you have to pay an amount of fee but this fee should not be a massive amount. that's why the fee should be under control and in this way people will love to make payment through Bitcoin.
But I think in the coming time, the fee of Bitcoin will decrease and this process will be more smooth in the future.
But I think in the coming time, the fee of Bitcoin will decrease and this process will be more smooth in the future.
There is actually a solution. If you accepted bitcoin payments in your wallet directly or you integrated the processing of bitcoin payments through bitcoin core or blockchain.info, you should just look at the multiple coins merchant providers now (like Coinpayments) which allow to accept all of the most popular and traded altcoins during the checkout process, while you as merchant have opportunity to choose which coin or fiat is for your balance with the processing provider. It means you can offer the payment options with over 50 different coins while your balance will be in USD or EURO in order not to lose on the market move of the coins.
Actually bitcoin transaction fees are the biggest problem that Bitcoin has when there are so many people investing in Bitcoin as well as selling Bitcoin when its exchange rate is high. Actually, it can be seen that the fee between each transaction Bitcoin is very high, the time between each transaction can take several days to complete the transaction. If Bitcoin does not fix the disadvantage, it will be replaced by Altcoin in the future.
Obviously Bitcoin's only problem is not high fees, but the confirmation time is also a big problem. I honestly think that these problems will be solved. It's ridiculous to pay $ 20 for a Bitcoin transfer worth $ 100. Also Bitcoin gave us some promises, it is not free and fast anymore, hopefully there is no problem with anonymity.
I've got to say that fees are the biggest pain right now for me. Yes they come and go, but it seems that they come and stay longer then they go away. I've noticed that again (for the second time) a few online websites have removed the bitcoin donation/payment option. I can't even send 1$ on 10$ that I've got, it's ridiculous.
my question is why can't merchant website accept at least one other crypto for people to make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,
why do we keep suffering from problems who's solutions are already there??..
Bitcoin is the most secure and widely used crypto currency, so it makes sense for merchants to just have Bitcoin as crypto checkout option. If you look around you, there are payment gateways accepting altcoins as well.why do we keep suffering from problems who's solutions are already there??..
If you look a bit further, then you'll understand that Bitcoin in current times needs lightning network, and with how things go right now, we potentially might be utilizing its much needed features before the end of 2018.
Low fees, no need to worry about confirmations, ability to process an insane number of transactions per second, atomic swaps, better overall scalability, etc. Patience is what we need, but once active, alts will get hit badly.
In my opinion lighting network is truly needed but it seems it is going to take a little bit of time before it is going to be deployed but at least, this shows there is still hope around the corner. Apparently, sooner or later, we are going to end up having a currency that we can make use of to do micro transactions and I can imagine what that is going to mean for the value as well as the mainstream entrance of bitcoin.
If the lightening network is failed to activated soon, Bitcoin may not remain to be a mainstream crypto. LTC or ETH may fill that space.
Jump to: