Topic: bitcoin transaction fees has put me out of business - page 5. (Read 1186 times)
For businesses that were making $15 $30 of profit on whatever they sold it now seems all profits are been diverted towards the miners who are benefiting from these high transaction fees. Bitcoin is now more suited for trading and purchase of high priced items .
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??..
I am sure soon in one or two years ETH would be a crypto as you expect. Currently it depends on market. Bitcoin has set it's standard in values, growth, profits and etc. This would be the main reason for accepting bitcoin as a payment.
I am sure ETH is on its way setting it's standards like Bitcoin. This crypto would surely be become another crypto currency to be used as a payment amongst merchants.
Most of Bitcoin business stopped many exchange sites stop accepting bitcoin because of miners.
high fee make every one only make very important transaction only.
high fee make every one only make very important transaction only.
I understand your pains because I was also a victim.
There is no such a thing as being a victim here. We all agree that the fees are too high, but we have been overloaded with so much usage, that the network got severely cluttered. Result is that people thinking their transaction has more priority will bid up the fees like it is an auction, where the top bidders (highest fee transactions) get included in the next block.But If likewise, then we should probably conclude that bitcoin can't be use for transaction but for investment only.
That not true. If we look at people having adopted to Segwit already, they seem to be on the side where they don't have to pay the fees people pay for regular transactions. Ultimately, it all comes down to who is willing to pay the higher fees to get their transactions inlcuded in the next block, and if we look at how the fees comfortably maintain the 0.001BTC level, it seems that a large group of people are willing to pay that. And yes, a large group of people will not agree to pay these fees, and choose to go with a lower fee and just accept having to wait longer.
I never used bitcoin for transaction anymore i compeletly agrree with you that the fee are insane, to address this problem i usually used dogecoin and xlm for transaction, doge's fee is exteremly cheap and it's a good alternative if you want to move your bitcoin from one exchanger to another exchanger. Bitcoin is not suited for small transaction it's kind of like gold.
Currently, the high bitcoin transaction fee has caused many traders have less capital to stop their business. I also received a lot of complaints from my friends about the high transaction cost bitcoin, while the time to transfer bitcoin is quite long. I think that in order for bitcoin to come closer to many people, it needs more improvements to be able to improve transaction speed in critical times and reduce transaction fees to the level that investors can afford. receive.
This is the big problem that bitcoin is facing and if this will be solved those businesses that are already out will be back and will start to be healthy again. But you shouldn't focus with bitcoin only as a payment method / currency that a business can accept. Like the usual business model, they are accepting cash / credit card / gift cards so in a business that's related to bitcoin, you can go with alts too. 
I understand your pains because I was also a victim. I think you should start by initiating another good altcoins to your business. Even if your customers still insist on making use of Bitcoin, inform them about the benefits and usefulness of using the altcoins probably they might emulate it that is if they truly need your service. But If likewise, then we should probably conclude that bitcoin can't be use for transaction but for investment only.
Currently, the high bitcoin transaction fee has caused many traders have less capital to stop their business. I also received a lot of complaints from my friends about the high transaction cost bitcoin, while the time to transfer bitcoin is quite long. I think that in order for bitcoin to come closer to many people, it needs more improvements to be able to improve transaction speed in critical times and reduce transaction fees to the level that investors can afford. receive.
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
,
,
,he Al
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
,
,
,he Al
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??..
Yeah all solutions are already there but popularity of bitcoin is their, cryptocurrency is known because of bitcoin so that is why merchant website only knows bitcoin they dont even care for the any alternate cryptocurrencies. We don't know soon maybe all alts will rise also and ignore bitcoin because of high fee's.
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.
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.
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.
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.
Any idea what the solution would be? Is it just a case of waiting until the ALTs become as well known/established as bitcoin? Is this even a possibility?
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.
Any idea what the solution would be? Is it just a case of waiting until the ALTs become as well known/established as bitcoin? Is this even a possibility?
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.
We are aware of bitcoins situation now a days. And we do hope for solutions. Lightning network is the only way provided and I think it is still on the move.
While such high fees and slow transactions, as a business man, you should now impractical using bitcoin today. And you should also know that depending on bitcoin alone or cryptos is very risky. You should have at least another way of mode of payments for your business and not taking chances with fees.
Bitcoins is proven and I think everything will be fine soon. Hang in there and think out of the box this time.
Apparently, all of us are and there is just nothing we can do about it for now unless to just accept what we have, believe in it and just have faith that once the lightening network becomes functional and merchants start integrating it, then we will start our usual business back without issues.While such high fees and slow transactions, as a business man, you should now impractical using bitcoin today. And you should also know that depending on bitcoin alone or cryptos is very risky. You should have at least another way of mode of payments for your business and not taking chances with fees.
Bitcoins is proven and I think everything will be fine soon. Hang in there and think out of the box this time.
I am so optimistic though and by then, we would just be talking about better and smoother ways forward.
In addition to the slow bitcoin trading, the high transaction cost is also a big deterrent to investors not having too much capital. I often collect more deals to reduce fees, I think the commercial site should have ways to keep investors instead of charging higher to make more profit. Hope that next time things will be more stable.
I am also quite worried about my property in bitcoin because it is having some transaction problems and the charge is too high. These things hinder me a lot because my transactions are usually not worth too much and the transaction fee has accounted for a considerable part of this money. I hope that commercial sites will have methods to reduce transaction fees to acceptable levels. 
Definitely its a serious issue nowadays. Already Segwit was activated to solve this problem but, most of us still even don't know how to use it. Now, lightning network is expected to get activated soon. So very soon, it would get activated.
But there is very less chance for any other altcoin to get accepted by merchants since no altcoin has got such a trust like bitcoin.
But there is very less chance for any other altcoin to get accepted by merchants since no altcoin has got such a trust like bitcoin.
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.
I do feel for some merchants, small entrepreneurs who've been forced to rethink their business model based on accepting Bitcoin. I have been able to weather the high costs of transactions for many months now, largely thanks to reserves that have appreciated in value over the past year. Percentage-wise, the amount I lose on every transaction has gone up quite significantly - I try not to see it like this of course, since I still gain a lot more from using Bitcoin as opposed to other payment methods which would have lost me a lot more in fee percentages.
But yes, in November and December itself, I spent or lost quite a bit of fiat as a result of fees - agreeing to share the cost of transactions when I receive payments. Obviously, we're all taking different steps and getting more creative. Opting to receive bulk payments instead of regular individual ones, doing our best to migrate to SW addresses.
This will pass.
But yes, in November and December itself, I spent or lost quite a bit of fiat as a result of fees - agreeing to share the cost of transactions when I receive payments. Obviously, we're all taking different steps and getting more creative. Opting to receive bulk payments instead of regular individual ones, doing our best to migrate to SW addresses.
This will pass.
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