Topic: bitcoin transaction fees has put me out of business - page 6. (Read 1192 times)
Last month of december 2017 the transaction fee of the bitcoin is very high and it takes few days or 1 week before transaction fully confirmed or you can use your bitcoin. Many people compalain because of the slow confirm and high fee. I don't know why the fee is need to be high because if the bitcoin price is high they need to decrease the fee if the bitcoin price become low increase the amount of bitcoin transaction. I hope the fee of the bitcoin in this month will be decrease and it takes only the trsaction to complete in few minutes only or for few hours only not days or week. Because what if we need our bitcoin in this day and it not complete transaction so they business will be delay because of that.
What I understand from the member in this forum we need to be patience and no need to panic. It all part of the game to be serious also what I understand also altcoin are not the solution for it we have to find the issue in deep to solve it nothing else we need to do which will be solved as soon as possible and everything will be all right.
Yes, patience is all that is needed as the experience would obviously get better in the long run.Bitcoin is here to stay and I am sure that once everything is resolved with LN, we will start doing very fine and that is when we are going to start making the best use of the network the more and micro transactions would end up pretty fast and what we will just be looking at next is to see the moon and a lot of people who already have an idea how to run a business for themselves even doing it better.
I hate this fees. I lost much of dollars for transfer.
In my country i'm paying money for buying , selling and transffering.
So I payed hundreds of dollars. Now i'm using eth to find some coin which one is cheap.
In my country i'm paying money for buying , selling and transffering.
So I payed hundreds of dollars. Now i'm using eth to find some coin which one is cheap.
The rapid increase in bitcoin transaction fees is one of the disadvantages of Bitcoin at the moment when the Altcoin co-founders fully overcome the disadvantages. People will invest less Bitcoin.
You have a point but that’s too lame an excuse just to jump fences to altcoin from bitcoin because of transaction fees. In many cases, as a holder and doing such transactions minimal in a year then that’s not a problem. But businesses or even campaign managers might switch to altcoin but not permanent, but on temporary basis. Bitcoin is still the most profitable cryptocurrency and that’s will hold them to stay.
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.
Stability wont really be expected since we do know how bitcoin reacts on sudden price increase because of raising demand.
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.
The rapid increase in bitcoin transaction fees is one of the disadvantages of Bitcoin at the moment when the Altcoin co-founders fully overcome the disadvantages. People will invest less Bitcoin.
You have a point but that’s too lame an excuse just to jump fences to altcoin from bitcoin because of transaction fees. In many cases, as a holder and doing such transactions minimal in a year then that’s not a problem. But businesses or even campaign managers might switch to altcoin but not permanent, but on temporary basis. Bitcoin is still the most profitable cryptocurrency and that’s will hold them to stay.
Going to a business should consider some things including fees and charges. If the fees and charges of bitcoin is putting you out of your business then maybe find other business without using bitcoin because as of now, we do not have a choice but to pay it.
The business owner or merchants doesn't really have to shoulder the fees but the problem is that the customers aren't willing to pay recommended fees that are too insane for them so it leads to stop purchasing something that can be bought with bitcoin through their products or services. I know how it feels to be out of business because of it but you have to find some alternative ways for the sake of your customers. 
The rapid increase in bitcoin transaction fees is one of the disadvantages of Bitcoin at the moment when the Altcoin co-founders fully overcome the disadvantages. People will invest less Bitcoin. Currently, the technology of the newly released Altcoin has partly solved the problems of Bitcoin exist such as limited quantity, high transaction costs, long confirmation time. If Bitcoin does not improve in the future, I believe people will move on to investing in altcoin instead of Bitcoin as it is now.
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, at this moment the bitcoin transactions fees are exaggerated and it is not profitable to buy and sell with small quantities.
In this moment perhaps it is better to use other altcoins even if many people only know bitcoin!
Going to a business should consider some things including fees and charges. If the fees and charges of bitcoin is putting you out of your business then maybe find other business without using bitcoin because as of now, we do not have a choice but to pay it.
This is one of the major problem with Bitcoins, even though we can divide bitcoin into smaller unit, the transaction fee is really insande. I was sending an amount of around 0.002 BTC as payment for some transaction to a friend when I see the transaction fee is almost half of what I am sending. I just send several other transaction to maximie that transaction fee at least. And about merchant accepting other crypto, it depends if someone introduced them to this other crypto and have learned that it is not risky to accept that kind of cryptocurrency. At the merchants mind, it is not easy to shift currency since it means another expenses for them.
Not only an expense but would really be big problem since their profitability would be mainly affected because it would be really eaten up by fees itself. This is why merchants wont really plan to accept bitcoin as a payment for now. Fees would really kill your profitability for sure if you do tend to accept it. It wont really be worth it and how much more on doing microtransactions. 
This is one of the major problem with Bitcoins, even though we can divide bitcoin into smaller unit, the transaction fee is really insande. I was sending an amount of around 0.002 BTC as payment for some transaction to a friend when I see the transaction fee is almost half of what I am sending. I just send several other transaction to maximie that transaction fee at least. And about merchant accepting other crypto, it depends if someone introduced them to this other crypto and have learned that it is not risky to accept that kind of cryptocurrency. At the merchants mind, it is not easy to shift currency since it means another expenses for them.
By the help segwit2x activation this time, everyone expected the bitcoin transaction fees will be reduced and block size increased with the faster confirmation time. But unfortunately nothing happened this time.
First of all, SegWit2X isn't activated, it's just SegWit. Second of all, confirmation times were never said to become faster. SegWit needs to be adopted in order to make a sizeable impact on the transaction fees.Realistically, with SegWit Bitcoin should be able to fit much more transactions into one single block, and that without needing to actually increase the block size, which is a pretty solid characteristic.
It basically means that it will not result in the blockchain to unnecessarily grow larger when it isn't needed. But for that to happen we need services to set the first step, otherwise we'll see things progress extremely slow, which is bad.
Your not alone in this situation and hoping that bitcoin developers do a concrete solution to this situation that we have in transaction, great to know their is a plan but found it not that good enough
By the help segwit2x activation this time, everyone expected the bitcoin transaction fees will be reduced and block size increased with the faster confirmation time. But unfortunately nothing happened this time.
Everyone holding bitcoin waiting for the right price bumps and fees reduction with the increase of blocks.
I expect this has been changed with in some weeks for sure.
Your not alone in this situation and hoping that bitcoin developers do a concrete solution to this situation that we have in transaction, great to know their is a plan but found it not that good enough
In the past several transaction related issues has got arise and the same gets sought at some time period, haven't got a permanent solution which is required for large level of adoption from business community.
At this point there isn't such a thing as a permanent solution, but certainly a temporary one. If the major part of the services start adopting SegWit, it will motivate the users to make the shift to SegWit as well. I am sure that the general transaction fees will drop another easy 50% if at least 50-75% of the market utilizes SegWit. Services are market movers, so if they make a first step, the rest will follow, but if they continue to ignore SegWit, how can you expect from the rest to hop over? SegWit allows Bitcoin to deal with the increased network usage a whole lot better than how everything is going right now. After that, lightning network should do its work to make Bitcoin's adoption boom even further.
Transaction fee as well confirmation time is an important factor that's required for a bigger growth to take place. Also these things play major role on bitcoin into business acceptance. In the past several transaction related issues has got arise and the same gets sought at some time period, haven't got a permanent solution which is required for large level of adoption from business community.
I totally agree, don't really know the reason why bitcoin transaction fee has become so huge
Check it out now, before I've seen it at 980+sats / byte and now they are good on 470 sats / byte. And also unconfirmed transactions were already good and reduced due to these miners. And as for OP, I'm sorry about that but I hope you can come back again since I guess everything is good already.
I totally agree, don't really know the reason why bitcoin transaction fee has become so huge
It's very simple. The demand for block space has grown so large, that people are "fighting" with each other to get their transaction in the first next block. And to make this happen, you have to outbid others like it is an auction. It's basically a bidding war that we have seen happen in the last weeks, which resulted in the massive fee spike to over 0.002BTC. Currently you can pretty easily attain first block confirmations with around 0.001BTC per transaction, of course, assuming that your transaction has the average byte size. It's a 50% decrease in fees, which is a pretty welcome change.
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??..
I totally agree, don't really know the reason why bitcoin transaction fee has become so huge, I once transfer my funds from blockchain.info to my local wallet and it charged me almost 100 USD just so my funds can be approved and transferred, Hope that there would be an immediate solution to this problem because transaction fees are killing me lol. 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??..
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