bitcoin transaction fees has put me out of business - page 7.

darewaller

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Quote from: asonganyi on December 22, 2017, 08:04:10 PM

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??..

For me too bitcoin transaction fee is a very great problem now as in recent days it has increased too much like 10$+ which is not affordable for low transactions and this has made the life of many people difficult. Many people cannot do their daily transactions. some people use bitcoin as their daily income or primary income so this made it more difficult for them to convert their income to their fiat currency.

HasHe

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Not all altcoins would become bitcoin and not all altcoins would be able to achieve the trust from people which bitcoin has achieved.Its not an easy task for a decentralized currency not backed by any government to get such a trust of people all over the world.

That's the reason for which the merchants even get ready to stop their business but do not come forward to accept any other crypto currency.

stompix

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Quote from: asonganyi on December 23, 2017, 07:01:32 PM

Quote from: stompix on December 23, 2017, 07:37:04 AM

Quote from: asonganyi on December 22, 2017, 08:04:10 PM

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

No offense but your "business" barely deserves this title.
What you did was being an intermediary for small purchases, nothing more and you closing down won't bring the gdp of your country down too.

Quote from: asonganyi on December 22, 2017, 08:04:10 PM

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??..

Funny how you are requesting something that would actually terminate your business model.
Asking merchants to accept more coins would trigger an effect of them accepting all kinds of payments, making your "service" useless.

Sorry, but when I read the title I thought it was something really severe, not a home run one man operation like this.

Sorry 'bad man'! i see your a tycoon only interested in things which affects a whole nation or involves billions in dollars. that is how you neglect the pecks and miss the logs,, you will be surprise to see how many people are in same situation just that they don't time to do this,,,

If this was not what you were expecting from the topic you should not have replied,
regards

No, I'm not a tycoon, whatever you think this means.
And I'm not interested only in things that involve billions.
What I'm interested in is Bitcoin, the reasons why bitcoin was born and what was supposed to achieve.One of those things was to get rid of the 3rd party used in transactions, the middleman.

Guess what, you're a middle man. This is what you do, you accept one form of payment and buy the merchandise with another form of $.
Face the truth!!!!!! Bitcoin was supposed to get rid of this!!!!

blockman

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Sorry about that and it's sad to hear that you are getting out of business because of bitcoin's transaction fee. However you can have some other payment method that can give your customers cheaper fee and faster transactions. And if you notice the use of segwit enabled wallets will bring you back again in business. I'm hoping that you will recover on this tragedy since having your own business is one of the best way to earn and it's convenient.

carlfebz2

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Quote from: bering on December 27, 2017, 01:22:07 PM

long time ago people choose transactions use bitcoin because low fees transactions is one of the main feature from bitcoin and indeed currently the fees are being the most annoying things use bitcoin because if we send small amount of bitcoin then possibly the fees will higher than the transactions itself and yes i think merchant stores have to pay attention their costumer and considering use altcoin instead of bitcoin

This is the sad truth on whats happening into bitcoin as of now fees are high and too slow to confirm which isn't really a good thing for merchants that do have businesses which it would really make a big effect. Why would they bother to use up BTC as of now if they can able to avoid trouble and headaches on using btc? This is why I don't see that merchants can easily adopt bitcoin.

Zalfa_mui

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Yes you are right, the cost of bitcoin transactions is so expensive.And very heavy for players who have little capital.Because the transaction costs in large and small amounts the same.

Angelliddy

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Quote from: sparveenat on December 23, 2017, 03:08:14 AM

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.

. I see a good point there, every business at some point experience certain challenges that go with time.

spring07

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0x5A165891De2a2c8B82c7De19486277e0d5b644DF

It is obvious the tx charge has been insane and increasingly high lately, i really wish something can be down to stem this tide. The hih tx charge makes me think twice before transacting in bitcoin.

On the other hand, its high time we become to use the other altcoins like litecoin, ethereum, NEO as much as we use bitcoin. Maybe this will in turn force the tx charge to be reviewed downwards.

HV3S

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First time Bitcoin offers a low fee for transferring a certain amount, but now the fee is actually larger. Faster transfer, but now many people are complaining about transaction delay. What happens with Bitcoin in the future if it happens like this continuously Huh

Oliver Mandy

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I'm new on this. I was so surprise about the transaction fee for my first investment. It's so high. I had asked my friend how can cryptocurencies can be use widely while the transaction fee is so high. He answered me, everyone didn't care because the profit it brings to them. I'm still confused.

BillCoin

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Current fees are insane, I agree!
And that's also the reason that the gaming giant Steam has stopped accepting bitcoins, the fees that BitPay(steam's bitcoin payments operator) charged them were very large and they actually ended up losing money from bitcoin purchases.

I believe that the Litecoin Network that is schedulded to go live at the beginning of the next year, may significently reduce the fees.
Also don't forget that once Segwit address will enter mass adoption,the fees are also going to be decreased.

bitcoi

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I think that BTC transaction fees are very high and destroy bitcoin's value for small payments. I sent $100 worth of bitcoin from a wallet to a Ledger Nano S wallet and the fee was $15.

bering

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long time ago people choose transactions use bitcoin because low fees transactions is one of the main feature from bitcoin and indeed currently the fees are being the most annoying things use bitcoin because if we send small amount of bitcoin then possibly the fees will higher than the transactions itself and yes i think merchant stores have to pay attention their costumer and considering use altcoin instead of bitcoin

maarx

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Activity: 882

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cloverdex.io

I really suffered last week with the fees and the trasaction time it consumed. Its was ok to accept the high trasaction fees when the bitcoin price was high, but of course now its pethetic. Waiting for this issue to get solved to move further with bitcoin trasactions. I am sure current bitcoin correction and the price increase down the line should really make a positive move with trasaction fees gets reduced. Hope this solves the issues.

LuanX3

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Quote from: asonganyi on December 22, 2017, 08:04:10 PM

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??..

Sorry for your losses. We all know the problem right now is indeed the rising cost of the transaction fees. Right now it is so expensive to move bitcoins and I agree that it is ridiculous to the point that it will really put small businesses out of business. As users, we can't really do anything about it unless people stop using bitcoins for a while and the memory pool clears up, but that is not gonna happen.

About the altcoins, the problem there is that there is little trust people place on alts compared to bitcoins. It is like trusting the USD than the Vietnamese Dong, people would prefer USD than receiving some other currency.

stomachgrowls

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Quote from: mrcash02 on December 27, 2017, 10:56:15 AM

Quote from: asonganyi on December 22, 2017, 08:04:10 PM

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??..

They can, but for some reason they don't want or don't think it's important... It's surely disturbing to pay expensive fees and lose part or almost all the profit because of it, but that is how Bitcoin works now. The good part is that when situation reaches to this point, many people will stop transacting for a while with their BTCs, so the number of transactions will decrease and the fee will decrease as well.

We are really now on the waiting game which we do all know that fees wont really be stable like this high because it would really eventually go down if the storm had calm down. We do see recent price increase of bitcoin and for the reason it did clogged the network and we have seen it already in the past on when these situations happen miners fees do eventually go with the flow. Bitcoins price do go up then so as on fees too which isn't really surprising but I would say regarding on business related concerns then this would really be out on the game.

Qartersa

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I think that is a good point -- that when people transact less with Bitcoins, the Bitcoin transaction fees will likewise decrease because it is only then that these miners will have less bargaining power over Bitcoin investors. With this, the latter will have strong bargaining power as against Bitcoin miners forcing them to lower their fees or transaction costs. Even so, I doubt when this situation will be possible to think that a number of Bitcoin investors feel the need to transact with their Bitcoins on a daily basis. I just hope there are better ways to address this going concern as this affects Bitcoin and its community.

mrcash02

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Quote from: asonganyi on December 22, 2017, 08:04:10 PM

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??..

They can, but for some reason they don't want or don't think it's important... It's surely disturbing to pay expensive fees and lose part or almost all the profit because of it, but that is how Bitcoin works now. The good part is that when situation reaches to this point, many people will stop transacting for a while with their BTCs, so the number of transactions will decrease and the fee will decrease as well.

Biggapp

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Quote from: asonganyi on December 23, 2017, 07:01:32 PM

Quote from: stompix on December 23, 2017, 07:37:04 AM

Quote from: asonganyi on December 22, 2017, 08:04:10 PM

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

No offense but your "business" barely deserves this title.
What you did was being an intermediary for small purchases, nothing more and you closing down won't bring the gdp of your country down too.

Quote from: asonganyi on December 22, 2017, 08:04:10 PM

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??..

Funny how you are requesting something that would actually terminate your business model.
Asking merchants to accept more coins would trigger an effect of them accepting all kinds of payments, making your "service" useless.

Sorry, but when I read the title I thought it was something really severe, not a home run one man operation like this.

Sorry 'bad man'! i see your a tycoon only interested in things which affects a whole nation or involves billions in dollars. that is how you neglect the pecks and miss the logs,, you will be surprise to see how many people are in same situation just that they don't time to do this,,,

If this was not what you were expecting from the topic you should not have replied,
regards

There are times when you misinterpret the things and take it in other way. It is not a big deal and it happens to almost every one of us. The high amount of transaction fee is no doubt something which is irritating the ones who are having bitcoin as they have to pay a huge amount of money along with tiring transaction process. I am hopeful that things will be in much favor of the ones who are having bitcoin in the coming days and they will be happily investing in bitcoin without any worries.

asonganyi

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Quote from: stompix on December 23, 2017, 07:37:04 AM

Quote from: asonganyi on December 22, 2017, 08:04:10 PM

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

No offense but your "business" barely deserves this title.
What you did was being an intermediary for small purchases, nothing more and you closing down won't bring the gdp of your country down too.

Quote from: asonganyi on December 22, 2017, 08:04:10 PM

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??..

Funny how you are requesting something that would actually terminate your business model.
Asking merchants to accept more coins would trigger an effect of them accepting all kinds of payments, making your "service" useless.

Sorry, but when I read the title I thought it was something really severe, not a home run one man operation like this.

Sorry 'bad man'! i see your a tycoon only interested in things which affects a whole nation or involves billions in dollars. that is how you neglect the pecks and miss the logs,, you will be surprise to see how many people are in same situation just that they don't time to do this,,,

If this was not what you were expecting from the topic you should not have replied,
regards

Topic: bitcoin transaction fees has put me out of business - page 7. (Read 1186 times)