I will not forget when i read the Bitcoin whitepaper and understood that it was made to serve as a means of payment. It was promised to be faster and cheaper. Currently, the opposite is the case. Fees are extremely high, and transactions take longer to be confirmed.
What will be the faith of those who adopted Bitcoin recently if they have to witness what is going on now? Only old users of the Bitcoin network would understand that it is all about the congestion and transaction blocks that are the problem. Definitely, the newbies who are not comfortable spending such an amount on transactions will switch to other networks that can solve their needs. We are gradually looking for other options right now.
Topic: Bitcoin transaction fees have disappointed me today - page 4. (Read 569 times)
Ok, let's forget Binance withdrawal fees. If I want to make transactions from the ledger, then the transaction has to arrive in 15 minutes. I am pretty sure if I want to ensure the time frame, then I have to spend similar fees, even from Ledger. So it's become hard to pay $17 transaction fees to make a $50 deposit. And by force, I had to use a virtual card that doesn't cost anything (I didn't notice any significant fees) and was an instant transaction as well. It made me believe that we are drifting away from Bitcoin's original goal in some way.
Bitcoin community is confident that this is periodic and it will pass, meaning that the situation is not permanent as has happened throughout the history of Bitcoin, and this is actually what is supposed to happen. Most of us still believe this, if my estimates are not wrong, given that this is not a new event.
Our assessment of things will not remain the same if the network continues as it is today.
I know the solution we're looking for that could solve this conundrum's a little major, as it would require an upgrade in the scalability features of bitcoin to help support a larger client base but at the same time, if we're looking at bitcoin and crypto in general as a long term industry and financial venture this is as great a time as any to actually integrate such solutions. We wait a little bit longer and we'll lose credibility and trust from those who waited for so long.
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Fee has been so crazy for some weeks now; maybe because you have not done any Bitcoin-related transactions recently, that's why you have not noticed it. In my business, customers are complaining of the high transaction fee of Bitcoin, and some of them have even chosen to pay in another cryptocurrency with a lower fee.
Two weeks ago, I made a $55 dollar payment to someone, and the fee I spent to carry out the transaction was $15, it was not funny, but I had no choice because it was an urgent payment, which was only required to be made in Bitcoin. I kind of felt disappointed that day, but there's nothing I can do.
Two weeks ago, I made a $55 dollar payment to someone, and the fee I spent to carry out the transaction was $15, it was not funny, but I had no choice because it was an urgent payment, which was only required to be made in Bitcoin. I kind of felt disappointed that day, but there's nothing I can do.
I don't know but it's actually frustrating to see that bitcoin doesn't scale through quickly as it was originally planned, currently anyone using bitcoin for payment is like putting himself in a tight corner till the payment got delivered and just imagine in a place when you purchase lots of goods and you were hoping to pay with bitcoin how long would one wait for the payment to get confirmation before leaving the place. Does it mean bitcoin is no longer maintaining it's peer to peer nature?
I believe that this is a temporary problem that we have to deal hardly for now. Before, when we've got some surge in transactions fees we already don't like it. Like for it costs $1-$5 and I think $20 was the peak of it, we're already disappointed with that. And to mind that these were like a few weeks. But now, we're dealing on it for several months and still, we've got still problem that we have face every single day and made us thinking whether we'll do the transaction or not or if it's worth it to pay $5-$20 worth of fee now whether we transact. It's not a problem if we'll be transferring a couple of grand or even hundreds but if you'll have to pay $20 or what not, it's not worth it.
There will have to be a solution in the future if Bitcoin wants to continue to prove itself as a viable means of daily trade, payments and transactions. Though at the sane time, this could be a highlight of what the Bitcoin network will look like as a store of value rather than a payment system, and this premium may become the norm for transferring value....Bitcoin might become a network for those of higher net work while those with smaller values will be forced to use other solutions that are more scalable.
It is exciting as it means new opportunity opens in the market, but if is also disappointing as an efficient network is what we hoped for Bitcoin.
There is only one thing to blame right now for the problem; ordinals.
It is exciting as it means new opportunity opens in the market, but if is also disappointing as an efficient network is what we hoped for Bitcoin.
There is only one thing to blame right now for the problem; ordinals.
It seems that we are still going to be very bothered by transaction fees at least in the last few weeks transaction fees are really very inconvenient for me personally.
Fortunately im still very rare to make transactions in bitcoin because my focus is only investment but it is felt or not with the current transaction fees even though I don't use bitcoin too often for transactions but this provides a concern for myself personally.
I cant imagine those who do make transactions that cannot be postponed, especially when used as a means of payment, so this will clearly be very influential.
Regardless of whether this has deviated from what bitcoin should do i dont really want to discuss this but I still feel that this transaction problem will continue to persist for some time to come.
Fortunately im still very rare to make transactions in bitcoin because my focus is only investment but it is felt or not with the current transaction fees even though I don't use bitcoin too often for transactions but this provides a concern for myself personally.
I cant imagine those who do make transactions that cannot be postponed, especially when used as a means of payment, so this will clearly be very influential.
Regardless of whether this has deviated from what bitcoin should do i dont really want to discuss this but I still feel that this transaction problem will continue to persist for some time to come.
The current bitcoin fee rate is forcefully chasing people to abandon using the network as a payment option for those who have made it one of their favourite means of payment for their online purchases. No matter the love you have for the network, you can't ignore the fact that the fee is high and still continue making use of it when there are better and cheaper options out here.
For the time being, Bitcoin is not the best option to use and make small purchases; it could only be used as a store of value; you could buy and save it for future use. I mean, for profit-making in the future when the price moves above what you purchased it, but if it's for payment, altcoins are gradually taking over, and the use of the fait system has also been rapidly growing as a payment option as the fee is way cheaper.
For the time being, Bitcoin is not the best option to use and make small purchases; it could only be used as a store of value; you could buy and save it for future use. I mean, for profit-making in the future when the price moves above what you purchased it, but if it's for payment, altcoins are gradually taking over, and the use of the fait system has also been rapidly growing as a payment option as the fee is way cheaper.
Ok, let's forget Binance withdrawal fees. If I want to make transactions from the ledger, then the transaction has to arrive in 15 minutes. I am pretty sure if I want to ensure the time frame, then I have to spend similar fees, even from Ledger. So it's become hard to pay $17 transaction fees to make a $50 deposit. And by force, I had to use a virtual card that doesn't cost anything (I didn't notice any significant fees) and was an instant transaction as well. It made me believe that we are drifting away from Bitcoin's original goal in some way.
Bitcoin community is confident that this is periodic and it will pass, meaning that the situation is not permanent as has happened throughout the history of Bitcoin, and this is actually what is supposed to happen. Most of us still believe this, if my estimates are not wrong, given that this is not a new event.
Our assessment of things will not remain the same if the network continues as it is today.
Bitcoin transaction fees have become a topic of discussion lately. A lot of topics have been created about Bitcoin transaction fees. It seems the transaction fees are throwing Bitcoin away from its original goal.
Today I attempted to make a Bitcoin payment on Namecheap. Instead of making transactions from the Ledger wallet, I tried to make them from Binance for a faster transaction since there was a 15-minute time limit. So the transaction and withdrawal fees asked in Binance are 0.0004BTC, which was almost $17 during the withdrawal.
Ok, let's forget Binance withdrawal fees. If I want to make transactions from the ledger, then the transaction has to arrive in 15 minutes. I am pretty sure if I want to ensure the time frame, then I have to spend similar fees, even from Ledger. So it's become hard to pay $17 transaction fees to make a $50 deposit. And by force, I had to use a virtual card that doesn't cost anything (I didn't notice any significant fees) and was an instant transaction as well. It made me believe that we are drifting away from Bitcoin's original goal in some way.
Today I attempted to make a Bitcoin payment on Namecheap. Instead of making transactions from the Ledger wallet, I tried to make them from Binance for a faster transaction since there was a 15-minute time limit. So the transaction and withdrawal fees asked in Binance are 0.0004BTC, which was almost $17 during the withdrawal.
Ok, let's forget Binance withdrawal fees. If I want to make transactions from the ledger, then the transaction has to arrive in 15 minutes. I am pretty sure if I want to ensure the time frame, then I have to spend similar fees, even from Ledger. So it's become hard to pay $17 transaction fees to make a $50 deposit. And by force, I had to use a virtual card that doesn't cost anything (I didn't notice any significant fees) and was an instant transaction as well. It made me believe that we are drifting away from Bitcoin's original goal in some way.
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