Topic: bitcoin transation fee can be reduce??? - page 3. (Read 623 times)

Yes, Bitcoin transaction fees can be reduced. Right now, Lightning Network which can make transactions almost free and instant is being tested on the testnet. Unfortunately, it will take some time before it will be implemented on the mainnet. It is mostly because of the fact that every wallet needs to implement support for Lightning Network. Fortunately, neither hardfork nor softfork is needed for implementing it on the mainnet.

The high transaction fee is really affecting people especially small industries and lower rank so it should be reduce let it not always be a problem in the platform owners help reduce this to enable easy movement .

Some exchanges suspending new member registrations in order not to increase the fees. I receied such an email from cex.io

The fee is sky rocketing which is not good for bitcoin. Hopefully the lightning network will change this soon.

dont agree. in almost all stock markets the fees are a fixed percentage!

BTC should have the same, no matter what price it is. The whole idea of bitcoin was to create a better system that the ones we have now, but at current state basically all btc functions are worse then our current systems.

Few days back i wanted to send 200 euro from blockchain.info to another wallet...costs where 110 euro! Fucking crazy.... hell, im not even sure if that is legal (not sure who to sue hehe but ok) i refused to pay that high of a fee, changed the fee, but now my funds are somewhere in heaven waiting to get confirmed (probably take weeks)... i can not cancel it, can not add the extra fee to speed things up... basically cant do anything...

Also im a merchant and have removed btc on all my sites as current fees are just too high....know lots of merchants (who never where really enthousiastic about btc) who have removed btc as well...nobody pays with it and if they do its way too much hassle to get it converted back to euros without loosing to much money.

Basically thats the whole problem with btc... still really zero percent of people use it in real life...volumes are gigantic now but its all speculation.... Im not being negative, but btc is far from a success if you look it from that point of view. And with current fees no normal people will ever going to use it..

The transaction fee will always be a problem to the bitcoin network and to the users in general, mainly because the transaction are verified by mienrs, and since bitcoin mining has become expensive there are less mienrs than before, less miners means slower transactions which leads to prioritizing the ones that have more fees paid than the others, for the most part fees are going to remain the same because we pay them in bitcoin not in real moen, and because bitcoin is expensive so will teh fees.

Truly it's ridiculous. BTC has moronic fees. It should be under fairly fees. If you wanna trade for alts, ETH is the best option to avoid your huge loss.

Of course, the commission for the transaction should be reduced.Question is only how to do it? If people are willing to pay such money for the transaction, the miners will not refuse.

Obviously that it can be reduced, but it works by offer/demand, it is the same as the stock markets.
The price of the fees are created by the people who wants to send payments.
if they decide to pay $1000 worth of fees, and another guy put $1010, the price will be climbing up.

it seems that can not and the cost of sending bitcoin the more expensive bitcoin exchange rate then the more expensive the exchange rate of delivery fee that is needed.

Implementing the lightning network is the way to get reduced fee and fast transactions but now nothing happens bitcoin price os going down but the transaction fee is climbing up $50 for a little transaction.I was chocked now can't send or sell my bitcoins.I hope this situation will change after the fork on 28.

As you mentioned 'Exchanger' in your sentence, I will start with that. So you really believe what exchanges show as fees is actually the fees? No, it's not! What exchanges actually do is that they send Batch payments and earn huge on from users on the name of Fees.

Ok, now coming to possibility to reduce fees. The amount of fees is not fixed by miners, nor does it pop-up randomly from somewhere. Actually it depends upon Demand/Supply rule. Now suppose there is single seller with Apple and 5 people wanna buy that Apple, every buyer will try to supersede other's bid to own Apple and as a result price of Apple will go many times more than initial price. Same is happening to Bitcoin fees. In order to get transaction confirmed before others, people are giving out more and more fees and as a result we reached a state of congestion and Very High Fees.

The way out from here is possible if people start using the concept of Standard fees than Competitive fees. All wallets should start using a fixed fees concept so that all transactions broadcasted have equal preference and concept of adding transaction to next pool become 'Matter of Chance' rather than 'Matter of Choice'.

It may happen I think; if there is someone who ask or protest from their collection fees the government itself will review all the transaction of bitcoin.
I know it is quite expensive their transaction fees and we should do some decision wisely.

If you're using online web wallets, the fee multiplies every time you use a new receive bitcoin address in your account. Watch what I said, you'll see you spending more than you're suppose to do.

Everything can be done, but it's up to people as always. Developers, exchange owners, users...
Yes doubling the price, fee is double which interesting. Everyone wants to earn money.

I think it can't just be a fixed %, destroys all potential for small and medium transactions that should be the majority in a normal economical environment. But even not expecting bitcoin to be a courrency but a digital asset for storing value in the future it risks to be accesible only to rich people. It will also increase number of coins left on exchanges increasing their political power in the network.

Exactly, it is the same rate we used to pay when bitcoin was under 1000$ but because they were so small and negligible we just overlooked them but now that they are increasing with the corresponding growth in bitcoins prices a lot aren't happy but indeed nothing has really changed much.

Exactly there needs to be a cap for bitcoin transaction fee I can understand in the last we just used to calculate it in local Fiat but now we are ending up paying huge chunk of transaction fee if we have to do a transaction and also on the other hand if I have to do a small transaction I end up paying more transaction fee than the total amount of transaction itself and this has created a bit of negativity abiut btc but something needs to be done

If someone tries to calculate transaction fee in %, It doesn't deviate to much from normal commission. "Abnormally" huge bitcoin transaction fee is just the consequence of BTC price growth. Certainly, here I am talking about US$ equivalent. Don't like it then use more appropriate altcoins for transferring. 

When you talk about bitcoin fees, you don't look at it in $ amounts but in bitcoin. So if incase the value of bitcoin is increased, the amount of fees will still be the same  in bitcoin amount but it will look like it has increased in fiat currency. But this is a very big downside. There should be a cap for fees. Like if you transfer small amounts you will not incur fees but if its large amounts, there will be correspondong fees. its just like taxes. Tax the big spender and protect the little businesses.