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Topic: Bitcoin Transfer Fees Will Go Up With Time - How Can This Affect BTC Market - page 3. (Read 2052 times)

legendary
Activity: 994
Merit: 1000
I don't think fee have direct relationship like you have shown with confirmation time. However it is true that including high fee increase priority of your transaction getting confirmed within next block that will be mined, and also fee depend much upon transaction size in bytes. So actually fee is directly proportional to size and also have some relation with confirmation time depends upon total number of transaction between two consecutive blocks.

I have done several transaction recently also with same 0.0001BTC fee which also get confirmed within 10 minute or first block mined.
sr. member
Activity: 280
Merit: 253
Currently Blockchain transfer fee is ~0.0002 BTC ( transfer time ~ 20 min. ), previously was 0.0001 BTC. That means with time Blockchain transfer fee will go up.

and fees were once 0.01BTC for a normal size transaction so this means fee is going down Grin
https://blockchain.info/tx/ec0efa594f5d71ca0863d43643f0820e51b2159548b59310ab97fa6ac0c11e33

Quote
How can this affect BTC market in future, because Blockchain is largest web wallet ?  Wink

WHAT Huh


amount that is paid for fee is determined based on the price of bitcoin and the cost of mining. it is paid for the job miners are doing so in the future it will be adjusted to be compatible with the price and the block reward miners are getting.

so if price goes down to $1 fees should rise
and if price goes to 1,000,000,000 price should go down.
0.01 BTC was what in $ at the time? 0.01 cents? anyway, just yesterday i was cleaning up some smaller wallets and the fees are to high to make small (not micro) transactions. if i buy a coffee and have to pay 5-10% fees, then bitcoin is doomed. and do not tell me those are peanuts still. in some countries this is worth a whole days work.
so my hope is that the fee will go down. my best guess is that we need to crank up the volume of transactions per second. 

you can find the price of that time (2011) at any bitcoin price chart.

and also i have to say, whether you are paying for a cup of coffee or buying a house you will have to pay the same amount of 0.00013000BTC fee which is nearly 8 cents so if you think that is for a whole day's work payment then you may want to think about changing your job !
so i checked the price at the time was in the $10-$20 range which meant the fee was 10-20 cents. higher then i have expected, but you could still pay way less and get confirmations quickly. so i at least heard.
anyway my point was that i paid for a transaction of 8 dollars over 50 cents and had to wait 3 hours for the first confirmation. blockchain.info listed the change of 600 sat as the reason for this. well this is a problem in my eyes.
bitcoin is the same all over the world and so are the fees. so your get another job shows very little respect to poorer people or a very bad understanding of how much people earn in some places. bitcoin s not only for the rich to use.   
legendary
Activity: 1120
Merit: 1000
Currently Blockchain transfer fee is ~0.0002 BTC ( transfer time ~ 20 min. ), previously was 0.0001 BTC. That means with time Blockchain transfer fee will go up.
I dont think it will affect bitcoin market at all if the fee will go up since it's very cheap if we compare to other payment, in case sending milion dollars, but i don't think will go up however there's so many way to send bitcoin without a fee like using xapo or coinbase, or convert to the altcoin with the lowest fee.

How can this affect BTC market in future, because Blockchain is largest web wallet ?  Wink
i'm sure the blockcahin you meant is blockchain info a wallet service, fyi blockchain is the technology behind bitcoin, where every transaction are shown out there
legendary
Activity: 1372
Merit: 1032
All I know is that I know nothing.
Currently Blockchain transfer fee is ~0.0002 BTC ( transfer time ~ 20 min. ), previously was 0.0001 BTC. That means with time Blockchain transfer fee will go up.

and fees were once 0.01BTC for a normal size transaction so this means fee is going down Grin
https://blockchain.info/tx/ec0efa594f5d71ca0863d43643f0820e51b2159548b59310ab97fa6ac0c11e33

Quote
How can this affect BTC market in future, because Blockchain is largest web wallet ?  Wink

WHAT Huh


amount that is paid for fee is determined based on the price of bitcoin and the cost of mining. it is paid for the job miners are doing so in the future it will be adjusted to be compatible with the price and the block reward miners are getting.

so if price goes down to $1 fees should rise
and if price goes to 1,000,000,000 price should go down.
0.01 BTC was what in $ at the time? 0.01 cents? anyway, just yesterday i was cleaning up some smaller wallets and the fees are to high to make small (not micro) transactions. if i buy a coffee and have to pay 5-10% fees, then bitcoin is doomed. and do not tell me those are peanuts still. in some countries this is worth a whole days work.
so my hope is that the fee will go down. my best guess is that we need to crank up the volume of transactions per second. 

you can find the price of that time (2011) at any bitcoin price chart.

and also i have to say, whether you are paying for a cup of coffee or buying a house you will have to pay the same amount of 0.00013000BTC fee which is nearly 8 cents so if you think that is for a whole day's work payment then you may want to think about changing your job !
legendary
Activity: 840
Merit: 1000
Why do you think it would affect the Bitcoin Market in the future ? Bitcoin fees is anyways too low compared to any other payment means. I don't see in the next 10-20 years it would be at a level we would be affected by it.
sr. member
Activity: 280
Merit: 253
Currently Blockchain transfer fee is ~0.0002 BTC ( transfer time ~ 20 min. ), previously was 0.0001 BTC. That means with time Blockchain transfer fee will go up.

and fees were once 0.01BTC for a normal size transaction so this means fee is going down Grin
https://blockchain.info/tx/ec0efa594f5d71ca0863d43643f0820e51b2159548b59310ab97fa6ac0c11e33

Quote
How can this affect BTC market in future, because Blockchain is largest web wallet ?  Wink

WHAT Huh


amount that is paid for fee is determined based on the price of bitcoin and the cost of mining. it is paid for the job miners are doing so in the future it will be adjusted to be compatible with the price and the block reward miners are getting.

so if price goes down to $1 fees should rise
and if price goes to 1,000,000,000 price should go down.
0.01 BTC was what in $ at the time? 0.01 cents? anyway, just yesterday i was cleaning up some smaller wallets and the fees are to high to make small (not micro) transactions. if i buy a coffee and have to pay 5-10% fees, then bitcoin is doomed. and do not tell me those are peanuts still. in some countries this is worth a whole days work.
so my hope is that the fee will go down. my best guess is that we need to crank up the volume of transactions per second. 
legendary
Activity: 4424
Merit: 4794
0.0002 is $0.12 at this moment
which is the equivalent to over 1hour minimum wage for atleast half a dozen countries.

knowing people complain about visa/mastercards 2% fee, means that people are kind of happy with 1% fee(preferably less). thus spending anything below $12 is treated as having more than a 1% fee, which makes bitcoin not a good/useful tool for transmitting value, where people actually wants to buy things for less than $12

in short trying to buy things up to a value of 100 hours minimum wage in a number of countries can be seen as expensive to use bitcoin in developing countries

but developed countries treat this with ignorance by saying they dont want people making small payments, thus making things that may be 1-100 hours of minimum wage in developing countries, be treated as annoying spam by developed countries.

its the same mindset of a richguy in a suit thinking he has divine right to not wait in a shopping queue, purely because his $200 bottle of champagne means more to him then a poor mother counting out a handful of change to buy food for her starving child, and has the mindset to argue with the the shop to enforce a $100 minimum spend to sort out the riffraff/underclass so he can buy champagne without waiting. rather than suggest the shop opens up another cashiers aisle

one solution is supposed to be, when bitcoin fiat value goes up, the fee goes down (fee used to cost a tenth of an american cent, now 12cent) so that solution has gone..
another solution is supposed to be, to increase capacity over many years (20-30+) where instead of having a block with 2500 tx's for 0.0002individual fee, capacity grows so that 5000 tx blocks have a 0.0001 individual tx fee (which totals the same 'income bonus' for pools so no loss)

after all pools main income is from rewards, not fee's and the flip where fee's become more important and rewards become less important wont occur for atleast a predicted 20-30 years, and fee's dont become the sole income stream for well over 120 years, so forcing fee wars right now is not 'needed' by pools

in short, delaying capacity growth, forcing a fee war are not good for bitcoin. it does not help users and does not help bitcoin as a whole
slowly bitcoin has/is reduced in its utility and many bitcoiners are stupidly happy for this to continue while they twist bitcoin out of the open currency for the world to use without borders and restrictions, and into a more centralized reserve currency for altcoiners to hop in and out of.
legendary
Activity: 1638
Merit: 1163
Where is my ring of blades...
Currently Blockchain transfer fee is ~0.0002 BTC ( transfer time ~ 20 min. ), previously was 0.0001 BTC. That means with time Blockchain transfer fee will go up.

and fees were once 0.01BTC for a normal size transaction so this means fee is going down Grin
https://blockchain.info/tx/ec0efa594f5d71ca0863d43643f0820e51b2159548b59310ab97fa6ac0c11e33

Quote
How can this affect BTC market in future, because Blockchain is largest web wallet ?  Wink

WHAT Huh


amount that is paid for fee is determined based on the price of bitcoin and the cost of mining. it is paid for the job miners are doing so in the future it will be adjusted to be compatible with the price and the block reward miners are getting.

so if price goes down to $1 fees should rise
and if price goes to 1,000,000,000 price should go down.
hero member
Activity: 658
Merit: 500
Currently Blockchain transfer fee is ~0.0002 BTC ( transfer time ~ 20 min. ), previously was 0.0001 BTC. That means with time Blockchain transfer fee will go up. How can this affect BTC market in future, because Blockchain is largest web wallet ?  Wink
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