BTC fees exploding and BTC will crash down - page 3.

manchester93

sr. member

Activity: 251

Merit: 257

Quote from: SimonJones on August 27, 2017, 02:54:15 PM

Bitcoin is not for small transactions. There are so many other coins that can do that. High fees will not affect the price.

Not just other altcoins. In time, sidechains integrated via soft forks could allow other payment systems that can transact directly with the BTC chain. Similarly, coins can be locked into payment channels, enabling users to continually transact for very minimal fees, since their transactions don't need blockchain confirmation (except to open and close channels).

BigBoy89

legendary

Activity: 1512

Merit: 1011

People need to learn - BTC is for saving values, not for paying your coffee. Other coins are for fast and small transactions.

Many are comparing BTC and Gold. DO you pay your daily expenses with gold? It's the same here.

Pab

legendary

Activity: 1862

Merit: 1012

Not best news for merchants and customers,ltc is now much better for merchant,eth is coming with his new version for merchants

joebrook

sr. member

Activity: 644

Merit: 259

CryptoTalk.Org - Get Paid for every Post!

Quote from: SimonJones on August 27, 2017, 02:54:15 PM

Bitcoin is not for small transactions. There are so many other coins that can do that. High fees will not affect the price.

I think I was very lucky today because I made a transaction on blockchain.info and even though I was expecting to pay above $1 for the transaction fee, I ended up rather paying $0.50 in all that's definitely a win considering I paid above a dollar for a transaction yesterday.

virtualkeybuyer

hero member

Activity: 644

Merit: 500

Quote from: qwerth on August 27, 2017, 02:43:07 AM

year back it was in cents, now fees has gone to dollars range. 18 dollars is insane

It is sad but true. The transaction fees are very high now, beyond what most of us can afford. However, if look at the reason behind its development, BTCs were basically created for large transactions only and when it comes down to that, the fee is still very cheap as compare to any other means. For micro transactions, we need to give it some more time.

RayX12

hero member

Activity: 952

Merit: 552

BTC fees and backlog are controlled by the miners. Of course they can get rid of spam or low-fee transactions if they wish!

Just look here for the mem pool backlog for the last week:
https://jochen-hoenicke.de/queue/#1w

BTC fees and performance is totally in control of the miners.
When some miners moved to Bcash then there is not as much competition for mining in BTC and the miners cherry pick the transaction with big fees, as a result the mem pool increases with unconfirmed transactions.

SimonJones

sr. member

Activity: 485

Merit: 250

Bitcoin is not for small transactions. There are so many other coins that can do that. High fees will not affect the price.

BingoDog

hero member

Activity: 658

Merit: 505

Higher fees are new reality and we just have to accept that. It's true that bitcoin transactions are much more expensive now but I don't think this is the reason why bitcoin would crash, this is not going to happen. Very small transactions are the problem because of fees but for all others I think that fees are fair enough. For all benefits we have from bitcoin we can't complain.

raymond541

hero member

Activity: 821

Merit: 501

Transaction fees now really problem for small amount sender.blockchain now charging almost $3 fees for every transaction which is really high for who want to sending under $100.I see every block have 90% transactions are under $100 transaction.people are loosing their hard working money.if block size not increase bitcoin will fall in big trouble.

swogerino

legendary

Activity: 3136

Merit: 1233

The fees exploding is because of the price of bitcoin rising a lot. It is the same in bitcoin but in Fiat cash money it is more so people are afraid of these high fees. I am not afraid as I know this is the actual price to use bitcoin right now and I don't see it as an expensive one. Bitcoin helps me a lot in my every day life so I pay the fees without complaining.

omonuyak

sr. member

Activity: 882

Merit: 269

You can not separate bitcoin fee from bitcoin price! The more expensive bitcoin became the high fee we would see. Bitcoin price will not clash because of the transactions fee, what course the downfall in any assets especially security is it value. Many people has created strong value for bitcoin and no matter what happens for years to come bitcoin will keep growing. We would not see clash now even if transaction fee increase many times.

killerfrost

sr. member

Activity: 1974

Merit: 254

Sugars.zone | DatingFi - Earn for Posting

Quote from: Janation on August 26, 2017, 10:26:03 AM

Quote from: maeusi on August 26, 2017, 10:08:43 AM

As soon as possible, if fees will go down for a short price, I will sell Bitcoin and hold other cryptocurrencies and hope others will also do so until fees go down.

You wish. Bitcoin is pretty expensive so I don't think that the fees will be having a down run. Also, the miners need to be paid correctly, especially this time that the other alt coin is making a development about mining and may get the miners of bitcoin. If that happen, it may affect the transactions and the price.

I agree with your opinion. Bitcoin is growing, which means that fees will increase, so expecting a reduction in fees is unlikely. Miners need to be paid to maintain Bitcoin's performance so that portion of the fee is reasonable and satisfactory when you still make a lot of money from Bitcoin.

esatceza

sr. member

Activity: 385

Merit: 250

www.thegeomadao.com

Quote from: maeusi on August 26, 2017, 10:08:43 AM

As soon as possible, if fees will go down for a short time, I will sell Bitcoin and hold other cryptocurrencies and hope others will also do so until fees go down.

I think the lottery tickets are falling down while Bitcoin girls are getting higher so it's impossible for you to wait for a drop in fees. In addition, increasing fees mean faster transaction time and better transaction quality, so complaining about fees is meaningless.

BillyBobZorton

legendary

Activity: 1204

Merit: 1028

The spam is obvious at this point. Don't fall for the scammers. Bitmain and Roger Ver are behind this, look at the mempool graphs, this is not organic growth, and the timing is again obvious, right after segwit and right before the segwit2x propaganda campaign begins to be sold as the savior of Bitcoin to get all the noobs on board that only care about getting cheaper fees.

Don't fall for it, or you will be victim of scammers. Use another coin or pay an higher fee during the spam attack, rushing a hardfork is not the solution.

buharikx31

sr. member

Activity: 830

Merit: 258

WPP ENERGY - BACKED ASSET GREEN ENERGY TOKEN

Yes, fees are really high right now for small transactions 3.5$ for 1 transaction that's not a cheap price, i will recommned to look at IOTA no fees, faster confiramtions and the technology really intresting against normal cruptocurrencies

Netnox

legendary

Activity: 2044

Merit: 1008

Quote from: stevebc on August 27, 2017, 12:42:32 PM

Quote from: helloeverybody on August 26, 2017, 04:55:49 PM

The higher the fees climb the less use cases bitcoin will have. Im sure already a lot of people dont even want to move bitcoin about due to the fees. To get around it any trades ive wanted to do ive had to do with alts and then change back to btc, not the best work around. Is this what bitcoin was destined to be?

I've not dabbled in alts....is there no fee to buy BTC with an alt?

If you convert BTC to alt, the maximum fee may be 0.1% or 0.2%, depending on the exchange. So many of the users are converting their BTC to alts such as BCH and ETH, and withdrawing these alts to another exchange using a low fee. Once the coins are deposited in the second exchange, they convert the alts back to BTC. The overall fee may be 1%, which is better than 4% or 5% which we need to pay while exclusively using BTC.

Fancyax

full member

Activity: 196

Merit: 100

Personal Text: Pre-sale - March 18

Bitcoin is no more for small transactions. For big transactions these fees are meaningless face of security.

stevebc

full member

Activity: 209

Merit: 100

Quote from: helloeverybody on August 26, 2017, 04:55:49 PM

The higher the fees climb the less use cases bitcoin will have. Im sure already a lot of people dont even want to move bitcoin about due to the fees. To get around it any trades ive wanted to do ive had to do with alts and then change back to btc, not the best work around. Is this what bitcoin was destined to be?

I've not dabbled in alts....is there no fee to buy BTC with an alt?

maeusi

sr. member

Activity: 462

Merit: 254

Quote from: alyssa85 on August 27, 2017, 10:27:55 AM

Quote from: Soutogu on August 27, 2017, 02:59:08 AM

Support the coins you see a real use for! If the fees and transaction times are too big, switch to something you consider better, there are plenty of options out there! I hope more people change, because the way it is right now with BTC is not the best...

I think most people who are moving money from exchange to exchange are using litcoin, ether or other alts to avoid fees.

The issue is for those who have their bitcoins in their own wallets at home. They have no choice but to pay bitcoin fees if they want to buy something or cash out at an exchange.

I wonder if one of the consequences is going to be people abandoning their own wallets and keeping money in regulated exchanges (where they can easily swap for an alt if they want to move money).

So did I, before I saved them in my wallet. Transfered always with doge or bitcoin on poloniex. But as there were many threads about deposit and withdraw issues, I keep btc on my wallet. It would be good to have a secure wallet (for me on android) with exchange like on coinomi, but without need to transfer

alyssa85

legendary

Activity: 1652

Merit: 1088

CryptoTalk.Org - Get Paid for every Post!

Quote from: Soutogu on August 27, 2017, 02:59:08 AM

Support the coins you see a real use for! If the fees and transaction times are too big, switch to something you consider better, there are plenty of options out there! I hope more people change, because the way it is right now with BTC is not the best...

I think most people who are moving money from exchange to exchange are using litcoin, ether or other alts to avoid fees.

The issue is for those who have their bitcoins in their own wallets at home. They have no choice but to pay bitcoin fees if they want to buy something or cash out at an exchange.

I wonder if one of the consequences is going to be people abandoning their own wallets and keeping money in regulated exchanges (where they can easily swap for an alt if they want to move money).

Topic: BTC fees exploding and BTC will crash down - page 3. (Read 3019 times)