I was using Coinbase for most of my transactions. However, Coinbase just stopped free on-chain transaction and charging about 452 bits (about $0.50) for each transaction.
Hopefully we will resolve the debate soon and make bitcoin (almost) free again!
Topic: BTC, Transaction Fees now $ .60 , Now Cheaper to send a Money Order - page 2. (Read 1840 times)
March 27, 2017, 08:36:47 PM
March 27, 2017, 07:26:21 PM
I have a solution.
Don't use a decentralized system where every full node has the requirement of keeping a complete record of every transaction since the very first to send someone 20 bucks unless you actually need a censorship-proof transaction! If you do, don't complain about competition to append a block chain which provides this type of utility. As with all things in life, you get what you pay for, and choose the right tool for the job.
Also, just because OP apparently needs these lessons to get by in life...
Don't mow your 15'x15' back lawn with this.
The reasons other cryptocurrencies can do it cheaper is either because they are obscure (and no one wants to accept them anyway) or they aren't censorship-proof. Should one of them come to enjoy the popularity and traffic of Bitcoin, they will cost just as much for the same amount of security (if they actually provide censorship-proof transactions).
Don't use a decentralized system where every full node has the requirement of keeping a complete record of every transaction since the very first to send someone 20 bucks unless you actually need a censorship-proof transaction! If you do, don't complain about competition to append a block chain which provides this type of utility. As with all things in life, you get what you pay for, and choose the right tool for the job.
Also, just because OP apparently needs these lessons to get by in life...
Don't mow your 15'x15' back lawn with this.
The reasons other cryptocurrencies can do it cheaper is either because they are obscure (and no one wants to accept them anyway) or they aren't censorship-proof. Should one of them come to enjoy the popularity and traffic of Bitcoin, they will cost just as much for the same amount of security (if they actually provide censorship-proof transactions).
March 27, 2017, 07:01:15 PM
Theoretically, transaction fees will get higher as mining block rewards decline.
Total transaction fees should increase over time, however this does not mean that the unit cost of a transaction should increase. If the number of transactions increase, then the unit cost of a transaction can remain constant and/or decline while total transaction fee revenue increases. Transaction fees are already too high,
US money order is only $1.60 and no worries about the value decreasing before the person receives it.
When all of the Virtual Coin competition is less than 10 cents to send the same amount.
BTC is committing Economic Suicide.
Seppuku
March 27, 2017, 06:53:07 PM
Theoretically, transaction fees will get higher as mining block rewards decline.
Total transaction fees should increase over time, however this does not mean that the unit cost of a transaction should increase. If the number of transactions increase, then the unit cost of a transaction can remain constant and/or decline while total transaction fee revenue increases. March 27, 2017, 06:43:59 PM
BTC officially sucks,
$ .60 fee to send BTC, this is on top of a $2 cost to convert from FIAT to BTC.
So now the Minimum Cost to send $20 of BTC is $2.60 .
That is a 13% fee of the total amount.
It is now cheaper to send money by using a Money Order than BTC, and with the large # of unconfirmed transactions,
mailing a money order may be faster.
BTC is Now Slower than the US Postal Service,
$ .60 fee to send BTC, this is on top of a $2 cost to convert from FIAT to BTC.
So now the Minimum Cost to send $20 of BTC is $2.60 .
That is a 13% fee of the total amount.
It is now cheaper to send money by using a Money Order than BTC, and with the large # of unconfirmed transactions,
mailing a money order may be faster.
BTC is Now Slower than the US Postal Service,
Jump to: