Topic: Cryptocurrencies now days are more than money! very high cost and fees high now! (Read 742 times)
August 31, 2019, 09:15:02 PM
That is the weakness we are suffering until now. Higher fees and slower transactions. But I may disagree at your point that what if they make it as a stable coin instead. Cryptocurrencies volatility makes it special because it is not stable and we can gain profits because of it. Hence, the fees are quite high especially when the price is also at peak. That's the problem that we should accept. But there is always a solution, we can convert it to other coins for lesser fees and faster transactions like eth.
June 12, 2019, 11:07:09 AM
I think the problem is the moment we reach a new high the technology can't keep up with it and afterwards we go down very quickly and when the technology does something it goes unnoticed.
For example, in 2017 December we reached peak numbers and then the core team started working on segwit and many people started to accept it and whatever, in the end it was about making it easier for people to send and receive money for less fee. Yet when the technology was done the price was going down and people weren't really sending money that frequently.
After a year later we are now once again at peak numbers more than the 2017 peak numbers but we are not paying the same amounts yet nobody realizes contributions of segwit and lightning network on this. The day exchanges and casinos and whatever else starts to use lightning network as standard we will be capable of doing x10 times this size of transactions and will not pay too much.
For example, in 2017 December we reached peak numbers and then the core team started working on segwit and many people started to accept it and whatever, in the end it was about making it easier for people to send and receive money for less fee. Yet when the technology was done the price was going down and people weren't really sending money that frequently.
After a year later we are now once again at peak numbers more than the 2017 peak numbers but we are not paying the same amounts yet nobody realizes contributions of segwit and lightning network on this. The day exchanges and casinos and whatever else starts to use lightning network as standard we will be capable of doing x10 times this size of transactions and will not pay too much.
June 11, 2019, 02:24:09 AM
That's a normal thing, when the price is getting high the fees will as well be getting high. I can remember that I had to pay up to $15 as fees in 2017 when I was doing a transaction and the price per one Bitcoin was very high then. Miners are the ones charging thus high fees whenever the price of Bitcoin is going up. But thy doesn't change it from being fast, it's always fast, the only problem is the fees that keeps on getting. Another thing is that most of us wants the price to increase lol. So there is no need to complain about the fees unless you don't want the price to increase anymore.
Yes, I also have the same experience way back in 2017 wherein I pay huge amount of tx fees and my transaction was confirmed in weeks. So that is one burden for us crypto enthusiast, and one secret though is just to timing the network. But with Segwit implementation, fees are usually not that high as compare to 2017. So we will see how everything goes if we are about to reach another ATH in the next couple of years.
June 11, 2019, 01:39:50 AM
That's a normal thing, when the price is getting high the fees will as well be getting high. I can remember that I had to pay up to $15 as fees in 2017 when I was doing a transaction and the price per one Bitcoin was very high then. Miners are the ones charging thus high fees whenever the price of Bitcoin is going up. But thy doesn't change it from being fast, it's always fast, the only problem is the fees that keeps on getting. Another thing is that most of us wants the price to increase lol. So there is no need to complain about the fees unless you don't want the price to increase anymore.
June 09, 2019, 02:15:25 PM
Cryptocurrencies now days are more than money! very high cost and fees high now!
I thought that it going to be easier and faster then banks in the old days and fees were reasonable, but now days are getting very high fees and takes mostly 30 mins...
Not only CryptoCurrencies the only digital money the only available, back then used to use liberty reserve and e-gold which was good and you send USD and keep the money which stays the same amount you pay for, and sometimes worth even more...
E-gold was a digital gold currency, back in 2000 and 2014 was much famous and usable at the time, you log in they send you to email confirmation, and you get number in email and you copy and paste on website to be able to log in, that's besides password of course that was better then 2 Factor authorization now days.
then it was closed for some time and lost it famous and everyone goes to use liberty reserve, which was also good at a time, I know it might be good for money transfer and may be used in illegal transaction, I do not know, I didn't use it illegally, used it for normal transaction and buy online usually, and keep transaction anonymous, which I do not think it's anonymous much.
Then I stumble upon the CryptoCurrencies and was a hit back then, I do not know what is happening nowadays, which makes fees very high and not as same as US dollars, which makes it unclear to know the item price that you are buying or if you merchant it's hard to know how much US dollar equivalent you have to get in order to ship item or even if it's digital item to calculate the fees to keep the fees out of the profit.
It's really good to have CryptoCurrencies, but it will be good if it's stable more, then it's now. or at least US dollar equivalent as the same as static currency, it's now more dynamic.
Some people think it's good to invest in CryptoCurrencies, but I do not think so.
definitely we are using the cryptocurrency more than money so we need to make some changes in our life for being referred to you sir that is the thing that we need to follow that then only that will allow you to live here for long period of time. I thought that it going to be easier and faster then banks in the old days and fees were reasonable, but now days are getting very high fees and takes mostly 30 mins...
Not only CryptoCurrencies the only digital money the only available, back then used to use liberty reserve and e-gold which was good and you send USD and keep the money which stays the same amount you pay for, and sometimes worth even more...
E-gold was a digital gold currency, back in 2000 and 2014 was much famous and usable at the time, you log in they send you to email confirmation, and you get number in email and you copy and paste on website to be able to log in, that's besides password of course that was better then 2 Factor authorization now days.
then it was closed for some time and lost it famous and everyone goes to use liberty reserve, which was also good at a time, I know it might be good for money transfer and may be used in illegal transaction, I do not know, I didn't use it illegally, used it for normal transaction and buy online usually, and keep transaction anonymous, which I do not think it's anonymous much.
Then I stumble upon the CryptoCurrencies and was a hit back then, I do not know what is happening nowadays, which makes fees very high and not as same as US dollars, which makes it unclear to know the item price that you are buying or if you merchant it's hard to know how much US dollar equivalent you have to get in order to ship item or even if it's digital item to calculate the fees to keep the fees out of the profit.
It's really good to have CryptoCurrencies, but it will be good if it's stable more, then it's now. or at least US dollar equivalent as the same as static currency, it's now more dynamic.
Some people think it's good to invest in CryptoCurrencies, but I do not think so.
June 09, 2019, 09:13:53 AM
High cost? I don't think you can use crypto as a payment tool because usually here is very low if you use XLM or Ripple for transfers, try using the two coins, I'm sure you will no longer be complaining with high fees
June 09, 2019, 08:39:27 AM
Recently, a very large transaction was recorded, where one, two billion dollars were transferred in cryptocurrency, but no more than $ 150 of interest was paid for the transaction. Such a transaction took place on the Bitcoin network, but many analysts have expressed their opinion that it is the ripples that are the more output, because the cost of transactions is even lower.
June 07, 2019, 01:23:12 PM
I think that the situation with the use of cryptocurrency should change radically, since I don’t like some of the nuances. In my country, some online stores started using Bitcoin for payment. But since the price of transactions has quite substantial sums, recently it has become unprofitable to buy not very expensive goods with the help of Bitcoin. I think that in this direction We still need to work.
May 28, 2019, 12:27:55 AM
Obviously, on smaller amount it is getting worse but that is only for bitcoin. If you are going to send a million dollars to someone via bitcoin that is great, but if you want to send 5 bucks to someone you can either use ethereum or any other smaller altcoin.
Quite true. OP, I understand where you are coming from. But i do not think cryptocurrencies are not worth to invest where in fact many of us here are enjoying the profits we've got from bitcoin. There is a solution to your frustrations. I also convert my btc to other altcoins like eth or xrp to at least lessen the fees. As you can noticed, btc tx's are very slow. Eth and xrp transactions are not.
May 27, 2019, 10:15:04 AM
Of course it's true, the more expensive the price of the coin will be the more expensive the fee is, to minimize the fee, you can sell to cheaper coins, and the cheap fee is definitely cheap. The method that I often use.
May 27, 2019, 08:49:04 AM
Actually the market with Crypto is very good, they do not bring so many problems for the transactions, if they increase but when the bitcoin increases in price, this is always seen in some Exchanges, if these Exchanges comply with all the current market characteristics, not There will be problems for Fee collection, because all must comply with a type of arbitration, and this carries a certain condition to collect the fees of each Exchange.
In several occasions I have seen that one of the Exchanges that I use to change from Bitcoin to FIAT, always the transactions of entrance or exit of money demand or charge a fee, a fee that is not so big when the bitcoin has a low price.
Now considering the market movements of bitcoin, the fees are going to vary, and some may be more expensive than other Exchanges.
In several occasions I have seen that one of the Exchanges that I use to change from Bitcoin to FIAT, always the transactions of entrance or exit of money demand or charge a fee, a fee that is not so big when the bitcoin has a low price.
Now considering the market movements of bitcoin, the fees are going to vary, and some may be more expensive than other Exchanges.
May 27, 2019, 06:12:35 AM
Well we have 100 of coins in the crypto market and not all of them have high fees, so you can try making use of another coin for your transaction, or better still make use of segwit wallet so that there would be a reduction in fees, the bitcoin blockchain was designed that way to cause an increase in it fees once the price of the coin begins to move, though if the price stables at a particular point for a while, the fee automatically drops back to it's normal rate, or you can even make use of lightning network for transactions.
May 27, 2019, 01:00:06 AM
Nowadays ? What about before ? On the past years when crypto started to became popular and its price boosted , crypto is already considered as more than money due to its high price and also on its different usage . you can add in the expensive fees ( as what you said ) but despite all of that , i think money is still superior and cant be replaced by any other payment method/currencies not even cryptos .
May 27, 2019, 12:40:32 AM
The cost and fee maybe high for now but it will reduce in the future and it's your lost if you don't want yo invest in crypto, there are many people already gained profit, it has been proven really easy to used crypto as a global payment, so if you think crypto doesn't give you easiness then juts don't used it
Well yeah with the passage of time, as crypto spreads more and more, there could be dramatic reduction in the cost of transaction. Even now, it is very good and economic to get your funds transferred using Bitcoin rather than doing so via bank which charge you big money. The cost of transaction goes on replicating as you increase the fund transfer above a limit in case of banks. May 26, 2019, 04:51:48 PM
Everyone has a different analysis, and I like your analysis of crypto fees.
If the fee is expensive, there is actually a good solution trying to use another coin that has a cheaper fee. XLM / stelar applies a low fee on every transaction. I think it's worth a try.
If the fee is expensive, there is actually a good solution trying to use another coin that has a cheaper fee. XLM / stelar applies a low fee on every transaction. I think it's worth a try.
I respect your opinion and i agree with you everyone has own analysis and experience, I think transactions fees it depends on the exchange we can use some they take advantage to get high transaction if the market is doing good.
May 26, 2019, 01:27:17 PM
Well, this is likely due to congestion ... which is usually temporal.
Some cryptocurrencies have permanent solutions for the increase in fees and network congestion. Bitcoin for example would solve this eventually with improved and effective lightening Network
Some cryptocurrencies have permanent solutions for the increase in fees and network congestion. Bitcoin for example would solve this eventually with improved and effective lightening Network
May 25, 2019, 07:46:12 PM
High cost ? Not really, if you object to the high costs of bitcoin or ETH you can use Altcoin for payment tools to avoid high shipping costs, such as XRP, ACT or XLM
It seems like the transaction fees were high but no that really because increase of crypto currency increases the same value of satoshi to be higher when we convert them into USD so don't calculate the fee with USD only make calculations on sats/byte which can make us to know that fees are high or low at the moment.And also we can send transaction with low fee when there is not much of priority to receive the transaction immediately.
May 25, 2019, 03:43:00 PM
High cost ? Not really, if you object to the high costs of bitcoin or ETH you can use Altcoin for payment tools to avoid high shipping costs, such as XRP, ACT or XLM
May 25, 2019, 02:44:36 PM
Where you get this analysis? I have recently traded some bitcoins with very low transaction fees and this exchange also provide a secure wallet.
"Trade with Confidence"
Of course it is easier, faster and less expensive than banks to get your money transferred in Bitcoins. You have gotten that cost of trust eliminated if you use Bitcoins to transfer your money. I do not know why you find the fee so high. Did you do the comparative analysis? You could still try to look for alternatives that might enable you to save money that you paid as transaction fee but I think there would be little difference."Trade with Confidence"
I think we just need to learn to appreciate the system and stop looking for everything to be free and to me, most of the transactions I have done through blockchain has been fast enough for me.
Soaring fees would be the main problem when BItcoin networks tend soar and have that kind of price rally.It do charges even more that on a usual fiat transaction
and this is the flaw I'm seeing with btc.
May 25, 2019, 02:12:15 PM
When we do transaction make sure to use or maximize it to the fullest, like don't send twice or thrice if it's a same address to send with at almost same time. Maximize the transactions your about to use. It needs some planning before doings so on how you'll be able to retrieve those fees back thru trading.
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