Topic: Cryptocurrencies now days are more than money! very high cost and fees high now! (Read 713 times)

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.

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.

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.

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.

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.

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

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.

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.

I think we are not running so much out of time. We got enough time and can wait for Bitcoin transaction. About the transaction price, I would say that it is far better than doing it via banking channel. Bitcoin has been instrumental in reducing the cost of transaction up to a great extent. Yeah this is true that if you rise the amount you want to transact, you would ofc be charged more.

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.

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.

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.

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 .

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.

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.

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

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.

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

And this is where Bitcoin is do much preferred yet making transactions peer to peer without any 3rd party involve which do make it as a gem but

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.

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.

Talking about the transaction fee, Bitcoin has dramatically reduced the transaction fee as compared to the banks or other third parties who would charge you something called the cost of trust much higher in value as compared to what you have to bear here. This is the reason people prefer to transfer their money in the form of Bitcoin-and transaction stays between the payer and the payee.

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.

Not just for investment instrument because cryptocurrency now becomes a new way for people to make money. We see that many people still trying to make more money from crypto, and they use many ways to earn more bitcoin or another coin. But we see that the fee was increased too related to the increasing of bitcoin price and that will make people save their bitcoin and only withdraw if they need money.

Everyone is agree that the cryptocurrency are definitely more valuable than the normal money but we cannot know how to the valuable things properly that's why the cryptocurrency still now not being accepted by people but improving the cryptocurrency is effective for everyone in their future.

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

Yeah that is right. The fee rises with the amount of money you want to transfer and the rise in the market value of Bitcoin. This is because the fee that is associated with one dollar transaction rises as you keep on increasing the number of dollars after a certain point. And when the value of Bitcoin is high, you of course have to pay a bit high for the transfer of a huge value.

Cryptocurrency has now moved into an investment instrument, that's the fact that happened.  This has deviated from the original goal of becoming a currency.  People only intend to save cryptocurrency then wait for the high price to sell it, isn't this an investment concept.

Come on man! A 0.14 USD/tx is charged as a next dollar fee after making a transaction of 6 blocks. I do not find the price as high as you have to give in banks. And since there is a high demand for crypto, and the system operates at the speed of light and there are so many reasons due to which Bitcoin is growing, it is going to go up in values. This is another reason why the prices of Bitcoin wick rise.

Do people still want to compare the transaction fees they pay using a traditional centralized system to what they pay when using the decentralized system of blockchain for their transaction. If we consider so many things that blockchain transaction has even eliminated from the normal ways we have been transacting of business, we would realized that it is not even up to 1 % of what we would have lost if we had gone through the other local way.

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.

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.

If you think that the fees you're seeing right now is high, then wait till the price of Bitcoin goes high to a rate like $20,000 and then you will know what is high fees. Currently the fees we have is not even high if you ask me, cause I can remember that the fees in 2017 was way more high than what it is now to the extent a lot of people started complaining about it. Haters started using that opportunity to talk about price correction lol. So this is a normal thing with cryptocurrency, as the price is going up so will the fees for transaction be going up as well. That's why you will see few people that don't even want the price increase.

But if you the fact right now, the value keep going high.

What does it means ?
More people interest on crypto as investment and as transaction because for me, crypto's transaction still cheaper than fiat

This problems you mentioned are not common with all the blockchain service provider, the only one I know that is a bit common is that issue of high fees they charge but at the same time, that is why the industry is not a monopolistic one, we have too many options to choose from to get a desirable result.

For the issue of slow transaction, I think it is common with Ethereum, but many people believe that this solution is what Binance has brought and for the issue of transaction fee, I am sure we have some competitor of the project given such challenge that will be able to resolve all these in future, we just have to give the blockchain time to fully develop and I am sure all these will be sorted out.

You can consider bitcoin like that and I can understand it, bitcoin has been getting much more attention than it anticipated however right now since the transaction counts are higher than anyone ever hoped for we are getting a bit slower and even more expensive. It is still cheaper than anything in big bulk payments, you can send a million dollars in bitcoin with less time and less fee's, in regular bank deals you need to fill paper works for that much money and you need to wait and you pay a lot of money for it, this is why bitcoin is better.

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.

Ya it is already happen before and it is more than now, we people must remember when bitcoin price on it's peak, it fees for sure is higher than now. But in other side, our assets value grow too. I think it is consequency in crypto and people who join in it don't have any choice right?

I don't see it as a negative thing because that's the only way where exchanges could profit from our transactions. I don't see a negative thing out of it because we are not even paying taxes from our crypto transactions so we shouldn't complain since they are providing us a good service.

That's the risk of bitcoins price increase, the fees are even getting higher. As for me, we have our own views and perspective in cryptocurrency and yes, fees are making things hard but I still see the bright side of cryptocurrency there. Transaction fees aren't new so we should just deal with it.

Everyone has their own goals of using cryptocurrencies. Someone wants to use them in real life, then this situation in the market as it is now is not suitable for them. Others use crypto for earnings and they do not need stability, they get money from sharp price changes.

This is actually the drawback of Bitcoin where prices do tend to rise up and so as with the tx fees due to bloated transaction numbers happening which isnt really a new thing and we have seen this for how many times.
When price surges and so as with that fees so this alone wont really be possible for btc to be a candidate to par up with fiat and i dont know why some people do really pusher with this kind of belief which it isnt really even possible.It do have its own corresponding usage but to think overboard wont really fitted out.

Bitcoin is already got enough attention from the common people but the problem is they are considered as investment more than currency.

But the fee is not too high when compared to the year 2017 and its because of segwit implementation on most of the wallets.And soon the mainnet also might increase the transactions speed so the speed will not be a problem in future.

Comparatively, yes there was a time bitcoin fees where very high and annoying, I think sometime middle last year but with what the fee is now, I quite prefer it more than fiat. Etheruem also is very affordable.

I remember those days when eGold was still so popular especially with online programs but that can be categorized akin to stablecoins we have now as the value is not deflationary like bitcoin and the rest of the gang. Now, we have cryptocurrencies taking the marketplace by storm. Aside from its use as a currency or money, bitcoin can also be a store of value that can rise depending on the market dynamics. Yes, the problem sometimes is that the transfer fees can go astronomical depending on the volume of transactions clogging the network. There must be something that can be done to solve this problem. There are still many things we should do about this platform and I am sure we will eventually get there.

I made a bitcoin transaction not quite long from now and the fee is still within limit, nothing have changed that I can obviously observe. Not withstanding that, we can't compare the fees charged  on crypto transactions to what it is in fiat especially with huge amount. Fiat is more and causes delay.

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"

I agree it is as simple as that you should just try other crypto and for me the best one to use would be ETH,
And why would you be sending your crypto if you are going to trade it then it is better to keep it on a good and trusted site since you worry too much about the transaction fee.
But if it is nothing important then why would you even bother sending it?

yea, it is still a currency however and how you rate it depends on the part of the world where you are.one of the most active reason for creating bitcoin is to help distribute wealth. and to achieve this the value must actually worth it. for cryptocurerncy to emerge the world currency, its value must be attractive enough.

The higher the demand, the higher the price, the higher the tx fees because of high demand which automatically leads to increased amount of transactions, peoplr want to get confirns as soon as possible, because of increased competing, fees rise overally.
There is ine solution for you to use bitcoin tx accelerators (viabtc for example) or convert your bitcoins and use another coin, a lot of altcoins have ultra low tx fees.
Current period is nothing, situation was insane when price hit to 20k.

It's still faster than any cross border banking transaction, and cheaper as well. I agree bitcoin's transaction fees have gone up recently due to higher number of transactions and price, but it's still cheaper than banking wire transaction.


Liberty Reserve, Alertpay, Payeer - these are all payment processors, not a coin! So don't compare these two as it makes no sense at all! Try comparing Apple to Apple, not Apple to Jackfruit!


That's your call! If the price of cryptocurrency becomes stable, it will not be considered as an investment. It will then be used as a currency only and we don't have many places where we will be able to use it. In longer term, I would definitely want it to be stable as the adoption grows, but for now, it looks great as an investment with fluctuative price!

Aren't you saying you don't think crypto is useful as a currency as opposed to an investment?  They're two different things, you know. 

Network fees and confirmation times are definitely a pain in the ass when it comes to bitcoin (usually).  Altcoins generally don't produce the same frustration, but I digress.  But those negative aspects affect bitcoin's utility as a currency.  People who want to buy bitcoin as an investment probably don't really care if it takes a while to get their transaction(s) confirmed, and if that's the case then large fees don't need to be included for transactions anyway.

I agree with most of your points, OP.  I've always been skeptical about bitcoin being a fiat competitor for exactly the reasons you mentioned.  Joe Blow on the street has no reason to figure out a way to buy bitcoin (not always an easy task) in order to buy something that he could just as easily pay for with cash--and that's if the merchant who's selling what Joe Blow wants to buy accepts bitcoin anyway.  This is why most people haven't adopted bitcoin.

But I've always supported bitcoin as an investment.  And it is also useful when you want to buy something online from a merchant that can't accept credit cards (try buying marijuana seeds or kratom or other gray market items with a credit card), and it obviously has been used on the dark markets.  Anyway, looking at the current market price right now it's obvious that investors are looking past all the drawbacks and are seeing bitcoin as an excellent investment.  I'm definitely happy about that.

what crypto you're talking about?
xlm transaction fees are cheap, xrp too. you can use eth and will pay less than $1 in extreme case, for quick confirmations you should pay less than $0.1.

saying crypto is not worth investing just because 1-2 crypto tx fees are quite high is unjustifiable imo, you're generalizing way too much. you already have stable coins as well if you want more predictable fees (usdc, usdt and most stable coins fees are around $1 from exchange to exchange).

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.

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.