Damn fees! - page 2. | Bitcointalksearch.org

Granxis

hero member

Activity: 1400

Merit: 536

Quote from: spngebob on December 25, 2017, 01:45:37 PM

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Everyone is trying to counter this problem, but unfortunately these transfer fees do not have a solution. Bitcoin transfer is not approved for 2-3 days when we pay miners fees low. Today a normal transfer fee is between 0.001-0.0015 Bitcoin.

aeternus

sr. member

Activity: 686

Merit: 250

Quote from: BlackBlue on January 05, 2018, 02:09:17 AM

Quote from: spngebob on December 25, 2017, 01:45:37 PM

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Yes I feel you but miners can't control the fees. The higher the price of bitcoin, the higher the fee will be charge to us. Hoping for the next development of bitcoin they include to lower the fee.

No, the miners do indeed control the fees, there have been many speculations but the network is spammed to death almost everyday and that has happened for a long time and the only ones that benefit from such a thing are the miners so they are trying to push the prices of the fees higher in order to make more money that is why the devs went for segwit and the LN instead of just increasing the block size.

Qunenin

hero member

Activity: 966

Merit: 506

Quote from: aeternus on January 02, 2018, 06:10:58 PM

Quote from: ashrobb on December 25, 2017, 02:33:14 PM

Fees and slow transfers are killing BTC.

No, the high fees are killing the usage of bitcoin as a currency but are not killing bitcoin in the overall sense, bitcoin is very much alive and well, but there is no doubt we need to solve that problem asap if bitcoin wants to make an impact in the next years especially since it seems a lot of money is going to be invested in bitcoin in the next years.

Bitcoin fee is no doubt very high but it is not killing bitcoins in any way. People are trying to find ways to cut the fee low but the main problem is with online wallets and exchanges which are charging very high bitcoin fee even for small transactions. Other than that people can customize the tx fee from their desktop wallets etc.

BitProNews

full member

Activity: 376

Merit: 103

I heard about the lightening network for bitcoin transactions but don't see its functionality in the actual network. However, btc is not anyo for small amounts transactions. In many traders forum, we start talking about who pays the fees for the transaction when trade.

Kprawn

legendary

Activity: 1904

Merit: 1074

Let me tell you about my friend. He bought a bitcoin for $1023 in Jan 2017 and the price increased to $17 174 a year later, he

sold it and laughed at the $30 miners fee that he had to pay a year later. It is all about timing and what you aim to do with

Bitcoin at the moment. Bitcoin suck as a currency at the moment, because the miners fees make it impossible for people to

use it for micro payments... but it is still an excellent commodity. {Store of Value} Wink

levvv

member

Activity: 532

Merit: 17

Yes, i agree with you. The bitcoin transaction fee is making most peoples angry.
Maybe it is the time that we must convert our BTC to other cryptocurrencies, and use them.
I think if bitcoin transaction fee keep stay high, many holders may leaves BTC too.

political1907

full member

Activity: 364

Merit: 100

The king of digital currencies is Bitcoin. But we can not use it because of high transaction fees. I have to change to Altcoin for transfers. And I hate this situation. It needs to be resolved as soon as possible.

canadiancrypto

newbie

Activity: 25

Merit: 0

Change into cheaper cryptocurrencies and hope for new updates. It sucks trying to get new members in when you've got like people trying to send $20, but that's a big pressing issue that proves what we need to be worked on. So at least we know what we're lacking in

JTEN18

full member

Activity: 518

Merit: 101

Quote from: sebo.k on January 09, 2018, 09:23:08 AM

I don't recommend bitcoins to people with capital less than 1000 usd , since such investment will be reduce by the fees on the blockchain. Such amount should be invested in coins with value of less than 3 usd.

Think about it if we will not do bitcoin or if bitcoin is not here for now do we have extra money for our some needs? Can we save money? Can we travel? Is our salary is enough for those bills that we need to pay monthly? can we lend our children to a good school and can we help other people especially our friends and relatives?

sebo.k

newbie

Activity: 83

Merit: 0

I don't recommend bitcoins to people with capital less than 1000 usd , since such investment will be reduce by the fees on the blockchain. Such amount should be invested in coins with value of less than 3 usd.

dipok07

full member

Activity: 336

Merit: 100

At the beginning it did not have to be charged much. Nowadays, the increase in the price of bitcoin has increased fee and a couple of pounds. Which is not desirable for the user. However, due to the fee, the user rate may fall further in the future. Bitcoin is the king of all coins. However, Etherium & Litecoin usage is increasing. Since some fees are low.

Cryptosaint$

member

Activity: 102

Merit: 29

Quote from: spngebob on December 25, 2017, 01:45:37 PM

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Maybe tell them to enter the market through some altcoins. No one talks about altcoins enough. They were created for this very reason. Other coins have transaction fees that are literally cents. and the times are insanely quicker.

Clegive8V

jr. member

Activity: 43

Merit: 6

Quote from: spngebob on December 25, 2017, 01:45:37 PM

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

you can buy 1000$ and devided it into 100$ in 10 wallets will be cheaper.
bitcoin now is so slowly and need high fee to be accepted.
Do not worry about the problem of increasing fees or high fees because, within a few months, conditions will return to normal, and then you will find that the price rises significantly and your investment is more successful.
Review the history and see the feasibility of investing at $ 100 a month.

Catch-22

member

Activity: 364

Merit: 16

https://crowdsale.network

Yup. Those fees are getting out of hand. You will have to re-think doing a transaction especially if the amount is small. Hopefully, this will be resolve soon by the current exchanges and maybe some those incoming exchanges are offering ICO now.

ylnar123

member

Activity: 350

Merit: 10

Quote from: spngebob on December 25, 2017, 01:45:37 PM

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

This is because there are many miners around which make the fees bigger yet the transactions will be faster. It is natural in any business that you pay your toll as investors. But at the end of the day the risk that you take is worth it when the price of bitcoin surge high again.

spinach98

member

Activity: 98

Merit: 10

Of course we all hate fees. If one day, fees would be implied to the income we earned from bitcoin , well everyone else would oppose. That is not going to happen if anyone would not take co trol on the protocol of bitcoin. Even from the government. We all do not want that. So as much as possible, we should not prevent them from controlling bitcoin.this would not be a great idea.

LAODINGTOU

member

Activity: 70

Merit: 10

Quote from: spngebob on December 25, 2017, 01:45:37 PM

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

The high commission rate has hampered the further rise of bitcoin, which is a problem in the hope that the lightning network will solve the problem.

Nasty23

full member

Activity: 736

Merit: 100

★Bitvest.io★ Play Plinko or Invest!

Quote from: cizatext on January 05, 2018, 02:20:53 AM

The hardness faced by bitcoin users this day is killing and this is due to the high transactions fees, which is discouraging newbies from buying bitcoin because in most cases you pay the transactions fees for buying bitcoin and again you may still pay it when selling your bitcoin. This high fees has halt many transactions and that is really affecting the price of bitcoin greatly, I pray the big guys the blockchains and miners will do something to save this situation soon.

Yes the high transaction fees makes the investors mind to avoid using bitcoin as a payment method and most of them are the small time investors but the people who have many money it is good to invest in bitcoin because it will surely pump the price of bitcoin and gave them a big profit.

Sachinist

member

Activity: 179

Merit: 16

Current fee is only twice what it usually is. The higher the price of bitcoin, the higher the fee. If bitcoin is worth 50k, then expect transaction fee to be $50 until lightning network goes live. Once lightning goes live, bitcoin valuation is going to rise tremendously and smash through the roof. But the great thing is, we only need to pay a fee once to open a state channel, after which transactions will cost nothing at all until the channel is closed. For now, I highly recommend upgrading to a SegWit wallet and lobbying for whichever exchange/wallet provider you use to implement SegWit immediately.

SegWit will reduce the fee in 2 ways. First, it reduces the data footprint and allows for more transactions in a block. Second, this will clear up the mempool in no time and with few unconfirmed transactions, the fee will go down drastically.

sean.maley

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Machine Learning & AI - Trustless Ledger System

Quote from: stripykitteh on December 27, 2017, 04:58:32 PM

Quote from: spngebob on December 25, 2017, 01:45:37 PM

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

The amount of unconfirmed transactions are dropping. There shouldn't be that high of a fee when that clears up.

I am so much waiting for that moment because I don't want to make any transaction at the moment with these fees.

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