Do you think the transaction fee will kill bitcoin?

aardvark15

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Quote from: chesatochi on March 10, 2017, 12:48:23 PM

Right now on my wallet, I want to transfer money from my Android wallet to my cold storage wallet. The fee is so high, that it's not worth to initiate the transfer, everyone says bitcoin has the lower fee to transfer value over service like the Western Union.

I am very disappointed with the fee, what is your view about the transaction fee? Do you think that that will be the beginning of the end for bitcoin?

Bitcoin is getting so expensive that we send small fractions of Bitcoins and the fees will soon be too large for very small amounts of Bitcoin. I think this is where altcoins can be helpful. Altcoins can be used for small transactions while Bitcoin could be used to move large sums of money. This way Bitcoin and several altcoins can exist at the same time. Kind of a symbiotic relationship and the miners can keep getting paid.

olubams

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Quote from: chesatochi on March 10, 2017, 12:48:23 PM

Right now on my wallet, I want to transfer money from my Android wallet to my cold storage wallet. The fee is so high, that it's not worth to initiate the transfer, everyone says bitcoin has the lower fee to transfer value over service like the Western Union.

I am very disappointed with the fee, what is your view about the transaction fee? Do you think that that will be the beginning of the end for bitcoin?

For me I dont think the fee will kill bitcoin if its increasing in relation to the price of bitcoin because people won't care to pay high fee if the price or the margin profit to be made is more than the cost of transaction fees but the reverse might be witnessed if the price of bitcoin is dropping or dropped but the transaction fee is still maintaining the upward trend. Then I see people looking for alternative means of transaction...

Zyborg

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Well, if the longer, his fee is always raised, I think it will make people think to use bitcoin as a means of transaction. The state will make people become not want to use bitcoin, and I think it will make bitcoin be used.

If the transaction fees keeps on increasing then there will be no difference between banks and bitcoins and it will surely make people to get rid from bitcoins as people are using it only because bitcoin involves less transaction fees.

rajasumi3

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if the transaction fees in bitcoins increase then it will totally kill bitcoins. but if u want to send it then there will be rise of altcoins and i think it is gonna happen nearby soon if the transaction fees problem have not been solved nearby soon.

romero121

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Transaction fee doesn't seem to be an problem of bitcoin to get ended up. Only the user who expect the confirmation in a short time place increased transaction fee. Also here most users consider the insight as an initial confirmation, later on it gets confirmed even if small fee is placed. Just due to transaction fee it's not gonna get killed.

Roger Burton

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Fee depending with the amount you wanna send. Also, of price of the bitcoin that moment. And which wallet do you use. Yes some transactions have very high fee, but usually I can change, how high my fee will be. But still I don't believe it will kill it.

jualidbitmixer

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Quote from: chesatochi on March 10, 2017, 12:48:23 PM

Right now on my wallet, I want to transfer money from my Android wallet to my cold storage wallet. The fee is so high, that it's not worth to initiate the transfer, everyone says bitcoin has the lower fee to transfer value over service like the Western Union.

I am very disappointed with the fee, what is your view about the transaction fee? Do you think that that will be the beginning of the end for bitcoin?

Meh, the transaction fee will not kill bitcoin. Fee is normal for every online currention and i think the transaction fee on bitcoin is really small even your transaction is very high like 1 btc($1.1k+). If you compare it with other online currencies like paypal, the fee is really small.

In my opinion, the one that can kill bitcoin is the confirmation for each transaction. Because, the confirmation is really long, sometimes you can wait up to 8 hours. They need to fix this.

Reid

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I dont think it will really kill it.
Recently the transaction fees grew at a price that many do not agree with.
But did they ever look at the brighter side? It is getting faster now.
How about for now we just have to endure this large transaction fees and maybe there will be a time it will go back to a lower one once it will be all cleaned up.
Besides, it is a good thing also since we are going to minimize our number of doing transactions. Maybe we should sometimes let it stay in a wallet.

Kemarit

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Quote from: Pattart on April 05, 2017, 05:39:17 AM

Quote from: blackhawkeye1912 on March 24, 2017, 03:47:42 PM

Quote from: chesatochi on March 10, 2017, 12:48:23 PM

Right now on my wallet, I want to transfer money from my Android wallet to my cold storage wallet. The fee is so high, that it's not worth to initiate the transfer, everyone says bitcoin has the lower fee to transfer value over service like the Western Union.

I am very disappointed with the fee, what is your view about the transaction fee? Do you think that that will be the beginning of the end for bitcoin?

This is common sense, transaction fee is always a part of it, and its normal for bitcoin. Even you are disappointed with the fee you do nothing but to wait or still follow it.

to pay any transaction fees are normal. but if the more expensive transaction fee. then it is not fair. it will make the users are reluctant to transact using bitcoin because of expensive

But if you compare the transaction fee of bitcoin let say against Paypal or Visa, bitcoin as mode of online payment is still cheap specially if this is used as remittances. Using WU for transferring money from abroad to their families takes some days before receiving it. But will bitcoin they can received it within hours if they just put reasonable transaction fee. And I think its just normal if you want to get or received bitcoin right away increased the transaction fee.

thend1949

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I think the transaction fee will kill bitcoin. If the transaction fee is so high, I think many will find another way or another coin to transfer their money, many user of bitcoin will not use this bitcoin in the mean time. But if this transaction fees high will continue many will not use bitcoin, and there's a chance that this bitcoin will dump.

btcwonder1

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Although the higher fees will take BTC beyond the middle class, I don't think it will damage Bitcoin in any possible way as the real players will still keep using the currency. Plus many exchanges drop the rates as the amount of transactoin goes higher. in conclusion, The currency is there to stay and won't go away anytime soon.

Pattart

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Quote from: blackhawkeye1912 on March 24, 2017, 03:47:42 PM

Quote from: chesatochi on March 10, 2017, 12:48:23 PM

Right now on my wallet, I want to transfer money from my Android wallet to my cold storage wallet. The fee is so high, that it's not worth to initiate the transfer, everyone says bitcoin has the lower fee to transfer value over service like the Western Union.

I am very disappointed with the fee, what is your view about the transaction fee? Do you think that that will be the beginning of the end for bitcoin?

This is common sense, transaction fee is always a part of it, and its normal for bitcoin. Even you are disappointed with the fee you do nothing but to wait or still follow it.

to pay any transaction fees are normal. but if the more expensive transaction fee. then it is not fair. it will make the users are reluctant to transact using bitcoin because of expensive

Sled

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Quote from: Lonthe on April 05, 2017, 02:41:53 AM

I think not, the fee will not kill bitcoin, all transactions are certainly reasonable because they also pay the employees working. Real transactions also need fees, so I think it is fair.

Yes it is fair but the continue rising and being expensive fees is not fair because it will make other users uncomfortable in doing transactions because they will always be annoyed of high or expensive fees. So for me i'm against the over priced fees and it is not fair to pay fees too much.

Lonthe

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I think not, the fee will not kill bitcoin, all transactions are certainly reasonable because they also pay the employees working. Real transactions also need fees, so I think it is fair.

andrew24p

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Transaction settling on the main chain doesnt have to be extremely cheap because it isnt efficient anyway with in person payments. Lightning network solves these problems because hundreds or thousands of transactions can be settled at one time. You dont need to use the main chain to buy coffee. We would get lightning if we can get malleability fix despite if a block size increase comes with it.

Wintersoldier

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Quote from: Restmand on April 04, 2017, 09:56:13 PM

Transaction fee is part of the economy just like in the real world when you are going to use remittance you need to pay transaction fee because that is their way to have a profit same as in the bitcoin transaction fee is the way of the creator of the wallet to have a profit and I think that transaction fee nowadays is reasonable so that is not over price. It is the part of bitcoin the transaction fee nothing is to be worried about.

If you are going to compare the transaction's fee between bitcoin and fiat currency, bitcoin's fee is still cheaper than fiat currency and reasonable at the same time. It is also better and worth it to pay tax to a miner owner since they pay the power and for its electricity and maintenance to maintain the good service. It ii also better to pay miners rather than paying to government wihout doing any thing but collecting which is unfair on the user's side.

Restmand

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Transaction fee is part of the economy just like in the real world when you are going to use remittance you need to pay transaction fee because that is their way to have a profit same as in the bitcoin transaction fee is the way of the creator of the wallet to have a profit and I think that transaction fee nowadays is reasonable so that is not over price. It is the part of bitcoin the transaction fee nothing is to be worried about.

The_Dark_Knight

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Quote from: ufaiz50 on March 19, 2017, 10:03:06 PM

Quote from: The_Dark_Knight on March 19, 2017, 09:37:21 PM

Quote from: Juggy777 on March 19, 2017, 12:41:29 AM

I never had really bothered about transactions fees as coinbase.com was not charging any for the same. But suddenly coinbase.com has announced it will be charging a transaction fees, for accounts different than than coinbase.com. Definitely this will kill the interest for many users like me, who were not charged the transaction fees. As of now the only way to beat is to. Make sure that I trade with a coinbase.com user to save on the fees but not all use that. I think this will effect the use of Bitcoin users.

Then they are going to lose customers to other exchanges that decide to keep that policy in place despite the high fees, whether is a decision that will save them money or that will make them lose money in the long run is something we will see in the next months.

the absence of transaction fee is what attracts many users bitcoin to wear Coinbase, although there Coinbase loyal users because the security, web design is nice and easy to use, they'll likely lose a lot of user for policy they make

Yeah I think it is a mistake but they know better than any of us but if you don’t get free transactions you may as well use another exchange or use your own desktop wallet to score your coins.

gabbie2010

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I think it is better to review this transaction fee because too much fee will discourage prospective bitcoin user to find other alternative means, considering the fact that BTC to USD rate is falling. this add up to the burden.

blackhawkeye1912

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Quote from: chesatochi on March 10, 2017, 12:48:23 PM

Right now on my wallet, I want to transfer money from my Android wallet to my cold storage wallet. The fee is so high, that it's not worth to initiate the transfer, everyone says bitcoin has the lower fee to transfer value over service like the Western Union.

I am very disappointed with the fee, what is your view about the transaction fee? Do you think that that will be the beginning of the end for bitcoin?

This is common sense, transaction fee is always a part of it, and its normal for bitcoin. Even you are disappointed with the fee you do nothing but to wait or still follow it.

Topic: Do you think the transaction fee will kill bitcoin? (Read 6828 times)