Do you think the transaction fee will kill bitcoin? - page 2.

coinplus

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Quote from: calkob on March 10, 2017, 11:54:33 AM

Quote from: chesatochi on March 10, 2017, 11:48:23 AM

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 of bitcoin?

Fees have always been in the plan for bitcoin, actually the fees need to sustain mining someday as the block reward gets smaller. Yes it can be frustrating at the minute due to high fees caused by full blocks, but my advise would be to leave the bitcoin where it is and wait for the scaling solution that comes along or LN, which will make it really cheap.

Hopefully you’re right. If things work out well, competitive pricing/cheaper transfer methods will drive down the fees. When one person has found a way to make sending bitcoin really really cheap, every other service will find themselves struggling to keep customers at this price.

The bad news is that this will probably require a pricing bubble to happen--the fees for transfers are going to go up and up and up as the services get a little bolder, and as users keep outpricing each other in hopes of having a fast transaction. But eventually the bubble will crash after people become unable to pay that much just to move money, and prices will come way way down.

Soul Reaper

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This is a very valid point of argument.
High Transaction fees is a major liability of using the bitcoins.
Many users have already started complaining about,
And many have already stopped using it too.
So as a matter of fact I see a very high chance of,
Bitcoin loosing its hard earned popularity.
But this would be a very slow process it may take up to 20-30 years but by then ,
Seeing the situation there may be developments to avoid high Transaction fees I assume.

stolendata

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Quote from: Reid on March 19, 2017, 09:09:51 PM

Quote from: Juggy777 on March 18, 2017, 11:41:29 PM

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.

It is simply a reason to pull more users into making accounts thru then and using their servuces.
That is a good marketing strategy to make more funds or for a larger profit. Hands down to the marketing specialists of coinbase.
But for some reason I doubt that will happen. Many users have been using different wallets for their proection or in case one is down.

but i think that the exchanges exist on the transaction fees and i think it is most important to have some reasonable transaction fee which may not effect eh users too much and they can pay it happily.

Reid

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Quote from: Juggy777 on March 18, 2017, 11:41:29 PM

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.

It is simply a reason to pull more users into making accounts thru then and using their servuces.
That is a good marketing strategy to make more funds or for a larger profit. Hands down to the marketing specialists of coinbase.
But for some reason I doubt that will happen. Many users have been using different wallets for their proection or in case one is down.

ufaiz50

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Quote from: The_Dark_Knight on March 19, 2017, 08:37:21 PM

Quote from: Juggy777 on March 18, 2017, 11:41:29 PM

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

The_Dark_Knight

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Quote from: Juggy777 on March 18, 2017, 11:41:29 PM

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.

Juggy777

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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.

The_Dark_Knight

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Quote from: AliceWonderMiscreations on March 17, 2017, 05:09:13 PM

It's not the fee that will kill bitcoin, it's the apathy of the core developers.

The current infighting over block size is a symptom of a problem far worse than the block size, it is a symptom of developers that continually refuse to listen to the needs of the users.

And that is what will kill bitcoin.

We have already seen it drive off many very skilled developers.

It is not apathy, what it happens is that bitcoin is no longer a project in a dark corner of the internet, there are hundreds of thousands of users and millions are moving everyday, so every change in the code needs to be though out properly because if it is not then the losses can be catastrophic.

becoin

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Quote from: avikz on March 18, 2017, 05:41:50 AM

If we are seeing this exorbitant fees in 2017, then think what we will see after few years. A solution is needed now to save bitcoin's interest. Otherwise, people will start using other coins like ETH or dash for their payments which some people have already started using for future.

Bitcoin is not for everyone. Bitcoin is the Rolls Roys of cryptoworld. Poor people can't afford it and should use cheaper alternatives like altcoins. Most creative individuals will develop payment/settlement pools for offchain bitcoin transactions and thus offer veeeery good Rolls Roys replica to poor people at symbolic transaction fees. However, to trigger such an innovation drive bitcoin transaction fees must be really high. Conclusion: until this happens carefully plan your bitcoin transactions to save from transaction fees!

kiklo

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Quote from: avikz on March 18, 2017, 05:41:50 AM

Bitcoin fee is the part of the bitcoin plan since long. The idea of fee is to sustain the miners when the block rewards decreases. So the fees will only keep increasing with the discovery of every block. However, it can also take bitcoin to extinction slowly. The big amount people would not mind, but the smaller amount people, will have a reason to worry.

If we are seeing this exorbitant fees in 2017, then think what we will see after few years. A solution is needed now to save bitcoin's interest. Otherwise, people will start using other coins like ETH or dash for their payments which some people have already started using for future.

Biggers Blocks, means more room for transactions which means the fees will be cheaper per block.

BTUnlimited is the only real solution, aside from moving to faster blockspeeds.

Cool

avikz

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Bitcoin fee is the part of the bitcoin plan since long. The idea of fee is to sustain the miners when the block rewards decreases. So the fees will only keep increasing with the discovery of every block. However, it can also take bitcoin to extinction slowly. The big amount people would not mind, but the smaller amount people, will have a reason to worry.

If we are seeing this exorbitant fees in 2017, then think what we will see after few years. A solution is needed now to save bitcoin's interest. Otherwise, people will start using other coins like ETH or dash for their payments which some people have already started using for future.

btcdevil

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Quote from: Subrojit Roy on March 18, 2017, 04:43:59 AM

But could you explain why establishing high fees now is a good thing for anyone at any time? Allowing capacity for higher transaction volume at lower fees is a much better plan of action. Ideally we should be sending for as near to free as possible, it being "relatively low compared to alternatives" shouldn't be the goal. Especially when those alternatives we're measuring ourselves to are traditional banking and not the litany of cheaper means of exchanging value through other crypto currencies.

What you are telling is true that when comparing to bank and paypal charges it is much much lesser charged for transaction fees recently but being the Bitcoin user and use to pay low fee and suddenly you see that only the high transaction fee payer got their transaction faster confirmation getting trouble as then users will start to think that bitcoin is also starting to react just like banking system is doing like favoring the big customers and dumping the lower ones.

Subrojit Roy

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But could you explain why establishing high fees now is a good thing for anyone at any time? Allowing capacity for higher transaction volume at lower fees is a much better plan of action. Ideally we should be sending for as near to free as possible, it being "relatively low compared to alternatives" shouldn't be the goal. Especially when those alternatives we're measuring ourselves to are traditional banking and not the litany of cheaper means of exchanging value through other crypto currencies.

becoin

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Quote

Do you think the transaction fee will kill bitcoin?

This is a very stupid question! Here is why:

Transaction fee is high because competition for blockchain inclusion is high. Saying that too much competition will kill bitcoin is like saying a place is not attractive to people because it's overcrowded...

Betwrong

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I stand with Ukraine.

Right now we are far from that point when transaction fee could be called high compared to other options of money transfering, like Western Union for example. People complaining about high transaction fees for BTC probably should consider two things:

1. Western Union charges $5 for a money transfer of up to $50, and a transfer of $900 could cost $76. So even paying the recommended transaction fee for BTC these days will not cost you that much.

2. It's not necessary to pay the recommended fee. If you are not in a hurry and can afford waiting up to 20 hrs for the first confirmation you can make your transaction fee two times less or even three time less than recommended, and sooner or later you transaction will be confirmed anyway. Of course it is not advisable to pay less than 50 satoshis per bite, but I mean you don't have to pay 200+ satoshis per bite always.

ranochigo

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Crypto Swap Exchange

Transaction fee won't kill Bitcoin. The main issue now is with the block size and we just have to solve that. Even now, transaction fees are still relatively reasonable as compared to other payment processors. Once we manage to scale Bitcoin, we can easily accommodate for more transaction volume.

dothebeats

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It is becoming an issue since people are making issues out of it but apparently if you are going to compare it to transactions that you make in the banks (especially if it's a large sum of money) you will see that it's small compared to what banks charge. Also, it helps you move funds without counting any banking days, just minutes or hours depending on your fees so no, higher tx fee would not kill bitcoin but it will cause some hysteria among the regular FUDsters.

The_Dark_Knight

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Quote from: cpfreeplz on March 16, 2017, 08:35:07 PM

Quote from: The_Dark_Knight on March 16, 2017, 08:30:40 PM

Quote from: Anarchist on March 12, 2017, 07:01:26 AM

I don't think the fees are going to "kill" bitcoin. But in the long run, making bitcoin less used as of today, yes for sure

The problem with high fees is that eventually the fees can be so high that the amount of bitcoin that you have in your wallet is enough to pay for the transaction in itself, this is happening with faucets but it may happen also to all of those that make microtransactions in bitcoin.

Then don't use faucets... they're just time wasters anyway. I don't know about you but I'm worth a hell of a lot for then 10 cents an hour thank you very much. Spending one input right now is about 30 cents if it's low-medium priority (so it confirms within a few hours). That's not a huge amount of you're dealing with decent sized (in terms of monetary value) inputs.

I don’t use faucets I was using faucets as an example of what will happen to other transactions if the fees keep getting higher without control, the fees could get so high that the balance on your wallet will not be enough to pay for it, that was what I was referring.

gentlemand

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Quote from: AliceWonderMiscreations on March 17, 2017, 05:09:13 PM

It's not the fee that will kill bitcoin, it's the apathy of the core developers.

The current infighting over block size is a symptom of a problem far worse than the block size, it is a symptom of developers that continually refuse to listen to the needs of the users.

What some people interpret as apathy would be considered sensibleness elsewhere. You could throw out a quick and dirty fix every day of the week to sate the users. The users would then come back and slit your eyeballs when the entire thing went up in smoke the following day.

If you hadn't noticed they have provided something that'll enhance usability so write to your local miner if you'd like to try it.

shinratensei_

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Quote from: AliceWonderMiscreations on March 17, 2017, 05:09:13 PM

It's not the fee that will kill bitcoin, it's the apathy of the core developers.

The current infighting over block size is a symptom of a problem far worse than the block size, it is a symptom of developers that continually refuse to listen to the needs of the users.

And that is what will kill bitcoin.

We have already seen it drive off many very skilled developers.

At the previous time, I just think if the bank or some of the official decision will kill bitcoin in the future. But I'm surprised because the internal problem will kill the bitcoin itself. This drama really sucks. The splitting of the blockchain will make the bitcoin become useless in the future.

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