Do you think the transaction fee will kill bitcoin? - page 4.

freedomno1

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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 for bitcoin?

It depends on what people see Bitcoin as more a means of transmitting currency or an asset class.
Until the community decides that we are stuck with the higher transaction fee in simple terms.

Gameroid

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Quote from: Pettuh4 on March 13, 2017, 03:12:42 PM

Definitely it will have negative impact on Bitcoin especially on Bitcoin newbies and wouldbe's . It is a very important issue that needs addressing urgently and I hope the calls out there would be heard in due time.

yes that is right that although it cannot kill the bitcoin but still it it can put very bad effect on bitcoin.

markyminer

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Quote from: danherbias07 on March 13, 2017, 07:00:40 AM

Quote from: Wesimon on March 13, 2017, 06:57:07 AM

As long as the transaction fee required by bitcoin is still lower than that of any money transfer like Western union, that wont happen. It is understandable that every transaction we do would require fees. But if the transaction fee of bitcoin continue to increase its value, maybe bitcoin would lessen its reputation in the investors.

Not really, even at large amount there will be a lot who will use it. Just thinking of what else it offers will get you hooked with it. It is not just about the transaction fees that are featured by bitcoin. The security of everything being transacted and the investment part are the special ones. So they might stay with that reasons.

yes it will not really kill bitcoin but still i will like to say that it will create problems, i think this issue must be solve in priority basis, because if the increasing trend of transaction fee will continue then it will certainly create problems.

Pettuh4

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Definitely it will have negative impact on Bitcoin especially on Bitcoin newbies and wouldbe's . It is a very important issue that needs addressing urgently and I hope the calls out there would be heard in due time.

betlord90

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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 for bitcoin?

Fees are there to keep the equilibrium of the transactions and the value of bitcoins. It will really matter on transactions you are making. As a matter of fact theres a fast change of value in bitcoin it can be higher tomorrow and becomes lower the other day and vice versa. The best thing youll do so that you wont be dissapointed is to transact or transfer the needed or significant ones and dont waste on the little fees. As what i can see its not the end of bitcoin since its just a cycle and many individuals are patronizing it even with its unpredictability and sudden change, im pretty sure of this.

AngryDwarf

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Quote from: rico666 on March 13, 2017, 11:59:26 AM

Right now, I have two transactions sitting in memory pool doing nothing.

I relied on bitcoin core and took the suggested transaction fee and even added to it, so the transaction should be through within 10 blocks.

That was 5 hours ago. Eligius writes something about pool policy of 4096 Satoshi per 512byte.

I have a ~1.7kb Transaction with over 127000 Satoshi transaction fee and it's not getting confirmed.

So how big are transaction fees at the moment and why has bitcoin-core 0.13.1.* f*ed me over?

Rico

That's about 73 sats/byte fee, if I calculated correctly.

https://bitcoinfees.21.co/

Currently 6-142 blocks until confirmation estimate.

Stedsm

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OP, transaction fee shown in wallets are recommended values and not the exact ones that you need to put. However, they are recommended in order to have your transaction taken in the block earlier, because nowadays miners are interested in higher fee due to high costs that they are facing in mining and longer duration also for them to be able to reach their ROI.

rico666

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Right now, I have two transactions sitting in memory pool doing nothing.

I relied on bitcoin core and took the suggested transaction fee and even added to it, so the transaction should be through within 10 blocks.

That was 5 hours ago. Eligius writes something about pool policy of 4096 Satoshi per 512byte.

I have a ~1.7kb Transaction with over 127000 Satoshi transaction fee and it's not getting confirmed.

So how big are transaction fees at the moment and why has bitcoin-core 0.13.1.* f*ed me over?

Rico

mmo_online_1981

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I think big transaction costs will be a barrier to any payment method!

canah17

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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 for bitcoin?

Well i haven't experienced this kind of stuff having a high price fees in my wallet they don't tax us in sending money but they gave us 1% of what i send money from my other wallet. In your case that's really hard and i don't think its the end of bitcoin but its the end of your wallet but you have to change wallet if that's the case and also bticoin has grown much larger and more expensive

bamboylee

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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 for bitcoin?

There is nothing we can do with transaction fees right now. All we can do is that we do not transfer small amount so that transaction fees will not be wasted. Wait until scaling is resolve and we will have a better fees

AngryDwarf

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Quote from: AjithBtc on March 13, 2017, 08:48:37 AM

Transaction fee at times increase based on the increase in value of the bitcoin value. This never becomes a big issue to kill bitcoin or stay opposing the growth of bitcoin as adoption and market acceptance in physical and digital goods were keep on increasing.

If bitcoins value keeps increasing, even it the sats/per byte fee doesn't increase, I think I will buy my goods using Visa. That way, the store pays the fee.
Bitcoin utility value eroded.

AjithBtc

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Transaction fee at times increase based on the increase in value of the bitcoin value. This never becomes a big issue to kill bitcoin or stay opposing the growth of bitcoin as adoption and market acceptance in physical and digital goods were keep on increasing.

BitcoinPC

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No, it is not valid reason to kill the bitcoin. Do you use Western Union, and have you pay its amount transfer fee?
Western Union has more fee than bitcoin, and bitcoin has charged lowest fee. In my thinking, bitcoin give us a facility of amount transfer in a lowest fee.

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Quote from: iqlimasyadiqa on March 12, 2017, 07:35:47 AM

you can enjoy low transaction costs with bitcoin. it looks like you are using third party services that set a high cost.
try using blockchain to get the amount of the fee is more perspective.

I disagree. Bitcoin is designed to have more convenient transactions. If a person sets lower fees, the transaction either takes a long time to confirm or doesn't confirm at all. That's why there are loads of different threads on the forum with the same topic, talking about when their transaction is finally going to confirm.

If Bitcoin users have to decide between extremely inconvenient and extremely expensive transactions then Bitcoin has been unsuccessful in its purpose as a currency.

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Quote from: Wesimon on March 13, 2017, 06:57:07 AM

As long as the transaction fee required by bitcoin is still lower than that of any money transfer like Western union, that wont happen. It is understandable that every transaction we do would require fees. But if the transaction fee of bitcoin continue to increase its value, maybe bitcoin would lessen its reputation in the investors.

Not really, even at large amount there will be a lot who will use it. Just thinking of what else it offers will get you hooked with it. It is not just about the transaction fees that are featured by bitcoin. The security of everything being transacted and the investment part are the special ones. So they might stay with that reasons.

Wesimon

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As long as the transaction fee required by bitcoin is still lower than that of any money transfer like Western union, that wont happen. It is understandable that every transaction we do would require fees. But if the transaction fee of bitcoin continue to increase its value, maybe bitcoin would lessen its reputation in the investors.

CraigWrightBTC

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Quote from: coynedterm on March 11, 2017, 12:27:27 AM

Quote from: CraigWrightBTC on March 11, 2017, 12:00:35 AM

Of course yes, the transaction fees will kill small transaction of bitcoin
but doesn't mean transaction fees will kill bitcoin its self,
bitcoin will be difficult killed because of the high fees transaction to sending bitcoin,
bitcoin is suitable for big amout of transaction, so don't use bitcoin for small transaction.

You are right but still we can think about it in positive ways , let's think that if we will pay more fee with the transaction Then all credit goes to the miners which are helping us to perform our transactions successfully .
So with the pay of transaction fee we are supporting the Bitcoin network directly . In this way the life of bitcoin will increase .
But still here a bad thing about this is that even after the better amount of fee transactions sometimes we are not getting much speed of confirmation of our payment . Here needed some better improvement .

Yes, I hope there are solution for the problem of block size and high fees transaction,
although the solution of segwit still not be activated because there are comunity disagree with segwit,
we hope there is solution can be accepted by all of comunity bitcoin.

alexrossi

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For me transaction fees will have a negative impact in the long term, discouraging many new users in doing transactions to have an idea on how bitcoin works.
This scares me because it stops adoption.

Juggy777

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I understand what the Op is going through as the fees are high, but I feel one should only make transactions if required to reduce the fees. Then again one can't even entirety complain for the fees, the miners need that kind of fees. That's how they will be able to continue being on the the business. Will it kill Bitcoin maybe for the small users yes who shall grow tired of using Bitcoins and paying high fees. But for the large users who have already invested so much in it, I don't think it will be effected as they would be happy to pay a fees to protect their investment.

Topic: Do you think the transaction fee will kill bitcoin? - page 4. (Read 6836 times)