Do you think the transaction fee will kill bitcoin? - page 5.

iram3130

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Quote from: blockman on March 12, 2017, 11:25:22 PM

It's a no and a maybe for me. No, because people tend to invest big amount of dollars already with bitcoin and I don't think just because with the fees it will kill the society of bitcoin. It's a maybe, because those people who are sick with confirmation delay and as well as the fees will find some alternative coins for it.

That is not true. Bitcoin universe hold more people who transact less money everyday in trading or selling/buying. And the fees and delay in transaction time are making them frustrated.

To OP: am afraid so, yes. It may kill Bitcoin one day but the transaction fees are necessary to miners. Hope to find a solution for that.

blockman

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It's a no and a maybe for me. No, because people tend to invest big amount of dollars already with bitcoin and I don't think just because with the fees it will kill the society of bitcoin. It's a maybe, because those people who are sick with confirmation delay and as well as the fees will find some alternative coins for it.

Dimelord

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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?

One of the main salient features of bitcoin is that transaction fees are very low when compared to other payment systems.But high increase in transaction fees today has made us to think we have compromised with main feature of bitcoin.

Capradina

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Quote from: bitcoinissatan on March 12, 2017, 01:41:28 AM

You can arrange for your transaction costs less if you want, I believe every problem will be solved properly

Yup, basically bitcoin will not burden its users in every transaction they will do yet bitcoin is a product, which one day will surely be there is a problem that could make someone be disappointed because of the problem. Bitcoin can indeed problems on the break, but if anyone has any has yet bitcoin (owner) has not appeared so it only has a bad place. Note If you are not using the appropriate transaction fee recommendations then will confirm the longer levels.

ajaxmoor

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I don't think it will kill bitcoin, but I definitely know that bitcoin was very famous for microtransactions, and people transacting using bitcoin definitely take a hit. On the other hand, while they do get limited on the transaction fees side, there isn't a better option out there right now. Not sure if any other altcoin will be able to take its place.

Sled

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Quote from: Kunegos on March 12, 2017, 01:47:31 PM

I always pay between 0,00005BTC and 0,0001BTC of fee, which is a very little sum, and I have no problem !

That is great for you to for just paying that kind of fees because now the fees are expensive and the average fee that i'm paying is ranging from minimum of 50k satoshi and it always depends if i want faster transaction which will requires a higher fees. I do care about the rates of the fees and i think this is a threat for bitcoin in the future if they will not minimize this kind of issue.

Carlsen

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I don't think that the high fees will kill bitcoin, but I can imagine that they will put an end for bitcoin being used as a payment system.
Many of the purchases made are just too small to pay those fees.
So the increase of the fees would direct bitcoin back into the corner of speculation and investment.
Unfortunatelly that sounds more like an altcoin to me...

But one thing I am wondering: the fees are actually connected to the amount of transactions, not the bitcoin price (at least if I understand it correctly).
Then the fees would have to go down if the number of bitcoin transactions decrease.
Do they really do that?

Kunegos

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I always pay between 0,00005BTC and 0,0001BTC of fee, which is a very little sum, and I have no problem !

boyptc

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Quote from: bitbob82 on March 11, 2017, 02:51:55 PM

Quote from: boyptc on March 11, 2017, 03:01:22 AM

I know what you feel about the miners fee. But it's to exaggerated to say that there's a fee that will come up to $10. If that happens then there's something wrong about it, bitcoin is known because it has smaller fees and way back then it's actually free. I don't think that just because of the fee it will make bitcoin to be dead.

i think the there is no rules and regulation for increase the transaction fee, as every exchange has their way of increasing the transaction fee i think they must be regulated and they should not have the right to increase their transaction fee by their own.

Yes there's no rule for the increase of fee actually it's free there are online wallets that are not charging when you are sending. But the thing is that if you won't include fees on your transaction, you'll not be confirmed immediately. You will be least priority. Another thing is that with the increase of bitcoin's price, people started to complained with fees and thinks that it can be a reason for bitcoin to collapse.

PokerFace3

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Quote from: LTU_btc on March 12, 2017, 07:03:50 AM

Transaction fees won't kill bitcoin, but it have very negative impact for development of bitcoin. Due to big transaction fees, less people will join bitcoin because they will see that bitcoin transactions isn't cheaper than bank transfers. Cheap transactions was one of the main reasons why many people started to use bitcoin, but now it's already past.

You are right and paying like 0.0005 btc is not what everyone can afford.
Most of the people are now criticizing this but actually this period where tx gets slow confirmations is a short one and hence we should just avoid it.
This time it has been a long time since this is happening and maybe that's why everyone is worried.

usefrees

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Quote from: iamTom123 on March 12, 2017, 10:59:33 AM

Quote from: jonald_fyookball on March 10, 2017, 12:03:54 PM

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?

Yes it can.not just the high fee but the low capacity. This severely damages bitcoin's utility which is fundamentally where the value comes from. If that continues and another competitor (another crypto) starts becoming used, Bitcoin can be killed.

Well, there are many Bitcoin competitors on the market although many of them are just copy-cats and may not be able to withstand the advantages offered by Bitcoin. Personally, I would love to see a healthy competition in the cryptocurrency market as it would be beneficial to users/consumers in the long-range. Competition can help stall any rise in fees and some other problems.

There are many alternatives to the crypto currency market. But bitcoin remains the leader. And I'm sure that soon the problem of unconfirmed transactions will be solved

iamTom123

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Quote from: jonald_fyookball on March 10, 2017, 12:03:54 PM

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?

Yes it can.not just the high fee but the low capacity. This severely damages bitcoin's utility which is fundamentally where the value comes from. If that continues and another competitor (another crypto) starts becoming used, Bitcoin can be killed.

Well, there are many Bitcoin competitors on the market although many of them are just copy-cats and may not be able to withstand the advantages offered by Bitcoin. Personally, I would love to see a healthy competition in the cryptocurrency market as it would be beneficial to users/consumers in the long-range. Competition can help stall any rise in fees and some other problems.

thisappointed

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Quote from: johnwest on March 10, 2017, 12:00:30 PM

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?

What will be the reward for miners after all the Bitcoins have been mined..? Transaction fees are very important, the sad thing is that raising it in order to fasten your transaction. Sad

Yeah right? Transaction fees is like Taxes, it is being use to keep the flow of the bitcoin network, to keep the bitcoin alive, to keep its process cycling all the time, again and again. Without it, the bitcoin network will die and you cannot process any transactions without it, so we can stop complaining about the transaction fees which is higher than before.

iqlimasyadiqa

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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.

Winner

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Look ARROUND!

Bitcoin has many features that work past the whole Blockchain confirmation thing. For instance; a villager wants a bag of oranges and they cost 0.004 BTC for them, the merchant may notice that Bitcoin's Blockchain isn't moving that quickly so they decide to befriend the purchaser and the purchaser gives the merchant his cold wallet that is on an external hard drive and the merchant just made money without relying on Bitcoin miners or new confirmation on Bitcoin's Blockchain.

Things like this work without transaction fee issues.

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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?

That's true. I face the same problem where I want to move some mbtc from web wallet to desktop one. From my point of view people will move their bitcoins only if they decide that is a big amount of value. That means they will use their bitcoins the most for savings, for trading with alts in exchanges and as commodity. Therefore, nobody will do any micropayment for everyday needs except if they can transact with some alts and merchants are happy with them.

Zadicar

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Quote from: LTU_btc on March 12, 2017, 07:03:50 AM

Transaction fees won't kill bitcoin, but it have very negative impact for development of bitcoin. Due to big transaction fees, less people will join bitcoin because they will see that bitcoin transactions isn't cheaper than bank transfers. Cheap transactions was one of the main reasons why many people started to use bitcoin, but now it's already past.

You are right most people do engage on bitcoin are those who love on less transaction fees on each money transfer and at the same time which you could also make it as an investment. Fees wont literally kill bitcoin but same as you said popularity and interest would really be lessen and those people who do engage to bitcoin would rather choose to keep it rather than making up transactions.

erikalui

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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?

Yes, it can kill bitcoins as even if you set the required fee, it still takes hours to get one confirmation. If you set a bigger amount (almost double the fee required), it will get confirmed within 10 minutes and that's not a feasible option everytime. Like earlier times, I used to see my transactions getting confirmed even with 0.0001 BTC and now with 0.001 BTC, I need to wait for 1-2 days. Accelerators also aren't working.

LTU_btc

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Transaction fees won't kill bitcoin, but it have very negative impact for development of bitcoin. Due to big transaction fees, less people will join bitcoin because they will see that bitcoin transactions isn't cheaper than bank transfers. Cheap transactions was one of the main reasons why many people started to use bitcoin, but now it's already past.

Anarchist

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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

Topic: Do you think the transaction fee will kill bitcoin? - page 5. (Read 6836 times)