Topic: Do you think the transaction fee will kill bitcoin? - page 6. (Read 6836 times)

False. Till this day, you can still send your transactions without adding any fees. It's only not a smart thing to do anymore as nodes simply ignore such transactions.


Back in the early days that was/could be the case, but not in current times. Right now the fees plus the confirmation times form such an obstacle for people, that there is no incentive to choose Bitcoin over fiat in local situations. Online is a different thing.


Fees cheap? If you consider $0.40-$0.80 as mediocre fee to be cheap, then we clearly differ from opinions.


Depending on where you live and how the jurisdiction in your country is set up, Bitcoin can in fact be taxed. The only thing is that you yourself must declare whatever you hold and made in profits.

The transaction fees will not kill bitcoin. Eversince the bitcoin wallets were created, every transaction were charged with transaction fees. The fees are very low that's why many people preferred bitcoin over fiat. That is one of the good characteristics of bitcoin. The fees are cheaper and it is non taxable by the government.

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

The problem is that is not what is happening, there are many transactions with low amount that are unconfirmed a long time, what will happen when the next halving comes and the fees gets even higher than they are now?

The transaction fees on the exchange site is depend on the bitcoin network situation, if the bitcoin network is get the spam transaction and they must try to increase the transaction fees to prevent his users are get stuck on their transaction, there is no rule for the transaction fees.

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.

The last time I sent a transaction similar to yours (it looks like you are trying to combine smaller UTXO's into a bigger one), it didn't confirm. So I zapped the wallet transactions to stop it rebroadcasting. What would happen, is eventually another node would rebroadcast the transaction after a week or even a month. Eventually I zapped the wallet transactions again, waited a few days so the majority of nodes would forget it, and then sent it again with a fee.

What was happening, is that although my  transaction qualified to the rules to be sent as a free transaction, other incoming transactions with higher coin age and value where pushing it down the priority queue for space in the block reserved for free transactions.

This free transaction space has now been dropped I think, and the core developers are removing the code behind the coin age prioritisation.

Your node itself might stop broadcasting the transaction when the coin age requirements for a free transaction get higher. Once the free transactions prioritised over it drops, it will start rebroadcasting it again, only  to find more free transaction of higher priority are being broadcast. So it stops broadcasting again.

Unfortunately at the moment, we have to pay for the privilege of combining our smaller UTXO's into bigger UTXO's because the blockchain is full. It is worthwhile though, as escalating transactions fees could leave small UTXO's unspendable.

There are plenty of pools paying out 1mBTC payments or lower still. These people will be in for a shock when they try to move it, as the transaction fee is going to be a very high percentage of what they think they have got.

what about abandon transaction, you can find it in the transaction detail, but if you didn't pay the correct fee, it can't be in the mempool probably is forgotten and waiting to return to your wallet

I think in somehow, yes, transaction fee can kill bitcoin. However, you should remember that you do not have to pay tax to use Bitcoin. Tax are higher than 1000x bitcoin fee and you still have to pay it every year. For the people who has a small amount of Bitcoin, I agree that there are no way to send Bitcoin with small fee and it cause many negative results to bitcoin and the blockchain

Oh, thank you both for the sites.  If BitcoinChain.com and BlockTrail.com (and my full node) all still know about my no-fee transaction then are the miners still being told about it?  It would be great to be able to see the mempool of the miners.  If my no-fee transaction still has a chance of going through (even if it takes many days) then I am content.  I see at https://bitcoinfees.21.co/ that at least some no-fee transaction appear to go through (is that reliable/accurate/up-to-date?).  Can anyone point me at a recent no-fee transaction that did indeed get committed?

For micro transaction making bitcoin transaction is not recommended, I prefer more to make micro transaction in other altcoins such as DOGE which has really a low transaction fee compared to bitcoin (when exchanging to bitcoin).


The blockchain.info is not recognizing because it shows that the minimum transaction fee is 1.5 Satoshi for byte which in your case is 0.
But here you can see your transaction:
https://www.blocktrail.com/BTC/tx/74ccfd796cf2cb404a2245f699fd0e5cdf2a3a6b8a7b9cf1169ff2f87c124557
But I doubt that your transaction will get ever confirmed because even transaction with low fee are having trouble getting their transaction confirmed.

So that your transaction is constantly broadcast to the network, you just need to sometimes go into your wallet. Or leave it open. And there are services that help speed up the transaction

You can find it here (this site tends to have a less forgetful mempool - Note: I think this site has recently rebooted, it usually shows a scary high number of unconfirmed transactions far in excess of other sites).

https://bitcoinchain.com/block_explorer

As to whether a miner will include your transaction will depend on the coin age and size:

https://bitcoinfees.21.co/

In my experience, it's well over a year since such a transaction would have been confirmed (even if it took a week).

Actually there are many ways with which you can lower your transaction size so the transaction fee. One way is to have minimum inputs that mean rather than receiving very small amount of bitcoin in several transactions, withdraw only bigger amounts from any programs or services to your hot wallet.

Another way is to have minimum outputs that mean if you have to send bitcoin to multiple addresses than try to send it in one transaction rather than in multiple transactions.

Transaction fee can still be considered very low when we are sending 100$+ worth of bitcoin in one transaction.

I am willing to wait many days for a no-fee transaction 74ccfd796cf2cb404a2245f699fd0e5cdf2a3a6b8a7b9cf1169ff2f87c124557 to go through but how can I tell if it is still in the mempool of the miners?  Neither Blockchain.info nor Blockr.io recognize it anymore.  If it is completely forgotten then so be it; I just don't know how to determine if it is or not.  If it is indeed forgotten then I suppose I will need to take steps to adjust my wallet accordingly.  Oh, btw, the non-mining full node I run still knows about it (as seen via the console using gettransaction).

Yepp. I don't think so that bitcoin might killed by transaction fee. It's just a fee and if you are very hardworking you don't even need to be alarmed in that transaction fee. Besides in every bitcoin transactions there are fees that already reduced in your bitcoin. For me, I think this transactions is not thing yo worry about because nothing will get change in your mining just need to pay some transaction fee so that the fastness of your transaction doesn't interrupt ad you can do it again next time when you aare going to get a transactions. Bitcoin nowadays is very stron and honestly I think no one will never ever can break it or killed itm it's just going to develop and develop. That's all. Thank you! Goodluck Bitcoiners!

Not at all. Every thing totally depends on you. If you pay more fees , your transactions will be
confirmed more sooner and if you pay less it will take more time. I would suggest you not to change the fees
As it is the recommended fees and takes the regular time to confirm. And the fees doesn't even effect the payment.
It just adds around 0.2 usd max to the total payment. And that value is like negligible.

Yes it might 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 and Bitcoin will be killed.

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.

We can do nothing about this right now. If you are transferring small amount, then the fee will look too high. But if you are transferring large amount, the fee is low compared to the amount. What I do is I do my transfer in advance so I do not have to pay high fees and I have spare time to wait for the confirmation.