Topic: Do you think the transaction fee will kill bitcoin? - page 7. (Read 6836 times)

If the fee would be more than those traditional Money transfers that do charge big in a transaction and also to paypal then bitcoin would really lose its popularity for sure  because i do believe there are lots of bitcoin users do really love this feature on having money transfers with less fees but if the situation would comes worst.I cant say on what would happen.

unless they are using many wallet, their transaction fee will be very high with a wallet that contain many transaction and many address, until they add a way to choose which address to use to send the payment

you can't really contorl the way imput and output affect your size of transaction, and moving large amount of coin will do nothing to prevent this...

Of course getting ahead of course you have to use a large fee to gain speed in the transaction in bitcoin but bitcoin is famous for a low fee? what if the fee bitcoin be great of course everyone will be disappointed

yes it is right to say that it will not kill bitcoin bu still it will put some bad impact on bitcoin, because the exchanges are increasing the fee more and more high from time to time and therefore the investors are now thinking about that if the increase in fee will continue to increase in such ratio then what will the investors do.

That's definitely wrong. The fees that will be charged to you actually depend on the current fee/kb and your transactions size. Third party app actually has nothing to do with it but some of the bitcoin wallet services such as XAPO aren't charging you fee because (probably) they're using their own money to handle your transaction or they just like moving the balance to another account if you're make a XAPO to XAPO transaction.

well, majority of people are only using bitcoin as an investment and for these the transaction fees aren't that important because they usually move around large amounts of bitcoin and it is not their payment so it has small number of inputs so size is not big and fee is small as a result.

and others who are using bitcoin as currency, want all the other benefits using bitcoin gives them such as privacy that don't care that much about current fees although everyone is pissed off right now. but if fees continue growing this way, soon this group will stop and we will see a big hit on bitcoin.

A dollar in transaction fees isn't high. For normal transactions with 1 input and output, it's even less that.
Pay a dollar to transfer money anywhere in the world without having to go to a bank for the transaction. Send however much you want, set whatever fees you want depending on your needs. Simple.

So NO, transaction fees ain't enough to kill bitcoin. No such thing as free and we pay for whatever service we use.

Anyway, I'm just a normal user so I'm probably not hit too much with the fees for now. I've never paid for over a dollar in fees and my transactions have yet to take over a day. 4-6 hours is the longest it's ever taken. And the usual is within an hour. And that's for less than a dollar. ($.50)

Yes i think the fees that is continue growing even more expensive will kill bitcoin because it will be pain the a$$ if fees will become more expensive because the bitcoin users will get less bitcoin when they transfer bitcoin from another or receive their bitcoin from their another online account, So i think it will be best if the bitcoin team will try prevent this kind of scenario.

High transaction fees can not kill bitcoin just like that, what it might kill is those bitcoin users who are just earning bitcoin on different faucets where the earnings are very low, and the transaction fees is their enemy when it comes to transferring their bitcoins on their wallet.

That is why many bitcoin users are complaining about the transaction fees, especially the Faucet earners. But, I guess it is their problem, and transaction fees don't need to adjust for them, they are the one who should adjust, for them not to complain about this. Instead of doing Faucets, do something where you could earn enough to pay the transaction fees and still you have enough remaining bitcoins for yourself.

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 .

Amen.

But this was built-in from the start.  First of all, the fact that there was a FINITE amount of coins to be mined.  I know that everybody is going to call me names, but "sound money theory" is silly if you don't have the monopoly on money.  The fact of emitting only a finite amount of coins, and hence having to *diminish* the block reward, or the sum will not converge, works against liquidity.  It promotes hodling, and hence price surges.  A good currency needs liquidity, needs to get spent, and doesn't need to "rise to the moon", on the contrary.
The second aspect that was built in, was block size limit.  3 transactions per second world wide can never become a currency.  6 or 12, neither.  

So bitcoin was not designed to be an "internet currency", but rather a speculative vehicle, of which the liquidity would be provided by a "banking layer" on top of it, that provides liquid, centralized IOU.  ETF, exchange accounts, LN, whatever.

The very fact of organizing a fee market around miners that have to waste huge amounts of value to mine induces these miners to lock in the block size (what we are witnessing right now).  There must be sufficient transactions to keep the thing alive, but one doesn't need many small transactions: a few big ones with big fees is much more lucrative, and big transactions are what keeps the price up.

The story of buying your coffee with bitcoin was a good story to kick the thing off, and get it going, but bitcoin could never cope with all the coffees bought everywhere in the world.  That was to get "innocent money and idealists" to bitcoin.  But they aren't needed any more.  Now that bitcoin is speculator's money, the coffee buyers are not interesting any more.

The other thing that bitcoin included, were the "block reward halvings".  Instead of being a smooth function, these steps incur always instabilities, perfect for speculators, disaster for money.

In other words, whether by naivety or on purpose, (I think, the former), bitcoin is not designed to be a currency, but has everything for a big money speculator vehicle.  Which is what it is becoming.  Because it was made that way.

It will, those small transactions just like what xapo did, they are charging fee for small amount transactions. But still those fees aren't going to make the whole bitcoin economy or itself to be killed with it. In everything that we're doing there's always a fee. Sometimes we just need to wait for it when our transaction isn't confirmed depending on how much we had been charged.

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.

no it won't kill bitcoin but it will change it, and that change won't be for the better.
bitcoin will stop being a digital cash and will become something that you only buy if you have lots of money to make more money from the fluctuation of price and nothing else.
this also means we have to forget about mass adoption.

The charge fee is depending on the third party app you are using... I am using mobile wallet, I can make transactions with no fee. Transcation fee can't kill bitcoin beacuse overall it still part of the circulation of the coins. Some transaction needs fee/s for their service.

How much is the recommended fee that they are charging you? I don't have any against with the fee, it's just a normal thing.

In able to get your confirmation fast then just pay the recommended fee but make sure that it isn't a bug cos' I saw someone here paid a 2 BTC fee with a small transaction.

I don't think fee will kill bitcoin.

Send it with a smaller fee! Who cares! It's going into cold storage anyways so send it @20 satoshis/byte and never look back. Quit your bitching Jesus. The fees aren't high, they're just higher than usual right now.

We are at a point at which blocksize (or block capacity) increase is needed, either by BU or Segwit... Those "stress-test" or spam transactions are causing fee to increase- the purpose is to demonstrate the need fir bigger block/capacity...

I guess at the moment, you can avoid high fee by avoiding transaction when the mempool is high...

Not at all. There are users who doesn't care about the transaction fee. What they need is the security on hacking, which is quite good with most wallets. Due to the increased price, people keep hold of it as a store of value escaping taxation. This doesn't give them a pressure even when the transaction fee gets increased. Just because of transaction fee bitcoin won't lose its users.

Well how would the government start collecting taxes for every Bitcoin transaction, the whole point of Bitcoin was meant to be decentralized without let's say a government in this case controlling it, hence the ETF got declined as Bitcoin is not regulated.