Do you think the transaction fee will kill bitcoin? - page 9.

Matthias K.

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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?

If the amount is so small you think the fee is too high, you better not transfer it.
Because in some days, months, .. when you'll want to spend your cold storage money the fee will be huge, because you'll have a ton of small inputs.
Optimize the use of Bitcoin and it will become cheaper. Stay away from small inputs!

nelson4lov

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Quote from: Matthias K. on March 10, 2017, 12:28:17 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?

If the amount is so small you think the fee is too high, you better not transfer it.
Because in some days, months, .. when you'll want to spend your cold storage money the fee will be huge, because you'll have a ton of small inputs.
Optimize the use of Bitcoin and it will become cheaper. Stay away from small inputs!

Small inputs are inevitable not just with bitcoin, Fiat as well. In my opinion, I feel that since Bitcoin transaction fees has doubled recently, Accompanied with snarl-like transaction confirmations It'll not just affect People making Small inputs transactions. Due to this issues, It's discouraging to make transactions. Not just me, But everyone else. If it continues this way, It's defiling all the benefits and features bitcoin brings.

vennali

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I'm just about fine with the fees right now. Don't want it to go any higher and don't mind it going any lower. I still think the fees is lesser than Western Union. They have extortionately high fees and I have never used them because of it. The transaction fees will not kill bitcoin but the rate at which new people are adopting BTC might drop considerably.

MWesterweele

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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?

i dont think so, because bitcoin has a very satisfacting value in the market. but it is possible, as we have earn a big theres a fee so i think people will probably tired to this scenario.

Coinster

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

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?

Please understand Bitcoin is still growing and going through changes. Fees are rising, but that's for on-chain transactions. Solutions for safe, low cost off-chain transactions are being developed. They are not ready yet, so people may look at other coins in the meantime, but this puts pressure to develop solutions for Bitcoin faster. The free market is performing as it should.

Vaccinus

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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?

same thing mate, i was going to transfer some bitcoin to another wallet, to have better anonimity and lower the fee by having less size on the transaction, but the client is asking for freakign 200k satoshi, no way i'm going to pay almost $3 just to move coin to my own wallet, i think if we keep ignore this people will begin to use less and less bitcoin until very few transaction will happen on the network

mrcash02

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If the transaction fee continues so high like now or higher there is a possibility to kill Bitcoin. Nobody wants to spend a lot of money just to move their money over the internet, people are using Bitcoins to make their profit when dealing with money higher, but with high fees it's impossible. I agree with what was said above, let your BTCs quiet and wait for a solution. I'm sure there will be one.

eternalgloom

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I doubt the high transaction fees will kill Bitcoin, but they certainly hinder Bitcoin's usage as a currency.
Personally, I'm secretly hoping that more people would switch to Litecoin, holding quite a bit of that too and transaction are much faster and less expensive.

coynedterm

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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?

I also thinks that it is not fair , Because we are usually charged high fee during the transactions but still getting some problems of the unconfirmation also . I think the bitcoin network need small improvements ( since today made Some changes to make transactions more faster hope they will do Thier best ).
Here in my opinion bitcoin owner needed also to fix the charge at the given amount of Bitcoin that we want to send or receive regraless of the input and output of our transactions .

peter0425

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I think it will slowly kill bitcoin in a sense if the transaction fee's keep getting higher and higher. And it need to be address soon otherwise a lot of people will move away from bitcoin. If is not address, confirmation time will get worse and worse overtime and become critical that will cause people to react and stop using it, go to Paypal or Western Union or others mode of on-line payment. Just my 2 cent.

agustina2

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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?

How much is the fee that you considered it as high? Are you talking about bitcoin wallet to wallet transaction or bitcoin wallet to other services like WU? If to other services, then really expect high fees associated with it.

Right now Im fine with the current fees (miners fees) because it's still way better compare to the usual fees we are dealing prior to the existence of bitcoin in the world of online financial transaction.

And even it is, I think it will not killed bitcoin. Other are just fine with the long waiting time because the important thing is, surely it will received.

ebliever

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It cannot kill bitcoin by itself. Instead think of it like a throttle. If interest in bitcoin starts dying off because of the high fees, then the number of transactions will drop. But that will cause fees to plummet, eliminating the problem and encouraging people to return.

So our current fee situation can slow bitcoin to a crawl, price and adoption-wise, but it can't "kill" it by itself. What could kill it is if competition (with better TX capacity) in the crypto space arises and becomes popular enough to be a viable alternative.

coolcoinz

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I'm ok with the current fees, but if they keep rising it might be a problem. We have to remember that banks offer domestic transaction for free and it takes them 24h. Bitcoin used to be better because it provided worldwide transactions at a small fee, but when it starts to take over 48h with similar fees many people will choose traditional banking simply because they are going to be faster.

stripykitteh

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I don't think that the transaction fee will kill Bitcoin because the whole Bitcoin project was about transferring payments easily with an electronic item.

The transaction fee could get removed, it isn't anything special. The whole "The transaction fee cost will damage Bitcoins reputation" thing is overplayed and could be overlooked if they use Bitcoin and have a central mining authority but a huge amount of people are afraid to see it like that.
I am against that Bitcoin attack though I gotta state the plain view.

Yakamoto

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The transaction fee will more than likely not kill Bitcoin as long as the cost to transfer Bitcoin remains lower than other mediums of monetary movement, such as Western Union or PayPal. Bitcoin is just trying to make sure that it doesn't have to pay more than either of those, along with other competitors. If it can stay below $1 ideally, it should not experience much of a loss of a userbase.

jonald_fyookball

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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.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.

johnwest

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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?

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

calkob

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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 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.

chesatochi

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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?

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