Fee per once of bitcoin transaction is too high

ClumsySmile45

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Quote from: Kakmakr on January 15, 2018, 01:30:44 AM

People are struggling to see the bigger picture. The high fees are caused by factors beyond the control of the software developers. The Bitcoin Core developers created SegWit and consensus was reached in the Bitcoin community to implement it. Some of the biggest exchanges and merchants are now turning their backs towards SegWit and implementing other Alt coins to solve their problems.

Then Lightning Network developers came up with the ultimate solution for scaling, but this is still in the testing phase. In the mean time, competitors are gaining market share and they are causing a lot of confusion with potential customers and investors.

Good observation. The problem can be solved if the merchants, mining pools, exchanges will accept the development. That is why we are still facing this kind of problem because they are not accepting the change.

Davidbugs2

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Thats the only problem with bitcoins, the fees is very high and the transactions are super slow. but still its the king of crypto.

AndreyBelts

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Quote from: Anhmai on January 13, 2018, 10:49:01 PM

What do you think about bitcoin's transaction fee?
I think $ 30 is too high for some coin like eth, cmt and some other altcoin while service quality is not equal.
Often, bitcoins require at least 1 to 2 hours to pay bitcoins on or over while other co-ops with blockchain platforms have almost immediate payback times and very low per-transaction fees.
So I think bitcoin should have reforms in trading and trading prices to attract more investors.
Bitcoin should not be so haughty because it is no longer the only currency in the virtual currency market

I think that this problem requires analysis and possible refinement of the algorithm

Kakmakr

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People are struggling to see the bigger picture. The high fees are caused by factors beyond the control of the software developers. The Bitcoin Core developers created SegWit and consensus was reached in the Bitcoin community to implement it. Some of the biggest exchanges and merchants are now turning their backs towards SegWit and implementing other Alt coins to solve their problems.

Then Lightning Network developers came up with the ultimate solution for scaling, but this is still in the testing phase. In the mean time, competitors are gaining market share and they are causing a lot of confusion with potential customers and investors.

alisafidel58

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Quote from: Anhmai on January 13, 2018, 10:49:01 PM

What do you think about bitcoin's transaction fee?

The transaction fee that we are having right now is out of control, i cant even make some micro payment just because its way too expensive to pay the fee than the real transaction.

Quote from: Anhmai on January 13, 2018, 10:49:01 PM

I think $ 30 is too high for some coin like eth, cmt and some other altcoin while service quality is not equal.

services,network fees and fast transactions varies from different kinds of alt coins, its not always the same as each and every coin have different numbers in terms of users.

Quote from: Anhmai on January 13, 2018, 10:49:01 PM

Often, bitcoins require at least 1 to 2 hours to pay bitcoins on or over while other co-ops with blockchain platforms have almost immediate payback times and very low per-transaction fees.

The reason behind that its because those alt coins are not congested enough to cause any clog in their network, there are still more bitcoin transaction that is being made today that those of the alt coins.

Quote from: Anhmai on January 13, 2018, 10:49:01 PM

So I think bitcoin should have reforms in trading and trading prices to attract more investors.

Reforms on the technical aspect should be put in the system so that the high transaction fee can be solve, trading or trading price is not the problem, the problem is the devs not having consensus on the way how bitcoin network should work.

Quote from: Anhmai on January 13, 2018, 10:49:01 PM

Bitcoin should not be so haughty because it is no longer the only currency in the virtual currency market

Bitcoin is not haughty its user is, bitcoin users are just fighting the FUD thats why i understand why they became that, we support different kinds of coins, lets just leave ones opinion and not argue anymore.

ClumsySmile45

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Quote from: Anhmai on January 14, 2018, 02:00:44 AM

Quote from: ranochigo on January 14, 2018, 12:19:24 AM

Quote from: Anhmai on January 14, 2018, 12:16:28 AM

I think bitcoin should change to improve its system rather than stuck in place like that.

Quote from: ranochigo on January 13, 2018, 11:59:52 PM

Don't try to criticise the system if you don't understand it. Bitcoin is a complex cryptocurrency and it is not as easy as: "Oh theres a lot of transaction volume, just increase the capacity!"

Do you understand English?

Why don't you try looking at Segwit, Lightning Network etc. Its not easy to increase its capacity. Stop repeating the same thing over and over again.

Maybe I was wrong, but you have to acknowledge the fact that bitcoin is losing its monopoly position

Does bitcoin really going to lose the monopoly position? In my opinion, I think it will never lose even bitcoin is receiving a lot of attacks it still stays strong on top.

Anhmai

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Quote from: ranochigo on January 14, 2018, 12:19:24 AM

Quote from: Anhmai on January 14, 2018, 12:16:28 AM

I think bitcoin should change to improve its system rather than stuck in place like that.

Quote from: ranochigo on January 13, 2018, 11:59:52 PM

Don't try to criticise the system if you don't understand it. Bitcoin is a complex cryptocurrency and it is not as easy as: "Oh theres a lot of transaction volume, just increase the capacity!"

Do you understand English?

Why don't you try looking at Segwit, Lightning Network etc. Its not easy to increase its capacity. Stop repeating the same thing over and over again.

Maybe I was wrong, but you have to acknowledge the fact that bitcoin is losing its monopoly position

ClumsySmile45

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Its not going to happen unless the lightning network is implemented. The problem right now is because of congestion, blockchain cannot handle the big traffic it is getting that is why some transactions are slow players are sometimes opted to go to much faster transactions which results to a higher fees. There have been rumors that the mining pools are just creating this scenario to get more profit. I dunno if its true.

ranochigo

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Quote from: Anhmai on January 14, 2018, 12:16:28 AM

I think bitcoin should change to improve its system rather than stuck in place like that.

Quote from: ranochigo on January 13, 2018, 11:59:52 PM

Don't try to criticise the system if you don't understand it. Bitcoin is a complex cryptocurrency and it is not as easy as: "Oh theres a lot of transaction volume, just increase the capacity!"

Do you understand English?

Why don't you try looking at Segwit, Lightning Network etc. Its not easy to increase its capacity. Stop repeating the same thing over and over again.

Anhmai

newbie

Activity: 124

Merit: 0

Quote from: ranochigo on January 13, 2018, 11:59:52 PM

Don't try to criticise the system if you don't understand it. Bitcoin is a complex cryptocurrency and it is not as easy as: "Oh theres a lot of transaction volume, just increase the capacity!"

No. Other coins works differently and they have protocol rules that are designed to favor the fast transactions. Bitcoin's block frequency and size can be changed but there are reasonable concerns regarding it. If you like fast transactions and low fees, use other coins and stop complaining about Bitcoin's limitations if you cannot come up with a solution that would satisfy everyone.

I think bitcoin should change to improve its system rather than stuck in place like that.

ranochigo

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Don't try to criticise the system if you don't understand it. Bitcoin is a complex cryptocurrency and it is not as easy as: "Oh theres a lot of transaction volume, just increase the capacity!"

No. Other coins works differently and they have protocol rules that are designed to favor the fast transactions. Bitcoin's block frequency and size can be changed but there are reasonable concerns regarding it. If you like fast transactions and low fees, use other coins and stop complaining about Bitcoin's limitations if you cannot come up with a solution that would satisfy everyone.

Anhmai

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Quote from: mlgblockchain on January 13, 2018, 11:34:57 PM

Per transaction pee is $30 as if $30 is nothing. That's a lot of money for a single transaction. Bitcoins price is high, probably this is the only reason why this fee is this much. But I believe it needs to be adjusted otherwise it may drive people away from the bitcoin.

they should change

mlgblockchain

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Per transaction pee is $30 as if $30 is nothing. That's a lot of money for a single transaction. Bitcoins price is high, probably this is the only reason why this fee is this much. But I believe it needs to be adjusted otherwise it may drive people away from the bitcoin.

Anhmai

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Quote from: vincentbeth934 on January 13, 2018, 10:52:36 PM

I really think that these fees are getting ridiculous and actually saw some posts where people had to pay 10-15% of what they transferred as fees. It's really ripping us off here.

Some coins do not charge a transaction fee

Anhmai

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Quote from: Anhmai on January 13, 2018, 11:01:21 PM

Charging is a good and essential thing to keep the stability but if the charge is too high it will obstruct the player and is almost a chance to open for other coin.

They can lower the fee by 30% to 50%

Anhmai

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Charging is a good and essential thing to keep the stability but if the charge is too high it will obstruct the player and is almost a chance to open for other coin.

cpfreeplz

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Then just pay a lower fee or use a shitcoin like Litecoin or Bcash. They're great temp solutions if you need to make a ton of cheap transactions but they won't actually live up to bitcoin in the end so be sure to get out asap.

vincentbeth934

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I really think that these fees are getting ridiculous and actually saw some posts where people had to pay 10-15% of what they transferred as fees. It's really ripping us off here.

Anhmai

newbie

Activity: 124

Merit: 0

What do you think about bitcoin's transaction fee?
I think $ 30 is too high for some coin like eth, cmt and some other altcoin while service quality is not equal.
Often, bitcoins require at least 1 to 2 hours to pay bitcoins on or over while other co-ops with blockchain platforms have almost immediate payback times and very low per-transaction fees.
So I think bitcoin should have reforms in trading and trading prices to attract more investors.
Bitcoin should not be so haughty because it is no longer the only currency in the virtual currency market

Topic: Fee per once of bitcoin transaction is too high (Read 158 times)