High transaction fee can be resolved?

rocketbits

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Quote from: Singwala on September 03, 2017, 11:18:29 AM

yes very high fee. not like before with no fee. Why is it so and why it is still increasing. Is it because of the constant rise of bitcoins?

How do those who earn less money and just pay the fee they can endure so they can totally earn nothing. So what happens to this is really to rich people?

So this is also my question. will it resolve? Or will it stay in conjunction with the rise of bitcoins prices?

Yes of course it is possible to reset the high prices of the bitcoin transactions. And it will be a good step, because most of the people who are hesitating while doing their transaction in bitcoin due to a high level of transaction fee, they will feel relax and ok with the low transaction fee, and it is also mandatory for the overcome on all other crypto currencies and other cash paper money.

Singwala

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yes very high fee. not like before with no fee. Why is it so and why it is still increasing. Is it because of the constant rise of bitcoins?

How do those who earn less money and just pay the fee they can endure so they can totally earn nothing. So what happens to this is really to rich people?

So this is also my question. will it resolve? Or will it stay in conjunction with the rise of bitcoins prices?

Vishnu.Reang

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Quote from: TrueCryptonaire on September 03, 2017, 10:44:01 AM

Quote from: Sadnu on September 01, 2017, 02:32:24 AM

I was wondering at the very high of the transaction fee. Does it increase with bitcoins? Or will it be resolved and return to previous transaction fees?

I recently read about off chain transactions and lightening network, so once it will be applied then all the transaction fees and transaction times problems will be resolved and the fees will become negligible to null.

I am not that optimistic. What if the number of users increase by 10 times or even 100 times? Will the lightening network be able to accommodate all these transactions? If something like that happens, then even Bitcoin Cash's 8 MB block size may prove to be inadequate.

TrueCryptonaire

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Quote from: Sadnu on September 01, 2017, 02:32:24 AM

I was wondering at the very high of the transaction fee. Does it increase with bitcoins? Or will it be resolved and return to previous transaction fees?

I recently read about off chain transactions and lightening network, so once it will be applied then all the transaction fees and transaction times problems will be resolved and the fees will become negligible to null.

Savemore

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Quote from: Sadnu on September 01, 2017, 02:32:24 AM

I was wondering at the very high of the transaction fee. Does it increase with bitcoins? Or will it be resolved and return to previous transaction fees?

I think no. The high transaction fee is normal in the bitcoin and I can say that high transaction fee is one of the most disadvantages of the bitcoin. I really pissed off always because of the high transaction fee when I withdrawing my bitcoins.

Sadnu

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Quote from: Emworks on September 01, 2017, 04:17:58 AM

Quote from: SONG GEET on September 01, 2017, 03:00:42 AM

Quote from: Sadnu on September 01, 2017, 02:32:24 AM

I was wondering at the very high of the transaction fee. Does it increase with bitcoins? Or will it be resolved and return to previous transaction fees?

Yes right now fee is really high but this will not remain same for next few months when lightening network will be activated fee will be almost zero. Off chain transactions will be possible within bitcoin ledger that will allow users to send bitcoin without any network confirmation and fee for such transactions will be almost zero.

I don't know actual date of its activation but next update after segwit is lightening network.

This is one of the major issue bitcoin are facing and its annoying.the transaction fee are unreasonable.i hope the lighntning network that there talking about really solved the issue..it will be easier and more convient for everybody if the transaction will be reduce or no fee at all.

What is lighting network ? Would you please explain it to me?

Jannn

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Quote from: daenarys_stormborn on September 01, 2017, 07:14:07 AM

maybe in the future will start many new exchanger competitors, so the more competitors the higher the opportunity for the decline in transactions fee

Nope, that is gonna happen dude , but theirs a possibilty that exchanger can lower their transaction fee.

Jeger

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The increase in transaction fees correlates with the increase in Bitcoin price. This problem can be solved by making the block size bigger or implementing lightning network which we will decide in November.

TrumpD

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Quote from: Sadnu on September 01, 2017, 02:32:24 AM

I was wondering at the very high of the transaction fee. Does it increase with bitcoins? Or will it be resolved and return to previous transaction fees?

There are wallets that allow you choose your fees like Electrum. Be sure not to set the too low otherwise your transaction may take forever or never confirm.

Barbut

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Quote from: planfox on September 01, 2017, 07:48:25 AM

The higher the coin value, the higher the commission. I think this is right, because bitcoin brings very good profits in contrast to other currencies and this justifies a high commission.

Its not right! Do you earn so much in bitcoins that you can pay 10$ transaction fee? About whom you are talking? And what is with people who decide to join here and buy some bitcoins? Do you see that picture? A person buy 50$ worth of bitcoins and decide to gamble with it, or trade, and what's happen? He send amount to casino/exchange site and his amount there is 37$? Huh

What?! Why would he use bitcoins? He didn't start yet but he is in 13$ minus.
High fees are not good for mass adoption, if we wish to see that transaction fees need to be normal and like in beginning cheaper then banks. But with current fees just very rich people and criminal's cab pay this high fees. Nothing justify a high commission.

planfox

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The higher the coin value, the higher the commission. I think this is right, because bitcoin brings very good profits in contrast to other currencies and this justifies a high commission.

rodel caling

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Quote from: Sadnu on September 01, 2017, 02:32:24 AM

I was wondering at the very high of the transaction fee. Does it increase with bitcoins? Or will it be resolved and return to previous transaction fees?

truely correct like my wallet i use transaction fee are very high i'm shock for the amount fees deducted for single transaction more or least 20% but i have no choice i need to use my bitcoin for my personal need.

audaciousbeing

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Quote from: MAbtc on September 01, 2017, 06:38:05 AM

Quote from: gentlemand on September 01, 2017, 06:32:40 AM

There are two things a user can do right now to reduce fees. One is convert to a Segwit wallet, of which there aren't very many of course. The second is to use a wallet with manual fee control, again there aren't too many.

People scream about $5 fees when a decent amount of the time a 50c or 20c fee is sufficient. It's their wallet forcing those stupid high fees because they're not reactive enough.

I didn't realize I was overpaying so much until recently. When I use my Electrum wallet now, I slide the fee slider all the way down to "within 25 blocks" and I still generally get confirmed in the next block. I could probably switch to manual fees and cut that in half and not experience any issues, if I were to guess.

But the reality is, the vast majority of the time, I don't mind paying a couple bucks if it means I can get a transaction confirmed quickly. But I also gave up on microtransactions a long time ago.

I think the issue was during the pre August 1 when the fee was too high the wallet providers had to implement the option of either going for the priority confirmation or not and this is what blockchain.info also did and that is what is still being done without any update and won't even make any difference if one choose 1hr+ or within the 1hr and the fee disparity is so very high.

daenarys_stormborn

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maybe in the future will start many new exchanger competitors, so the more competitors the higher the opportunity for the decline in transactions fee

gentlemand

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Quote from: MAbtc on September 01, 2017, 06:38:05 AM

I didn't realize I was overpaying so much until recently. When I use my Electrum wallet now, I slide the fee slider all the way down to "within 25 blocks" and I still generally get confirmed in the next block. I could probably switch to manual fees and cut that in half and not experience any issues, if I were to guess.

But the reality is, the vast majority of the time, I don't mind paying a couple bucks if it means I can get a transaction confirmed quickly. But I also gave up on microtransactions a long time ago.

It's a neat little lesson in what happens when you partially hand over control of your transactions to third parties.

It does get on my tits when people whine about it being billed as free. Not being free is baked into its code and was from minute one. Fees have definitely become excessive but they're a necessity and in the future there won't be an operative Bitcoin without them.

MAbtc

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Quote from: gentlemand on September 01, 2017, 06:32:40 AM

There are two things a user can do right now to reduce fees. One is convert to a Segwit wallet, of which there aren't very many of course. The second is to use a wallet with manual fee control, again there aren't too many.

People scream about $5 fees when a decent amount of the time a 50c or 20c fee is sufficient. It's their wallet forcing those stupid high fees because they're not reactive enough.

I didn't realize I was overpaying so much until recently. When I use my Electrum wallet now, I slide the fee slider all the way down to "within 25 blocks" and I still generally get confirmed in the next block. I could probably switch to manual fees and cut that in half and not experience any issues, if I were to guess.

But the reality is, the vast majority of the time, I don't mind paying a couple bucks if it means I can get a transaction confirmed quickly. But I also gave up on microtransactions a long time ago.

boyptc

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Quote from: Sadnu on September 01, 2017, 02:32:24 AM

I was wondering at the very high of the transaction fee. Does it increase with bitcoins? Or will it be resolved and return to previous transaction fees?

I'm thinking that it is fair as the value of bitcoin increases, fees should increase too but that's too much and it isn't right for me as everyone is complaining about it. This is why everyone is in bitcoin to have lesser fees and I do believe that it will be fixed soon.

Quote from: Pursuer on September 01, 2017, 03:02:58 AM

6. the wallets fix their broken fee estimation and fee increase steps so that decreases the rate at which fees rise!

Another one thing that needs to be consider, only blockchain.info I can see to have the cheapest fee.

gentlemand

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There are two things a user can do right now to reduce fees. One is convert to a Segwit wallet, of which there aren't very many of course. The second is to use a wallet with manual fee control, again there aren't too many.

People scream about $5 fees when a decent amount of the time a 50c or 20c fee is sufficient. It's their wallet forcing those stupid high fees because they're not reactive enough.

nrvasquez

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I think the rise in fees depends on the number of queues. so the more queues that make transactions at a time, then the fee will also rise. the other thing I think is maintenance. I'm sure, technology as big as blockchain would also require huge maintenance costs.

Rinaze

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Apparently Segwit is supposed to help ease the transaction fees a bit and Lighting Network implemented is supposed to solve the issue to a huge extend (while coming with its' own set of problem too).

Topic: High transaction fee can be resolved? (Read 687 times)