Topic: High transaction fees affects buyers and seller in payment in bitcoin - page 2. (Read 357 times)
January 01, 2024, 07:30:25 AM
First, Bitcoin is an alternative payment, in fact there are many other alternative payments, such as using stablecoins or other altcoins. However, this depends on the type of business and the agreement between the owner and worker, user or buyer and seller. If both parties agree to continue using Bitcoin then they certainly don't have any problems regarding the problem of Bitcoin network congestion and Bitcoin transaction fees.
January 01, 2024, 06:52:02 AM
OP, bitcoin payment should be not be accepted and you should use other means of payment. It is either accept fiat currency and if you are not cool with it, you can use stable coins, because with it seems that with time stable coins will be used more of an alternative payment than bitcoin.
Businesses that are accepting bitcoin is finding it difficult to cope with it because your customers might not have the idea of LN and how it works. I hope that the fee comes back to normal because more BRC20 token will soon be created.
Businesses that are accepting bitcoin is finding it difficult to cope with it because your customers might not have the idea of LN and how it works. I hope that the fee comes back to normal because more BRC20 token will soon be created.
January 01, 2024, 04:05:10 AM
Hasn't this network congestion been there all these while? Or is it now that we're having a higher price of Bitcoin that's when it seems like is having effect on all transactions?
This is the first time, because there has never been another entity that "interferes" with the network like ordinals. Look at the transaction traffic chart throughout history, how do you see the big spike recently compared to the 2021's ATH session?: https://bitinfocharts.com/comparison/bitcoin-transactions.html#alltimeAs I said before there is no direct correlation that high prices must result in high fee rates (in sats units). Network congestion can occur even if bitcoin is worth $1.
January 01, 2024, 03:05:58 AM
We all know that Bitcoin is used for making payments. So, people who buy uses bitcoin to send payment and those who sell uses it to receive payment from anywhere in the word. But the situation of high transaction fees is affecting buyers and sellers. They are now looking for an alternative to make payment instead of using bitcoin. Another thing is that if transaction is made, sellers will have to wait for long to receive payment and no seller wants that kind of delay in his/her business.
Do you think there is a solution to this, or B2B and P2B, business that uses bitcoin should find another alternative to payment method instead of Bitcoin?
For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.
Do you think there is a solution to this, or B2B and P2B, business that uses bitcoin should find another alternative to payment method instead of Bitcoin?
For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.
Those people usually transact a few chunk of bitcoins are usually got affected with fees since usually we need to put up some high figures for each transaction even if we only transfer a few amount. But for high whales which is usually do high volume of transaction each transfer I guess they don't really care much about the fees since I can still see some people paying bitcoin even if the current situation is not good for everyone but they carry on those fee and just think about that its part of the growth of bitcoin.
Maybe if we don't like to pay such huge fees better to check best alternative coins to transfer since there are cheap transaction fee coins has been used by other people as their alternative currency if they want to transfer without paying any huge amount of money to make their transaction happen.
January 01, 2024, 03:04:05 AM
Do you think there's an answer to this high rate of fee?
I don't think there's an answer but let's say there is an answer to all these issues going on, the question is how can we make it to be in place like to favor us, like before?
I don't think there's an answer but let's say there is an answer to all these issues going on, the question is how can we make it to be in place like to favor us, like before?
The only solution at a personal level is not to make low-value transactions. In another thread a fellow forum member claims to have done a $50 transaction paying a $15 fee. That's crazy and if I'm going to have to pay that fee I'm not going to send any transaction under $200.
On the other hand, we can not know for sure but I think the fees have to end up moderating because at some point the fashion of paying high fees to fill the blockchain with spam will end.
January 01, 2024, 02:57:03 AM
I don't think there's an answer but let's say there is an answer to all these issues going on, the question is how can we make it to be in place like to favor us, like before?
The answer: Obviously network congestion.The solution: Obviously, overhaul the protocol somehow.
For the record, there is no perfect protocol (even up to date) that can answer some its network problems in the future. Improvements must continue to be made.
Hasn't this network congestion been there all these while? Or is it now that we're having a higher price of Bitcoin that's when it seems like is having effect on all transactions?
Is not really clear because is like whatsoever is deducting the fee at high rate is taking advantage of the fact that the price of BTC is high, it needs to benefit from traders and investors this period and I believe this is the first time is happening.
December 31, 2023, 12:36:45 PM
Usually fees don't jump to the roof when the price falls (though I could be mistaken on that), so I'm puzzled.
Price fluctuations don't directly affect fee fluctuations, you can compare the two in the bullish phase throughout 2021. When the 2nd price peak was reached (July to November), the fee rates was almost stagnant at $2 to $5 for 1 transaction.
And currently, coincidentally, the ordinals NFT hype is causing thousands of transactions faltered and increase each other's fees to get priority confirmation speed. Had that happened in bear season 5 years ago (2018), the fee rates would probably be as severe as they're today.
I don't think there's an answer but let's say there is an answer to all these issues going on, the question is how can we make it to be in place like to favor us, like before?
The answer: Obviously network congestion.The solution: Obviously, overhaul the protocol somehow.
For the record, there is no perfect protocol (even up to date) that can answer some its network problems in the future. Improvements must continue to be made.
December 31, 2023, 11:52:36 AM
Why using stable coins when you can also use fiat? Stable coins are just tokenized fiat and they are risky than fiat because they are pegged. I will prefer to have other coins like litecoin, litecoin or tron itself and other coins like bitcoin when talking something about bitcoin.
Because not everyone has access to half-decent payment rails and not everyone can stomach the volatility? As for depegs, we're talking about payments here not long-term holdings so risks of depegs at the short timespan where you need the stables are very low.
Even when talking about holdings — the currencies of some countries are pretty shite and very inflationary. And if you can't afford volatility, it's not bad to hold USDT/USDC.
December 31, 2023, 06:45:47 AM
Is it that the higher we see Bitcoin price the higher the fee? Because I noticed that ever since Bitcoin price hit $30-40k the fees has never been the same, who's to blame for this current issue and what seems to be the solution?
I'm going to scan the rest of this thread to see if there's a solid answer to that, as I've been wondering about the cause ever since the first time I saw the network super-congested with fees sky-high. I've always chalked it up to high volume during times of price volatility, like during bull markets with severe dips and such. Usually fees don't jump to the roof when the price falls (though I could be mistaken on that), so I'm puzzled.But either way I'm so fakkin' tired of this shit. You can't send $25 worth of bitcoin without paying nearly half of that in network fees in order to get your transaction confirmed in a reasonable amount of time. It's crazy.
Do you think there's an answer to this high rate of fee?
I don't think there's an answer but let's say there is an answer to all these issues going on, the question is how can we make it to be in place like to favor us, like before?
Like before if you want to send $100 the fee won't be that disturbing but now is like you have to even owe whosoever is collecting the fee. Is this how we're going to end 2023, with complains that have no solution? I wish it will end this year...
December 31, 2023, 04:35:14 AM
Is it that the higher we see Bitcoin price the higher the fee? Because I noticed that ever since Bitcoin price hit $30-40k the fees has never been the same, who's to blame for this current issue and what seems to be the solution?
I'm going to scan the rest of this thread to see if there's a solid answer to that, as I've been wondering about the cause ever since the first time I saw the network super-congested with fees sky-high. I've always chalked it up to high volume during times of price volatility, like during bull markets with severe dips and such. Usually fees don't jump to the roof when the price falls (though I could be mistaken on that), so I'm puzzled.But either way I'm so fakkin' tired of this shit. You can't send $25 worth of bitcoin without paying nearly half of that in network fees in order to get your transaction confirmed in a reasonable amount of time. It's crazy.
There are several causes for this, but the growing acceptance and usage of Bitcoin is one of the primary ones. I think it wouldn't be incorrect to state that the higher the price of Bitcoin, the higher the fee because as more people troop into the Network and utilize the it, the demand for transactions rises and so do the fees. It's more appropriate to point the finger at the structure of the Bitcoin network than at any one person or organization. Though there have been some suggestions for remedies, such as the Lightning Network and others but the problem still persists.
December 31, 2023, 02:24:37 AM
I rarely do any p2p bitcoin transactions now a days but if I did it wouldn’t be on the bitcoin network. And the fees are only half the problem. The other half is the wait time.
I remember years ago, doing some p2p meet and I think it took 1.5 hours for the block to confirm. And this was when blocks were empty, basically default fee was like 10000 sats which was a few Pennies back then.
If you do p2P you need it cheap and quick. Best is Ethereum with a stable coin of some sort like USDT.
I remember years ago, doing some p2p meet and I think it took 1.5 hours for the block to confirm. And this was when blocks were empty, basically default fee was like 10000 sats which was a few Pennies back then.
If you do p2P you need it cheap and quick. Best is Ethereum with a stable coin of some sort like USDT.
December 31, 2023, 01:36:24 AM
Is it that the higher we see Bitcoin price the higher the fee? Because I noticed that ever since Bitcoin price hit $30-40k the fees has never been the same, who's to blame for this current issue and what seems to be the solution?
I'm going to scan the rest of this thread to see if there's a solid answer to that, as I've been wondering about the cause ever since the first time I saw the network super-congested with fees sky-high. I've always chalked it up to high volume during times of price volatility, like during bull markets with severe dips and such. Usually fees don't jump to the roof when the price falls (though I could be mistaken on that), so I'm puzzled.But either way I'm so fakkin' tired of this shit. You can't send $25 worth of bitcoin without paying nearly half of that in network fees in order to get your transaction confirmed in a reasonable amount of time. It's crazy.
December 31, 2023, 12:50:28 AM
For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.
Only 2 options: suspend bitcoin acceptance or utilize centralized wallet internal transfers (for physical stores). I know a little about LN, but not the people around me and need to see the scale of the business. Moreover it is also not fee-efficient for small businesses or if bitcoin is just an alternative. 
December 31, 2023, 12:49:22 AM
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Do you think there is a solution to this, or B2B and P2B, business that uses bitcoin should find another alternative to payment method instead of Bitcoin?
For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.
Just accept altcoin instead of Bitcoin, or don't accept any cryptocurrency at all.Do you think there is a solution to this, or B2B and P2B, business that uses bitcoin should find another alternative to payment method instead of Bitcoin?
For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.
Right now, Bitcoin is more of a store of value than a currency. The ones who are still sending Bitcoins right now are probably those who want to hold in preparation for the bull run, and not those people who want to buy something because the fees are just too high that they can't afford it anymore. I don't see any point at least this time for Bitcoin to be used to pay for something.
Find another alternative payment method, or don't accept Bitcoin. It's just too much, and TBH, I don't know if the fees will go down anytime soon. These ordinals kill the main purpose of Bitcoin which is to be used to buy something. More of a currency side thing, but it's becoming an asset now.
December 30, 2023, 11:43:32 PM
I don't really know who or what's the major cause of this high transaction fee and it's very worrisome to the extent that some people have no choice than to go with whatever fee or charges that comes up. It would have been better if we can set a default fee at least we'll know how much we're losing while conducting any transactions.
Business is really slowing down, Bitcoin holders or sellers are losing and there's nothing we can do to get it back to normal, talking about the fee.
Is it that the higher we see Bitcoin price the higher the fee? Because I noticed that ever since Bitcoin price hit $30-40k the fees has never been the same, who's to blame for this current issue and what seems to be the solution?
Business is really slowing down, Bitcoin holders or sellers are losing and there's nothing we can do to get it back to normal, talking about the fee.
Is it that the higher we see Bitcoin price the higher the fee? Because I noticed that ever since Bitcoin price hit $30-40k the fees has never been the same, who's to blame for this current issue and what seems to be the solution?
December 30, 2023, 09:23:27 PM
There is no point in using Bitcoin as a payment method when the charges are exorbitant hence I would rather suggest and this is something which I had been doing for a while now, we should start utilizing other crypto assets like altcoins or stable coins instead of Bitcoin for transfer because it doesn't make sense for us to pay such high transaction fees.
But, still the opinions are divided while some would agree with my method and some would disagree and say that we should only do higher transactions to cut down on transaction fees.
But, still the opinions are divided while some would agree with my method and some would disagree and say that we should only do higher transactions to cut down on transaction fees.
December 30, 2023, 07:53:42 PM
of course, with a high sending fee, the money spent by the buyer is more, so the overall price is more expensive. even the price is above the market price of the product purchased.
If transactions using crypto currency, the majority of people prefer small fees and multiplatform networks so users can choose the cheapest sending fee. like USDT, there are many networks that are used.
If transactions using crypto currency, the majority of people prefer small fees and multiplatform networks so users can choose the cheapest sending fee. like USDT, there are many networks that are used.
December 30, 2023, 06:32:42 PM
Another thing is that if transaction is made, sellers will have to wait for long to receive payment and no seller wants that kind of delay in his/her business.
6 confirmation is the secure number of confirmation needed by a seller to accept bitcoin payment although it could be less, this confirmation time actually varies but it is not as long as we place it today and the Mempool congestion doesn’t have any effect on the confirmation time if at all you set the fee at a transaction more than enough to get into the next block What the OP is insinuating is that; no buyer will want to wait for long before receiving payment through bitcoin after they’ve done a transaction between themselves. The transaction fees will determine how fast the transaction will get into the next block, not all sellers can wait for that and no one wants to set a high transaction fees for an amount that is not worth it.
December 30, 2023, 05:48:11 PM
We all know that Bitcoin is used for making payments. So, people who buy uses bitcoin to send payment and those who sell uses it to receive payment from anywhere in the word. But the situation of high transaction fees is affecting buyers and sellers. They are now looking for an alternative to make payment instead of using bitcoin. Another thing is that if transaction is made, sellers will have to wait for long to receive payment and no seller wants that kind of delay in his/her business.
Do you think there is a solution to this, or B2B and P2B, business that uses bitcoin should find another alternative to payment method instead of Bitcoin?
For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.
Do you think there is a solution to this, or B2B and P2B, business that uses bitcoin should find another alternative to payment method instead of Bitcoin?
For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.
Sadly this is the case right now, Bitcoin is unusable as a payment method by online sellers. Although before the main reason is that it's volatile, now it's the high fees because we have been under attack before the developer of Bitcoin ordinals have found a loophole and exploit it and they it created hype causing the mempool to be also congested, hence bitcoin enthusiast trying to get their transaction to be in front by paying high fees.
I'm not into business that take Bitcoin, but in this kind of situation? I will honestly stop accepting it. And then uses other crypto as an alternative because BTC is not viable for use now.
December 30, 2023, 04:45:17 PM
We all know that Bitcoin is used for making payments. So, people who buy uses bitcoin to send payment and those who sell uses it to receive payment from anywhere in the word. But the situation of high transaction fees is affecting buyers and sellers. They are now looking for an alternative to make payment instead of using bitcoin. Another thing is that if transaction is made, sellers will have to wait for long to receive payment and no seller wants that kind of delay in his/her business.
Do you think there is a solution to this, or B2B and P2B, business that uses bitcoin should find another alternative to payment method instead of Bitcoin?
For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.
Do you think there is a solution to this, or B2B and P2B, business that uses bitcoin should find another alternative to payment method instead of Bitcoin?
For those who are into business that make use of bitcoin, how do you harness this situation of high transaction fess to not affect your business and customers? So that others will learn from your tips.
I think LN is the answer for those stores and it has been proven already. But as far as online goes, I do agree with the current fees, you don't expect someone to buy using their bitcoin specially that it was initially design for "micropayments", the mempool is congested because of BRC-20 ordinals that everyone is really affected and suffering.
As far as I know there was a proposal, anyways, it's beyond us for now, the devs or who is involved should debate whether they will implement it or not.
Or course, those businesses have options to used other cryptos, but it will defeat the purpose of bitcoin being that supposedly coin to handle that.
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