How much are you willing to pay in fees for a Bitcoin transaction? - page 5.

CyberKuro

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Quote from: w00t on February 05, 2017, 08:28:57 PM

This poll came as an idea from a news post: Almost $1 Billion Worth of Bitcoins Stuck in Transaction Backlog - link here: https://bitcointalksearch.org/topic/2017-02-04-almost-1-billion-worth-of-bitcoins-stuck-in-transaction-backlog-1777803

How much are you willing to pay on daily basis in fees for a Bitcoin transaction that is cleared within 10 minutes? (1 block)

I hid the poll results until you voted so it's not biased - I'm really curious about this one - I ruled out "free" as I don't think it's possible anymore - no matter how big the block size is. Also I don't think anyone is willing to accept fees over $10 - it will be more expensive than the bank fees, so I made it 10+ USD.

Please vote and explain below why you voted the way you voted.

Thank you.

I vote for max $0.1 USD fee in every transaction, I consider more than $0.1 will cause most people assume bitcoin fee too expensive if we want to spend bitcoin in daily basis, we can't expect more adopters or merchants to accept bitcoin payment on this situation.
The solution for unconfirmed transaction is increase block size instead of increase the fee for everyone.

KennyR

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Quote from: Sithara007 on February 17, 2017, 02:43:11 AM

I think that 0.1 USD will be a good amount. Anyway the miners are not getting most of their revenues from the tx fee. More than 90% of their revenues come from the block reward. So this is not going to matter much for them.

Miners get the transaction fee as a part. I would like to make a transaction fee of around 0.1 - 0.5 USD as its quite a good amount for faster confirmation. Because if transaction fee is placed as 1$ or more for small transactions, it looks similar to the transaction fee of banks.

sportis

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It's a complicated issue but for a transaction which has size no more of 350 byte that is with 2 inputs and 1 output I would be comfortable with 1 dime for a fast confirmation; taking into account the today's price of bitcoin. But if the transaction size increases, because of more than 2 inputs then it's fair to pay more than this amount. Thereafter, with nowadays price about 35-40 satoshis/byte is a good price for a fast network confirmation.

ralle14

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I'm willing to pay up to 1 usd(that's what I voted for) I think thats enough for a miners fee. I already spent fees more than 1 usd in one transaction it's only because the size of my trans. was above 1kb.

Sithara007

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I think that 0.1 USD will be a good amount. Anyway the miners are not getting most of their revenues from the tx fee. More than 90% of their revenues come from the block reward. So this is not going to matter much for them.

Schuyler

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Quote from: Dudeperfect on February 06, 2017, 03:56:11 AM

To be honest for me it depends on the emergency of the transaction if I am in a position where I can postpone the transaction after such ''unconfirmed transactions' scene then I would not pay any fee at all during that period and will do the transaction when things will get back to normal. However, I would pay fee up to $5 in the case of urgency.

Of course. I am not going to pay any fees if my transaction is " unconfirmed transaction " too. Paying fees is not depending on the situation. For me, it depends on how much money will be sent but not so high as money transfer or bank.

But anyway, the most important is the fast services so many people still use bitcoin for their transactions.

hase0278

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The minimum fee right now is what im willing to pay in fees for a bitcoin transaction since I don't care about how long it will take for me to receive what I have sent because I know that it will arrive later unless im on rush im willing to pay 0.0002-0.0003 BTC as fee for them to process it within an hour or under 30 mins. Im not willing to pay more than the amount I have said to get my transactions confirmed faster.

Decoded

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Currently the fee method is based on how many inputs or outputs are used. If you have one satoshi in each of say ten different addresses, to send this tiny amount, it will cost thousands of times more to send that the collective balances of these addresses. It's beneficial for larger transactions, and alright for the smaller ones, but not for the microtransations.

I'd say for an average transaction (1/2 inputs, 2 outputs), the fee should be around 0.0001-0.00015.

X-ray

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Quote from: Victorycoin on February 09, 2017, 05:01:30 PM

Quote from: PacePay on February 06, 2017, 09:38:37 AM

For me it depends on the amount of bitcoins I will transact if it is a high amount like more than 0.02 then I will not care for the amount of fees and will prefer for 0.0004 or more as are suggestible by blockchain automatically but if it is smaller amount for recharging my mobile then I will like to use xapo without fees transaction.

These days, I have had to pay as much as 0.0005BTC as normal fee to have my transaction processed without much delay and they actually got processed in no time. However am concerned this preferential treat would do Bitcoin more harm than good as it might escalate to the highest bidders taking over the network.

Because the bitcoin network isn't have an high traffic, and it back to the normal condition and probably just put 30k sathosi for your transaction and it means make your transaction in the high priority.
If the network is smoothly and every transaction will running for well without any delay.

neonshium

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Quote from: jamyr on February 09, 2017, 05:48:26 PM

I am willing to pay 0.0004 - 0.0006 for transactions not greater than 0.07btc if the amount would be higher, 0.8% would be a fair amount.
Western Union charge around 1% of the Principal amount so cheaper service would be better.

it is right. most of us started using bitcoin because of low fee and other good features. but if the fee constantly continue increasing than it will surely hurt bitcoin. miners should not be that much greedy and keep the fee fair.
I remember there was a thread comparing bitcoin with westren union and paypal. and lots of people said they like bitcoin just because of lower fee.

shield132

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Quote from: Victorycoin on February 09, 2017, 05:01:30 PM

Quote from: PacePay on February 06, 2017, 09:38:37 AM

For me it depends on the amount of bitcoins I will transact if it is a high amount like more than 0.02 then I will not care for the amount of fees and will prefer for 0.0004 or more as are suggestible by blockchain automatically but if it is smaller amount for recharging my mobile then I will like to use xapo without fees transaction.

You might want to know that as from 15th of February, 2017 transaction for amounts less than 0.00030942 BTC, would start to attract some fee.

These days, I have had to pay as much as 0.0005BTC as normal fee to have my transaction processed without much delay and they actually got processed in no time. However am concerned this preferential treat would do Bitcoin more harm than good as it might escalate to the highest bidders taking over the network.

Really? Transaction for less than 0.0003btc has to pay fees? I knew that it was optional. Well, I am using my bank's bitcoin wallet and fee system is very different here, it doesn't matter how much I am going to send, I always have to pay fee 0.0001 btc even if I want to send 0.0001 btc or 10btc. I know that fee isn't normal for big transactions but every transaction was sent without any problem and in some hours with that fee. Is that normal and how is it happening?

LeGaulois

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don't worry aboyt bitcoin price
the bubble is necessarily it will make rodeo this year, going back to the topic, okcoin for example applied already charge taker 0.2 as the other exchanges, more or less, on the margin of the costs of opening position similar to a fixed spread, + fee on withdrawal by fiat, so say that the flat Chinese forms are 0 fees is fake archi , you want the zero fees go on gdax or on the street and haggle like a Racketeer, the Chinese is not more competitive you can believe me, I say just that each platform to advantages and disadvantages.

jamyr

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I am willing to pay 0.0004 - 0.0006 for transactions not greater than 0.07btc if the amount would be higher, 0.8% would be a fair amount.
Western Union charge around 1% of the Principal amount so cheaper service would be better.

Victorycoin

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Quote from: PacePay on February 06, 2017, 09:38:37 AM

For me it depends on the amount of bitcoins I will transact if it is a high amount like more than 0.02 then I will not care for the amount of fees and will prefer for 0.0004 or more as are suggestible by blockchain automatically but if it is smaller amount for recharging my mobile then I will like to use xapo without fees transaction.

You might want to know that as from 15th of February, 2017 transaction for amounts less than 0.00030942 BTC, would start to attract some fee.

These days, I have had to pay as much as 0.0005BTC as normal fee to have my transaction processed without much delay and they actually got processed in no time. However am concerned this preferential treat would do Bitcoin more harm than good as it might escalate to the highest bidders taking over the network.

rajasumi3

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I am willing to pay what is being said or recommmended as per my bitcoin wallet .why should i pay less if the transaction doesnt get s confirmed at all .i would pay a normal miner fee to make it succesful quickly.

pooya87

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i think it mostly depends on what your transaction is for.

for example if i am just a whale investor and are holding 50+ bitcoin and trade it making profit i don't care if fee is $0.01 or $10 and i believe it is mostly what happens.

but if i want to use bitcoin as payment, lets say to buy a cup of coffee ($5) or pay for an online service then i don't want to pay more than $0.1 and the lower the better. these small fees add up to be big, and i can already use my debit card (fiat) for free when buying stuff why would i do it with bitcoin if it costs me a lot?!

OROBTC

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...

For me it all depends. Since most of my transactions are "important", and most ought to be done in a timely manner, I am willing to pay up to BTC0.0006 - BTC0.001 when the blockchain is clogged or I have a complicated transaction.

When conditions were "normal", I usually paid BTC0.00015 or a bit more to get transactions confirmed quickly.

It's the price of doing business.

valta4065

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When you think about it even 0.1$ isn't nothing...
I know btc allows to send huge amount of money from everywhere, and that's great.
But it's still a shame that we can't use it as a daily payment means...
And you can't when you have nearly 0.3$ fees!

asriloni

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based on the https://blockchain.info/unconfirmed-transactions and I probably will pay higher amount for my transaction if the unconfirmed transaction already over 50 k transaction and which mean the price of reliable fees is increase. and to avoid my transaction just get keep on the unpriority transaction. I always pay 0.001 for my transaction.

ethereumhunter

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i think i am willing to pay the fees like under 0.001 maybe 0.0005btc-0.0009btc but if the transaction is more than 1 bitcoin, i think its fine if we pay the fee more than 0.001 because is still small bitcoin amount depending from 1 bitcoin.

but if we make a transaction for more than 3 times, then i think its fine too if the fee is about 0.0005btc or more so we should thinking before we want to spend our bitcoin.

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