It surely doesn't make any sense tbh, first coinbase started fees so i started using xapo , now there is fees everywhere even on xapo but the problem is before the 1 hour confirmation fees was 0.001 now they have increased it to freakin 0.0022 btc which i think is highest currently. I'm mostly going to switch back to coinbase only because of this fees issue.
For eg i sent 0.007 btc yesterday and because of the fee structure the total amount reached 0.01 btc.
Solution small transactions = big no
Topic: i think bitcoin will not be common for small transcitions - page 2. (Read 2491 times)
What you think ?
as prices of bitcoin raises up, the ability to do minimum fees transaction also goes up
what you think, how could it be solved?
I THINk people will use other currencies for small transitions, and bitcoin for main balance
as prices of bitcoin raises up, the ability to do minimum fees transaction also goes up
what you think, how could it be solved?
I THINk people will use other currencies for small transitions, and bitcoin for main balance
With what we have now that is correct but there are solutions being discussed to allow small transactions to go through again with minimal fees. At the end of the day its better for miners if they can get 1 cent fee a million times than a 1 dollar fee a hundred times.
If the transaction fee can not be lowered, then obviously for a small transaction, bitcoin does not match. It's better to use cash only, but if there is a solution to suppress transaction fee then there will be hope for bitcoin use in payment and transaction on a small scale
I fully agree with this. The fees will only continue to grow. As for now, the fees are around 2$-3$. I would not perform a transaction less than 30$ with this ridiculous fee. I can only see that in the future, only large transactions will be done with bitcoins due to huge fees.
Maybe I misunderstood your point but this doesn't seem like an issue to me. You can use indefinitely small fractions of bitcoins for transactions so it doesn't seem like a problem.
It is a problem when you are dealing with small changes as the transaction fees are as high as two dollar and rising small transactions amounting to twenty or lower is not at all profitable if you are planning to do a higher number of transaction and the possibility of sending money to multiple accounts with a web wallet is yet another taunting task as you will be loosing more money as transaction charges.
I do agree if the current scaling is not solved and the current situation is untouched, it wil not be common for bitcoin to do a small transaction. This is what segwit ng lightning network trying to solve but there was some arguments about them not solving the issue. Some pushed a block increase where they think the problem with scaling is solved but the question is, will it solve the ever increasing transaction fee?
I think you're wrong - look up SegWit and the Lightening Network.
what is segwit could you please explain to me ?
Google can helped you that. I will give you one of the result from it.
https://www.cryptocompare.com/coins/guides/what-is-segwit/
Yesterday I found an exchange which accept smaller fees of 0.0002 so I think that will help for people who want to do smaller transactions.
What exchange is that? May I know so that I can check? Anyway 20.000 satoshis as a transaction fees will get their transaction unconfirmed forever (Sarcastic). Just do transactions whenever it need to save transaction fees.
Maybe I misunderstood your point but this doesn't seem like an issue to me. You can use indefinitely small fractions of bitcoins for transactions so it doesn't seem like a problem.
It is a problem when you are dealing with small changes as the transaction fees are as high as two dollar and rising small transactions amounting to twenty or lower is not at all profitable if you are planning to do a higher number of transaction and the possibility of sending money to multiple accounts with a web wallet is yet another taunting task as you will be loosing more money as transaction charges.
The issue will be resolved soon in September I guess.
What I want to see if the price of Bitcoin is raised like now its on 3000$ the transaction should be very low every satoshis price is increased by some factors.
But for small transactions if we pay high fee we may have to pay more fee than our real output. So this has to be fixed because we will be actually losing our money in transacting bitcoins.
What I want to see if the price of Bitcoin is raised like now its on 3000$ the transaction should be very low every satoshis price is increased by some factors.
But for small transactions if we pay high fee we may have to pay more fee than our real output. So this has to be fixed because we will be actually losing our money in transacting bitcoins.
I agree if the transaction fee is larger than the value of transaction, it won't work for small transaction.
For example I need to pay the game at Steam using Bitcoin valued $10, while the transaction fee is almost 0.001 BTC almost equal to the value for bought product.
I wish this high transaction fee problem could be resolved or the use of bitcoin mostly will be used as asset or securities only
For example I need to pay the game at Steam using Bitcoin valued $10, while the transaction fee is almost 0.001 BTC almost equal to the value for bought product.
I wish this high transaction fee problem could be resolved or the use of bitcoin mostly will be used as asset or securities only
Suppose if a person will transact about $1 then for that transaction he will not be willing to pay more than 2 dollars of fees so for that type of transactions I am sure that no one will use bitcoin. But if in the future they reduced the fees for smaller transactions then they will use bitcoin even for that.
Hope you know the reason why you are forced to give higher fees,it is simply because someone is happy to give a competitive price to get his or hers transaction as fast as possible and if you think that bitcoin is too much to handle then you can very well step away from it. 
it cannot be used for micro transactions for several months now and i do not think that we will see a change for some time now unless we see some sort of scaling solution.Yeah exactly looking at the high transaction fees of the bitcoin and not only the fees is the issue the confirmation of the transaction is also an issue that currently the Bitcoin is facing what is gonna make people search for some other better options. As discussed the prices there is inflation in the prices and it is a panic for those with the small transactions, so people might find a new way for them.
That’s why people shouldn’t sell or trade Bitcoin once they receive it because once they send Bitcoins from their account to another person’s account the amount of Bitcoin they have gets smaller than what they’ve started with. Bitcoin is more of a thing to hold instead of spending it, once people learn that they could make more money by holding the coin then they would be able to cash out once and have more money than they would compared to just cashing out multiple amounts of times. 
Yes, as time goes by, Bitcoin use for small transactions will be uncommon. Not just because Bitcoin's price is soaring upward, also the transaction fees needed are increasing as well. If this continues, no one will dare to have a small transaction. Going to an altcoin for small transaction is far too practical than bitcoin.
I do not know any solution for this for this are inevitable. Segwit on August first is a proposed solution but I do not know if it is a solution or not.
I do not know any solution for this for this are inevitable. Segwit on August first is a proposed solution but I do not know if it is a solution or not.
since send bitcoin from online wallets took very long confirmation or high fees i always save my coins in market, when sending or to sell bitcoin into fiat i use dogecoin because in my local exchanger it has pair of Doge - BTC so if the spread of price not much i use dogecoin to send my money
Yeah exactly looking at the high transaction fees of the bitcoin and not only the fees is the issue the confirmation of the transaction is also an issue that currently the Bitcoin is facing what is gonna make people search for some other better options. As discussed the prices there is inflation in the prices and it is a panic for those with the small transactions, so people might find a new way for them.
With the huge transaction fees, it has somewhat prevent people from achieving bitcoin for small based transaction. That's why is no longer a choice for most of us. Now, bitcoin became a tool for the big investors to just used it as a store of value of an investment. The casual public is searching for doge or ltc or eth as another option for making micro payment transactions.
Yeah exactly looking at the high transaction fees of the bitcoin and not only the fees is the issue the confirmation of the transaction is also an issue that currently the Bitcoin is facing what is gonna make people search for some other better options. As discussed the prices there is inflation in the prices and it is a panic for those with the small transactions, so people might find a new way for them.
From my perspective, bitcoin is an internet gold and as we know, we can not make small transactions, micro transactions with gold. Therefore, it is time for other cryptos to rise and become a good online payment for micro transactions
This. There is a good place in the crypto world right now for altcoins, many of which (DOGE comes to mind but there are many others that can fill the need) can transact small amounts for a very reasonable fee (much lower than traditional CC transactions that are constantly accepted as the price of doing business for convenience stores, etc). All we need is for large-transaction merchants to deal in Bitcoin with the possible addition of smaller cap cryptos, and small-transaction merchants to embrace a range of the more popular small-cap cryptos. Would I gladly pay a DOGE in fees to buy a soda? Sure. Would I pay the equivilant of USD$20 to make my soda purchase happen fast in BTC? No way.
There is a symbiotic relationship between BTC, the larger altcoins, and the smaller altcoins. Certainly, not all coins in circulation today have a future, but there is a place for a number of cryptocurrencies in the financial world of the future.
Bitcoin is internet gold and as we know it today, we can not do small transactions and micro transactions with gold. Therefore, now we will do another crypto ride and become a good online payment for micro transactions etc.
What you think ?
as prices of bitcoin raises up, the ability to do minimum fees transaction also goes up
what you think, how could it be solved?
I THINk people will use other currencies for small transitions, and bitcoin for main balance
as prices of bitcoin raises up, the ability to do minimum fees transaction also goes up
what you think, how could it be solved?
I THINk people will use other currencies for small transitions, and bitcoin for main balance
Maybe I misunderstood your point but this doesn't seem like an issue to me. You can use indefinitely small fractions of bitcoins for transactions so it doesn't seem like a problem.
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