There is no question about we are bringing so much greed into Bitcoin. Well, there is nothing wrong with earning what you are due but what is happening right now is that charges for the transfer is already beyond what can be considered as logical and just. In the first place, Bitcoin is supposed to be fast and cost-efficient. What what we are seeing and experiencing right now is opposite of what Bitcoin must be.
This thing has to be solved otherwise we might see some alignment or a bubble bursting in the near future. Sadly, this problem created a great incentive for miners and exchangers to make more money. The voice and concern of the common Bitcoin holders and users are getting to be drowned in this situation.
Topic: I think we are greedy - page 4. (Read 5797 times)
Yup the fees in some exchangers are just ridiculous the community should implement and should decide to how much fees does this exchangers should collect, just to be fair.
After all bitcoin is a decentralized currency there is really no need to increase in deposit or withdrawal fees even higher, i think 1$-5$ is enough.
After all bitcoin is a decentralized currency there is really no need to increase in deposit or withdrawal fees even higher, i think 1$-5$ is enough.
I have been trying to deposit/withdraw fiat into different exchanges, and I found that most fees are absolutely ridiculous (7%-10%?!). With many options to deposit/withdraw fiat (and different fees), I think we are getting a bit greedy with Bitcoin.
According to Bitcoin price at the moment, depositing fiat worth of 1BTC ($2,053) requires fees ranging between $21-$205, while most of us want to transact that same 1BTC with something like $0.5 and getting rage over the delay!
I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.
According to Bitcoin price at the moment, depositing fiat worth of 1BTC ($2,053) requires fees ranging between $21-$205, while most of us want to transact that same 1BTC with something like $0.5 and getting rage over the delay!
I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.
If you are only Buying BTC to hold as an investment , with no need to use it to pay anyone, then the fee is not a big issue.
If you actually are using it to pay to someone for a service or product.
BTC ~$5
LTC ~ 1 Penny
If you actually need to be able to complete onchain transactions in a timely manner at an affordable price LTC wins.
If you absolutely must use BTC, some exchanges like Cryptopia offer direct coin transfers to other users on the same exchange which bypasses the current onchain backlog.
So Offchain scaling is currently available without segwit or Lightening Network, just use Crytopia's offchain transactions for their exchange users.
╥AztekPhoenix
Im a tad confused. Are you complaining about the exchange you use for their high fees? or are you complaining about Tx fees on the chain? If its the exchange, then use another one, if its regarding the tx fees, well, right now it sucks, but its necessary. I make sure I send 2x the amount suggested per byte, yes, its more than the 6 cents i was paying just a few months ago, but id rather have my tx included in a block quickly, or ill lose sleep.
I dont think that Bitcoin is viable for micro payments any more, there are many alt coins that will do this. Bitcoin is going to be for those that are early adopters or invest heavily.
As for the BU/Sw debate, Im just going to hope for the best as Im no longer a miner and dont have any say. It does make me nervous that if BU is chosen that we will have 2 coins. its already hard to explain what bitcoin is, its going to be very confusing when there are 2 bitcoins. I hope there is a solution that will fix most issues without a hard fork..
BA
I dont think that Bitcoin is viable for micro payments any more, there are many alt coins that will do this. Bitcoin is going to be for those that are early adopters or invest heavily.
As for the BU/Sw debate, Im just going to hope for the best as Im no longer a miner and dont have any say. It does make me nervous that if BU is chosen that we will have 2 coins. its already hard to explain what bitcoin is, its going to be very confusing when there are 2 bitcoins. I hope there is a solution that will fix most issues without a hard fork..
BA
I have been trying to deposit/withdraw fiat into different exchanges, and I found that most fees are absolutely ridiculous (7%-10%?!). With many options to deposit/withdraw fiat (and different fees), I think we are getting a bit greedy with Bitcoin.
According to Bitcoin price at the moment, depositing fiat worth of 1BTC ($2,053) requires fees ranging between $21-$205, while most of us want to transact that same 1BTC with something like $0.5 and getting rage over the delay!
I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.
According to Bitcoin price at the moment, depositing fiat worth of 1BTC ($2,053) requires fees ranging between $21-$205, while most of us want to transact that same 1BTC with something like $0.5 and getting rage over the delay!
I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.
Okay you are right the $1-5 is acceptable but no more higher.
It is way above than it was before. It also increased in just a short time with a short notice.
I guess those spam cant deal with that kind of large transaction fee so they will stop and we could clear up the traffic out there when everyone is paying the right price.
I have been trying to deposit/withdraw fiat into different exchanges, and I found that most fees are absolutely ridiculous (7%-10%?!). With many options to deposit/withdraw fiat (and different fees), I think we are getting a bit greedy with Bitcoin.
According to Bitcoin price at the moment, depositing fiat worth of 1BTC ($2,053) requires fees ranging between $21-$205, while most of us want to transact that same 1BTC with something like $0.5 and getting rage over the delay!
I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.
it's true we also get a lot of profit from rising bitcoin price so the transaction fee increase is fair to me. but which is very unfortunate if we transact with a small value I mean when the transaction $50 and fee $3 is very much. According to Bitcoin price at the moment, depositing fiat worth of 1BTC ($2,053) requires fees ranging between $21-$205, while most of us want to transact that same 1BTC with something like $0.5 and getting rage over the delay!
I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.
I completely agree. The fees need to drop, plain and simple. For people holding as a personal investment - fees don't matter, but for the people using BTC on a day-to-day basis it's a real pain in the ass. One of the main reasons people began raving about Bitcoin and all of it's wonders in the first place was because it had low fees...
yes i agree with you, it is quited hard for us, because we are using bitcoint to help us in our daily needs but in some reason , we become lazy in bitcoin because of the transaction fees, we are working for so hard, but the transaction fees are getting bigger as bitcoin getting higher too. im hoping that fees will bit much get smaller.
I know about the countries with minimum wage – I am living in one with a minimum wage of 20cents per hour. The 4 billion, who don't use banks, don't know about online payment processors, and don't know about bitcoin (either they didn't hear about it, or they heavily trust in cash) to use it as a payment processor.
lol
Mpesa.. research it
Also I don't think bitcoin, at the moment, is ready for such masses.
agreed but thats due to core limiting growth to pressure people into new keypairs using fals hope/false promises and then commercialised hub services(LN) 
Greed is the driving force behind bitcoin which keeps the network trust-less. Yes, the fee is high and this is exactly the burning issue we are facing... even with this the bitcoin price is still unstoppable. So imagine the potential we have when scaling solution is implemented....
Yes people become greedy right now because of continuously rising of its value. But the if problem right now is the high transaction fee. It may be the cause of getting down of bitcoin if it still remain for a long time. When scaling solution implemented I think every bitcoin user will be happy because it will be fair for them whenever they have transaction to other. 
I have been trying to deposit/withdraw fiat into different exchanges, and I found that most fees are absolutely ridiculous (7%-10%?!). With many options to deposit/withdraw fiat (and different fees), I think we are getting a bit greedy with Bitcoin.
According to Bitcoin price at the moment, depositing fiat worth of 1BTC ($2,053) requires fees ranging between $21-$205, while most of us want to transact that same 1BTC with something like $0.5 and getting rage over the delay!
I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.
According to Bitcoin price at the moment, depositing fiat worth of 1BTC ($2,053) requires fees ranging between $21-$205, while most of us want to transact that same 1BTC with something like $0.5 and getting rage over the delay!
I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.
ok.. now imagine your not american
imagine your part of the 4 billion unbanked people that want to convert their local currency to bitcoin
now imagine you being told BEFORE even thinking about how much your actually wanting to hold as bitcoin, that 20-40 minimum wage labour and you still may end up waiting 36 hours is "acceptable" just to get handed bitcoin as the transaction fee..
yep in many countries a minimum wage hour is 5-10cents
so before thinking $1-$4 is acceptable.. think about those that really need bitcoin..
since bitcoin price is rising every single day.
Yes, but don't count on that. That statement sounds like every biotech and internet stock investor from 1999, right before the NASDAQ tanked in April 2000. The Dow is always rising! It's always gonna rise! We're going to 36,000!!And look at what happened. There's no way to be in this market but to know that we could crash back to $420 at any time. Doesn't seem like we're actually going to do it, but it certainly could happen. And yeah, the fees are ridiculous. There's no way around it.
You act like greed is a bad thing. Greed stimulates completion and encourages innovation. That is what capitalism is built on. That is why bthee are so many altcoins and that is why the crypto space is growing.
ok.. now imagine your not american
imagine your part of the 4 billion unbanked people that want to convert their local currency to bitcoin
now imagine you being told BEFORE even thinking about how much your actually wanting to hold as bitcoin, that 20-40 minimum wage labour and you still may end up waiting 36 hours is "acceptable" just to get handed bitcoin as the transaction fee..
yep in many countries a minimum wage hour is 5-10cents
so before thinking $1-$4 is acceptable.. think about those that really need bitcoin..
Franky, I perfectly understand and share your opinion. imagine your part of the 4 billion unbanked people that want to convert their local currency to bitcoin
now imagine you being told BEFORE even thinking about how much your actually wanting to hold as bitcoin, that 20-40 minimum wage labour and you still may end up waiting 36 hours is "acceptable" just to get handed bitcoin as the transaction fee..
yep in many countries a minimum wage hour is 5-10cents
so before thinking $1-$4 is acceptable.. think about those that really need bitcoin..
Bitcoin users are often caught in their own little world and that shape their opinion through the lens of life standards in the first world country.
At the same time I don't think that Bitcoin (even with future scaling solution, which will hopefully lower tx fees significantly and improve our network)
will be able to help unbanked poor people. For these people whole system needs to change, they are being exploited in their countries with crazy low wages,
bitcoin alone is not enough to change the world for them, they need to earn more to be able to afford it.
It doesn't matter if they all pay $100 fee, all their transactions will still not get confirmed..
I totally agree with you, the high transaction fee doesn't really matter again because the issue is that the blocks can just serve the current demand again and expect this to continue. I believe the miners will be loving this but time will certainly catch up with them
To pay 1$ to 5$ for big bitcoin transactions is very acceptable, but I don't want to pay the same 1$ for little transactions like two digits transactions. I don't think it's a good idea to try making persons accept it as it is now.
It will make persons lose interest about bitcoins as they want to pay lower fees and have more profit by using crypto currency, otherwise they would be happy with fiat.
It will make persons lose interest about bitcoins as they want to pay lower fees and have more profit by using crypto currency, otherwise they would be happy with fiat.
I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.
I agree. I've been paying between $0.5 and $1 fee every time since I got interested in Bitcoin, but things started to suck lately. Last week I've sent a $1 fee transaction and it went relatively fine and got processed in about 12 hours. This week my transaction is stuck for over 50 hours!Just pay $8 and it will be processed in "only" 30 minutes!
If you pay such a large commission, bitcoin will lose its attractiveness for many people. Therefore, I very much hope that the problem of unconfirmed transactions will be resolved in the near future.
I love Bitcoin and I've earned a lot just by holding it, so I can afford paying a high fee, but what about all the newcomers, can they?
I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.
I agree. I've been paying between $0.5 and $1 fee every time since I got interested in Bitcoin, but things started to suck lately. Last week I've sent a $1 fee transaction and it went relatively fine and got processed in about 12 hours. This week my transaction is stuck for over 50 hours!Just pay $8 and it will be processed in "only" 30 minutes!
If you pay such a large commission, bitcoin will lose its attractiveness for many people. Therefore, I very much hope that the problem of unconfirmed transactions will be resolved in the near future.
I could agree that we all have become a bit greedy, both miners and users. Maybe we all expect too much of Bitcoin and we all want to get too much profit in to short time. We have to find some kind of balance and solve emerging issues, we just need good will and understanding on both sides.
I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.
I agree. I've been paying between $0.5 and $1 fee every time since I got interested in Bitcoin, but things started to suck lately. Last week I've sent a $1 fee transaction and it went relatively fine and got processed in about 12 hours. This week my transaction is stuck for over 50 hours!Just pay $8 and it will be processed in "only" 30 minutes!
I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.
I agree. I've been paying between $0.5 and $1 fee every time since I got interested in Bitcoin, but things started to suck lately. Last week I've sent a $1 fee transaction and it went relatively fine and got processed in about 12 hours. This week my transaction is stuck for over 50 hours! I have been trying to deposit/withdraw fiat into different exchanges, and I found that most fees are absolutely ridiculous (7%-10%?!). With many options to deposit/withdraw fiat (and different fees), I think we are getting a bit greedy with Bitcoin.
According to Bitcoin price at the moment, depositing fiat worth of 1BTC ($2,053) requires fees ranging between $21-$205, while most of us want to transact that same 1BTC with something like $0.5 and getting rage over the delay!
I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.
According to Bitcoin price at the moment, depositing fiat worth of 1BTC ($2,053) requires fees ranging between $21-$205, while most of us want to transact that same 1BTC with something like $0.5 and getting rage over the delay!
I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.
Yes because they want to earn more money or bitcoin. There are many fees like that in bitcoin world and I think this fees will high in the future. And I think this is the reason why many people not like bitcoin in future.
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