Topic: I think we are greedy - page 5. (Read 5733 times)

Current BTC fees are huge and you have to accept it's not right

Bitcoin transaction fee doesn't depend upon the amount of bitcoin we are transacting so to send some micro transaction in bitcoin we may have to pay more than the amount we are trying to send out. So even that 1-2$ will count as expensive/high fees for transaction with less than 10$.

I think that we aren't greedy, because in some countries these fee is expensive. Besides, it is supposed the fees should stay low for Bitcoin community and greater adoption.

It is just a human nature to become greeey what i just really dont like is that this might lead to market manipulation or to something that is not good i agree to the fee might be acceptable around 1-6$

No, we are not greedy, it's reasonable that people want to keep fees as low as possible, and if miners agree to them, than it's fair for everyone. The reason why people say that Bitcoin fees are too big is because those fees are flat - they are not related to the size of transcation, so if you are doing big transcations, like in your case, Bitcoin fees seem to be cheap, but if you want to tip $5 to someone or buy something small, then the fees start looking really big, especially if you compare it with altcoins, which have tx fees with a size of just a few cents.

In my country, the problem is usually getting the bitcoin out of the exchange rather than buying bitcoins. For example, buying $2 worth of BTC have no charge at a convenience store brand. I tried sending some dollar to a Youtuber I'm subscribed to, just to test out how it works (so I'm not planning to have Paypal or Patreon anyway). It was asking for 86 cents. I was like "damn a dollar is already a full meal here, I can probably still afford to send that but fee as much as that?".

It doesn't matter if they all pay $100 fee, all their transactions will still not get confirmed..

Franky, I perfectly understand and share your opinion.

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.

The fee looks strange for me. That means the service took 1% - 10% just for paying the fee. In addition, Is it no included with the transaction fees?
Regarding from the latest rate of bitcoin 50k satoshi worth for a dollar.

For the bigger transaction, it will be acceptable for the bigger transaction but not for a little one.
Bitcoin is not a micropayment again.

If you think that the service fee is unfair, then just use another service that suits you.

IMO the people who are being "greedy" are the ones that are paying the high fees!!

They are being greedy with blockspace vs time..
The more you pay in fees the more you push out others under you and the more fees will increase by other greedy people trying to get infront of you..
They are just cutting in line..
Everyone could just paid 10k sat fee and wait in line equally..

If you are complaining about high fees what you are really complaining about is having to wait and the fact that others are paying high fees..


From here more or less users do not really translate in to the cost of fee to get your transaction confirmed fast..
Even with the amount of transactions now their are plenty for a fee race..

People start paying 100k sat fee to cut then others pay 200k sat to cut then 400 then 800 and even with the same amount of people if they want to race to cut with 1mm sat fees then it will take that amount of fee to get your TX confirmed..

But think.. If everyone paid 20k sat fees then their transactions would confirm just as fast as if everyone paid 500k sat fees..
The fee you pay doesn't make transactions confirm faster, it just makes your transaction confirm faster than someone elses transaction that paid a lower fee..

Even with no more users if people are just going to pay higher and higher fees to cut in line then the fee to get your TX confirmed in a reasonable amount of time is infinity because it can go up as high as everyone is willing to pay..

Deposit using 7/11 stores charging 5% of the amount but it will add into your balance after deposited that is why theres no fee if you do deposit in bitcoin. But if you do withdrawal then you feel the higher charge on your withdrawal.

Yes exchanges are not collected fee for deposit. But to add money into bitcoin wallet have fees. Am used local bitcoin wallet everytime i would like to add bitcoin in my wallet i go to the nearest 7/11 to add bitcoin. But the fee are not much bigger.

yes i will pay that and even more if i have to because i didn't come into bitcoin for its cheap fee, there are a lot more that it offers me.

with that said this is really not acceptable, and things need to change. when fees are increasing like this it is obvious that miners won't change anything. they will stay like this forever because their profit has been increased a lot.

i don't completely like the idea of UASF because of the risk it has but sometimes i think it is necessary for us to remind miners that they are nothing more than our employees and they need to wake up and see beyond a temporary high profit from fees.

Nope it is not acceptable.

Yesterday I send from my Electrum Wallet 30 $ and to make it happens within 10 blocks (100 minutes) I paid 2 $.


WTF 

It is more expensive than bank transfer. Blokchain was fast and almost free transactions worldwide. Bitcoin does not offer it anymore.

Can you please name what crappy exchanger you're using?
I have not heard of one asking for such fees.

There are ATMs cheaper that that.



If I'm moving more than 1 BTC probably.
But for 0.025 or 0.05 payments... afraid not.

The fees also effect stores that want to accept Bitcoin. For example we have cafe that does accept BTC but with the fees, paying around 80-90 cents in fees for a cup of coffee which is only 2 euros is not the most ideal thing to do. It would be great if a solution was found so the original title of "very little fees" can come back into play and people can see the incentive for using Bitcoin for payments again. Also as someone mentioned, for countries where they are unbanked such as some African regions, paying such high fees can halt its adoption.

i believe the OP is talking about the bitcoin transaction fee people pay with any/all transactions.. which when doing a task like depositing into an exchang or withdrawing makes it 'feel' like needing to pay $1-$4 just to deposit/withdraw

That is why i support UASF even if it will create altcoin becouse people deserve to use fair altcoin, why you we have to force people to use LTC over BTC ?
LTC as pure copy of BTC is not that fair to be honest. LTC was suppose to be ASIC resistand and BAMM... one fundamental was crushed sine that LTC to me has no advatage over bitcoin.
USAF BTC will be more fair than most altcoins here

Greed is part of human. But, bitcoin tx fee is high because block is full and scaling problem because SegWit/BU drama. Bitcoiner are forced to pay big fees or move to altcoin.
Even SegWit/BU can't guarantee to solve the problem, but at least they can buy time for another scaling option or stop the fees which keep raising.