Is bitcoin transaction fees fair? - page 12.

8Habits

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Quote from: newbie-hero on January 14, 2018, 07:46:37 AM

Quote from: sinta23 on January 09, 2018, 09:32:10 AM

Quote from: roberthus on January 09, 2018, 09:21:10 AM

I do not know if it's fair but it's the fever of the moment, so maybe they'll take advantage of it

I think it's fair yes, the problem in finding the bitcoin is tailored to what we have done, so we do not have to worry if our sustenance is confused with others.

All men has the right to make a choice. There are different fees can be paid. Furthermore professional traders prefer the highest fees because of more rapid transactions. You pay for the service. That’s simple

When you want a more faster transaction, you can pay at higher fees but when you are not in a hurry, you can just pay the daily average recommended fee @ https://bitcoinfees.21.co. You should not make any unnecessary bitcoin transactions to avoid the many fees.

newbie-hero

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Quote from: sinta23 on January 09, 2018, 09:32:10 AM

Quote from: roberthus on January 09, 2018, 09:21:10 AM

I do not know if it's fair but it's the fever of the moment, so maybe they'll take advantage of it

I think it's fair yes, the problem in finding the bitcoin is tailored to what we have done, so we do not have to worry if our sustenance is confused with others.

All men has the right to make a choice. There are different fees can be paid. Furthermore professional traders prefer the highest fees because of more rapid transactions. You pay for the service. That’s simple

taeewo

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The price is too high and that the reason people are switching to ETH for low fee...

aarons6

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Quote from: luigidosado on January 14, 2018, 02:34:47 AM

Quote from: shield132 on April 26, 2017, 02:58:00 AM

Everyone wanted higher bitcoin price and we achieved this but another problem become transaction fees. When bitcoin's price was low, we had to pay also low fee and now when it rised, we have to pay high fee in bitcoins and plus that high fee is more higher with current price. Is this fair? The higher the price, the more money miners have with bitcoin exchange.
To my mind when price becomes high, we have to pay low fee and when it becomes low, than fee has to be high. To my mind it had to be done like this from the begining.

Bitcoins transaction fee is actually a bit fair and reasonable for both users and bitcoin itself. We gain a lot from bitcoin as a return we pay bitcoin an amount proportional to the value that we are trying to withdraw. But it would also be good if transaction fees are much cheaper so that people won't suffer much from it. But no one can actually dictate it but the market.

what do we gain from bitcoin that makes it worth spending as much as you are sending in fees??

right now if i wanted to send you 50$ in bitcoin, id have to spend an extra 50$ to make sure you get it.. this makes bitcoin useless..

think about this, if i wanted to send you 50$ in litecoin, it would only cost me .20c to send..

aarons6

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Quote from: rezzx on January 13, 2018, 03:18:35 PM

it's a classic case of supply and demand. there is a huge demand now and the network is overloaded, thats why there are higher fees. also, remember that you can't reduce the fees too much because mining becomes more and more expensive thing to do. if fees are reduced too much people will no longer get into mining business, which will result in longer confirmation times, and then, yes, higher fees.

this isnt how mining works.. the fee is a small part of the block reward.. if it becomes unprofitable for large mining farms, then the difficulty will go down and smaller miners that are more profitable will still be available..

everyone in this thread is like the fee is here to help the miners.. but there will always be miners.. even if the reward is small..

shezu007

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Quote from: luigidosado on January 14, 2018, 02:34:47 AM

Quote from: shield132 on April 26, 2017, 02:58:00 AM

Everyone wanted higher bitcoin price and we achieved this but another problem become transaction fees. When bitcoin's price was low, we had to pay also low fee and now when it rised, we have to pay high fee in bitcoins and plus that high fee is more higher with current price. Is this fair? The higher the price, the more money miners have with bitcoin exchange.
To my mind when price becomes high, we have to pay low fee and when it becomes low, than fee has to be high. To my mind it had to be done like this from the begining.

Bitcoins transaction fee is actually a bit fair and reasonable for both users and bitcoin itself. We gain a lot from bitcoin as a return we pay bitcoin an amount proportional to the value that we are trying to withdraw. But it would also be good if transaction fees are much cheaper so that people won't suffer much from it. But no one can actually dictate it but the market.

Well, BTC transaction fee was increased in last some weeks due to high number of transaction due to which network was too overload and transaction process was also somewhere slow But now again all things are mostly recover and other thing is that if we see price of BTC and transaction fee on them then i think that fee is very negligible as compare to other area of taxes.

luigidosado

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Quote from: shield132 on April 26, 2017, 02:58:00 AM

Everyone wanted higher bitcoin price and we achieved this but another problem become transaction fees. When bitcoin's price was low, we had to pay also low fee and now when it rised, we have to pay high fee in bitcoins and plus that high fee is more higher with current price. Is this fair? The higher the price, the more money miners have with bitcoin exchange.
To my mind when price becomes high, we have to pay low fee and when it becomes low, than fee has to be high. To my mind it had to be done like this from the begining.

Bitcoins transaction fee is actually a bit fair and reasonable for both users and bitcoin itself. We gain a lot from bitcoin as a return we pay bitcoin an amount proportional to the value that we are trying to withdraw. But it would also be good if transaction fees are much cheaper so that people won't suffer much from it. But no one can actually dictate it but the market.

HorribleGuy01

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Actually its not really fair right now. The fees in bitcoin has been a problem and we kept on ignoring it. Although the market value of bitcoin is high it doesn't have to mean that TX fees are also high.

Tambu

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Quote from: shield132 on April 26, 2017, 02:58:00 AM

Everyone wanted higher bitcoin price and we achieved this but another problem become transaction fees. When bitcoin's price was low, we had to pay also low fee and now when it rised, we have to pay high fee in bitcoins and plus that high fee is more higher with current price. Is this fair? The higher the price, the more money miners have with bitcoin exchange.
To my mind when price becomes high, we have to pay low fee and when it becomes low, than fee has to be high. To my mind it had to be done like this from the begining.

Payment of btc always equate with the price. if the price is high they also charge high. the problem is those holder of small amount of btc, those btc will remain idle because it cannot compensate the charge itself.

fogsan

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Quote from: shield132 on April 26, 2017, 02:58:00 AM

Everyone wanted higher bitcoin price and we achieved this but another problem become transaction fees. When bitcoin's price was low, we had to pay also low fee and now when it rised, we have to pay high fee in bitcoins and plus that high fee is more higher with current price. Is this fair? The higher the price, the more money miners have with bitcoin exchange.
To my mind when price becomes high, we have to pay low fee and when it becomes low, than fee has to be high. To my mind it had to be done like this from the begining.

The transaction fee is fair because the value is determined by supply and demand, but it is too expensive for me, so I do not want to use bit coin remittance.

Rohithrao

newbie

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In my view, this is the point where we need to shift to other alternatives like LTC, ETH... though the coins traded on these crypto's are still less in number but as the demand increases i guess all coins will also get traded on these crypto's

mr.bean865

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Quote from: youdacapt on January 13, 2018, 03:42:14 PM

This will be a problem of the goal of decentralizing the currency, the fee will become more expensive and will only become a commodity of the rich. On the other hand, the increase in fee also corresponds to the increase of bitcoin price. If the cost of allocation remains low then the service provider will go bankrupt instantly, I agree to keep the fee within normal limits.

Yes it is fair to put fee on the transactions up to acceptable level but now a days as crytocurrency market is flourishing more day by day they are now charging more fees then ever before which is very frustrating for all so they need to take the fees down to a certain average level.

youdacapt

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GOD is TRUE

This will be a problem of the goal of decentralizing the currency, the fee will become more expensive and will only become a commodity of the rich. On the other hand, the increase in fee also corresponds to the increase of bitcoin price. If the cost of allocation remains low then the service provider will go bankrupt instantly, I agree to keep the fee within normal limits.

Skieleton

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Activity: 686

Merit: 282

If you do not want to overpay for BTC transfers, it is best to start by using a wallet that allows you to set the charges yourself. The most popular ones for the desktop are Electrum and Bitcoin Core. If you prefer mobile wallets, Coinomi also offers this functionality. To choose the lowest possible price, it is best to check the last block, for example at blockchain.info, search for the satoshi / byte value of the lowest listings and set the minimum price to yourself. Such a transaction should then be quickly confirmed in the next block at the minimum fee.

MommyElsa

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For now the fees are not fair. It is so expensive and greatly affects me because I think that my income get wasted because of a very high transaction fees.

rezzx

newbie

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it's a classic case of supply and demand. there is a huge demand now and the network is overloaded, thats why there are higher fees. also, remember that you can't reduce the fees too much because mining becomes more and more expensive thing to do. if fees are reduced too much people will no longer get into mining business, which will result in longer confirmation times, and then, yes, higher fees.

BobbyZounours

newbie

Activity: 48

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if the transaction fee is low (and if the confirmation happens quickly), then there will be more transactions and the total fee per block would see a significant rise. But most of the miners are short-sighted and they are against increasing the block size.

JehanleMauvais

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I do not think that they are fair to me. The fees are very high and it costs me a lot of money. Damn. Bitcoin needs some improvement to become a good source of money.

Kubra Dam

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Quote from: sinta23 on January 09, 2018, 09:32:10 AM

Quote from: roberthus on January 09, 2018, 09:21:10 AM

I do not know if it's fair but it's the fever of the moment, so maybe they'll take advantage of it

I think it's fair yes, the problem in finding the bitcoin is tailored to what we have done, so we do not have to worry if our sustenance is confused with others.

I wonder your argument for saying the current fees are fair enough. They're not fair to me and the amount of money you spend for performing a regular bitcoin transaction is way too high at the moment.

coin_maker

newbie

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Not fair,
it will be nice if it could be reduced to encourage new investors

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