Is bitcoin transaction fees fair? - page 20.

jikurpa

sr. member

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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.

for me personally low or high price is not the most important problem how we and our strategy in investing even in bitcoin many people who have gained much advantage in accessing bitcoin

aarons6

legendary

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the only way to really fix the fee is to impose a first in first out type rule on the transactions.

if they really wanted to, they could make it so 50% of the block is by highest fee, and 50% is the oldest transactions..

this will let people pay more for faster, but also let you pay the minimum for guaranteed..

the problem now is the minimum is not guaranteed.. if after 7 days it didnt go through it might be rejected..
this is a major flaw in bitcoin.. as if i buy something from you and didnt include enough fee and it gets rejected you are out the money.. with no recourse.

BitNotByte

member

Activity: 227

Merit: 10

its pretty unfair coz one time when i was paying someone for about a $ for something, the trans fee is almost 10x the value i am sending, like. hey? ? ?
its really unfair. hope they set a constant value or reasonable price for trans fee for lower values.

gadimbrut

full member

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I think the fee is able to exchange bitcoin is reasonable, because at this time bitcoin price is very expensive, I do not have to pay the fee, because the profit is enough for me

Konco126

full member

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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.

I think this is all fair, because the price of Bitcoin high beside him also we must pay dearly. If indeed you want to get big profits, not like that. Because it includes greedy behavior. Live just walk now, because life is governed by the Almighty. Don't be afraid to be poor if you are still trying to be the best. Don't want to be rich if you forget how to do charity to those who need it.

watchbay30

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Quote from: tientien333 on November 28, 2017, 04:36:41 AM

Bitcoin trading is fair, it's unfair because it's a very long time and costs a lot

No it's not fair IMO, when the market is congested it feels people are cheating their way to get confirmed quicker and then miner making good payout of it clearly welcome. Had payments pending for 3-4 days and micropayments pending for more.. and if I pay the higher fees it will take a good sum from my profit.. Apparently off-chain wallets are the way to go.

uniquefighter

jr. member

Activity: 56

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Quote from: tientien333 on November 28, 2017, 04:36:41 AM

Bitcoin trading is fair, it's unfair because it's a very long time and costs a lot

The users have a choice to either pay low but the transaction might get delayed for days but if you pay high of course the transaction will be faster.
Sometimes even if you have paid high to make your transaction faster there are some instances that it might get delayed due to the Bitcoin scaling problem.

Bambinoe

full member

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Transaction fees are fair but what i have an issue with is the slow process.

rfj

full member

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I cannot argue if the transaction fee is fair or unfiar but I think it is reasonable. By looking at how the price is moving lately, I can assume that the process transactions is also getting a bigger volume which made the fees reasonable.

rasho321

member

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Merit: 10

1-2$ is a day's worth of work in many many countries of the world. Also there are blockchains with 0 fee and instant confirmation. Bitcoin won't compete with that, certainely not with 1-2$ fee. Then there is this argument that bitcoin is a good store of value. Personnaly I think it's a good store of value so long as it has use cases, if people use other blockchains to transact bitcoin is dead as gold2.0.

ivakar

hero member

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I think, that we must not threat bitcoins for everyday use and think of it like currency, but to think of it more like an asset, like gold or oil barrels..
The transfer cost is really high, especially with high BTC price now, If you transfer 1000$ and let's say fee is 5$ you pay 0.5% - i'd say that its fine, if you transfer 10000$ with same fee but now it will be 0.05% - and that is fine as well. And if you transfer 10 $ you pay 50% of it and that is not OK. So i think transaction cost for small amount should reconsidered

cexylikepie

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Quote from: dianepot on November 28, 2017, 07:54:39 AM

for me its unfair .. as bitcoin price is getting higher and higher transaction fees also follows ..
as you slowly became rich with bitcoins, developers of exchanges are twice faster . ;Dit is just my opinion Grin

That is the reason you should stop to use Bitcoin as a currency or payment method currently. Instead, you should use altcoins to help the ecosystem of cryptocurrency become famous and diverse more. It also helps cryptocurrency world can attract more investor.

Aryadwipanggah

member

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I think it's fair enough with the bitcoin value is expensive, the existence of the fee that in doing I think is still within reasonable limits

Snub

hero member

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

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.

That is not true when you say about bitcoins because with every transactions it makes harder and longer to calculate next transaction. that means that you have to spend more time and electricity on it, that means more money.
So.... that is fair enought as for me

skylark001

full member

Activity: 228

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GIF by SOCIFI

Yes. I can’t comment on fair / unfair, but yes, it’s reasonable in current scenario. When the price is gets high by each passing day, then demand is rising and also the transaction volume. If they will charge the same nominal fee as earlier the systems will get jammed because of unnecessary transactions by the holders for small gains or in panic.

Some people argue that its unfair or non realistic in comparison to other crypto currencies, but I can say all people have different opinions like I am having my own.

jawadmehmood

jr. member

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i think it's fair as bitcoin price increasing day by day.

A Feeder

full member

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Yes. Bitcoin transactions are done by miners. They deserve to gain something.

dianepot

member

Activity: 392

Merit: 10

for me its unfair .. as bitcoin price is getting higher and higher transaction fees also follows ..
as you slowly became rich with bitcoins, developers of exchanges are twice faster . ;Dit is just my opinion Grin

mammoniter

full member

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Quote from: spin on April 26, 2017, 06:14:37 AM

It's more fair than most payment systems.

The fact that it's variable and changing based on demand is an indication that there is a real market happening. It's much easier to have unfair bank fees, because as a client of your bank there is no immediate fee market on every transaction you make. So it's more likely that any other payment system's fees are resulting in over payment to the bank/processor as they have less competition on their fees. Or at least less dynamic competition.

Also the fee varies by the size of the transaction means smaller (in bytes) more efficient transactions pay less. Large transactions does not cost the network more to process so should not be charged more.

Yep despite bitcoin's value and number of users it would be normal for the service providers to charge more depending on their quality but bitcoins fees todays are just reasonable in my opinion. I think fees when using bitcoin would gradually decrease as user increases.

nithin@123

newbie

Activity: 52

Merit: 0

Every thing has a negative and positive returns.So it is time to focus on the positive than the negative.The BTC price is 9946.23 US Dollar now.It a good news for us.Hope it would break 25000 within days.

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