Topic: Is bitcoin transaction fees fair? - page 25. (Read 36260 times)
Sincerely, it is expedient to mention here that the transaction fee for bitcoin can sometimes be killing. It can be termed as tax too. But meanwhile, it is good that you consider it whether for trading or asset.
Tx fees is currently at all time high but I think its still fair. Since the fee is calculated by the size of data being transmitted (sat/byte) and not a percentage of the amount sent, it gets noticeable on smaller transactions. Which is a problem due to the rise in the price of bitcoin.
I seen the problem is not about fees fair or not. This issue coming when price of bitcoins raising fast this year. Let's back 1 - 2 years ago, when 1 BTC still equivalent some hundred. Only need some mins up to hour for transaction get confirmation, even you send with low fees.
By the high price of bitcoins now, some miners set priority to pick any transaction with highes fees. Bitcoins using block technology, and this is business for miners which many people using bitcoins for transaction. It's not a problem i think. The problem is when some people spamming network with sending mass transaction at same time with fee 0.
For now, i always send bitcoins with fee of .0001 . If the network is busy it can take up to 1-2 day, but if not just takes a few hours. If you want to make your transaction priority confirm, you can setup with more high fees. Some other virtual currency can do transactions instantly, but we agree to use bitcoins because we can control own money as bank.
By the high price of bitcoins now, some miners set priority to pick any transaction with highes fees. Bitcoins using block technology, and this is business for miners which many people using bitcoins for transaction. It's not a problem i think. The problem is when some people spamming network with sending mass transaction at same time with fee 0.
For now, i always send bitcoins with fee of .0001 . If the network is busy it can take up to 1-2 day, but if not just takes a few hours. If you want to make your transaction priority confirm, you can setup with more high fees. Some other virtual currency can do transactions instantly, but we agree to use bitcoins because we can control own money as bank.
I am new to bitcoin.I have a small problem.Imagine we have bitcoin in our wallet.But it is not enough to transfer.How can we get that?
I think it is unfair,because some time transaction fee as much as high that why can not sent small amount for this charge.it should be reasonable.
Just paid BTC0.001 to Livecoin, for withdrawing BTC0.015 to my Localbitcoins wallet. And the biggest joke is that Localbitcoins took another BTC0.0007 as deposit fees. In the end, instead of BTC0.015, I got BTC0.0133 (total fee of 11.3%). I am just fed up with this high transaction fee. I just wrote an email to Localbitcoins support, asking them to enable altcoins such as Bitcoin Cash and Ethereum.
That is the consequence of having bitcoin as a mainstream cryptocurrency because the other sites or places in the internet are taking advantage to earn a lot of money by fees because they are now putting a lot of increase percentage in fees of bitcoin. I hope that in the future, bitcoin will have a lowered fees and great network again.
I think the question is not whether they are fair or not but how much is enough for service called Bitcoin transactions to be executed and that everyone in this chain gets its part. It's true that fees are much higher than before but things have changed and Bitcoin is not that cheap, in terms of service, as it used to be. I'm afraid we don't have other choice than to accept this.
Sometimes it is little bit higher.But actually it depends on the amount anyone transferring.But bitcoin as well as it's technology growing very rapidly and also new miners are joining; those will help to reduce the transaction fees and reduce time also.
This is not fair at all because bitcoin is so expensive that the transaction fee is too expensive. I hope the fee will decrease in the coming time
Not fair but I think it is reasonable. If you want a faster transaction, you shell out additional fees and lower fees for not so fast confirmations. I think it is not automatically setup but you have to select it manually in your wallet.I hope network improves so that it is convenient t0 send and receive transaction just like before.
I agree it almost totally goes with every kinds of services not just via bitcoin transactions. The higher the quality of the service the higher goes the fee also though there are some that offers smaller fee which are somewhat reliable too but I suggest you stick to higher transactions fees if you have coins to spare.
Bitcoin transaction fees is not fair because it is increasing every years and people are bound to pay this extra expense. I think this fee rate will increase in coming few years due to less quantity of bitcoin mining and huge user of bitcoin is also reason of increasing the high charge of transaction fees. but there is no control to stop the increasing fee rate.
used to be fair. but now too high.
I don't think is a good option to use for smaller transactions. Bitcoins are only good for investment purpose or if you want to deal a bigger amount.
In most cases the transaction speed is near instant, while confirmations heavily depend on the hight of the fee in relation to the satoshi to byte ratio.
Just paid BTC0.001 to Livecoin, for withdrawing BTC0.015 to my Localbitcoins wallet. And the biggest joke is that Localbitcoins took another BTC0.0007 as deposit fees. In the end, instead of BTC0.015, I got BTC0.0133 (total fee of 11.3%). I am just fed up with this high transaction fee. I just wrote an email to Localbitcoins support, asking them to enable altcoins such as Bitcoin Cash and Ethereum.
That is the consequence of having bitcoin as a mainstream cryptocurrency because the other sites or places in the internet are taking advantage to earn a lot of money by fees because they are now putting a lot of increase percentage in fees of bitcoin. I hope that in the future, bitcoin will have a lowered fees and great network again. 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.
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 price of bitcoin is irrelevant. If you want high priority, you have to pay for it. Fair enough. Since bitcoin has now nany users and it will have more in years to come. And also by the time all bitcoins are mined block rewards will be replaced by transaction fees so get use to it.
you are talking about something that won't happen for over 100 years.. and you can be assured by then a .007 per KB fee to transfer bitcoin will still be considered too much..
Just paid BTC0.001 to Livecoin, for withdrawing BTC0.015 to my Localbitcoins wallet. And the biggest joke is that Localbitcoins took another BTC0.0007 as deposit fees. In the end, instead of BTC0.015, I got BTC0.0133 (total fee of 11.3%). I am just fed up with this high transaction fee. I just wrote an email to Localbitcoins support, asking them to enable altcoins such as Bitcoin Cash and Ethereum.
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.
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.
In every transaction there is really a fee. Even if it doesn't involve bitcoin. I guess we don't really have to go against it. Transaction fees are the way this transaction companies or banks could gain.
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.
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.
In my opinion, it's only fair that it costs high as long as it is constant for all transactions, whether big or small. The downside of this is for the ones whose transactions are small that the transaction fees are actually greater than the fee itself. It's fair because they have it secured made sure no one can ever intercept your bitcoins along the way.
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.
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 price of bitcoin is irrelevant. If you want high priority, you have to pay for it. Fair enough. Since bitcoin has now nany users and it will have more in years to come. And also by the time all bitcoins are mined block rewards will be replaced by transaction fees so get use to it.
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