Is bitcoin transaction fees fair? - page 28.

Paycoinzzz

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Quote from: cotton ball on November 06, 2017, 02:52:32 AM

Quote from: Manyara on November 06, 2017, 02:45:18 AM

Compared to some other payment systems, it is considered fair. You cannot compare the fees when transaction on Bitcoin to those charged by PayPal. Also, the speed of the transfers are very efficient. You get your funds even in minutes whereas you have to wait longer with PayPal and the rest especially when the transfers are from someone in another continent.

Fees would be unreasonable if the bitcoin price is 100x more expensive than the current price, unfair because the miners apply the cost that can not be lowered again, this time still can be compared with paypal or fee from conventional bank, but in the future will not be able to because it will be more commercial.

You are using Bitcoin, so I think the fees rates should convert to Bitcoin, is not the FIAT value Wink

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Of course, if the price of Bitcoin increases more, the transaction fees will be high too, therefore, the Bitcoin miner community need to find the way or hardfork and help Bitcoin system reduces the transaction fees.

Entophobia

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will any trade include verium??

wisdomcn

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I think the fees is creasing because they are increase in the capacity to meet the current demand in the security and to able to pay their staffs. For them meet up the current demand they require to increase their staffs. But at times the charges is not favorable because I do experience that they even charge more than the transfer amount.

SquigglyMunchkin

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Bitcoin will be use globally offline and online transactions,It will have a stable price to really make it the next forex next to Dollar!Generating it is difficult.

SandmanGirI

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Absolutely not. Obviously, bitcoin transaction fees are not reasonable!And i believe the folks behind bitcoin are very a lot conscious of this given that this issue has turned into a large concern for the time being. In my opinion they'll find a solution. It's been giving bitcoin a bad name. People are now staying away from using bitcoin to buy stuff due to the very high charges.

xiboothrezi

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Quote from: Jembut Ireng on November 06, 2017, 02:33:40 AM

I think fair, if we compare the transaction with the bank of course bitcoin transaction costs are very small and cheap so it becomes our hope all to transfer the transaction from bank to bitcoin.

Yes, right. whether we are fair or not, are we also benefiting equally? platforms and miners benefit, as well as our transactions that can be confirmed smoothly. well, a kind of symbiotic mutualism, all benefit.

MommyElsa

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Bitcoin transaction fees are very expensive, i hope that the transaction fees may be lessen in the future. It serves as a burden for those who are not earning too much.

Python2.5

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Bitcoin transaction fees are fair. They are actually the best you can find anywhere for the kind of transactions you make online.

bbs98

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we should see the comparison between Bitcoin and Bank transactions in advance that we can see which is cheaper or more expensive, Bitcoin transactions can be more expensive if you see high bitcoin prices but cheaper when looking at the ease of transactions with bitcoin.

superjeyy

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Volatility comes with price. I think that there are some issues with the transaction fee having a direct relationship with the rate of Bitcoin, however there's a part of me that also agrees that this kind of system is just and fair. The transaction fee is highly dependent on the network you are involved with. Given that scenario, the amount of your transaction fee is not solely based on the amount of Bitcoin you want to send, trade, or convert. There are some networks that offer free transaction fees when sending Bitcoin (i.e. transactions done with the same wallet to send Bitcoin). There are also some systems that charges a greater amount of transaction fee rather than to what will be sent. I believe that these rules are established in order to maintain the value of Bitcoin. Maybe if this would be improved, a certain or fixed percentage of the Bitcoin that is to be wired should be the amount of transaction fee to be paid to establish a centralized system (i.e. no matter the amount of Bitcoin you want to transfer, a 10% transaction fee should be charged on you), no matter what network is involved. If this was considered then I think a consensus for everyone would be established.

cotton ball

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Quote from: Manyara on November 06, 2017, 02:45:18 AM

Compared to some other payment systems, it is considered fair. You cannot compare the fees when transaction on Bitcoin to those charged by PayPal. Also, the speed of the transfers are very efficient. You get your funds even in minutes whereas you have to wait longer with PayPal and the rest especially when the transfers are from someone in another continent.

Fees would be unreasonable if the bitcoin price is 100x more expensive than the current price, unfair because the miners apply the cost that can not be lowered again, this time still can be compared with paypal or fee from conventional bank, but in the future will not be able to because it will be more commercial.

Manyara

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Compared to some other payment systems, it is considered fair. You cannot compare the fees when transaction on Bitcoin to those charged by PayPal. Also, the speed of the transfers are very efficient. You get your funds even in minutes whereas you have to wait longer with PayPal and the rest especially when the transfers are from someone in another continent.

Jembut Ireng

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I think fair, if we compare the transaction with the bank of course bitcoin transaction costs are very small and cheap so it becomes our hope all to transfer the transaction from bank to bitcoin.

aarons6

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Quote from: Open4lies on November 06, 2017, 12:45:46 AM

Quote from: waynechong1995 on November 01, 2017, 10:12:18 AM

I agreed that there are flaws in the current fee structure of bitcoins, it's just like making the strong miners richer and those that are using it are subjected to high fees, i remembered placing a market order of 0.08 BTC cost another 0.01 BTC = 65 dollars! and moving them cost like 6 dollars which is too much for me now, also buying a cheap server with $10 worth of BTC costs another $5 BTC just for the processing fee, not to mention about the speed and lengthy time on confirmation. It's definitely unfair for us i must say.

First of all, you need to know do not try to send your Bitcoin when the price of Bitcoin increases to new All time high price and has strongly volatility in the market. In that time, too many people also want to try send their Bitcoin while total miner can not provide confirm for all transactions in network. Finally, it creates a huge numbers of transactions can not confirm. -> Need to increase the transaction fees.

what you said is exactly why the fee system is not fair and is broken..

you should never have to worry about when to send bitcoin.. or how much fee you need to GUESS to add to the transaction..

i say guess because at the moment there is no real way to tell exactly how much fee to include.. most of the wallets just overshoot the fee by a huge amount so the tx gets confirmed quickly.. this is not how it should work.

Open4lies

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Quote from: waynechong1995 on November 01, 2017, 10:12:18 AM

I agreed that there are flaws in the current fee structure of bitcoins, it's just like making the strong miners richer and those that are using it are subjected to high fees, i remembered placing a market order of 0.08 BTC cost another 0.01 BTC = 65 dollars! and moving them cost like 6 dollars which is too much for me now, also buying a cheap server with $10 worth of BTC costs another $5 BTC just for the processing fee, not to mention about the speed and lengthy time on confirmation. It's definitely unfair for us i must say.

First of all, you need to know do not try to send your Bitcoin when the price of Bitcoin increases to new All time high price and has strongly volatility in the market. In that time, too many people also want to try send their Bitcoin while total miner can not provide confirm for all transactions in network. Finally, it creates a huge numbers of transactions can not confirm. -> Need to increase the transaction fees.

Criptolog90

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I think it is indeed a way how they do business with transaction costs, in fact it's a reasonable thing, but if the transaction costs are too expensive then it is unnatural because they are managing too much benefit

hashtag101

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Quote from: zeaderza on October 21, 2017, 12:44:55 AM

Quote from: 8Habits on September 25, 2017, 04:05:05 AM

Quote from: kamikadze69 on September 23, 2017, 08:56:38 AM

of course not. I think the bitcoin is directly proportional, so every price rises, then the fee we have to spend will also rise, as well as other needs other. I think it all happened because the number of transactions increased due to the very active market.

Everything is fair - as long as you are earning big money out of your bitcoin thing, bitcoin transaction fee is not really a problem. It would only be unfair if only us will benefit from it and at the expense of the bitcoin miners. Yes, I agree that the transaction fee is proportional to how bitcoin price is going up or down and the law of demand and supply is in application with bitcoin transactions.

I think the transaction fee depends upon the price of bitcoin. If the price of bitcoin low the transaction fee will be low and if the price high then transaction fee will also high because the charges is in bitcoin and not in dollars or any other currency. Just like in this forum. The contractors pay in bitcoins and not in the dollars. Your earnings totally depend upon the price of bitcoin.

No, if the price of Bitcoin can keep stable at high price in few days, we won't have any problem make you need to spend a lot of Bitcoin to pay the transaction fees. Because, it depends on the total numbers transaction in the network. Increases the transaction has still can makes the Bitcoin network becomes obstructed.

waynechong1995

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swing!

I agreed that there are flaws in the current fee structure of bitcoins, it's just like making the strong miners richer and those that are using it are subjected to high fees, i remembered placing a market order of 0.08 BTC cost another 0.01 BTC = 65 dollars! and moving them cost like 6 dollars which is too much for me now, also buying a cheap server with $10 worth of BTC costs another $5 BTC just for the processing fee, not to mention about the speed and lengthy time on confirmation. It's definitely unfair for us i must say.

tryer12

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The problem is what will the fees be when there's no bitcoins left to mine and all the miners will have to relay on fees.

georgiyfo

newbie

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bitcoin transaction fees not honest now a days.users always use large charges for obtaining affirmation soon.community not enhance block size in this way miners are receiving profited and consumers unfastened their cash.so several people now use bitcoin now want enhance block size or else bitcoin transaction expenses will more than bank charges.

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