Is bitcoin transaction fees fair? - page 31.

mabell943

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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.

In my opinion i would rather love it to be free from transaction fee haha! but in some ways it must be,to impose transaction fees inorder for the miners and the team to continue the blockchain process

JeffBrad12

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Quote from: Rj Manik on October 11, 2017, 02:48:32 AM

Bitcoin transaction fees can not be fair.Bitcoin takes the fee in the $ 500 transaction, taking the fee in $ 100 transactions.It can never be fair.I'll always make big transactions it's not possible.The advantage may be the difficulty.Small transactions may be required if needed.So you always take the same fee all the time, it can never be fair.

The fee depends on the size of your transaction, not fixed, that's why, to keep your fee as minimum as possible, try to keep the input and output in your transaction as fewer as possible. But, frankly, the fee is rather unpractical for daily usage. Small transaction burdens the same fee as a transaction with higher amount of money, back then, people call transacting with bitcoin is cheap and fast, but now, meh, not anymore.

Rj Manik

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Bitcoin transaction fees can not be fair.Bitcoin takes the fee in the $ 500 transaction, taking the fee in $ 100 transactions.It can never be fair.I'll always make big transactions it's not possible.The advantage may be the difficulty.Small transactions may be required if needed.So you always take the same fee all the time, it can never be fair.

Sithara007

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Definitely not. It is not fair. Every time when I move my coins from exchange wallet to my personal wallet, I am paying transaction fee of around BTC0.0010 to BTC0.0015. Imagine paying $5 to $8 just for moving money from one of your bank accounts to another. My bank doesn't charge for such transactions. And here, I have to pay a premium for using BTC.

dificanovi

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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 such a thing is normal, because according to what we get. if we can bitcoin a lot, then the transaction cost is also expensive. do not complain about the cost because bitcoin has helped us a lot.

sunno330

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Quote from: yourialfa on October 10, 2017, 09:15:16 AM

I think the transaction cost is currently fair. due to very high bitcoin rise. as well as the increasing number of blockchain transactions. so that's fair enough for me.

Agree with you.Now blockchain and others site transaction fee is fair. But some site as like coinbase, not fair.
Because of bitcoin price rising.
Its good that everyone transaction bitcoin easily with low fees.

sergeyo9

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the situation isnt the tx costs currently being as well high, its the tx times as well long.. if everybody refused to pay large tx payment and just compensated the min, the costs would be low.. but the tx instances would remain the same..

drlukacs

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Quote from: 8Habits on October 09, 2017, 09:50:06 AM

Quote from: shaqfu on October 06, 2017, 04:52:23 PM

The fees are fair, considering the amount of energy and now money it takes to mine and run bitcoin related businesses. It's no big deal if you have been following crypto for a long time, and easy to see coming down the road. Hopefully they will go down over time as more of the public accepts BTC as fiat.

yeah, the investment is really pretty huge when it comes to mining bitcoin. In fact, this is already a serious business to people investing into bitcoin mining.
if you are just starting out and plan to engage into mining and you only have little capital, better forget the idea and start accumulating bitcoins in other ways because you will be eaten by big mining companies.

You are small miner but you still want to earn Bitcoin from mining, I think you should choose altcoin mining than Bitcoin. Remember, the altcoin you will mining is GPU mining, not is ASIC mining or CPU mining because your profits depends on your hashrate and difficult, but CPU mining or ASIC always has many hashrate and only for rich man.

willnotwas

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In fact, a transaction is a service. And for the service is worth paying.
In a place with that, without transactions bitcoin is useless. This means that the possession of bitcoins is impossible without transactions, and therefore also commission.

In the case of national currencies, most transactions in everyday life take place without a commission. And this is the advantage of the national currencies in respect of bitcoins.

yourialfa

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I think the transaction cost is currently fair. due to very high bitcoin rise. as well as the increasing number of blockchain transactions. so that's fair enough for me.

PepperaOnIt

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The methods of paying in transaction now is fair because you will pay big if your bitcoin is big, why does you pay a big amount if you only have a small amount? This is not fair for the newbies, and this is in favor with the professionals.

Harbal

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I'm puzzled, why transaction charges bitcoin is acquiring even bigger, used to send out and acquire fees on the XAPO for free, but now I have to say is very expensive, it truly is what helps make us be reluctant, if the user proceeds to improve, of system the expense is larger than the financial institution.

8Habits

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Quote from: shaqfu on October 06, 2017, 04:52:23 PM

The fees are fair, considering the amount of energy and now money it takes to mine and run bitcoin related businesses. It's no big deal if you have been following crypto for a long time, and easy to see coming down the road. Hopefully they will go down over time as more of the public accepts BTC as fiat.

yeah, the investment is really pretty huge when it comes to mining bitcoin. In fact, this is already a serious business to people investing into bitcoin mining.
if you are just starting out and plan to engage into mining and you only have little capital, better forget the idea and start accumulating bitcoins in other ways because you will be eaten by big mining companies.

websoftwareengineer

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Quote from: jpoker272727 on October 08, 2017, 02:07:55 AM

Quote from: KenDowson on October 02, 2017, 11:57:01 AM

I can understand that the system need the fees, but imagine if, with the growth of the dollar (say, 30 times), the commission for the transaction became similarly higher. It would be nonsense, isn't it? Then why should everything be different with the crypto currency? I think it would be great if the fee of the transaction was constant (and minimal)

I won't like to imagine it because it is never going to happen. Transaction fee are just high for micro payments. Moreover, all the bitcoin exchanges have their own rates.

If someone is enjoying fast service, he will have to pay something. The transactions have also increased with time because of more users but things have gone better than the past month. Charges will go low with time.

It is funny that if you are rich and you need to withdraw huge amount of your coins then the higher the transaction fee's and if you do not have that much money then obviously the transaction will be cheaper. My exchange is etherdelta and i am only paying cents for my transactions, I am not sure how much will cost for other traders.

jpoker272727

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Quote from: KenDowson on October 02, 2017, 11:57:01 AM

I can understand that the system need the fees, but imagine if, with the growth of the dollar (say, 30 times), the commission for the transaction became similarly higher. It would be nonsense, isn't it? Then why should everything be different with the crypto currency? I think it would be great if the fee of the transaction was constant (and minimal)

I won't like to imagine it because it is never going to happen. Transaction fee are just high for micro payments. Moreover, all the bitcoin exchanges have their own rates.

If someone is enjoying fast service, he will have to pay something. The transactions have also increased with time because of more users but things have gone better than the past month. Charges will go low with time.

shaqfu

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The fees are fair, considering the amount of energy and now money it takes to mine and run bitcoin related businesses. It's no big deal if you have been following crypto for a long time, and easy to see coming down the road. Hopefully they will go down over time as more of the public accepts BTC as fiat.

8Habits

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Quote from: mastica on October 01, 2017, 06:55:56 AM

I do understand that the system does need the fees to remain alive, and as incentive to the miners, even knowing at this moment the fact of they collect blocks would be enought for them, but the fee is just a way to keep the transactions safe. Some coins are coming offering no fees wich may change the game, if you can keep doing all the things you do with bitcoin without have to pay a fee i believe its an improvement and something to consider over the future.

That is true and that third party or miners are essential part of a successful bitcoin transaction - actually it is one of the main highlight and beauty of bitcoin because this time, there is a third party that will certify the integrity and correctness of our bitcoin transactions and the fee is just an added motivation for them to continue performing that essential duty.

mikki14

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I think it's fine. But before, when my only income aside from my investment is from some apps that gives you satoshis, I was kinda shocked for the transaction fee, the app only have one choice to where my earnings will be transferred to and from that exchanger I will transfer it to my wallet. At first I was happy coz I was able to earn 40k satoshis, and when I was trying to send it to my account, the transaction fee was 30k satoshis. Hahaha, so I decided to quit that app and focus on other things that is more profitable. Just wanna share my experience. Haha Grin

8Habits

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Quote from: Panah Arjuna on October 02, 2017, 12:45:12 PM

Once I did transaction delivery at normal cost and received confirmation within a few hours.
Recently, I have to wait a little longer than 24 hours for confirmation and because of this experience, now I Change send every transaction with a slightly higher fee.
Yes, I'm not sure exactly.
But still cheaper to send funds with bitcoin than with paypal or WU, for example.
It is clear that this situation must be solved somehow because bitcoin may become less attractive to new people Who have not really known Bitcoin.
And I do not think that transaction fee is connected with btc price.

miners are really essentials and are playing a very important role in the development and success of bitcoin. Without them, there could never be credible bitcoin transactions. Hence, knowing all of this importance, I would even pay extra to get my transactions confirmed.

Gontxi

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yes I agree with you.
but there may be a change in transaction cost issues. there will always be change and there will always be new innovations, so I believe they will think about our problem about transaction costs.

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