Is bitcoin transaction fees fair? - page 36.

Sithara007

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Quote from: JohnBitCo on September 03, 2017, 01:03:07 AM

Quote from: dasana212 on August 30, 2017, 08:04:39 AM

In my opinion, fee tx occur as now still quite fair. Indeed, when viewed in fiat form value is quite huge. However, i feel no objection because in principle i need fast confirmation process for buy or sell transactions against fiat. Rather than low, but very slowly confirmed.

I don't completely agree with your statement. The transaction fee is ok for high transactions of big amounts but for those who wana send 1 dollar , 2 dollar or even 5 dollar , the fee is even more than the amount to be submitted itself.

The problem is that the transaction fee is calculated based on the size of the transaction and not on the basis of its value. So the fee will be higher, if there is a lot of dust included in your transaction. In such cases, you may end up paying as much as $10 for a transaction with a total value of only $20 or $25. This is one of the disadvantages of Bitcoin.

JohnBitCo

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Quote from: dasana212 on August 30, 2017, 08:04:39 AM

In my opinion, fee tx occur as now still quite fair. Indeed, when viewed in fiat form value is quite huge. However, i feel no objection because in principle i need fast confirmation process for buy or sell transactions against fiat. Rather than low, but very slowly confirmed.

I don't completely agree with your statement. The transaction fee is ok for high transactions of big amounts but for those who wana send 1 dollar , 2 dollar or even 5 dollar , the fee is even more than the amount to be submitted itself.

Pressessidow

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it is subjective, nothing is about honest or not, this is just an expenditure for the miners, they (with the halving) missing a massive part of their earnings and with the existing tide of transactions in bitcoin, they are attempting to get a lot more with men and women willingness to shell out larger charges to be integrated before,I will not concur on segwit and many others... since that will destroy bitcoin principles fairly than just fix this issue, there is also a likelihood of bulk of main builders leaving bitcoins and forking another coin and so forth... Â in quick, I favor a less controversial remedy.

Lomberjack

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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.

It is just fair to pay higher transaction fees because bitcoin's price rate is also getting higher. I think it will not be fair for miners that process our transaction if we are just paying low fees because they cannot be able to gain large income to fund their own needs if they will just continue accepting and processing transaction services for only a low fee. Transaction fees will also rise together with the price rate hike for them to be balance and be able to be beneficial on both part between consumers and miners. So better have a large transaction so that your transaction fee is enough for your transaction and better and faster processing of it

rizkyhiw

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Quote from: 8Habits on August 30, 2017, 03:17:48 AM

Quote from: farwellbit on August 25, 2017, 04:17:16 AM

Looking at it critically, bitcoin fees aren’t too cheap, but they are better at least than other payment processors. The only thing that should bother you is the speed at which it is being transferred. If you’re paying a low miners fee for transactions then its going to be slow.

A fair view of the Bitcoin fees. The beauty with bitcoin transaction fees is that we can decide how much are we willing to fee for the transaction and if we are not that on a hurry, we can just pay for a little transaction fee while if we want the sending to be fast, then we can set it to higher fee.

The problem is when the price of bitcoin so high like recently happened ,
The fee paid in bitcoin not in usd , so people feel it so expensive when you convert it to usd ,
High price of bitcoin will always followed by the high fee in usd , can someone elaborate this?
Take an example in case the price of bitcoin reach 100,000 usd , it means when you put 0.001 bitcoin as fee equal to 100 usd , then think about it!

aarons6

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Quote from: Akash1243 on September 02, 2017, 01:44:03 PM

I do think it's fair amount of transactions fees if you have seen bitcoins current value.As we can also chose the transactions fees based on our urgency.But transactions fees $5 for micro transactions might be high but if you trade about 1 btc or so then this transactions fees is nothing.Transactions fees are main as miners work for it if they find mining bitcoins got profitable then they could shift to others coin. And stop complaining about high fees even though when its not that high.

its not that the fees are high right now.. its the fee model is broken.

when someone can up the fee by sending a lot of transactions with a high fee and essentially bump everyone else off the confirmation list after they sent the transaction, it's not fair.
the fee right now is ok cause the transactions are low.. you can send with .0001 and still get in the next block.. but as the transactions go up, so does the fee, and if it goes up enough you will never get confirmed.. there is a lot to complain about.

Akash1243

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I do think it's fair amount of transactions fees if you have seen bitcoins current value.As we can also chose the transactions fees based on our urgency.But transactions fees $5 for micro transactions might be high but if you trade about 1 btc or so then this transactions fees is nothing.Transactions fees are main as miners work for it if they find mining bitcoins got profitable then they could shift to others coin. And stop complaining about high fees even though when its not that high.

8Habits

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Quote from: dasana212 on August 30, 2017, 08:04:39 AM

In my opinion, fee tx occur as now still quite fair. Indeed, when viewed in fiat form value is quite huge. However, i feel no objection because in principle i need fast confirmation process for buy or sell transactions against fiat. Rather than low, but very slowly confirmed.

Not to mention the bitcoin's ease of use in our online transactions like for example with gambling - when you are depositing some bankroll with fiat money, you are presented with few lists of requirements and after you send it to them, you will going to wait for their approval before you finally make a deposit to be use for your bankroll - this may go for days or even weeks before you are going to be approved. Whereas with bitcoin, you can play instantly right after a few seconds of signing up to online casinos that primarily accept bitcoins as bankroll.

bubblebit

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You have great observation than most person that complained about high transaction fees but never try to understand why. But your suggestions is not that good for me to make high fees for low price. So I stand to my understanding about this issue. Our local wallet providers have low fee much lower than coinbase transaction fees. So it's need to have better wallet for a better experience and more bitcoin to enjoy with.

dasana212

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In my opinion, fee tx occur as now still quite fair. Indeed, when viewed in fiat form value is quite huge. However, i feel no objection because in principle i need fast confirmation process for buy or sell transactions against fiat. Rather than low, but very slowly confirmed.

stompix

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And again for the n time in the row it has been proven that fees have nothing to do with the price.

We are currently sailing past the ATH and fees are dropping like a stone.
The fee recommend buy websites is down from almost 510satoshi/b to a more realistic 310satoshi/b as I write this.

So , fees are clearly determined by one thing, amount of free space in the blocks.
Of course, some try to manipulate this by spamming the blocks but in the end the main idea stands firm.

Fees are fair, dictated by the free market.

8Habits

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Quote from: farwellbit on August 25, 2017, 04:17:16 AM

Looking at it critically, bitcoin fees aren’t too cheap, but they are better at least than other payment processors. The only thing that should bother you is the speed at which it is being transferred. If you’re paying a low miners fee for transactions then its going to be slow.

A fair view of the Bitcoin fees. The beauty with bitcoin transaction fees is that we can decide how much are we willing to fee for the transaction and if we are not that on a hurry, we can just pay for a little transaction fee while if we want the sending to be fast, then we can set it to higher fee.

BITDV

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I think you can get bitcoin in this bitcointalk forum, you can participate in some camps in bitcointalk forum, you participate in signature campaign if you don’t have any special skill, if you have skill like making video or to write articles then you can participate in Campaigns Articles, Videos and Blogs Bounty, if you have participated with some of your campaign you just wait until the end of the campaign and you will get paid from the campaign

JamesR1

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it is not fair now but the coming hard fork will fixed a little , let us wait and see .

azaid18

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yes the transaction fee is very high . we cannot really afford it it cost a lot. and slow receiving

farwellbit

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Looking at it critically, bitcoin fees aren’t too cheap, but they are better at least than other payment processors. The only thing that should bother you is the speed at which it is being transferred. If you’re paying a low miners fee for transactions then its going to be slow.

aarons6

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the only way this fee system is going to be fair is if they split it.. 50% of the tx gets highest fee first, the other 50% is FIFO.

right now there are 70k unconfirmed, the fee is going to get really high to send anything.

BitcoinHodler

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Quote from: xFiber on August 22, 2017, 06:30:24 AM

Quote from: farwellbit on August 22, 2017, 01:53:14 AM

Bitcoin transaction fees are fair. They are actually the best you can find anywhere for the kind of transactions you make online. Take a look at paypal charges or payoneer and you won’t need an omega to prove to you that the fees are the best.

What are you even talking about? PayPal's fees really depend on the situation. If you're sending to a family member the fee could be a couple of cents but if you're sending to something else it can take up to a dollar (which is completely fine). But when it takes up 12+ hours to receive as little as 1 confirmation with a 1.13$ fee something is wrong. I probably have to increase the fee to 2$ to get it to confirm today.

the bitcoin fees are "necessary" even if they seem unfair at times.
you always have to consider everything not just what you like. of course we all love free translations that are confirmed in a blinking of an eye but we can't get everything we want in life. there are always people exploiting the system (the spam attack) and ruin it for all of us.

Doamader

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In the general yes, but with the spam attack again over bitcoin it does sounds like an abusive fee, since we can move money but we need to compete with all others transactions. With the spam attack at bitcoin we can see fees raising a lot, and with that I do see a forced way to raise the block transactions, something we need into bitcoin to avoid in the future another spam attacks.

xFiber

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Quote from: farwellbit on August 22, 2017, 01:53:14 AM

Bitcoin transaction fees are fair. They are actually the best you can find anywhere for the kind of transactions you make online. Take a look at paypal charges or payoneer and you won’t need an omega to prove to you that the fees are the best.

What are you even talking about? PayPal's fees really depend on the situation. If you're sending to a family member the fee could be a couple of cents but if you're sending to something else it can take up to a dollar (which is completely fine). But when it takes up 12+ hours to receive as little as 1 confirmation with a 1.13$ fee something is wrong. I probably have to increase the fee to 2$ to get it to confirm today.

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