Is bitcoin transaction fees fair? - page 37.

Manuj

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Quote from: 8Habits on August 19, 2017, 08:31:08 PM

Quote from: kotbi on August 16, 2017, 04:27:03 PM

One thing I would like to talk about is that when I see low fees, I tend to send more transactions. Now when I see fees too high, I tend to wait and wait for a one bigger transaction.

When we do not really need the money and that we can cover our expenses with our fiat money, it would be wise not to use bitcoin with this scenario and you can getaway with he transaction fees. However, if you want to trade, then you have to decide and target gain that covers also the expenses.

That is right. Constantly moving your bitcoin from one wallet to another or withdrawing them for unnecessary transactions will only incur transaction fees. Avoid them if necessary. If you need to withdraw then it is good to withdraw more than enough to avoid another withdrawal in a little later.

MattHoo

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No. I feel like it is a little bit high as the transactions fees raised a lot lately . Roll Eyes

Do you agree? I expect a huge drop of fees.

shine1123

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Quote from: Sithara007 on August 22, 2017, 02:22:59 AM

The minimum fee required for instant confirmation is around 200 to 300 Satoshi per Byte as of now. And this comes to around $2 to $4 per transaction. Even if you compare to the fee charged by Paypal and Visa, this amount is exceptionally high.

This, if you compared to other online currencies like Paypal and Western Union, the fee is so damn ridiculous big and if your transaction is big the fee also big but in bitcoin if your transaction is big either small, the fee still same around $1-$4 per transaction. I think the fee on bitcoin is quite fair.

Coffee135

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Quote from: Kp4everK on August 22, 2017, 03:28:47 AM

I think that the bitcoin commission is too high, but compared to other currencies, its price increase is much larger and it justifies such a high commission. It is more profitable to use it as an investment, and not as a currency.

It seems to me that is a disaster for bitcoin. Use it as investment causes a permanent increase in the price of the coin. This leads to the fact that someday might just have a big dump and all investors will lose their money.

nexus99

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I think that bitcoin transaction fees are perfectly sensible. It's highly logical that the fees have grown with btc price increase. The higher the profit, the bigger the fees. After all, this is also one of the ways of rewarding miners for the transactions, so it's pretty reasonable that the fees get higher with the overall growth of the network

Kp4everK

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I think that the bitcoin commission is too high, but compared to other currencies, its price increase is much larger and it justifies such a high commission. It is more profitable to use it as an investment, and not as a currency.

CODE200

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Quote from: clickerz on April 26, 2017, 04:23:03 AM

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'd you are looking to transaction with out fees it is actually a not a reasonable thing thing because the security of Bitcoin ensures by the fees used by the developer to develop Bitcoin in terms of price, value, transaction and security. So if you are going to used or to deal with transaction you must find that transaction fees is necessary and it is quite fair because it for development and security measures of the system of Bitcoin.

8Habits

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Quote from: farwellbit on August 22, 2017, 02:29:44 AM

people prefer bitcoin over fiat since it has monetary value and also an investment. If you hold one dollar note you know you’re holding a dollar but If you own 1Bitcoin you can even predict the price the next second. That is why I would rather buy much bitcoin than hold more fiat.

Holding or saving fiat money is really not ideal because as time passes, its value will going to deplete due to inflation. That is why save only a portion that you can use at anytime in times of emergency but invest more of your money to make it work for you and combat inflation. With bitcoin, holding or saving it is good at the moment.

farwellbit

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people prefer bitcoin over fiat since it has monetary value and also an investment. If you hold one dollar note you know you’re holding a dollar but If you own 1Bitcoin you can even predict the price the next second. That is why I would rather buy much bitcoin than hold more fiat.

Sithara007

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The minimum fee required for instant confirmation is around 200 to 300 Satoshi per Byte as of now. And this comes to around $2 to $4 per transaction. Even if you compare to the fee charged by Paypal and Visa, this amount is exceptionally high.

badungs

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i think, fee is depend on price of bitcoin. when price high, fee will increase, and vice versa. and they will be fair until this time. because they sincronize between fee and bitcoin's prise. and it balance i think

erpbridge

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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.

You must be living the life 3 years back. Bitcoin fees is not fair. You get charged 4-5$ to send money. Unless you are sending over 200$, that is more than what paypal charges. Along with that cashing that out has another fees involved.

farwellbit

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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. 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.

YTBitcoin

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Quote from: 8Habits on August 19, 2017, 08:31:08 PM

Quote from: kotbi on August 16, 2017, 04:27:03 PM

One thing I would like to talk about is that when I see low fees, I tend to send more transactions. Now when I see fees too high, I tend to wait and wait for a one bigger transaction.

When we do not really need the money and that we can cover our expenses with our fiat money, it would be wise not to use bitcoin with this scenario and you can getaway with he transaction fees. However, if you want to trade, then you have to decide and target gain that covers also the expenses.

It is good to see the positive in all situations. Transaction fees have become the hot topic in bitcoins community recently and for small transactions, the fee is a little costly. However, it will decrease with time. Different exchanges have their own rates. But, it is best to use bitcoins for bigger transactions. Be patient and things will get better.

8Habits

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Quote from: kotbi on August 16, 2017, 04:27:03 PM

One thing I would like to talk about is that when I see low fees, I tend to send more transactions. Now when I see fees too high, I tend to wait and wait for a one bigger transaction.

When we do not really need the money and that we can cover our expenses with our fiat money, it would be wise not to use bitcoin with this scenario and you can getaway with he transaction fees. However, if you want to trade, then you have to decide and target gain that covers also the expenses.

kotbi

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One thing I would like to talk about is that when I see low fees, I tend to send more transactions. Now when I see fees too high, I tend to wait and wait for a one bigger transaction.

kotbi

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Activity: 210

Merit: 100

Quote from: Cryptocoinsmania.com on August 15, 2017, 03:08:08 PM

Transactions fees raised a lot lately and I don't think they're fair now. We need to get them back to the normal level while other cryptocurrencies have amazing fees.

Look at mempool, it's getting close to all time high. It's also an indicator of more users get into bitcoin and caused the the clog. Next week, we will see the drop.

kotbi

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Quote from: d1ceplayer on August 16, 2017, 04:16:38 PM

Quote from: MostHigh on August 15, 2017, 12:59:03 PM

I will say it is fair because you have to pay for transactions to sustain the blockchain and enhance mining and actually you pay for what you want, You can literally transact without a fee and be sure to have it processed like forever

I made a high priority transaction and got charged $5+ when these charges were implemented, and I was kind of surprised, an felt this is very, very unfair. But after some time considering thefacts, I changed my mind and now I believe it’s a fair charge. The fees are needed to maintain the Blockchain, so there is nothing wrong with it.

low fees can also maintain the blockchain if each block is big enough. right now it's restricted to 1MB.

kotbi

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next week when segwit activate we expect a huge drop of fees. in the next week months, we will monitor the fees closely. I think the fees will determine if the segwit2X will deployed or not.

d1ceplayer

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Quote from: MostHigh on August 15, 2017, 12:59:03 PM

I will say it is fair because you have to pay for transactions to sustain the blockchain and enhance mining and actually you pay for what you want, You can literally transact without a fee and be sure to have it processed like forever

I made a high priority transaction and got charged $5+ when these charges were implemented, and I was kind of surprised, an felt this is very, very unfair. But after some time considering thefacts, I changed my mind and now I believe it’s a fair charge. The fees are needed to maintain the Blockchain, so there is nothing wrong with it.

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