Is bitcoin transaction fees fair? - page 38.

marx hu

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Quote from: stromae on August 15, 2017, 03:20:22 PM

Quote from: chaser15 on August 15, 2017, 03:02:37 PM

Expect higher fees in terms of USD value because bitcoin price is increasing. I don't see any big differences in my last transactions in terms of bitcoin transaction fees.

The fees are playing at 40,000 satoshis to 80,000 satoshis as medium fees. But with the bitcoin price increase, it's obvious that the USD value of that 40,000 sats is way different now to what is the value today. So expect higher fees is USD value in the future but still same amount of bitcoin quantity.

If the fee is not rising in terms of sat value, then it's still okay. As price go up, the fee look like it's going up too due to bitcoin price rally.

my opinion here, i feel something is not right here.. we suppose to get lower rate seen the transactions rate become higher and higher.. it is kinda weird seem like miners are earning more and more by volumes and values...

stromae

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Quote from: chaser15 on August 15, 2017, 03:02:37 PM

Expect higher fees in terms of USD value because bitcoin price is increasing. I don't see any big differences in my last transactions in terms of bitcoin transaction fees.

The fees are playing at 40,000 satoshis to 80,000 satoshis as medium fees. But with the bitcoin price increase, it's obvious that the USD value of that 40,000 sats is way different now to what is the value today. So expect higher fees is USD value in the future but still same amount of bitcoin quantity.

If the fee is not rising in terms of sat value, then it's still okay. As price go up, the fee look like it's going up too due to bitcoin price rally.

Cryptocoinsmania.com

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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.

chaser15

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Expect higher fees in terms of USD value because bitcoin price is increasing. I don't see any big differences in my last transactions in terms of bitcoin transaction fees.

The fees are playing at 40,000 satoshis to 80,000 satoshis as medium fees. But with the bitcoin price increase, it's obvious that the USD value of that 40,000 sats is way different now to what is the value today. So expect higher fees is USD value in the future but still same amount of bitcoin quantity.

Carlsen

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There are withdrawl fees from exchanges.
Those sometimes really seem to be high. But usually your transaction is processed within the next block.
And then there are transaction fees from one wallet to another. Often you can set them as low or high as you want.
But then, if you choose a lower fee, the time until it's processed in a block will be longer.
All together this sounds fair to me.

yvesp110

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Quote from: Lubang Bawah on August 15, 2017, 01:06:03 PM

When compared with the cost of the bank, of course bitcoin cheaper, faster and safer, besides bitcoin transaction procedure is also simple and does not need identity to create a wallet.

Of course, as compare of bank, bitcoin fees is very cheap and there is no other tax include in bitcoin transaction fees and also the transaction of bitcoin is very fast just take few minutes, and also you are right that this transaction which we doing that's is completely safely. And also we create those wallets for bitcoin its do not need to identity its make very simple and use it easy.

gunhell16

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NO its not .. many sites like coinsPH collect a high volume of fee.. they also sell btc at high price and buy it at very low price way too far from market .. but people in philippines have no choise because they are the leading wallet to widthdraw anyday anytime here but i hate all those fees .. they are not reasonable

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Quote from: gunhell16 on August 15, 2017, 01:21:23 PM

MAYBE! on some other sites... but i am using now here is COINS.PH and they have huge charges ..
it is sad that you need to pay extra on depositing and pay the withdrawal chrages to on money wiire..
+ they sell bitcoin too high and buy it too low
i hope this will change in the near future though COINS.PH is nice to have a loadding station and paybills online

It's not just limited to your exchange itself, but we are also facing the same thing everywhere.
Because exchanges are using very higher margins which makes them huge profits through the spreads and they are taking advantage of users' helplessness because unless you are allowed to trade on your prices at those exchanges, they are worthless to use. And it is becoming a jeopardy for the users of future who may think to leave it just because of the fees because as the price goes up so does the fee, and many buyers who just get in for the reason for profit or gambling with small investments will think twice before getting in once again. This is one of the most vulnerable topics that needs to be talked off with the mining community itself.

gunhell16

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MAYBE! on some other sites... but i am using now here is COINS.PH and they have huge charges ..
it is sad that you need to pay extra on depositing and pay the withdrawal chrages to on money wiire..
+ they sell bitcoin too high and buy it too low
i hope this will change in the near future though COINS.PH is nice to have a loadding station and paybills online

bitbunnny

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I know that the fees are much higher now than they used to be but every time you think that you pay too much for Bitcoin transactions think how much different fees you pay to your bank and how expensive that is. And many times you still don't get the service you want and need. So Bitcoin is still cheaper and more convenient.

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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

However, increasing the fees just like us bribery miner helps our transaction can confirm fast.
And this is bad point when use a currency for our life Sad

.

drwhobox

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I do also agree with this but, there is alot of reasons why does bitcoin fees are getting higher. One of the main problem with this is the mining dificulty and the miners on the system trying to confirm the transactions. I'm thinking that more difficulty = higher transaction fees on to the blockchain's network.

Ps: this is only by my point of view. (I don't really know alot about bitcoin.)

Lubang Bawah

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When compared with the cost of the bank, of course bitcoin cheaper, faster and safer, besides bitcoin transaction procedure is also simple and does not need identity to create a wallet.

Stedsm

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OP It looks like you have a logic because that's the same question that arose in my mind too some time before, but I never asked because the price was low and fees were much lower but it has now become a question of concern for real that whether we should ask miners to lower the fee levels back in terms of fiat and adjust accordingly based on the price of bitcoins in fiat?

MostHigh

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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

felicita

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yes sure the transaktions fees are fair to pay all miners.
They do hard work todays. its also a interest for trnasaktions to get confirmed.
i also owning a small number of gh on genesiss mining to help Bitcoin transaktions.

kind regards

andaresta

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I do not know fair or not bitcoin transaction, because I also new bergabumg with bitcoin so I just looking for info from you all.

Remainder

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Quote from: ?? on ??

I think they are a little high as low fees were meant to be one of the main benefits of trading bitcoin and removing the banks from the process.

For me I think it is just fair because bitcoin now is very high and some exchange site and particularly in miners need to cover up there expenses too!

Vikingr

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Quote from: zarados on August 13, 2017, 08:29:35 PM

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.

Everyone who use bitcoin wanted the same thing, the price become higher and the fees become lower, And I think It would happen when the users are also growing and the mount of transaction increase every time. So the miners get low money, but more often. And its still fair right now I think, because you can easily sent money to everywhere in the world with that fee.

Yes everyone want some relaxation and large profit with less effort the transaction fees is fair for those who earned a lot through bitcoin and they are using bitcoin on large level but it could be said unfair for those who are new to bitcoin and recently started using bitcoin it can make them feel disappointed at the early stage when they will pay high fees they will not feel good with bitcoin but if they will stay long here they will earn more.

8Habits

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Quote from: HasHe on August 14, 2017, 02:33:55 AM

Bitcoin transaction fee was really unfair until a month ago when transactions with very high fees are only confirmed fast and low fee transactions were left unattended.But now,thanks to segwit,after it has been activated since august 1,transaction fee has become low as it was before and now even transactions are confirmed very soon.Some went to the extent of even predicting that bitcoin would soon die due to high transaction fee problem.But now,bitcoin has started to march towards $5000 price.

You are correct there mate. I also noticed it when I just use the electrum dynamic transaction fee, the process was really fast compared to few months ago where it took some waiting time.

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