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Topic: Is bitcoin transaction fees fair? - page 41. (Read 36260 times)

legendary
Activity: 2912
Merit: 6403
Blackjack.fun
July 31, 2017, 02:38:26 PM

What I meant by this is that the maximum amount of bitcoin in total will be 21 million bitcoins and from there will be no more additional bitcoins as it reached the maximum cap of its total number - when this is reached, mining fee will be very high soon unless if that cap will be removed - I am not just sure if it will be removed though.

Why do you think i's going to be high?
It can go to 0 is the blocks are empty.
Miners with low productivity will quit, the rest will find a way to survive.
sr. member
Activity: 756
Merit: 294
July 31, 2017, 10:26:15 AM
No, it's not. Bitcoin transaction fees are not fair. They are not good either to attract more bitcoin users. And the last thing we want right now is people to lose trust in an invention that has already gained fame but is still very young. Bitcoin is still getting to its top place. Transaction fees is one problem that pull it down. Although I am very positive that it will be settled in due time very soon.

I think when bitcoin cap is removed - there will be no limit of maximum bitcoin of 21 million coins, then I guess transaction fees will go down but if there is a max cap, transaction fees will go to the roof.

Is it possible to get more than 21 million bitcoins? It seemed to me that this number was limited.
The problem with transactions should be solved, since many users repel large commissions. And we now need to involve in the bitcoin community the maximum number of users

What I meant by this is that the maximum amount of bitcoin in total will be 21 million bitcoins and from there will be no more additional bitcoins as it reached the maximum cap of its total number - when this is reached, mining fee will be very high soon unless if that cap will be removed - I am not just sure if it will be removed though.
full member
Activity: 504
Merit: 100
Powered by Artificial Intelligence & Human Experts
July 29, 2017, 12:48:11 AM
Its a relief that bitcoin transaction fee lowered to $0.5 unlike weeks ago that rises up to $5 per transaction. It is now fair and with the coming fork it will be lowered again.
full member
Activity: 256
Merit: 100
July 25, 2017, 03:39:33 AM
No, it's not. Bitcoin transaction fees are not fair. They are not good either to attract more bitcoin users. And the last thing we want right now is people to lose trust in an invention that has already gained fame but is still very young. Bitcoin is still getting to its top place. Transaction fees is one problem that pull it down. Although I am very positive that it will be settled in due time very soon.

I think when bitcoin cap is removed - there will be no limit of maximum bitcoin of 21 million coins, then I guess transaction fees will go down but if there is a max cap, transaction fees will go to the roof.

Is it possible to get more than 21 million bitcoins? It seemed to me that this number was limited.
The problem with transactions should be solved, since many users repel large commissions. And we now need to involve in the bitcoin community the maximum number of users
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
July 25, 2017, 03:16:06 AM
No, it's not. Bitcoin transaction fees are not fair. They are not good either to attract more bitcoin users. And the last thing we want right now is people to lose trust in an invention that has already gained fame but is still very young. Bitcoin is still getting to its top place. Transaction fees is one problem that pull it down. Although I am very positive that it will be settled in due time very soon.

I think when bitcoin cap is removed - there will be no limit of maximum bitcoin of 21 million coins, then I guess transaction fees will go down but if there is a max cap, transaction fees will go to the roof.

Why should the Bitcoin cap get removed?

I understand that what is done by one human (in this case Satoshi Nakamoto) can be undone by another human (say, Antinakamoto), but wouldn't that basically mean eventual destruction of Bitcoin? Apart from that, I don't see direct connection between the (limited) number of coins to be mined and the size of the fees. If anything, there are less drastic means to bring the fees down, and which would actually promote Bitcoin adoption (instead of bringing it down if the cap is removed)
sr. member
Activity: 756
Merit: 294
July 25, 2017, 12:32:08 AM
No, it's not. Bitcoin transaction fees are not fair. They are not good either to attract more bitcoin users. And the last thing we want right now is people to lose trust in an invention that has already gained fame but is still very young. Bitcoin is still getting to its top place. Transaction fees is one problem that pull it down. Although I am very positive that it will be settled in due time very soon.

I think when bitcoin cap is removed - there will be no limit of maximum bitcoin of 21 million coins, then I guess transaction fees will go down but if there is a max cap, transaction fees will go to the roof.
hero member
Activity: 2352
Merit: 905
Metawin.com - Truly the best casino ever
July 23, 2017, 03:11:57 AM
After all not only fees but now long confirmation time: Due to BIP91, it would starting now be prudent to require 5 times more confirmations than usual before trusting transactions.

TX fees are fair, BTC isnt a micropayments medium, its digital gold.. 50cents fees for moving wealth across the globe?  yeah thats not much
Also one of the main idea of bitcoin was low transaction fees and I think it doesn't matter if I send low or huge amount of money, fee has to be low for every user.
sr. member
Activity: 646
Merit: 252
PNNV.COM Live bitcoin price monitor
July 10, 2017, 09:59:24 AM
No, it's not. Bitcoin transaction fees are not fair. They are not good either to attract more bitcoin users. And the last thing we want right now is people to lose trust in an invention that has already gained fame but is still very young. Bitcoin is still getting to its top place. Transaction fees is one problem that pull it down. Although I am very positive that it will be settled in due time very soon.
sr. member
Activity: 588
Merit: 251
July 10, 2017, 08:42:46 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.
That might seem like it is a better solution for you, but in fact everything depends on the bitcoin price, and on the amount of users that are in the blockchain network.
In fact, the increase of the fee is because of that the bitcoin is way more expensive than in the past, but there is also very important factor we should always remember: the size of fee (in satoshi).

More than a year ago you could have sent 20k sat fee and the transaction would get confirmed in a normal time.
But we have so many people doing transfers, that 20k fee is simply not enough, unless you want to see your transaction being confirmed in next week.
So what you are trying to say is that the higher the transaction then the higher the transaction fees, well in one side its okay, but in the other side its not the best.
And with this reason of yours that is why no transaction of little amounts are been made anymore.
sr. member
Activity: 756
Merit: 294
July 10, 2017, 08:33:18 AM
TX fees are fair, BTC isnt a micropayments medium, its digital gold.. 50cents fees for moving wealth across the globe?  yeah thats not much

Hit it there bro! There are really people who kept on complaining about the bitcoin fees even if they have transacted thousands worth of dollars in the form of bitcoin. They just don't realized how much who have it cost them if they are transaction with fiat money and its corresponding transaction fees.
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
July 10, 2017, 08:24:23 AM
Many people on this forum  said that the transaction fees of bitcoin is depends on the value of bitcoin at the time you have transaction.

Its the reality of life.


Many people have no clue what they are talking about.
Why is the value of tx dropping while bitcoin is hovering around 2500k for weeks?

Again, there is no link between the tx value and BTC value.
The fee depends on the number of transactions are are sent daily.
With 10 tx a day you will be able to go with 0 fees , with 1 million tx ... probably ~ 5$ or more per tx.
full member
Activity: 152
Merit: 100
July 10, 2017, 04:34:28 AM
I'm a bit old or fair but I always thought it would be fair with bitcoin.
member
Activity: 140
Merit: 10
July 10, 2017, 04:19:32 AM
TX fees are fair, BTC isnt a micropayments medium, its digital gold.. 50cents fees for moving wealth across the globe?  yeah thats not much
full member
Activity: 574
Merit: 139
July 10, 2017, 04:13:44 AM
If we want to stop the fees, then we would have to stand together and not pay them until they dropped, but we keep paying them and by accepting them, we approve them.

There is no other choice. Some people may be having no issues in waiting 2-3 days until the payments get confirmed. But in most cases, the users will be quite desperate to move their funds and they will be forced to pay the high fees.
And why do we have high fees? Every time when someone's transaction stuck everyone shouted "Pay higher fee! Pay higher fee!".
And people started to pay higher fees just to get transaction confirmed before anyone else.
Why complaining now?
full member
Activity: 420
Merit: 100
July 10, 2017, 03:53:38 AM
More fair than before which takes a high cost for every transaction. Low amount or high it doesnt change except if you use wallets which have options to change it.
Good thing this happened before more users will stop into using bitcoin.
The lower the fee the better or else they will use those money transfer companies that offers low fees.


Everyone agrees that the commission should be minimal. But it seems to me that this is already becoming impossible in our time. Bitcoin becomes an expensive payment system. Because of this, many users switch to alternative coins
full member
Activity: 228
Merit: 100
July 10, 2017, 03:49:57 AM
I think that such a fee for the bitcoin transaction is fair. Whoever considers it to be too high can use ordinary electronic currencies with a low commission, but he will not be able to use them to raise prices.
hero member
Activity: 3052
Merit: 651
July 10, 2017, 03:34:28 AM
More fair than before which takes a high cost for every transaction. Low amount or high it doesnt change except if you use wallets which have options to change it.
Good thing this happened before more users will stop into using bitcoin.
The lower the fee the better or else they will use those money transfer companies that offers low fees.
full member
Activity: 146
Merit: 100
July 10, 2017, 03:30:11 AM
Transaction fees are mandatory in now a days as existing transaction systems offering higher fees. Compared to that, bitcoins have reasonable transaction fees and transaction security is also at highest level. 
sr. member
Activity: 516
Merit: 250
July 10, 2017, 02:44:05 AM
It's already fair for me, because i always customize the fee on all my transaction and you only need to wait 30minutes or even less. But for the last month is really not fair, because you need to pay more fees to get fast confirmation.
full member
Activity: 154
Merit: 100
July 10, 2017, 02:36:40 AM
Maybe its fair enough when the transaction fee is high and the there's fast confirmation. That will be enough to all of us. But the reality is turtle like confirmation yet paying high fees. Its so unjust.
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