Is bitcoin transaction fees fair? - page 43.

8Habits

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Quote from: Caelanpelley on July 03, 2017, 09:10:40 AM

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.

Yes, that is true. The bitcoin price in the market is increasing, I think accompanied by the bitcoin fee also increased. This can be called fair. You will benefit when paying large amounts of bitcoin,But when paying small amounts, the fee may be higher than the transaction value.

Paying bitcoin transcation is really fair because they too have invested a portion of their assets to make the mining into reality and for the common good of the entire bitcoin community. Hence, we should think of fee as our way to say thank you for handling my coins with integrity and safety.

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Blackjack.fun

Quote from: Caelanpelley on July 03, 2017, 09:10:40 AM

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.

Yes, that is true. The bitcoin price in the market is increasing, I think accompanied by the bitcoin fee also increased. This can be called fair. You will benefit when paying large amounts of bitcoin,But when paying small amounts, the fee may be higher than the transaction value.

There was never a correlation between bitcoin price and the tx amount.
Never.

Just like now the fees have dropped more than 30% with bitcoin still hovering around 2500$ in the last week.
And tx with fees as small as 0.5 satoshi per byte are getting through, just check the last blocks.

The fees are just climbing and going down based on the amount of people sending transactions.
Nothing to do with the price.

Caelanpelley

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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.

Yes, that is true. The bitcoin price in the market is increasing, I think accompanied by the bitcoin fee also increased. This can be called fair. You will benefit when paying large amounts of bitcoin,But when paying small amounts, the fee may be higher than the transaction value.

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Quote from: eaLiTy on July 02, 2017, 08:11:58 AM

Quote from: ?? on ??

transaction fee is really fair.

Good to hear that you find the transaction fees is fair and square while the rest of the bitcoin world or the majority of users think that it is really huge as bitcoin's vision is not to be like this,it should be much lower than visa transactions or any other mode of transactions but sadly that is not the case now as you have to shell out more money

People who are claiming that these fees are fair are insane and right out of their mind

Anything which comes from a monopoly cannot be fair by definition. Basically, the very definition of monopoly itself is the opposite of the definition of fair. If anything, Bitcoin transaction fees could be called fair if there was a competitive market not only for Bitcoin users paying the fees but also for Bitcoin miners charging them. Anyone who is claiming that since you agree to pay them and no one is forcing you to do so and therefore it is essentially a free market is either outright clueless or just hypocritical

richardsNY

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Quote from: bobitza on July 02, 2017, 02:16:36 PM

I think a transaction fee increase by Bitcoin value is necessary. Because high fees are equivalent to the speed of the transaction will be faster. Besides, the transaction fee is never higher than the external transaction fees since it shows that it is the only transaction option at the moment. Also, the money you earn is certainly many times more than this fee

I think you have to understand what the difference is between transaction speed, and confirmation speed. In most cases the transaction speed is near instant, while confirmations heavily depend on the hight of the fee in relation to the satoshi to byte ratio. Currently the average fees have dropped significantly.

Also, what do you mean with the transaction fee never being higher than the external transaction fee?

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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.

I think a transaction fee increase by Bitcoin value is necessary. Because high fees are equivalent to the speed of the transaction will be faster. Besides, the transaction fee is never higher than the external transaction fees since it shows that it is the only transaction option at the moment. Also, the money you earn is certainly many times more than this fee

RamBahadur.Gurung

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Quote from: Amevalentine on July 02, 2017, 12:08:35 PM

Quote from: RamBahadur.Gurung on July 02, 2017, 11:52:26 AM

Quote from: aldrian09 on June 27, 2017, 07:54:57 AM

Bitcoin transaction fees are only fair if your transaction is big but if you will only send 0.01 and you need to pay for 0.001 for the fee then that's unfair. And sometimes even if you pay a highers fee the transaction still takes time and that is frustrating.

During the early days of Bitcoin, it was supposed to be the other way around. Back then, the ease of doing micro-payments was considered as one of the advantages of Bitcoin. But with the current fee levels, it is no longer possible.

Agreed, there is no way use it as micro-payments more.
fee level changed by time as bitcoin can move huge amount with low fees, send 1 btc fees 0.001, send 10 btc fees 0.001, its very cheap isn't?
so this is a kind of business.

Hmm.. now Bitcoin is very suitable for the large payments. But the issue is that not many people will be interested in such payments. If you look at the Blockchain, then you can see that median value of the Bitcoin transactions are lower than BTC0.10.

ReLieD

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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.

If you are just a new user for you the fees might be high. Like you go to buy something and you see a 2 USD fee.
Obviously for a common person it will be high. But if you look closely, the fees has not changed when we look according to Bitcoin concept.
At the beginning the price of Bitcoin was less , leading to less fees.
But as the value of Bitcoin increase , the fees also kept increasing due to the increase of value of Bitcoin.
So this way the fees is probably fair.

xIIImaL

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Quote from: lecongnhan123 on July 02, 2017, 11:23:32 AM

Quote from: aldrian09 on June 27, 2017, 07:54:57 AM

Bitcoin transaction fees are only fair if your transaction is big but if you will only send 0.01 and you need to pay for 0.001 for the fee then that's unfair. And sometimes even if you pay a highers fee the transaction still takes time and that is frustrating.

Right, compare with Paypal, you send a small amount, you pay a small fee. But in Bitcoin, it enables you to send a very big amount of money just need to pay a very small fee (compare with the payment size) so, Bitcoin is still usable when you make big payments

Please don't compare and see the bitcoin transaction fee with other international transfer option which are all being a business by corporates but bitcoin is the independent option transact money worldwide but suddenly from March month fee for transaction has been started increasing till now it's increasing only.that fee should redesigned to previous cost.

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Did you see that ludicrous display last night?

Bitcoin transaction fees are naturally designed to be fair. They remove intermediaries, that's the whole point.

Quote from: satoshi

The cost of mediation increases transaction costs, limiting the
minimum practical transaction size and cutting off the possibility for small casual transactions

Never forget about that. Whether Bitcoin ends up managing it is another matter, but for now it's not doing too badly. It's very important that it stays that way or get better.

Amevalentine

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Quote from: RamBahadur.Gurung on July 02, 2017, 11:52:26 AM

Quote from: aldrian09 on June 27, 2017, 07:54:57 AM

Bitcoin transaction fees are only fair if your transaction is big but if you will only send 0.01 and you need to pay for 0.001 for the fee then that's unfair. And sometimes even if you pay a highers fee the transaction still takes time and that is frustrating.

During the early days of Bitcoin, it was supposed to be the other way around. Back then, the ease of doing micro-payments was considered as one of the advantages of Bitcoin. But with the current fee levels, it is no longer possible.

Agreed, there is no way use it as micro-payments more.
fee level changed by time as bitcoin can move huge amount with low fees, send 1 btc fees 0.001, send 10 btc fees 0.001, its very cheap isn't?
so this is a kind of business.

RamBahadur.Gurung

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Quote from: lecongnhan123 on July 02, 2017, 11:23:32 AM

Quote from: aldrian09 on June 27, 2017, 07:54:57 AM

Bitcoin transaction fees are only fair if your transaction is big but if you will only send 0.01 and you need to pay for 0.001 for the fee then that's unfair. And sometimes even if you pay a highers fee the transaction still takes time and that is frustrating.

Right, compare with Paypal, you send a small amount, you pay a small fee. But in Bitcoin, it enables you to send a very big amount of money just need to pay a very small fee (compare with the payment size) so, Bitcoin is still usable when you make big payments

During the early days of Bitcoin, it was supposed to be the other way around. Back then, the ease of doing micro-payments was considered as one of the advantages of Bitcoin. But with the current fee levels, it is no longer possible.

stompix

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Quote from: eaLiTy on July 02, 2017, 08:11:58 AM

Quote from: ?? on ??

transaction fee is really fair.

Good to hear that you find the transaction fees is fair and square while the rest of the bitcoin world or the majority of users think that it is really huge as bitcoin's vision is not to be like this,it should be much lower than visa transactions or any other mode of transactions but sadly that is not the case now as you have to shell out more money.

He said fair.
And yeah the fees are fair. It doesn't mean they are accessible or that your should agree with them.
The basic is that the fees are decided by the users not by some government or unknown entity.

Are people paying those fees? Yes they do. Are they willingly paying them, yes they do, nobody has a gin to your head.
And the fees just went up, fueled by the free market.
Fair and square.

lecongnhan123

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Quote from: aldrian09 on June 27, 2017, 07:54:57 AM

Bitcoin transaction fees are only fair if your transaction is big but if you will only send 0.01 and you need to pay for 0.001 for the fee then that's unfair. And sometimes even if you pay a highers fee the transaction still takes time and that is frustrating.

Right, compare with Paypal, you send a small amount, you pay a small fee. But in Bitcoin, it enables you to send a very big amount of money just need to pay a very small fee (compare with the payment size) so, Bitcoin is still usable when you make big payments

Maheshkumar_Hrangkhawl

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Quote from: grermezter on July 02, 2017, 08:20:12 AM

So I want to know who determines the higher fees for the transaction, I believe blockchain does that, it takes a lot of the fees and just give to the miners who just take anything that they can get,they don't mind at all how much they get.

Blockchain determines the default fee based on the transactions which got confirmed during the previous 3-4 blocks. The miners do bother about how much fees they are getting. Earlier when the block reward was like BTC50, they were careless about the fee. But now the fee represent some 20% to 25% of their reward. So they will be unhappy if the fee is low.

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Quote from: revo1044 on June 29, 2017, 07:24:36 AM

yeah bitcoin transaction fees fees fair i think that is 0.0005 .

So I want to know who determines the higher fees for the transaction, I believe blockchain does that, it takes a lot of the fees and just give to the miners who just take anything that they can get,they don't mind at all how much they get.

eaLiTy

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Quote from: ?? on ??

transaction fee is really fair.

Good to hear that you find the transaction fees is fair and square while the rest of the bitcoin world or the majority of users think that it is really huge as bitcoin's vision is not to be like this,it should be much lower than visa transactions or any other mode of transactions but sadly that is not the case now as you have to shell out more money.

Xester

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Quote from: aoihs00 on July 02, 2017, 07:12:52 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.

I do not know but for me it is quite fair. It is just like when certain commodity goes high or the price goes high the fee will be high. Like gasoline, when its price gets high, the fare also gets high. I do not know about the bitcoin. But I think it is like that.

aoihs00

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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.

Qunenin

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Quote from: chineseprancing on June 27, 2017, 03:17:53 AM

Transactions fees on bitcoin was not fair, maybe they need to develop the fees system because almost 10-15% of amount transferred will be the fees it was so high. Maybe the charges may change into 2-3% of amount per transactions.

Yes, the fee is not fair it seems they took advantage of the demand of bitcoin in market. Sadly but it is true. It does not have its equate to how much you send but there is minimum transaction fee whether you send small you have to pay 0.001 now and so if you send high amount of btc then it goes higher so it is a bit burden then.

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