Topic: Is bitcoin transaction fees fair? - page 45. (Read 36260 times)
I believe that is completely fair deal because with increased price there is increased investment into bitcoin. Ultimately miners are getting huge load onto them, the network difficulty in addition to this has also increased. All these things has led to increased miners fees.
Fair or not fair, the point is the demand and request, currently with the increased frequency of transactions, the demand for inclusion in blocks is higher and for that, the needed fees is higher as everyone try to compete for a better spot.
it's expensive right now, particularly for any transactions less than $100 or more (which would be around $1.5 USD per Tx or so)
it's expensive right now, particularly for any transactions less than $100 or more (which would be around $1.5 USD per Tx or so)
"Demand and request" make sense only in a free market
Confirmation business (as part of the mining business) is far from being a competitive market, i.e. it is not a free market. In fact, it is a mining monopoly. Are monopolies fair? From the point of view of an ordinary user, they are not, so it all boils down to definition of what is fair and what is not. If we narrow our approach to how well this situation fits with the goal of Bitcoin (i.e. Bitcoin as a currency), this is certainly not fair as far as miners get in the way of the free float of bitcoins in the Bitcoin "economy"
I think that rise in transaction fee with rise in price of bitcoin is fair enough because not everything in this world can be achieved with low prices ,so from my point of view higher the income you earn ,higher will be the transaction fee,but this wont be favorable for people who use it on a day-to-day basis.Everything and anything has its own merits and demerits because no one or nothing is perfect enough.
Yes it is like the tax on the money that we are getting from our salary in our regular job, if we are earning a high amount of money every month then the tax is also high and it will go even higher if our salary goes higher too they are directly proportional while in bitcoin the fees is just caused by the volume of the users and the continuous demand of the transactions that makes the network slower so it rises the fee so the miners will get more profits to support the network even better. 
The fee per transaction is good for those that carry it out, but it is bad for bitcoin users. Such fee may discourage online shopping from the use of BTC and it will reflect badly on all. The reduction in the number of transactions is a bad signal.
I can not understand a bit, what can it influence? I believe that trading in online stores is generally unacceptable with the help of Bitcoin. Because it causes certain difficulties for the businessmen themselves. Of course you can buy something, but only on any one consonant to buy and sell.
The fee per transaction is good for those that carry it out, but it is bad for bitcoin users. Such fee may discourage online shopping from the use of BTC and it will reflect badly on all. The reduction in the number of transactions is a bad signal.
I think that rise in transaction fee with rise in price of bitcoin is fair enough because not everything in this world can be achieved with low prices ,so from my point of view higher the income you earn ,higher will be the transaction fee,but this wont be favorable for people who use it on a day-to-day basis.Everything and anything has its own merits and demerits because no one or nothing is perfect enough.
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 is just an impossible thing to happen. The transactions are prioritized based on the fee that we put. Lesser fee, less priority regardless of the price of bitcoin.
Is bitcoin transaction fees fair? Is there anything in life fair at all? Everything can be seen as unfair. For example, we're doing signature campaign and we're earning 0.03BTC a week. You would think to yourself. Is this fair at all? Do I really deserve this amount of money when there are people somewhere in a third world country working his ass off yet he barely eats 3 times a day?
The bigger players don't care about the fees at all because they can afford it. To poor people, they would think of it as a problem because they can barely afford it. But that's just how it is. You see things the way they are based on your state. You're rich? Then tx fee is nothing for you. You're poor? Tx fee is something that you complain about 24/7. We can do nothing but accept it. The miners don't care about what you feel and what you think of the tx fee.
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.
Yes for limited amount bitcoin transaction the fee is little bit we can not afford that money. But for the decent number of bitcoin transaction, the fee is fair enough. This transaction fee will effect only for day traders. The normal bitcoin user will afford this fee I think. For me this fee is ok I am ready to pay because I will not do any small BTC transaction.
The fees are fair in the sense that we are all competing equally for that block space but it doesn't mean the blockchain is useful for most daily transactions as it was originally intended. If nothing comes of the latest scaling compromise I think we will eventually see fees in the 500 satoshi/byte range.
Fees have definitely evolved and there is so much evidence to show that it has no correlation with price. Two days ago, the network was BELOW 2,000 transactions and I would have loved to test a 5 sat/byte tx but was unable to access my wallet then.
But today, I made a transaction with 35.9 sats/byte and it confirmed in exactly 60 minutes - at a time when there were about 11,000 transactions. I paid about $0.47 cents for almost $900. That's just over 0.05% of my total. I chose a time that the network was relatively free, I chose to transact one chunk rather than several. And my fee corresponded to those environments.
https://blockchain.info/tx/ab7b64a65de124ef55c2e09747a9c8dc433af8d4097cba8acf8d5469edbb8610
That's fair to me by any measurement.
But today, I made a transaction with 35.9 sats/byte and it confirmed in exactly 60 minutes - at a time when there were about 11,000 transactions. I paid about $0.47 cents for almost $900. That's just over 0.05% of my total. I chose a time that the network was relatively free, I chose to transact one chunk rather than several. And my fee corresponded to those environments.
https://blockchain.info/tx/ab7b64a65de124ef55c2e09747a9c8dc433af8d4097cba8acf8d5469edbb8610
That's fair to me by any measurement.
That's pretty awesome. I normally pay 120+ sats/byte and sometimes I have to wait more than 1 day for the first confirmation. I'm not complaining because if I want it fast I pay 360 satoshis/byte and it is confirmed within 45 minutes, but when I'm in no hurry why to pay more? )
Maybe with zero fee you have a chance to get stuck forever, I'm not sure about that, but with 120+ sats/byte your transaction will be confirmed for sure within 3 days. I've never heard someone paid 120+ sats/byte and their transaction were never confirmed.
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.
Fair or not fair, the point is the demand and request, currently with the increased frequency of transactions, the demand for inclusion in blocks is higher and for that, the needed fees is higher as everyone try to compete for a better spot.
it's expensive right now, particularly for any transactions less than $100 or more (which would be around $1.5 USD per Tx or so).
it's expensive right now, particularly for any transactions less than $100 or more (which would be around $1.5 USD per Tx or so).
Fees have definitely evolved and there is so much evidence to show that it has no correlation with price. Two days ago, the network was BELOW 2,000 transactions and I would have loved to test a 5 sat/byte tx but was unable to access my wallet then.
But today, I made a transaction with 35.9 sats/byte and it confirmed in exactly 60 minutes - at a time when there were about 11,000 transactions. I paid about $0.47 cents for almost $900. That's just over 0.05% of my total. I chose a time that the network was relatively free, I chose to transact one chunk rather than several. And my fee corresponded to those environments.
https://blockchain.info/tx/ab7b64a65de124ef55c2e09747a9c8dc433af8d4097cba8acf8d5469edbb8610
That's fair to me by any measurement.
But today, I made a transaction with 35.9 sats/byte and it confirmed in exactly 60 minutes - at a time when there were about 11,000 transactions. I paid about $0.47 cents for almost $900. That's just over 0.05% of my total. I chose a time that the network was relatively free, I chose to transact one chunk rather than several. And my fee corresponded to those environments.
https://blockchain.info/tx/ab7b64a65de124ef55c2e09747a9c8dc433af8d4097cba8acf8d5469edbb8610
That's fair to me by any measurement.
I'm not sure how you achieved this, because 35 sats/byte is definitely very low even when fees were at 0.0001 BTC per transaction basically for any size. Did you use a transaction accelerator or something? I pay like 300 sats per byte and my transaction still doesn't get confirmed within first 3 blocks.
maybe you're just super lucky. But more likely than not, you used a transaction accelerator.
Fees have definitely evolved and there is so much evidence to show that it has no correlation with price. Two days ago, the network was BELOW 2,000 transactions and I would have loved to test a 5 sat/byte tx but was unable to access my wallet then.
But today, I made a transaction with 35.9 sats/byte and it confirmed in exactly 60 minutes - at a time when there were about 11,000 transactions. I paid about $0.47 cents for almost $900. That's just over 0.05% of my total. I chose a time that the network was relatively free, I chose to transact one chunk rather than several. And my fee corresponded to those environments.
https://blockchain.info/tx/ab7b64a65de124ef55c2e09747a9c8dc433af8d4097cba8acf8d5469edbb8610
That's fair to me by any measurement.
But today, I made a transaction with 35.9 sats/byte and it confirmed in exactly 60 minutes - at a time when there were about 11,000 transactions. I paid about $0.47 cents for almost $900. That's just over 0.05% of my total. I chose a time that the network was relatively free, I chose to transact one chunk rather than several. And my fee corresponded to those environments.
https://blockchain.info/tx/ab7b64a65de124ef55c2e09747a9c8dc433af8d4097cba8acf8d5469edbb8610
That's fair to me by any measurement.
That's pretty awesome. I normally pay 120+ sats/byte and sometimes I have to wait more than 1 day for the first confirmation. I'm not complaining because if I want it fast I pay 360 satoshis/byte and it is confirmed within 45 minutes, but when I'm in no hurry why to pay more? )
Fees have definitely evolved and there is so much evidence to show that it has no correlation with price. Two days ago, the network was BELOW 2,000 transactions and I would have loved to test a 5 sat/byte tx but was unable to access my wallet then.
But today, I made a transaction with 35.9 sats/byte and it confirmed in exactly 60 minutes - at a time when there were about 11,000 transactions. I paid about $0.47 cents for almost $900. That's just over 0.05% of my total. I chose a time that the network was relatively free, I chose to transact one chunk rather than several. And my fee corresponded to those environments.
https://blockchain.info/tx/ab7b64a65de124ef55c2e09747a9c8dc433af8d4097cba8acf8d5469edbb8610
That's fair to me by any measurement.
But today, I made a transaction with 35.9 sats/byte and it confirmed in exactly 60 minutes - at a time when there were about 11,000 transactions. I paid about $0.47 cents for almost $900. That's just over 0.05% of my total. I chose a time that the network was relatively free, I chose to transact one chunk rather than several. And my fee corresponded to those environments.
https://blockchain.info/tx/ab7b64a65de124ef55c2e09747a9c8dc433af8d4097cba8acf8d5469edbb8610
That's fair to me by any measurement.
That's pretty awesome. I normally pay 120+ sats/byte and sometimes I have to wait more than 1 day for the first confirmation. I'm not complaining because if I want it fast I pay 360 satoshis/byte and it is confirmed within 45 minutes, but when I'm in no hurry why to pay more? )
Of course not. Needless to say, bitcoin transaction fees are not fair!
And I think the people behind bitcoin are very much aware of this considering that this problem has become a big concern for now. I believe they will do something about it. It has been giving bitcoin a bad name. People are now avoiding the usage of bitcoin to buy stuff because of the very high fees.
And I think the people behind bitcoin are very much aware of this considering that this problem has become a big concern for now. I believe they will do something about it. It has been giving bitcoin a bad name. People are now avoiding the usage of bitcoin to buy stuff because of the very high fees.
Fees have definitely evolved and there is so much evidence to show that it has no correlation with price. Two days ago, the network was BELOW 2,000 transactions and I would have loved to test a 5 sat/byte tx but was unable to access my wallet then.
But today, I made a transaction with 35.9 sats/byte and it confirmed in exactly 60 minutes - at a time when there were about 11,000 transactions. I paid about $0.47 cents for almost $900. That's just over 0.05% of my total. I chose a time that the network was relatively free, I chose to transact one chunk rather than several. And my fee corresponded to those environments.
https://blockchain.info/tx/ab7b64a65de124ef55c2e09747a9c8dc433af8d4097cba8acf8d5469edbb8610
That's fair to me by any measurement.
But today, I made a transaction with 35.9 sats/byte and it confirmed in exactly 60 minutes - at a time when there were about 11,000 transactions. I paid about $0.47 cents for almost $900. That's just over 0.05% of my total. I chose a time that the network was relatively free, I chose to transact one chunk rather than several. And my fee corresponded to those environments.
https://blockchain.info/tx/ab7b64a65de124ef55c2e09747a9c8dc433af8d4097cba8acf8d5469edbb8610
That's fair to me by any measurement.
Yes! That I felt today as well! Awesome speed today, unlike last few months.
My $500-worth bitcoin transaction having just $0.4 fee got three confirmations within the time span of one and a half hour. Quite good speed, specially if you compare that with the speed in last few months.
In the event that Bitcoin be destroyed (which is unlikely,) let it be known to the clogs in Bitcoin's wheel of progress, that it would be a tall order to have any other coin to gain even half the acceptance that Bitcoin already enjoys and of course that would translate to lesser profit for the profiteers.
Well, you can always monitor the network congestion from blockchain.info. I myself just go to bitcoinfees.21.co every time I want to spend. It's proven to be very helpful, I find even conservative in its estimation of confirmation time. Miners work at the speed they always do, the network congestion is just a reflection of the volume (more people or more txs per person). I've also read about deliberate spamming, but it's no use speculating on the motivations.
So for me it is not fair 
like for example you ask someone to render some service in just worth 0.0001 then you have to pay 0.001 for transaction fee which is so bad to see because it is more higher than the amount of the money that you are going to send. We hope this will be resolve this coming August. We want fairness inspite of the high demand of bitcoin in market miners need to be fair.
Looking the ongoing scenario the transaction fee is not familiar for the common people who engage into small transactions. Looking the big Volume transactions it's quite ok, because compared to the amount transacted the fee paid is low as well they get immediate transactions than waiting long for small transaction confirmations. like for example you ask someone to render some service in just worth 0.0001 then you have to pay 0.001 for transaction fee which is so bad to see because it is more higher than the amount of the money that you are going to send. We hope this will be resolve this coming August. We want fairness inspite of the high demand of bitcoin in market miners need to be fair.
bitcoin transaction fees are as fair as any price forming system that can be influenced
i.e. it cannot be fair by default,to some (miners) it is fair and the higher the fees the better for them
for the rest it is unfair,because when you are trying to send,say, 1$ you could be asked to pay
around 1$ in fees ( depending on yout transaction size,of course) if not more
so it kinda defeats the purpose of bitcoin as a micropayment platform
i.e. it cannot be fair by default,to some (miners) it is fair and the higher the fees the better for them
for the rest it is unfair,because when you are trying to send,say, 1$ you could be asked to pay
around 1$ in fees ( depending on yout transaction size,of course) if not more
so it kinda defeats the purpose of bitcoin as a micropayment platform
as from my recent transactions i think its fair , but idk how and why someone has to pay much more., i paid 0.0001 as a fee for my btc transaction of 0.23 so its not that much.
and it also got confirmed quickly.
but if the fees keep increasing liek that then in near future it will be difficult to do small trasanctions .
and it also got confirmed quickly.
but if the fees keep increasing liek that then in near future it will be difficult to do small trasanctions .
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