Is bitcoin transaction fees fair? - page 49.

deisik

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Quote from: 1Referee on June 21, 2017, 10:09:43 AM

Quote from: YOYOY on June 21, 2017, 08:25:41 AM

For me I think it is not right, they should set the standard price on bitcoin fees.

If Bitcoin could process an insane amount of transactions without having to worry about the block space getting occupied in full, then it might work, but not in this case

Fees don't depend on the processing capacity

If this capacity was held in just one pair of hands, it wouldn't work even it were virtually unlimited for obvious reasons. That would be a simple case of maximizing profits by just one player with no competition getting in the way. Conversely, if there were perfect competition, then the fees could be however small even if the processing capacity was limited, for example, by the network bandwidth. As you can easily see, these two extreme cases show it pretty clear that processing capacity as such is irrelevant to fees. In other words, fees depend on other factors, most important of which are costs and the level of decentralization (or the lack of such)

radjie

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Everyone would want it with a high cost of low cost but it all depends on the bitcoin price so that the number of bitcoin users who make transactions either in large or small amount, Then with the transaction tax costs incurred in large quantities it can be faster to get a confirmation and vice versa if we want a small transaction fee then the confirmation will also be slower it all because of the growth factor bitcoin users who do a lot of transactions and bitcoin price increase.

albertvert

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Quote from: jc89 on April 26, 2017, 05:55:16 AM

Let us make it this way, every transaction have fixed transaction fee, let us say 2% of the total amount to be sent. So if a user sends 1btc then the transaction fee would be 0.02btc. Regardless of the value of btc in usd, the transaction is still fixed so if you send a small value then you will pay low tx fee ang the same when you send a big value you will pay big tx fee. As for me this is fair enough.

Disclaimer: I am not saying that this is the exact way of paying tx fee, it is just an analogy.

I accept this.why because, if we save our bitcoin and sell it bulk means we will not force to waste bitcoin for interns of taxes.So this wisely. Sell the bitcoin only u need money.

Ryan Dugan

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I think it is fair to a point. Awhile ago when I paid even 0.0011 btc and it was frozen for almost two weeks till that one day when all the transactions all of a sudden started going through for everyone. Today I moved 0.10btc and paid 0.001 and it took less then an hour so paying that I do not mind. I use to not like having to lose bitcoins for services but now I realize that bitcoin is life and the bitcoins must flow between us all.

Vishnu.Reang

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Quote from: TrissMerigold on June 21, 2017, 08:28:43 AM

i think wallet also affect this fees problem as i see i use xapo and fee is less than 1 dolalr , then i switched to coinomi i got like 2$ fees lol , i dont know what caused this but i think its a bit fair because millions transaction counting each day so blockchain need a bigger fees to cover transaction

Oh, trust me. It is still better than paying $7.50 for a single withdrawal in Bitstamp, or $3.75 for the same in YoBit. Unfortunately, it seems like the era of $0.05-0.10 fees is finally over.

IamAltcoinfan

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Its not at all fair because of that only i moved to alt coin. I know that alternative coin will be future . I fed up with bitcoin transaction charge.

deisik

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Quote from: Makka on June 21, 2017, 08:19:49 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.

I agree with your logic, mate.

When the price is high, transaction fees should be low, because the value is high. It is logical indeed. When the price is low, one needs to increase the transaction fee because the value of what is being paid amounts to a little equivalent. However, what is happening right now seems to be the other way around

Welcome to reality, bro

And this is how things should in fact be, and there is simple but genuine logic behind high fees going along with high prices. High prices mean that the coin is popular and provided that all other things remain the same (which could affect the fees, for example, the block size), the fees should be high too. High prices mean more transactions, while more transactions lead to tougher competition between the transactors for the soonest confirmation of their transactions. And more competition means higher fees, as simple as that

1Referee

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Quote from: YOYOY on June 21, 2017, 08:25:41 AM

For me I think it is not right, they should set the standard price on bitcoin fees.

If Bitcoin could process an insane amount of transactions without having to worry about the block space getting occupied in full, then it might work, but not in this case. I am actually happy that the fees are bouncing up and down based on how much usage the network experiences. If you pay x in fees, and I think my transaction has more priority, I just include a higher fee to make miners go for my transaction instead of yours. It's a combination of making use of the freedom that we are being offered, and the greedy nature of miners. Grin

Quote from: YOYOY on June 21, 2017, 08:25:41 AM

I also think they should impose higher transaction fees when the price of bitcoin is really high so that it will be fair for their costumer and so that costumers will also be satisfied on their service.

That makes no sense, really. If you said that the higher the price is in fiat terms, the lower the fees will be in satoshi terms, then I might have seen the point of your statement. Perhaps that was what you meant?

Quote from: YOYOY on June 21, 2017, 08:25:41 AM

It is really unfair, especially for those who earn a little bitcoins and they will have to fee higher than they earn.

Circumstances in this case aren't ideal, but there is nothing that you can do about it other than to adapt to the situation - complaining doesn't help at all.

abel1337

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Quote from: TrissMerigold on June 21, 2017, 08:28:43 AM

i think wallet also affect this fees problem as i see i use xapo and fee is less than 1 dolalr , then i switched to coinomi i got like 2$ fees lol , i dont know what caused this but i think its a bit fair because millions transaction counting each day so blockchain need a bigger fees to cover transaction

I agree , Im using the wallet coins.ph , The good thing about this wallet is when you transfer from a coins.ph to coins.ph account its absolutely free but when you transfer coins.ph to other wallet it came with a fee . The fee is depending on the chosen transaction period whether its low medium or high speed transaction , Ofcourse high speed transaction is the most expensive fee of all. I think some wallets has same features too.

TrissMerigold

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i think wallet also affect this fees problem as i see i use xapo and fee is less than 1 dolalr , then i switched to coinomi i got like 2$ fees lol , i dont know what caused this but i think its a bit fair because millions transaction counting each day so blockchain need a bigger fees to cover transaction

YOYOY

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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.

For me I think it is not right, they should set the standard price on bitcoin fees. I also think they should impose higher transaction fees when the price of bitcoin is really high so that it will be fair for their costumer and so that costumers will also be satisfied on their service. It is really unfair, especially for those who earn a little bitcoins and they will have to fee higher than they earn. Hope this thread will go all along to blockchain or any bitcoin transaction site.

Makka

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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 agree with your logic, mate.

When the price is high, transaction fees should be low, because the value is high. It is logical indeed. When the price is low, one needs to increase the transaction fee because the value of what is being paid amounts to a little equivalent. However, what is happening right now seems to be the other way around.

That is why when the price of bitcoin rises, we will all be feeling both happy and sad at the same time. Happy because the value of what we have increase but sad because when we use it to buy something the transaction fee is also huge. It becomes impractical therefore to buy some small stuff with bitcoin. It is not worth it because of the fees, high fees, incredibly high fees.

raymond541

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bitcoin transaction fees not fair now a days.users always use large fees for getting confirmation soon.network not increase block size in this way miners are getting profited and users loose their money.so many people now use bitcoin now need increase block size otherwise bitcoin transaction fees will more than bank fees.

cr9992

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it's subjective, nothing is about fair or not, this is just an investment for the miners, they (with the halving) lost a big portion of their profit and with the current tide of transactions in bitcoin, they are trying to get more with people willingness to pay higher fees to be included earlier,
I don't agree on segwit etc... because that will ruin bitcoin principles rather than just solve this issue, there is also a possibility of majority of core developers leaving bitcoins and forking another coin etc... in short, I prefer a less controversial solution.

Considered

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I cant afford the rapid increase of fees even i sent 0.001 its still prompt me to pay 0.002 aaargghh!

Dhimas Kanjeng

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I'm confused, why transaction costs bitcoin is getting bigger, used to send and receive fees on the XAPO for free, but now I have to say is quite expensive, it's what makes us hesitate, if the user continues to increase, of course the cost is larger than the bank.

ppaul15

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The transactions charges only favor to the one who send a big amount of bitcoin at it is always calculated on transaction size. in my experience, i am only transferring a small amount of btc and my fee is almost the same as the amount i send in transaction Angry

niisarearning

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Quote from: FlightyPouch on June 18, 2017, 09:13:58 PM

Quote from: voltesbit777 on June 18, 2017, 09:10:54 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.

Bitcoin transaction fee's so far is not being fair actually, but we community of bitcoin can't do anything from it.
Depending on the exchange like in yobit each withdrawal transaction was 0.0015BTC, while in bittrex was 0.001BTC something like that.

Why do you think it is being unfair? With the current price of bitcoin don't you think that the fee is good enough? I think this just make us realize not to make transaction with few amount, make a transaction when you are sending big amounts and with many recipients. If you send a small amount of bitcoin, you will be really suffering the FEEpocalypse.

Yes exactly now bitcoin becomes only for huge fund transfer if we try to transfer small amount then we will suffer for sure . Now don't depend on pocket money by doing faucets,games, PTC sites its fully waste

Sniper150

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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.

If we are talking about bitcoin transaction fees, it is not fair because bitcoin has no transaction fees unless it is converted to fiat and you cash it out in different money remittances. If you cash out it in ATM machine there are no fees but if it is in money remittances, they have fees for it. All money remittances have fees. I think that this is one of the advantages of bitcoin compared to the real money. Additionally, yes, you can select manually how much do you want to cash out in your wallet. We are in the new technology all could be possible if we want a better transaction.

itsallpc

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Bitcoin fee is definitely not fair.People are paying such high fee with half heart as they have no other choice for now.Situations may change after august 1st when segwit 2x is to be activated.A fair price should be set permanently for smooth functioning of bitcoin environment.Now,we could say that people's money is publicly looted in the name of high transaction fee.

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