Topic: Is bitcoin transaction fees fair? - page 50. (Read 36260 times)
I think its a no no.Bitcoins fees now so high that it reaches the freaking 5$ amount or sometimes bigger than the amount you transact with.And still transactions confirmations are still freaking slow that it takes up days before it get confirmed
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.
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 bitcoin price value get high, the transaction charge also high, and that depend on the exchange sites platform.
Then if you pay low fee, it will take an hours and yet sometimes it takes 2 or 3 days before it confirm.
I'm not sure if the fees are low or high. What I'm sure is that were lacking the system on how to measure the right fees because as we all know the fees depends on how secured the online wallet. But the proper laws and regulations on the transparency of the right amount of fees are still questionable because even if we are using the block chain technology were just passing through it and let the decision on fees decides by some organization.
Miners could probably make more (in absolute terms) if the blocksize is increased. If we go to 4 mb blocks, then there will be 4x times the number of transactions, but fees would probably not fall to 25% of current fees. It could work out favourably for both users and miners.
If the transaction fee is low (and if the confirmation happens quickly), then there will be more transactions and the total fee per block would see a significant rise. But most of the miners are short-sighted and they are against increasing the block size
This is a very far-fetched assumption
If it really were so, miners wouldn't need to run their spam bots regularly. In fact, there is no reason to think that there will be a lot more transactions if fees go down while confirmation times shorten. We are made to believe that there is a huge overhang of unconfirmed transactions but it is primarily due to constant flooding of the network with spam transactions. Apart from that, would people transact for the sake of transacting? Obviously, they won't, so there is no reason to think that the number of transactions would rise exponentially (or just enough to compensate for the loss of fee revenue) unless there is a genuine expansion in Bitcoin adoption and use
as of now? DEFINITELY NOT. One thing that attracted me to bitcoin is the very low transaction fee. was only a few cents when I got into bitcoin. now? a couple of dollars. even worse than paypal in terms of usability.
To be frank there is nothing anyone could do about it,it is the situation we are dealing with for a long time now and we knew that the transaction would get delayed with more users,lets see how it will be settled and until then miners will be having a good time collecting all the fees.Miners could probably make more (in absolute terms) if the blocksize is increased. If we go to 4 mb blocks, then there will be 4x times the number of transactions, but fees would probably not fall to 25% of current fees. It could work out favourably for both users and miners.
If we go up to 4mb block we will have more than 4 timess the space.
I really doubt that we will go fill those up faster than in 6 months time.
Where would those tx come from?
Till then probably the fees will go way below 100 satoshi/b.
Probably the miners will lose in the first few months more than 50% of their revenue from tx.
I think losing revenue will really hurt the miners in the first few months but I guess they can still recover in the next succeeding months or so. This will be a never ending battle and no one will win in the end. Let us just make a compromise so that bitcoin can continue and lived.
as of now? DEFINITELY NOT. One thing that attracted me to bitcoin is the very low transaction fee. was only a few cents when I got into bitcoin. now? a couple of dollars. even worse than paypal in terms of usability.
To be frank there is nothing anyone could do about it,it is the situation we are dealing with for a long time now and we knew that the transaction would get delayed with more users,lets see how it will be settled and until then miners will be having a good time collecting all the fees.Miners could probably make more (in absolute terms) if the blocksize is increased. If we go to 4 mb blocks, then there will be 4x times the number of transactions, but fees would probably not fall to 25% of current fees. It could work out favourably for both users and miners.
If we go up to 4mb block we will have more than 4 timess the space.
I really doubt that we will go fill those up faster than in 6 months time.
Where would those tx come from?
Till then probably the fees will go way below 100 satoshi/b.
Probably the miners will lose in the first few months more than 50% of their revenue from tx.
Miners could probably make more (in absolute terms) if the blocksize is increased. If we go to 4 mb blocks, then there will be 4x times the number of transactions, but fees would probably not fall to 25% of current fees. It could work out favourably for both users and miners.
If the transaction fee is low (and if the confirmation happens quickly), then there will be more transactions and the total fee per block would see a significant rise. But most of the miners are short-sighted and they are against increasing the block size.
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.
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.
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.
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.
For me its really not fair for a high fee in many bitcoin wallets but i already use bitcoin wallet that has a really fast transaction that sounds fair for a few cent fee but having a high fee for a really slow transaction is really not unfair for us we are paying fee's and didnt get a fat transaction we wanted and there are so many confirmations needed.
If we are going to focus on just the value of fee we can totally say that the fee is quite unfair for a small amount of transaction. But if you are going to analyze every transaction you will made you can lower down the fee on making big transaction at one so it may trim down the particular percentage of fee. For bitcoin transaction it may be developmental because we all know that bitcoin always changes its transaction , security and price so the development of the fees may also happen. 
as of now? DEFINITELY NOT. One thing that attracted me to bitcoin is the very low transaction fee. was only a few cents when I got into bitcoin. now? a couple of dollars. even worse than paypal in terms of usability.
To be frank there is nothing anyone could do about it,it is the situation we are dealing with for a long time now and we knew that the transaction would get delayed with more users,lets see how it will be settled and until then miners will be having a good time collecting all the fees.Miners could probably make more (in absolute terms) if the blocksize is increased. If we go to 4 mb blocks, then there will be 4x times the number of transactions, but fees would probably not fall to 25% of current fees. It could work out favourably for both users and miners.
Nope. I'm out here sometimes paying a $20 fee for a $200 transaction 
You paid that much fees? 10% of the total price is absurd. Maybe what happened here is that your transactions had so much input and so much out puts that cause the price of the fees to increase by this much. So far, I transferred $800 and just paid about $5 in fees which is already the best fees at the time to confirm the quickest time as possible.
as of now? DEFINITELY NOT. One thing that attracted me to bitcoin is the very low transaction fee. was only a few cents when I got into bitcoin. now? a couple of dollars. even worse than paypal in terms of usability.
To be frank there is nothing anyone could do about it,it is the situation we are dealing with for a long time now and we knew that the transaction would get delayed with more users,lets see how it will be settled and until then miners will be having a good time collecting all the fees. 
Well, sometimes I feel it's too expensive, but if it's not like that, I think it will be very much unconfirmed from the transaction, so I think it's fair, well, the important thing is the speed of the transaction.
fees are calculated via the use of satoshis so whilst the bitcoin prices rises the costs grow to be greater luxurious, as nicely there's any other issue that makes the transactions will become expensive. The variety of unconfirmed transactions, so one can have a quickest affirmation, you may want to pay a higher charge of satoshis that is why the bitcoins transactions emerge as greater steeply-priced when the rate of bitcoin rises.
I think it's not fair, it might offend some people but I would like fee to be abolished completely. Fee shouldn't be treated like a miners incentive to confirm the transactions after all miners already earning good amount of bitcoin for whatever they are doing. And if something like that can't happen, transactions should be confirmed on the basis of first come first serve instead of high and low fee
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The fees of bitcoin is not fair because what if you are just a small timer and you will just send at least 0.005 bitcoins to your friend as a payment but the fee is over 0.001 then it is very frustrating because the fee is so high and it cut a very huge amount from the original which is such a disappointment for a small timer like me.
Now the fee does look unfair. Because the greater the fee incurred because we must be able to conduct transactions in a fast time. There must be a solution to make things better. In the end the shipping cost should be smaller and we can also do various transactions comfortably.
The way they are now, Bitcoin fees don't look very fair, because they are very high. I hope this will change after August 1 and BTC will also be more used widely.
The fees of bitcoin is not fair because what if you are just a small timer and you will just send at least 0.005 bitcoins to your friend as a payment but the fee is over 0.001 then it is very frustrating because the fee is so high and it cut a very huge amount from the original which is such a disappointment for a small timer like me.
Now the fee does look unfair. Because the greater the fee incurred because we must be able to conduct transactions in a fast time. There must be a solution to make things better. In the end the shipping cost should be smaller and we can also do various transactions comfortably.
The fees of bitcoin is not fair because what if you are just a small timer and you will just send at least 0.005 bitcoins to your friend as a payment but the fee is over 0.001 then it is very frustrating because the fee is so high and it cut a very huge amount from the original which is such a disappointment for a small timer like me.
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