Is bitcoin transaction fees fair? - page 53.

Preclus

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Quote from: Amph on April 26, 2017, 03:04:40 AM

remember that are not the miners that make the fee, they could accept even the lowest fee if everyone was using the lowest one and reducing the average, it's up to the peple that decide what fee to use

if for example everyone start now to lower his fee the average would be like the old 10k satoshi per transaction, but instead everyone is rushing to have his/her transaction prioritized and this is increasing the average, miners have no fault here

Consider you owned the majority of hashing power in the network and you wanted to make more money. One way to make more money is to have higher fees.

There are quite a few things you can do to cause fees to increase and stay there. Can you think of any?

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Quote from: bryant.coleman on May 26, 2017, 01:08:08 PM

Quote from: cryptoheadd on May 26, 2017, 11:30:27 AM

I just paid $2 on a $15 transaction and had to wait for a couple of hours for confirmation. Wouldn't really say that it's fair.

What to do? As long as the block size remains the same, there are very few options. If you don't want to use Litecoin, then the only option left for you is to pay a higher transaction fee, or to wait for a few days for your transaction to get confirmed. It is almost like blackmailing the users, and I have a very bad feeling regarding it

That's why people should overcome their fear and finally look into Litecoin

I've been watching how this coin has been doing for the last 48 hours (with some sleep, of course), and I can say that investing in it should be preferred if you are going to invest in crypto at all. Litecoin has been following Bitcoin price very closely, both up and down, but it already has SegWit and Lightning Network activated. If these get postponed for Bitcoin (which is a possible scenario), Litecoin will be a clear winner with Bitcoin likely a complete disaster and ultimate failure. If Bitcoin surges due to activation of these updates, Litecoin will likely surge too, thus you won't lose anything anyway. If Bitcoin continues to plummet, it has a lot more room to go down than Litecoin, thereby, the choice should be obvious and straightforward

abubakrrali

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Fair is a difficult word, it's high now (mainly considering to USD), but in the same time this is just due to sheer interest and rise in number and quantity of bitcoin transactions right now, We can't force miners to take less fees TX's so even if it's too high it's fair though...
I think the main option is modifying the block system total size...

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Quote from: cryptoheadd on May 26, 2017, 11:30:27 AM

I just paid $2 on a $15 transaction and had to wait for a couple of hours for confirmation. Wouldn't really say that it's fair.

What to do? As long as the block size remains the same, there are very few options. If you don't want to use Litecoin, then the only option left for you is to pay a higher transaction fee, or to wait for a few days for your transaction to get confirmed. It is almost like blackmailing the users, and I have a very bad feeling regarding it.

richardsNY

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Quote from: cryptoheadd on May 26, 2017, 11:30:27 AM

I just paid $2 on a $15 transaction and had to wait for a couple of hours for confirmation. Wouldn't really say that it's fair.

It really depends on the satoshi/byte ratio. Currently the recommended fee ratio is 390 satoshi per byte, but to be on the safe side, it's better to stick to 500 satoshi per byte. In current network circumstances the fees aren't fair, that's for sure, but there is no other thing to do than dealing with the situation. I have made a purchase through Bitcoin yesterday -- just to have it confirmed as soon as possible, I included +$5 in fees. Is that fair? Nope, but I needed it to confirm asap, and thus I could justify paying a premium.

carlisle1

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I am not sure but if it's true that an increased transaction fees can really make our transactions way more faster than usual or than how it was then I have no reason to complain because I guess it makes your transaction to be more prioritized and that is what i had read from the notification and updateof my wallet service provider recently Grin

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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, it is not fair as bitcoin price increase and fees worth slightly more according to the price, but we should pay higher fees and still wait for longer time to get transaction be confirmed.
I guess it can be like that if people don't have to pay higher fees to make their transaction confirmed faster which refers to block size limit, if SegWit activated and block size increase then it will resolved, maybe.

creative~mind

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I think this is relative... If you live in a country with many restrictions on the economy, and with very high inflation rates, I think it's worth paying a higher rate to have a safer way of preserving your wealth. But if Bitcoin wants to have an effect on the economy of the whole world, surely such fees must be diminished, and such delays in confirmations must be eliminated.

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I just paid $2 on a $15 transaction and had to wait for a couple of hours for confirmation. Wouldn't really say that it's fair.

PeRo

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The fees are not really that big, it is just that we are not used to having higher fees than it was before. The fees were dust and now it is a little higher. I dont say it is fair though, I liked the times I paid a few cents for a smaller transaction and now I have to pay half of the amount transfered at a normal amount and wait more than a day for the confirmation of the transaction.

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As the price of bitcoin have increased tremendously, the fee to have increased along with it. For a transaction of 0.1 btc the fee of around $8 is levied by the wallet service which gives confirmation in a short time period of around 2 blocks. So when price increases the users get profited, and fee should never be considered as an issue for bitcoin's growth.

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Depends who you ask, miners will say the fees are more than fair, users will complain. Personaly I think we have to find some kind of balance because there are too many unconfirmed transactions these days. I understand fees had to rise a bit but for the price we are paying we have to get satisfying service and that often means faster confirmation time.

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Quote from: Eternu on May 26, 2017, 11:03:57 AM

Well i do not know how things work exactly, as far as mining is concerned, but i do not thing that price for fee transfer need to be low if price for bitcoin is going up. What i think is, that if i can transfer my bitcoin fast and without problems i will pay a bit more. So in general i am more interested in efficiency of transfer.

I agree with you . Speed and ease are the most important points. And currently I think that the shipping fee is fairly cheap when compared to other financial delivery media. Bitcoin gives a fee rate in accordance with the amount of funds we send. It provides comfort when we send funds in small quantities.

Eternu

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Well i do not know how things work exactly, as far as mining is concerned, but i do not thing that price for fee transfer need to be low if price for bitcoin is going up. What i think is, that if i can transfer my bitcoin fast and without problems i will pay a bit more. So in general i am more interested in efficiency of transfer.

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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.

Not only that but sometimes they are mutually the amount of fee for their transactions quickly transported by the miners, and that makes it unfair, because for those whose transactions are small then the fee will also be small whether it will also be quickly transported by the miner's machine

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Quote from: 7jaka7 on May 23, 2017, 02:53:39 PM

My personal opinion is that we must not think that we can use bitcoin for everyday use.
Who walks with gold nuggets in his pocket and try to buy candy with it or goes to gold buyers and sell them 20$ worth of gold everyday? (anyone knows fees if you would sell gold like this? ) But still a lot of people has gold.
If you transfer 1000$ and let's say fee is 5$ this means you pay 0.5%, if you transfer 10000$ with same fee you pay 0.05%. And if you transfer 10 $ you pay 50%. So we should learn something from this Cheesy

There will be other currencies which can be used for everyday. Which will still be better then fiat money. Maybe currency with fixed % fee will be made.

This is similar to using huge denominations bills to try to buy candy, it is better to use a 20 dollar bill than to try to use 100 dollar bill to buy candy, this is why I think LTC is going to be at the end more used for every day transactions than bitcoin is going to be and that is not really surprising, LTC has been said to be the silver of the cryptocurrencies and if you look around you will see silver was the most widely used of the precious metals.

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Quote from: btcjoin14 on May 24, 2017, 08:07:11 PM

Bitcoin transactions are really nothing to stress about since the people that are complaining about it usually have more Bitcoin then they claim they do online. I think that the $1 or more transaction is worth it since in most cases the transaction will get confirmed really fast. I know that there is people paying less than that amount and having the transaction confirmed just a couple of hours longer than the one with over the $1 in transaction fees.

But we shouldn't be happy at the current state and just accept what is imposed on us, when there are clearly available solutions that are just waiting to be implemented. Of course, some are going to delay it to their advantage so they could make the most of what they are making. Strike whilst the iron is hot, as they say.

btcjoin14

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Bitcoin transactions are really nothing to stress about since the people that are complaining about it usually have more Bitcoin then they claim they do online. I think that the $1 or more transaction is worth it since in most cases the transaction will get confirmed really fast. I know that there is people paying less than that amount and having the transaction confirmed just a couple of hours longer than the one with over the $1 in transaction fees.

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Quote from: bitcoinmasterlord on May 24, 2017, 02:05:13 PM

Quote from: Winner on May 24, 2017, 04:32:13 AM

Personally, I feel that Bitcoin has a transaction fee increase when the price of Bitcoin goes up though the compared to the amount of Bitcoins there is the whole Bitcoin supply it really is not that much of a fee for the people that aren’t late to the game.
Bitcoin is just a regular thing just like anything else, if people just don’t like Bitcoin and other Currencies for the transaction fee then they should just move on to something different.

Now people don't care for transaction fee because the price of bitcoin is going up and up. So if anyone moved out from this bitcoin, then it will become his worst decision he's taken by in his life. Actually, this is the time to work for bitcoin. Don't think about transaction fee just collect bitcoin and make money.

Yes if anyone will want to get the benefit and will want for an asset which will give a more profit then they have to join bitcoin and have to keep their money in bitcoin and if they will think about the fees of transaction and will not like to pay these fees and will not like to buy bitcoin then they will lose their opportunity to earn bigger.

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Quote from: Winner on May 24, 2017, 04:32:13 AM

Personally, I feel that Bitcoin has a transaction fee increase when the price of Bitcoin goes up though the compared to the amount of Bitcoins there is the whole Bitcoin supply it really is not that much of a fee for the people that aren’t late to the game.
Bitcoin is just a regular thing just like anything else, if people just don’t like Bitcoin and other Currencies for the transaction fee then they should just move on to something different.

Now people don't care for transaction fee because the price of bitcoin is going up and up. So if anyone moved out from this bitcoin, then it will become his worst decision he's taken by in his life. Actually, this is the time to work for bitcoin. Don't think about transaction fee just collect bitcoin and make money.

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