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Topic: Is bitcoin transaction fees fair? - page 55. (Read 36260 times)

member
Activity: 106
Merit: 100
May 21, 2017, 02:42:21 AM
In my opinion it can be said that the transaction fee is not fair if we sell with a small value but the transaction fee costs quite large so that many benefits of the transaction costs, Even vice versa if we swap with a high price transaction fees will be greater as well.
The amount you send actually doesn't matter. The total sum of output and input which your transaction have is what really matter and it'll be the factor of how big your transaction size is. Fortunately, the fee just back to "normal" compared to a few days ago which is double than the current fee. Though, it's still rather expensive while people often repeating that bitcoin is a cheap way to send money. How ironic.
What then to expect a commission fee if Bitcoin rises in price very quickly or even today many users are sure that by the end of the year we can get not only 2000 dollars but 3000 dollars for 1 Bitcoin. This is not the limit, and what then will be the Fair Commission for financial transactions?
legendary
Activity: 1372
Merit: 1027
Dump it!!!
May 21, 2017, 02:42:06 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.
We got to comfortable with the low fees and now that bitcoin price is high its just fair to adjust them to pay our miners who afaik are the spine code
of the bitcoin network and we must not forget that too many transactions are going on every minute

Quote
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.
Initially that is whats suppose to be happening but we the users are setting the high fees to get our transfers first priority leaving transactions with low fees clogged in the mempool
sr. member
Activity: 1498
Merit: 251
KUWA.ai
May 21, 2017, 02:26:48 AM
In my opinion it can be said that the transaction fee is not fair if we sell with a small value but the transaction fee costs quite large so that many benefits of the transaction costs, Even vice versa if we swap with a high price transaction fees will be greater as well.
The amount you send actually doesn't matter. The total sum of output and input which your transaction have is what really matter and it'll be the factor of how big your transaction size is. Fortunately, the fee just back to "normal" compared to a few days ago which is double than the current fee. Though, it's still rather expensive while people often repeating that bitcoin is a cheap way to send money. How ironic.
sr. member
Activity: 588
Merit: 256
May 21, 2017, 02:20:29 AM
In my opinion it can be said that the transaction fee is not fair if we sell with a small value but the transaction fee costs quite large so that many benefits of the transaction costs, Even vice versa if we swap with a high price transaction fees will be greater as well.
hero member
Activity: 1806
Merit: 672
May 21, 2017, 01:53:21 AM
I can not imagine the expensive fee when bitcoin prices continue to rise. Of course 10k satoshi will have a very high rate. And of course the fee will be very big. And it will be burdensome for users

At some point, people will just shift to altcoins or use some side chains. Already, people from third world countries have been crowded out of using bitcoin transactions, because of the high transaction fees. At one point, even first world countries will feel the pinch.
I disagree with what you have said. From what I know transactions fees will affect anyone who will be sending a lower amount compared to the transaction fees. Besides several local wallets even international wallets like coinbase offer a free of charge when sending to the same wallet provider e.g. Coinbase to Coinbase transactions are free. If you have the same wallet provider this won't be a problem for some people.
legendary
Activity: 1582
Merit: 1064
May 21, 2017, 01:47:17 AM
I can not imagine the expensive fee when bitcoin prices continue to rise. Of course 10k satoshi will have a very high rate. And of course the fee will be very big. And it will be burdensome for users

At some point, people will just shift to altcoins or use some side chains. Already, people from third world countries have been crowded out of using bitcoin transactions, because of the high transaction fees. At one point, even first world countries will feel the pinch.
legendary
Activity: 1414
Merit: 1002
= jasad =
May 20, 2017, 10:24:36 PM
I would like to state that Bitcoin transactions are really fair to the people that know how to use Bitcoin. Since the people that use Bitcoin like to get information from the guys that don't know what they are talking about then it's pretty known that they won't know how to spend Bitcoin properly.

It's fair since bitcoin were really increasing, its fair when we feel what we pay , I mean if we pay high fees we should get a good service like making the confirmation fast as it could,but sometimes it does not happen.
if you don't need the money in hurry then you can use a small fee ,
fair enough, but when you need a fast transaction to be confirmed i think it's not a little bit fair anymore ,
the old bitcoin have even a free of fee right?
people get worry about this situation nowadays include me too.
hero member
Activity: 1148
Merit: 504
May 20, 2017, 10:12:17 PM
I can not imagine the expensive fee when bitcoin prices continue to rise. Of course 10k satoshi will have a very high rate. And of course the fee will be very big. And it will be burdensome for users
sr. member
Activity: 376
Merit: 250
May 18, 2017, 06:10:51 PM
I would like to state that Bitcoin transactions are really fair to the people that know how to use Bitcoin. Since the people that use Bitcoin like to get information from the guys that don't know what they are talking about then it's pretty known that they won't know how to spend Bitcoin properly.

It's fair since bitcoin were really increasing, its fair when we feel what we pay , I mean if we pay high fees we should get a good service like making the confirmation fast as it could,but sometimes it does not happen.
hero member
Activity: 774
Merit: 500
Look ARROUND!
May 18, 2017, 05:19:11 PM
I would like to state that Bitcoin transactions are really fair to the people that know how to use Bitcoin. Since the people that use Bitcoin like to get information from the guys that don't know what they are talking about then it's pretty known that they won't know how to spend Bitcoin properly.
hero member
Activity: 2884
Merit: 794
I am terrible at Fantasy Football!!!
May 18, 2017, 12:17:45 PM
For me, anything that charges about 2% for every transaction would be fair, especially if it confirms in real time. Now if bitcoin transactions can be made faster without increasing the fees too much then it is like fairy tale come true. But there are those who are benefitting from these high fees and they are not going to let go of such earning opportunity that easily.
True but since the only thing that motivates them is money, then for them to approve a solution that improves the speed of the transaction then they need to think they are leaving money on the table by not confirming transactions fast enough and that is going to happen when bitcoin keeps getting more users.
hero member
Activity: 896
Merit: 514
May 18, 2017, 11:56:41 AM
The current cost of a transaction with the bank about $0.4 If domestically and $7.47 if we send abroad, only about $0.2 bitcoin transactions so I think it is very fair.
you are right that bitcoin transaction fees is much more lower than bank transaction fees and i think bitcoin transaction fees is .0005 btc so its very lower and bank charges is very much higher and we can see that there is no tax apply on bitcoin.
i also use bitcoin wallet more than bank wallet because bitcoin transaction fees is very much lower and other thing is that bitcoin increasing its price day by day and my money also increasing its value in bitcoin and and i think saving your money in bank account is not profitable and bank fees charges is also too much high so i mostly save my money into bitcoins.
hero member
Activity: 952
Merit: 503
May 18, 2017, 11:25:51 AM
The current cost of a transaction with the bank about $0.4 If domestically and $7.47 if we send abroad, only about $0.2 bitcoin transactions so I think it is very fair.
you are right that bitcoin transaction fees is much more lower than bank transaction fees and i think bitcoin transaction fees is .0005 btc so its very lower and bank charges is very much higher and we can see that there is no tax apply on bitcoin.
hero member
Activity: 574
Merit: 500
Any store can buy, sell, and accept Crypto
May 18, 2017, 09:54:42 AM
I am quite concerned, because first of all, the fee is not stable. It is around 400-800 Satoshi/byte now, but there is no guarantee that it will not rise to 2,000 or 3,000 Satoshi per byte after a few months. And what if the exchange rates will increase from the current rates of $1,800 to $10,000 per coin? Will you pay $10 for a single Bitcoin transaction?

no i will not,  I usually make bitcoin transactions with small amount. If I should pay 10 dollars for every small transactions i think it's too expensive for me.
For nowadays fee of bitcoin transactions is very cheap and till controlled
newbie
Activity: 19
Merit: 0
May 18, 2017, 09:29:31 AM
The value of bitcoin has been on the rise, and our transfer fees are on the rise. It would be great if we could make a quick and reasonable charge. I'm looking forward to it Kiss
hero member
Activity: 882
Merit: 506
May 18, 2017, 09:25:06 AM
Transactions that compensation a larger number of charges are quicker than those that compensation less expenses it's typical yet that is not the issue. The issue is the time it takes. For instance if the exchanges with higher expenses paused for a moment and those that compensation less took two hour

it would be justifiable. Be that as it may, the issue is that there are exchanges that are taking 12-24 hours and that is excessively

Didn't understand the first sentence, but I think what it meant was that the higher the fees then the faster it will confirm. Yeah, time is really a problem here, as if you want to pay a low fee then that means you have to wait ages before it confirms. Back then I used to just fix 0.0001BTC as my fees, and it will confirm within 24 hours, but now it doesn't cut it any more.
full member
Activity: 155
Merit: 100
May 18, 2017, 03:37:59 AM
Transactions that compensation a larger number of charges are quicker than those that compensation less expenses it's typical yet that is not the issue. The issue is the time it takes. For instance if the exchanges with higher expenses paused for a moment and those that compensation less took two hour

it would be justifiable. Be that as it may, the issue is that there are exchanges that are taking 12-24 hours and that is excessively
legendary
Activity: 3346
Merit: 1352
Leading Crypto Sports Betting & Casino Platform
May 18, 2017, 03:23:37 AM
I am quite concerned, because first of all, the fee is not stable. It is around 400-800 Satoshi/byte now, but there is no guarantee that it will not rise to 2,000 or 3,000 Satoshi per byte after a few months. And what if the exchange rates will increase from the current rates of $1,800 to $10,000 per coin? Will you pay $10 for a single Bitcoin transaction?
sr. member
Activity: 553
Merit: 250
May 18, 2017, 03:09:27 AM
Absolutely not, except current time. Ability to choose transaction fee on your own, is the one of the greatest Bitcoin's features!
You can even send transactions at a fees of 0.0001 but doing that can lead the transaction getting lost. I received a payment of 10$ and the fees was so low that finally the network rejected it and he told he never got a refund. So basically it was a loss for both of us. Don't be a dumb idiot to save fees you may ended up losing everything you sent
The fee of 0.0001 for any transactions is just a history for bitcoin because now the fees are so dramatically high and i just checked the fee for withdrawing in bittrex and they are charging 0.001 per withdraw request on their site and that is very high. I didn't expect that they will charge that high but if it is a bug then they should fix it as soon as possible because that fee is so expensive.
Yes correct, currently there are no transactions for free, coinbase and even the xapo fees more than 0.001 btc, possibly because of server load and large mining so their high costs.
hero member
Activity: 2590
Merit: 644
May 18, 2017, 02:33:50 AM
Absolutely not, except current time. Ability to choose transaction fee on your own, is the one of the greatest Bitcoin's features!
You can even send transactions at a fees of 0.0001 but doing that can lead the transaction getting lost. I received a payment of 10$ and the fees was so low that finally the network rejected it and he told he never got a refund. So basically it was a loss for both of us. Don't be a dumb idiot to save fees you may ended up losing everything you sent
The fee of 0.0001 for any transactions is just a history for bitcoin because now the fees are so dramatically high and i just checked the fee for withdrawing in bittrex and they are charging 0.001 per withdraw request on their site and that is very high. I didn't expect that they will charge that high but if it is a bug then they should fix it as soon as possible because that fee is so expensive.
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