Is bitcoin transaction fees fair? - page 59.

Sundark

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Quote from: fullypak on May 12, 2017, 01:29:38 PM

This process is a little bit risky, and we can not save more money. The transaction fee is high for low amount transfer people. But it is a fair amount for high amount traders. The problem is the transaction fee is fixed that is the problem. It should be fixed by how much amount we can transfer means ok. But it is not like that for the small or big amount the fee is same that is the problem.

Bitcoin is not good micropayment solution, transaction fee is now more than $1 which completely eliminates reason behind every transaction lower than $1 worth of BTC
You simply do not sent $1 and pay 100% transaction fee. Bitcoin transaction fee is linked to the amount of data being send so as long as it is low it should be better option than standard percentage fee.

fullypak

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Quote from: bartolo on May 12, 2017, 12:04:17 PM

Quote from: ?? on ??

High fee is one of disadvantages of bitcoins in comparison with many of altcoins.
in many cases I use altcoins when my transaction amount is low and receiver apply that coin.

Using altcoins may be useful but only in very specific cases. One the one hand you save money because its transaction fees are lower but at the same time you have to make a double change bitcoin-altcoin, altcoin-bitcoin in which you can also lose an amount in the double exchange. Different case is if the receiving person accept to receive in altcoin but in general I think it can make you save time, but not much money.

This process is a little bit risky, and we can not save more money. The transaction fee is high for low amount transfer people. But it is a fair amount for high amount traders. The problem is the transaction fee is fixed that is the problem. It should be fixed by how much amount we can transfer means ok. But it is not like that for the small or big amount the fee is same that is the problem.

Yakamoto

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Quote from: stompix on May 12, 2017, 07:57:00 AM

Quote from: Sadlife on May 12, 2017, 12:36:34 AM

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.

What why? that's seems to be unfair also. I think increasing the transaction fees when the price is high is completely irrelevant no matter what the price bitcoin is the transaction fee should be always static.
What i mean bitcoin transaction fee should always be fixed. Especially when there is a delay in receiving payments because of the bitcoin scaling.

And why should they be fixed?
What is this communism?

We have a limited space for transactions so whoever wants that space will have to pay more than the others.

I personally prefer this approach to the issue, there is no real "fix" and everything is "fair" because there is a limited supply of block space and a there is a demand for space in said blocks. As such, fees go up. Really a free-market system if you think about it.

If miners want to push to larger blocks, then that's their choice since they indirectly control the supply and can opt to make it different if they need to.

bartolo

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Quote from: ?? on ??

High fee is one of disadvantages of bitcoins in comparison with many of altcoins.
in many cases I use altcoins when my transaction amount is low and receiver apply that coin.

Using altcoins may be useful but only in very specific cases. One the one hand you save money because its transaction fees are lower but at the same time you have to make a double change bitcoin-altcoin, altcoin-bitcoin in which you can also lose an amount in the double exchange. Different case is if the receiving person accept to receive in altcoin but in general I think it can make you save time, but not much money.

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Quote from: Sadlife on May 12, 2017, 12:36:34 AM

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.

What why? that's seems to be unfair also. I think increasing the transaction fees when the price is high is completely irrelevant no matter what the price bitcoin is the transaction fee should be always static.
What i mean bitcoin transaction fee should always be fixed. Especially when there is a delay in receiving payments because of the bitcoin scaling.

And why should they be fixed?
What is this communism?

We have a limited space for transactions so whoever wants that space will have to pay more than the others.

hatshepsut93

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It's a free and 100% unregulated market, there's no "fair" or "unfair", if you don't like it, you don't use it. Also, you can set whatever fee you like, and miners are free to mine whatever transactions they want.
At the current state, Bitcoin's transactions make Bitcoin best suited for bigger transcations like salary, big purchases, real estate and also transfers over long distances. In those cases Bitcoin is far more cheaper than any digital payment method or bank.

DoublerHunter

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Quote from: bitcoindusts on May 11, 2017, 11:40:03 PM

As far as I know, it is always fair since the one who is making a transaction have choice if he wants to pay a regular, higher, or lower fee. Whatever he chooses he must not blame miners for it since it is his choice to rather have fast confirmation or waiting for eternity for the confirmation of his transaction.

The fees that they are choosing is based on their wants in speed of their transactions higher fees is equal to faster transaction confirmations, I think you are right that it is fair because we have the choice on how much fees we will put on our transaction and the role of the miners are just to confirm our transaction and they didn't dictated the amount of fees.

Sadlife

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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.

What why? that's seems to be unfair also. I think increasing the transaction fees when the price is high is completely irrelevant no matter what the price bitcoin is the transaction fee should be always static.
What i mean bitcoin transaction fee should always be fixed. Especially when there is a delay in receiving payments because of the bitcoin scaling.

SingAlong

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Quote from: Blackdeath on May 12, 2017, 12:28:11 AM

Quote from: JL421 on April 26, 2017, 03:45:20 AM

It is not totally unfair as the fees was same from starting itself if the price increased (Which is what matters). there's nothing we can do about it. No one complained when the fees was low and everyone was happy. When it became more everyone has problem. Just try to reduce the low amount transaction.

It's actually fair since a blockchain users can shoose what kind of transaction they want to choose. There are options for its user's to choose according to what they need. If they want lower fee's, they have to wait longer time than others who paid higher fee. Transaction's fee and time depends on what its user used to choose.

In addition, compared to the fees that we have in the real world as we use our fiat, Bitcoin is much fairer than those especially when you send some money from one part of the world to another which has a very low fee unlike when we send some money in a traditional way. They secure our Bitcoin and in exchange of their services this is a fair amount to pay for.

Blackdeath

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Quote from: JL421 on April 26, 2017, 03:45:20 AM

It is not totally unfair as the fees was same from starting itself if the price increased (Which is what matters). there's nothing we can do about it. No one complained when the fees was low and everyone was happy. When it became more everyone has problem. Just try to reduce the low amount transaction.

It's actually fair since a blockchain users can shoose what kind of transaction they want to choose. There are options for its user's to choose according to what they need. If they want lower fee's, they have to wait longer time than others who paid higher fee. Transaction's fee and time depends on what its user used to choose.

bitcoindusts

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As far as I know, it is always fair since the one who is making a transaction have choice if he wants to pay a regular, higher, or lower fee. Whatever he chooses he must not blame miners for it since it is his choice to rather have fast confirmation or waiting for eternity for the confirmation of his transaction.

ufaiz50

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Quote from: Barbut on May 11, 2017, 06:08:17 PM

Quote from: agatha818 on May 11, 2017, 05:54:25 PM

Quote from: CuriousGeorge on April 26, 2017, 04:36:28 AM

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.

the fee is already cheaper than any money transfer service, people who say it's unfair, better get off sending the money by themselves because they always consider the fee even a cent as unfair

yes sir! i spent a lot of money on money transfer fees, and the fee they charge on bitcoin is very reasonable compared to money transfer services, bitcoin transaction is faster and cheaper!

Fair has many different meanings, compared with fiat money transfers and fees like western union have ( I used them few times in the past ) bitcoin fees are fair and reasonable. Who doesn`t wish to wait pays a bit more and he have faster transaction, for all the people who don`t like fees can use some wallets without any fee, but don`t complain on a little waiting sometimes.

yep as long the transaction is successfully sent and received safely the cost should not be a problem and it's also reasonable when the high price of the user is also in profit with it.

Barbut

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Quote from: agatha818 on May 11, 2017, 05:54:25 PM

Quote from: CuriousGeorge on April 26, 2017, 04:36:28 AM

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.

the fee is already cheaper than any money transfer service, people who say it's unfair, better get off sending the money by themselves because they always consider the fee even a cent as unfair

yes sir! i spent a lot of money on money transfer fees, and the fee they charge on bitcoin is very reasonable compared to money transfer services, bitcoin transaction is faster and cheaper!

Fair has many different meanings, compared with fiat money transfers and fees like western union have ( I used them few times in the past ) bitcoin fees are fair and reasonable. Who doesn`t wish to wait pays a bit more and he have faster transaction, for all the people who don`t like fees can use some wallets without any fee, but don`t complain on a little waiting sometimes.

socks435

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Well in my own interest fees really not fair for this days because they are keeping ask for high fees more and more while price is increasing the fee also increasing they should fix the issue of the transaction size increase..
They should change it for different speed of transaction and how much we want to paid transaction size is always the problem.
I always using other wallet but the problem when transferring to other wallet they asking almost $1 to $2 in bitcoin fee..
That is why other people are convert into bitcoin because of low fee..

emezh10

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Quote from: JL421 on April 26, 2017, 03:45:20 AM

It is not totally unfair as the fees was same from starting itself if the price increased (Which is what matters). there's nothing we can do about it. No one complained when the fees was low and everyone was happy. When it became more everyone has problem. Just try to reduce the low amount transaction.

I guess it fair enough because the bitcoin price increasing rapidly and i guess fee will also increases too but thats not really fair in a small transaction maybe they can just depend the fees in the amount of bitcoin transactions made.

Tyrantt

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Quote from: justspare on May 09, 2017, 04:13:18 PM

Quote from: bestluck on May 09, 2017, 03:43:40 PM

If we look at the fees of other transaction systems then we can say that yes the fees of transaction of bitcoin is a fair fees especially better from the bank transactions. The more better feature is that its transaction is faster and without any third party so why we not pay fees for that facility.

Bitcoin transaction fees is really too much fair than other you can check the paypal fees its very much high and bank fees is also very high and its the reason that people mostly using bitcoin and recommend bitcoin to everyone.

This and also I believe that you can reduce your fees to as much as you wish tho it might take a little while for transaction to get confirmed or not get confirmed at all. But still the transactions are still low compared to other money transferring options.

agatha818

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Quote from: CuriousGeorge on April 26, 2017, 04:36:28 AM

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.

the fee is already cheaper than any money transfer service, people who say it's unfair, better get off sending the money by themselves because they always consider the fee even a cent as unfair

yes sir! i spent a lot of money on money transfer fees, and the fee they charge on bitcoin is very reasonable compared to money transfer services, bitcoin transaction is faster and cheaper!

XbladeX

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Quote from: 7jaka7 on May 11, 2017, 04:02:52 PM

Can't this be a big problem? If fees are this high we just can't use it at everyday currency? We just couldn't buy 2$ thing if the fee is 0,5$. Does this means that Bitcoin should be coin to ''reffer'' on and for everyday use there should be other altcoins?
It should be interesting if in the future every country will have it's own crypto money Cheesy

For that reason LN is solution to micropayments.
We can not fill everything on main chain this is impossible for decentralized system.

7jaka7

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BTC, ETH, XMR, LTC

Can't this be a big problem? If fees are this high we just can't use it at everyday currency? We just couldn't buy 2$ thing if the fee is 0,5$. Does this means that Bitcoin should be coin to ''reffer'' on and for everyday use there should be other altcoins?
It should be interesting if in the future every country will have it's own crypto money Cheesy

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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 think you are misunderstanding, since theres is supply and demand, and the demand for the service has gone up, but the supply is the same then it is natural for the price of the fees to go up and when we take into account the rising in the price of bitcoin then the fees go even higher, this is fair even if we don’ like it.

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