Topic: Is bitcoin transaction fees fair? - page 60. (Read 36260 times)

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.

The purpose of bitcoin to be the micropayment gateway, This time the fees is not fair in my opinion. Everyone must pay over 50k satoshi for every transaction which has made the bitcoin can't be defined as micropayment method.

More people will try to use bitcoin and the fees will increase anytime as soon as possible.

The fees of bitcoin depend on the traffic of the bitcoin network.

As simple as that. These days there is some saturation, more transactions requests from which they can be processed. This causes the fees to be higher to gain priority, if the number of transactions were lower the fees would be lower as a consequence. You can also choose to pay a little less fees if you have no problem waiting longer to complete the transaction. It´s true that the biggest problem is for micropayments, one dollar payments or the like. In the future solutions like Lightning Network will surely impose to solve this.

Yutikas_11920

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Not fair and I also there are transaction fee that is 0.33 dollars that is so much for a small amount of bitcoin your going to send online and that is not unfair for an a 3-6hours of waiting for your transaction to confirmed.

Hmm, indeed it is not fair if you only make deals with almost the same amount with fee transactions. This is indeed something harmful things, but if you have many places to get a lot of bitcoin or investing in the bitcoin then I'm sure and believe then you won't be saying similar things. Because if you just invest in the bitcoin, potential benefits that you can get is more than 100% and it has been proved by those who have the patience and the belief that good enough

Hypnosis00

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The fees are very high and i don't think that it is fair because compare to the past transaction fees back then, it was just around 20k satoshi for the maximum and now it is ranging up to 100k satoshi or even more which is very high and not fair for the average bitcoin holders that don't have much bitcoin in their wallet.

shinratensei_

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Quote from: KingdomHearts on May 09, 2017, 06:05:31 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.

The purpose of bitcoin to be the micropayment gateway, This time the fees is not fair in my opinion. Everyone must pay over 50k satoshi for every transaction which has made the bitcoin can't be defined as micropayment method.

More people will try to use bitcoin and the fees will increase anytime as soon as possible.

The fees of bitcoin depend on the traffic of the bitcoin network.

Obito

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Quote from: virasog on May 09, 2017, 01:32:24 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.

yeah paypal fees is really too much high i use paypal one time and paypal transaction fees is very high then i start to send money or buy something with bitcoin and bitcoin transaction is very much fair than other.

Indeed, fees in bitcoin transaction is much fair than other like paypal and bank. Paypal fees is much higher compare to bitcoin fees. And its just normal that fees in every bitcoin transaction is high becauase as we experience bitcoin's price is stil growing.

wuvdoll

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Quote from: Quantus on April 30, 2017, 09:27:49 AM

25Cents at this time is fair in the future if the community does not grow it may need to go up to 50cents or more but thats the cost of having a inflation free currency.

I think the bitcoins transactions fee are not much. Why dont you see the other payment services like Paypal, western union etc. These services charge so much fee on the transactions that you cannot compare it with bitcoins. Bitcoin Tx charges seems to be very nominal when you compare it.

Yes, I agree the Bitcoin is charging a very nominal fee as compare to the other service providers. The charges of the competitor are too huge that they put almost 5-6% of extra of the core amount which really is too high as that of the Bitcoin charges. Also the bitcoin miners don’t charge extra on any of the international transaction. This is also one of the reason that people are adopting the bitcoin.

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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.

yeah paypal fees is really too much high i use paypal one time and paypal transaction fees is very high then i start to send money or buy something with bitcoin and bitcoin transaction is very much fair than other.

justspare

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Quote from: BitFinnese on May 09, 2017, 03:08:08 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.

bestluck

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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.

Diced90

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Get'em boys

Afaik bitcoin transaction fees are fair by far if compared to fiat if you are sending a large sum of bitcoins ,and somehow a rip off for petty cash transactions,and we should consider how long the popular 0.0001 btc fee has stood without major adjustments its about time miners got their motivation too.

richardsNY

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Even if it increase in price, I think it is fair since it is already written in the code and miners are purposely set up to mine the transaction and earn profit from it. Besides it is the right of the miner to reject the transaction fee they think does not pay the right amount.

You give miners far too many credits. Don't forget that the same miners prevent SegWit from being activated, and thus it doesn't give Bitcoin the push forward that it needs. Everything they do is based on financial gains. It's not like years ago anymore where transaction fees didn't really matter. I remember having sent transactions without any fees that got confirmed by the next block. Do it now and you'll greatly regret having done that. Especially if you don't know how to double spend....

bartolo

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If you calculate fees in fiat they will be higher as price keeps ascending, it´s better to see the fees in btc. It´s true that even calculating fees in btc they are higher than before because there are more transactions and there is the spam too. It would be interesting to know who sends those spam transactions by the way.

BitFinnese

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Quote from: 27QVUTZj8rgZP1 on April 30, 2017, 09:29:13 AM

I believe it will get worse over time, especially when halving... Bitcoin price might not get as high and the fee race will just get worse, with people paying more and more.

I never thought about it, but Bitcoin could die because of it in next 4 or 8 years, and people would elect another cryptocurrency to take its place.

And then that new elected coin dies, then another take its place... And it goes on in this loop.

I believe it can happen, especially if nothing relevant is done on source code side. The lifespan of a cryptocoin could be shortened if a solution isn't found in appropriate time.

Even if it increase in price, I think it is fair since it is already written in the code and miners are purposely set up to mine the transaction and earn profit from it. Besides it is the right of the miner to reject the transaction fee they think does not pay the right amount.

Shofiqul

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Yes it is fair.Because BTC price is increasing and for that fee are increasing.When BTC price going to down,fees will also go to down.

virasog

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Quote from: Quantus on April 30, 2017, 09:27:49 AM

25Cents at this time is fair in the future if the community does not grow it may need to go up to 50cents or more but thats the cost of having a inflation free currency.

I think the bitcoins transactions fee are not much. Why dont you see the other payment services like Paypal, western union etc. These services charge so much fee on the transactions that you cannot compare it with bitcoins. Bitcoin Tx charges seems to be very nominal when you compare it.

The One

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Quote from: franky1 on April 30, 2017, 11:48:00 AM

Quote from: Quantus on April 30, 2017, 09:27:49 AM

25Cents at this time is fair in the future if the community does not grow it may need to go up to 50cents or more but thats the cost of having a inflation free currency.

fair for the well banked first world countries where 25cents = 2 minutes minimum wage labour
unfair for the unbanked third world countries where 25cents = hours minimum wage labour

so lets word it this way..
because many cannot get out of the mindset of "americanisation"

bitcoin is "americanisation" $37.5
now would you use it if it cost you 5 hours labour to use it..

please dont worry about the value.. just think of the context.
"would you use it if it cost you 5 hours labour to use it.."

So far so good. Now do it using %.

A send 100 BTC @ $1400 = $140,000 + fee say .01 = $14 total $140,014. Fee (14/140000) * 100 = .01%
B send 1 BTC @ $1400 = $1,400 + fee say .01 = $14 total $1,414. Fee (14/1400) * 100 = 1%
C send 0.1 BTC @ $140 = $140 + fee say .01 = $14 total $154. Fee (14/154) * 100 = 9.09%

Hence Core is driving away some B, mostly C, so A can have the privilege of using bitcoin. B and C becomes the victims.

The muppets on here who thought the fees are fair are either stupid or group A.

The One

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Quote from: stompix on April 30, 2017, 08:34:28 AM

Quote from: Reid on April 30, 2017, 07:38:42 AM

What? Transaction fees will be larger than the block reward? That is kind of an insane number.
No one will support or use bitcoin anymore with that kind of number.
We know bitcoin is getting more expensive and who would want to make a transaction which is even more expensive than how much you will send.
They will be looking for another option if that happens.

Of course they will be. That is how bitcoin was designed , lol. Are your seriously surprised hearing that?
The block reward will constantly be halved it was 25 not so long ago it is 12.5 and it will go to 6 and so on.

With no changes in the block structure by the next halving fees will be higher than the reward....I think..I assume

Quote from: jtipt on April 30, 2017, 07:50:37 AM

I think you make a valid point here if everyone decides to use a lower fees then miners have no choice but to accept it, but the problem is as the difficulty of mining increases miners require more hash power and ultimately more money and also after halving they get half the bitcoin that they used to get. So if they are getting low fees low reward and mining cost us high then why would anyone want to mine anymore.

Oh , but they can...Don't you underestimate greed.

They could just stop accepting low fee transactions by not including them in the blocks.

At every halving due to increase scarcity - BTC value will double or more, thus less coinbase subsidy at a higher price = more value per BTC. Fees are not necessary now but in about > 20 years.

roadbits

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Quote from: mrcash02 on April 30, 2017, 12:08:20 PM

Quote from: sikke on April 30, 2017, 12:01:23 PM

Quote from: sikke on April 30, 2017, 12:01:23 PM

Not fair and I also there are transaction fee that is 0.33 dollars that is so much for a small amount of bitcoin your going to send online and that is not unfair for an a 3-6hours of waiting for your transaction to confirmed.

So if I understand your post correctly, you think that bitcoin fees are not fair, because someone had to pay 0.33 dollar as a transaction payment, right?
Guess what, 0.33 dollars of commision is pretty much nothing if we consider that this was a big transaction.
There is no problem in transfering your bitcoins to some other address ,let's say you want to transfer all of them, so for example it is 100 bitcoin transaction.

You can easily send that with 0.001BTC fee, which is currently about 1.3$. So you pay 1.3$ to send 130000$ somewhere. It is still unfair for you?

If that were the price for big transactions there is no problem, but when you want to send few dollars in BTCs the fee of $0.33 is very expensive. One person dealing with money all day long needs to send money everytime, to many different people and even they send all their transactions at once, with a big one, the fee is being very high at this time.

As was said above, maybe for a tier 1 country the fees are good, but for tier 3 countries where people need to work hours to earn pennies it's not good.

If you use bitcoin for your daily use and you will do more than 5+ transaction per day, and the transaction amount is less than 0.1 BTC then the transaction fee is bit high. It is not worth for daily users. But if you do more than 0.5 BTC per transaction then you can pay this transaction fee it is not high. It's all depends on how much BTC you will transact.

mrcash02

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Not fair and I also there are transaction fee that is 0.33 dollars that is so much for a small amount of bitcoin your going to send online and that is not unfair for an a 3-6hours of waiting for your transaction to confirmed.

So if I understand your post correctly, you think that bitcoin fees are not fair, because someone had to pay 0.33 dollar as a transaction payment, right?
Guess what, 0.33 dollars of commision is pretty much nothing if we consider that this was a big transaction.
There is no problem in transfering your bitcoins to some other address ,let's say you want to transfer all of them, so for example it is 100 bitcoin transaction.

You can easily send that with 0.001BTC fee, which is currently about 1.3$. So you pay 1.3$ to send 130000$ somewhere. It is still unfair for you?

If that were the price for big transactions there is no problem, but when you want to send few dollars in BTCs the fee of $0.33 is very expensive. One person dealing with money all day long needs to send money everytime, to many different people and even they send all their transactions at once, with a big one, the fee is being very high at this time.

As was said above, maybe for a tier 1 country the fees are good, but for tier 3 countries where people need to work hours to earn pennies it's not good.

sikke

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