Topic: Is bitcoin transaction fees fair? - page 65. (Read 36260 times)

All the Bitcoin users dream about incredibly fast transactions and low fees, but unfortunately, we can choose only one option. So, we probably need to put up

The charge rate of bitcoin transactions has been defaulted, it will always be within that range and will not be changed. So, as bitcoin prices soar, that means we have to pay a higher fee. However, the amount of btc we pay does not change. So, there is not anything worth complaining about it.

Yes we don't have choice, as the progress and pumping of bitcoins price. We are the ones to adjust, it's already set that the fees should be amounting to that specific price. It's not that bad to pay that high considering the price of bitcoin is high too, it's just like a payback. But this is a good help if ever the fees will be lesser.

Hey, I'm not complaining. Yeah, it's getting higher, but I feel it's suitable.

The transaction fee is depending on the current price of bitcoin i think, before the value of bitcoin is very low there is a small fee and most of the time its free, but now at the current price and the free is increasing i think it is fair.
And also there is an option vary on the fast, mid and slow transaction it depends on the user which one they choose.

All the Bitcoin users dream about incredibly fast transactions and low fees, but unfortunately, we can choose only one option. So, we probably need to put up

It's not fair, but it's necessary.
In the beginning, when Bitcoin price was low, people transferred bigger amounts of Bitcoin and (since the network was also not busy) the fees were low / kb and very small compared to the money transferred.
Now Bitcoin is big, making many people transfer really small amounts of Bitcoin. Even if the fee would be the same per kb, now we have more (smaller) inputs and we send out smaller amount of Bitcoin for the same number of USD. This means indeed the fees rising "too much" for our liking.
But as I stated, this is necessary. The miners have to be fed. If that will not happen the network will suffer, we will suffer, the price will suffer. Not good.

One of the bigger problems is that people transfer a lot of unnecessary small amounts. Of course, they have their reasons - want to earn here and there a few extra $, want to buy something "small" things, don't trust some services or just don't realize that small amounts will fight against them in some not too far future.

My laptop was 0.6-0.7BTC when I bought it, would you have believed this when BTC was dropping around 200-250$? or when BTC was 2$?. But the fees were 3$ (ouch).


Bottom line: If you want to dream of $2k, $10k or (!) $500k Bitcoin, you have to admit that this comes with fees that may become almost unbearable. But without that you may be left off without miners and with 100$ or 10$ Bitcoin. You don't want that.

All the Bitcoin users dream about incredibly fast transactions and low fees, but unfortunately, we can choose only one option. So, we probably need to put up

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.

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 it's reasonable. Though, we do need the Lightning Network to be implemented before Bitcoin becomes primarily a settlement layer.

Eventually, in a couple decades, the block reward will no longer provide enough incentive for minors to keep the network secure. In the long run, we are going to need much higher transaction fees (I'm guessing somewhere in the neighborhood of wire transfer fees) to keep the network robust and secure, and provide enough incentive for a large number of miners.

I'm not so sure of that...

I mean why would the miner not simply agree to not accept a transaction with fee lower than X
or even do the transaction while putting fees themselves to make higher average fees...

I've seen blocks not full at all, doesn't it mean that miners are refusing transactions in some cases?