Topic: Is bitcoin transaction fees fair? - page 67. (Read 36260 times)
No i think the transaction fees are fairly high.well when the price of bitcoins is going high ,then you can expect that the price of bitcoins is also going high whereas banks charges so much money for home loan and give so little interest ,when the money is kept in bank.
The transaction fees of bitcoins is fucking my ass now as even after paying higher fees I have to wait for hours to see balance in my wallet and that is really fucking frustrated and if this is not solved then I will quit bitcoins for sure.
This is fair enough i think because we are using bit coins to get a huge income from various platform which is much more than the transaction fees. So, it's a silly topic seems to me 
Sometimes I use bitcoins to keep money very secure and it's not always profit source like you said. And also imagine bitcoin become 5000$ and you want to make transaction of 50$. Imagine how much you have to pay for fee. That's why I say that we need bitcoin with fee which will be depend on price. 
The transaction fees is favoring the one who send a lot of money as it's calculated based on the transaction size. But for the one who like to send a little, then the transaction fee feels expensive compared to the time you have to wait until it's get confirmed. Yesterday i sent about BTC0.07, the wallet recommendation fee is about 0,0006 because there's a lot of unconfirmed transaction, i lower it to 0,0005 and my transaction just get confirmed about 3 hour ago 
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This is fair enough i think because we are using bit coins to get a huge income from various platform which is much more than the transaction fees. So, it's a silly topic seems to me
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.
Its not actually the reason why do bitcoin tx fee do rise, Price of bitcoin doesnt affect on rising tx fee the main reason why do have such rise is that when theres a lot of transactions happening on the network which means you will need to pay up more tx fee if you want to fasten up the transaction and in fact no one forces you to do pay that amount it still have the choice on paying below the average but expect that the confirmation times would be more longer. 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.
Bitcoins fees are calculated by using bytes/satochi so when the bitcoin prices rises the fees become more expensive, as well there is another factor that makes the transactions becomes expensive. The number of unconfirmed transactions, in order to have a fastest confirmation, you will need to pay a higher rate of bytes/satoshi so at the end that's why the bitcoins transactions become more expensive when the price of bitcoin rises.
It has rose quite a lot in past few years. The only reason for this is high mining difficulty and block reward halving, miners will not earn any profit if they start accepting transactions with low fee like before because of low block reward right now.
Block reward was halved so miners have doubled the minimum fee per byte of transaction.
Block reward was halved so miners have doubled the minimum fee per byte of transaction.
Yes, you are right and this trend will continue. I do not really like it. Everyone is used to the fact that bitcoin can be used without high commissions. But now everything is changing
If you dont want to pay higher fees then pay less and try to accelerate transaction on accelerator sites. That is how i ignore high fees.
It has rose quite a lot in past few years. The only reason for this is high mining difficulty and block reward halving, miners will not earn any profit if they start accepting transactions with low fee like before because of low block reward right now.
Block reward was halved so miners have doubled the minimum fee per byte of transaction.
Block reward was halved so miners have doubled the minimum fee per byte of transaction.
Right now everyone is paying the same for kb of transaction. So it's as fair as it can be.
You seem to be very confused about how Bitcoin works. People choose their fees and miners naturally choose whichever transactions have the highest fee to include in a block. It's a fee market - it's fair but people don't pay the same.Quote
Once we go socialist nuts what will happen? People with large amounts will pay more.
But wait... this is not how bitcoin works.
Actually to some extent it is, since larger transactions tend to have a larger amount of inputs, especially for ordinary people and merchants who would receive a lot of transactions.But wait... this is not how bitcoin works.
Quote
Nothing will stop the big guys to avoid payments of 1% on 1000btc to send 1000 transactions of 1 btc and pay 0.01%.
And the most interesting thig is that flooding the network will be a lot cheaper not higher as you stated;)))) That's a lol.
No, that's also not how Bitcoin works. You're now contradicting yourself. Bitcoin transactions all have a moderate size before inputs/outputs and other factors are considered - sending many transactions will not cause lower fees, it'll cause higher fees.And the most interesting thig is that flooding the network will be a lot cheaper not higher as you stated;)))) That's a lol.
I'm not confused you are confusing the terms of value and amount.
1. I've already said.
People pay the same amount no matter the value.
It's your choice to pay x or y amounts per kb. The argument was about the value / fee ration.
Are you paying a bigger fee for a transaction 35 btc worth rather than 30 btc , with a single input?
2. Amount as value and amount as transaction size in kb.
I can have 20 inputs with 1000 btc I won't pay more than the guy with 30 inputs and 0.05 btc.
3. I'm not contradicting myself at all.
I've already stated that this is the model people want in their socialist block chain where small transactions become cheaper.
Which obviously can't happen because once small transactions (as value) become cheaper people will break down larger transactions resulting in flooding.
Right now everyone is paying the same for kb of transaction. So it's as fair as it can be.
You seem to be very confused about how Bitcoin works. People choose their fees and miners naturally choose whichever transactions have the highest fee to include in a block. It's a fee market - it's fair but people don't pay the same.Quote
Once we go socialist nuts what will happen? People with large amounts will pay more.
But wait... this is not how bitcoin works.
Actually to some extent it is, since larger transactions tend to have a larger amount of inputs, especially for ordinary people and merchants who would receive a lot of transactions.But wait... this is not how bitcoin works.
Quote
Nothing will stop the big guys to avoid payments of 1% on 1000btc to send 1000 transactions of 1 btc and pay 0.01%.
And the most interesting thig is that flooding the network will be a lot cheaper not higher as you stated;)))) That's a lol.
No, that's also not how Bitcoin works. You're now contradicting yourself. Bitcoin transactions all have a moderate size before inputs/outputs and other factors are considered - sending many transactions will not cause lower fees, it'll cause higher fees. And the most interesting thig is that flooding the network will be a lot cheaper not higher as you stated;)))) That's a lol.
For me its a bit fair for now. Before I enjoy transacting because there are only a small amount of transaction fee for my transactions thats why I love sending small amount of btc. But now the price is quite rising. One time on blockchain I sent a bitcoin to a gambling site and the fee was freakin high. I was shocked that time ,but it only happened to me one time
I'm still willing to pay $1 buck for one simple and small transaction but this is slowly getting ridiculous and I wont pay higher than $1 unless the size is bigger than 350bytes, I even always try to pay 25-50 satoshi per byte higher than the recommended fee and the blockchain advance send suddenly changes the confirmation time with lower fee and says 10 minutes next block will get confirmed dude I beg you lower your fee lol but I send with current fee anyways.
You see there are actually very cool and understanding people, users such as me not giving any excuse to miners for an unneeded political hard fork.
I'd like to propose a solution which will require the whole community everyone just stop paying any fee higher than 120 sats/B but that never happens since there are people want nothing but to get fast confirmation.
You see there are actually very cool and understanding people, users such as me not giving any excuse to miners for an unneeded political hard fork.
I'd like to propose a solution which will require the whole community everyone just stop paying any fee higher than 120 sats/B but that never happens since there are people want nothing but to get fast confirmation.
I think this is fair enough, because it is they who benefit from buying when prices were very low bitcoin won't mind to give fee that's not how or not of the profits obtained. You need to know, because of the high cost of a block which is already increasingly full so it is very reasonable. Or if you object to any fees on transactions carried out then replace bitcoin into altcoin like ethereum or LTC, etc because I see them quite stable
the problem has arises and it can not be solved all we can do is launch new type of wallets which can minimize the maximum fees or else you can transact your bitcoin to any altcoin like asiadigicoin(adcn) you have to just pay a small transaction fees like 0.01adcn no matter how many coin you transfer. so altcoin are right now the best option everyone is using and they are not using it they even started trading it . altcoin trading is far far more profitable than bitcoin in a short time
false , stupid , false...
Wallets don't minimize the fees. Wallets have nothing to do with fees.
that garbage coin you're talking about has a fixed fee. Yeah right so? If I will try to make a billion transactions with it they will go in the first block? Of course not.
It has simple faster blocks. That's not a problem solver.
Trading ... what the hell has trading to do with transactions?
i just experienced that blockchain.info fee really high ,
if i did not adjust the fee the wallet recommends me to use 0.006 bitcoin as a fee !
it is around 7.83 USD! freaking expensive awesome ,
especially for a transaction worth $7 only , i don't know what exactly the formula to calculate transaction fee
if i did not adjust the fee the wallet recommends me to use 0.006 bitcoin as a fee !
it is around 7.83 USD! freaking expensive awesome ,
especially for a transaction worth $7 only , i don't know what exactly the formula to calculate transaction fee
Can you post the txid?
I just paid a 0.00026719 fee for around 56$ .
i just experienced that blockchain.info fee really high ,
if i did not adjust the fee the wallet recommends me to use 0.006 bitcoin as a fee !
it is around 7.83 USD! freaking expensive awesome ,
especially for a transaction worth $7 only , i don't know what exactly the formula to calculate transaction fee
if i did not adjust the fee the wallet recommends me to use 0.006 bitcoin as a fee !
it is around 7.83 USD! freaking expensive awesome ,
especially for a transaction worth $7 only , i don't know what exactly the formula to calculate transaction fee
the problem has arises and it can not be solved all we can do is launch new type of wallets which can minimize the maximum fees or else you can transact your bitcoin to any altcoin like asiadigicoin(adcn) you have to just pay a small transaction fees like 0.01adcn no matter how many coin you transfer. so altcoin are right now the best option everyone is using and they are not using it they even started trading it . altcoin trading is far far more profitable than bitcoin in a short time
I see this as inflation... $10 will buy you 1 Mac Burger today, but in 5 years this same burger will cost you say $30. <-- Just an example. There are
many other things that influence the rise in price too, like the spam attacks that are pushing up the miners fees. { this is done through manipulation }
We will always have this, because the miners found the perfect method to milk Bitcoin users for more miners fees. { selective mining methods }
many other things that influence the rise in price too, like the spam attacks that are pushing up the miners fees. { this is done through manipulation }
We will always have this, because the miners found the perfect method to milk Bitcoin users for more miners fees. { selective mining methods }
I think it's fair enough because it's just a cent but it takes hour to confirm our transaction if you look in the good side that not bad at all because you just pay a cent and the transaction was in the other country all at all if you try to send money in the band or in other way it take a dollar for the fee but in bitcoin it almost free so we can say that that not bad at all and still fair enough.
That is already unfair compared to back then when the fees doesn't even come to $0.01. This is bad since it could make fees burdensome to users especially if in the future there would be a great adoption of bitcoin where it can be used by the general public already like buying ice cream or groceries or whatever. The fees will now be a great factor.
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