Topic: Is bitcoin transaction fees fair? - page 68. (Read 36260 times)

There isn't one arbitrary and the best value bitcoin fee should be. For one person equivalent of $0.10 (10 cents) would be enough.
For another man anything less that $1 tx fee is fine. I see that problem with Bitcoin is that on-chain transaction are no suited for micropaymets.
But to be honest - they never were.

Sometimes I wish that under certain transaction value, bitcoin fee would change to percentage fee instead of the flat fee.

It could be interesting you know.
It's just a question of what do we want to do.

What would happen if "we went socialism nuts" as you say (which just means in fact trying to mutualize the costs).
Well the fee would be depending of the amount you send: the higher the amount the higher the fee.

But it has no link whatsoever to the actual use you make of the network as the amount isn't relevant...
So it would make no sense and would just make people make a lot of small transactions.

In the end you would have much more transactions and a much more flooded network with a higher average cost...
Not exactly a good idea in my opinion, socialism doesn't work well on btc ^^

There isn't one arbitrary and the best value bitcoin fee should be. For one person equivalent of $0.10 (10 cents) would be enough.
For another man anything less that $1 tx fee is fine. I see that problem with Bitcoin is that on-chain transaction are no suited for micropaymets.
But to be honest - they never were.

Sometimes I wish that under certain transaction value, bitcoin fee would change to percentage fee instead of the flat fee.

It's pretty fair.
Does you seat at the cinema cost the same as the guy who makes 10 times more?
You're in both situation occupying a limited amount of "space".

Are we going to go socialism nuts and have the fees based on the amounts?
God forbid.

Plenty of days?
In the last month we had around 20 blocks after which the mempool dropped below 1M.
And you know that those happen just because of a few blocks are mined under 50% of the required time in succesion.

Let's see what will happen if the number of users will increase only by 10%.

One of the bigger problems is that people transfer a lot of unnecessary small amounts.

Or stop transferring 1$.

Before i can say yes it is fair enough but in this days i think its a no now.Im experiencing fees higher than the amount i sent off and it makes me mad all the time

I do wonder where the upper limit of willingness is though. I think it can only stretch so far.

What seems to have been often forgotten is that a large part of the reason for the high fees is, well, the high price.

Its not fair for users because they add fee even a small transaction they want a small fee.  So very unfair because i have earned bitcoin but not so big if i send it to my local wallet i need to add fee for my transaction.

Before i can say yes it is fair enough but in this days i think its a no now.Im experiencing fees higher than the amount i sent off and it makes me mad all the time

Nowadays in the Blockchain.info fees has been increased and some point amount is still sitting in the wallet and transaction time also has bee increased for every transaction. Please who use the coinbase would be more benefiter according to me because its faster than the blockchain and normal fees for the transaction all the wallet providers 0.0003 to 0.0005 btc.

This is not about how Bitcoin works. It's about the economics around Bitcoin.
Of course I may be wrong (and I hope so), but for now you didn't prove anything. You didn't actually try to give a decent answer.

For example there are plenty of days when the 1MB block is big enough for most transactions and in those days even 11k satoshi (5 sat/byte) is a good enough fee, and maybe even that fee can be considered big if you transfer small amounts.

You are older than me on this forum, so I am shocked that you are "impressed" by the rank instead of the "age". And I still find out "new" things every now and then, so maybe you care to point out what parts I can improve.

Wrong. Learn economics.

Really painful to see how a legendary member has no clue how bitcoin works

It is not the fault of the bitcoin or it's network , it is because the miners , nodes gives the priority to the transaction and confirmation for the transaction with high fees .
In the past not much high profile millionaire and billionaire were engaged in the bitcoin , but now millionaire and billionaire are increasing more in the bitcoin field and they are paying high fees for the confirmation , this high fee payment making the competition in the bitcoin network to confirm the transaction with higher fee then the lower one .
So just think about this logically that , here nothing is wrong , everything is fine and we should also pay high to support the miners in the bitcoin network , so that they can make profit more and make the network​ of the bitcoin more stable .

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.

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.