Topic: Is bitcoin transaction fees fair? - page 7. (Read 36260 times)
It is fair for me because if bitcoin transactions are not fair then it is already adjusted by the people in charge in declaring the amount of fees of bitcoin. Bitcoin transactions need fees because of the demand of the miners for additional profit aside from their primary income so they will continue working for bitcoin and not to migrate to another coin.
I think it's fair. The bitcoin is based on the POW, and it is normal to pay the fee to the miners. The strange thing is that the fees for different exchange platforms are different, from 0.0001 to 0.002.
The problem with fees is that while bitcoin continues to move up in value, fees also increased not just in fiat value but in bitcoin itself. I actually don't understand why exchanges increased their fees while bitcoin is already high compared to previous.
I guess "fair transaction fee or not" looks more like an emotional than reasonable feedback. Hopefully Segwit can sort the things with transaction fees out soonest.
As far as I know the commission is not only depends on the price of bitcoin. After all, at its high cost, revaluation takes place and the amount of satoshi per transaction decreases. Do I understand the system correctly?
It's good that if you want to send 10.000$ you pay only 3$. But what happens with the people that want to send 3$?
If you want to send $3, then you need to use some other coin, such as Litecoin or Ethereum. Bitcoin has become unsuitable for sending small-sized and medium-sized transactions. Right now, the average fee is around $3 per transaction, which means that unless the size is more than $200, it will be better to use some other currency.
I think fair or not, the point is demand and demand, now with increasing frequency of transactions, the number of requests to put in a block higher and for that, I think the cost is higher because everyone tries to try to compete to get more places good.
I think the bitcoin transaction fees are high. They may have based the fees with the individuals who are already earning much with bitcoin. What about the people who are not yet earning? But anyway this is just an opinion. I still think the fees should be lower.
Bitcoin transaction fees is decided by the mempool and the miners.
If the mempool is empty then a low fee transaction will go through. If you want a fast transaction then you have to pay a higher fees so that it is included in a block as quickly as possible.
If the mempool is empty then a low fee transaction will go through. If you want a fast transaction then you have to pay a higher fees so that it is included in a block as quickly as possible.
If that kind of fee continue in the future then surely bitcoin fall down to the groud its because all bitcoin will surely sell there coins and move other crypto currency which is cheaper and faster transaction. Just a simple logic how can we use bitcoin as a mode of payment in the future if you have to wait for a long time in just only 1 transaction.
since the users are the ones to set it up when observing how congested the network is, allot prefer to pay up to $0.50 more cents to get it confirmed instantly rather than waiting for days..
On the other hand, a 1/5 of a KB requires 0.0006 or so now and 1 KB around 0.003 BTC which is too much, particularly for BTC as an interface for micropayments.
On the other hand, a 1/5 of a KB requires 0.0006 or so now and 1 KB around 0.003 BTC which is too much, particularly for BTC as an interface for micropayments.
Bitcoin transaction fees is decided by the mempool and the miners.
If the mempool is empty then a low fee transaction will go through. If you want a fast transaction then you have to pay a higher fees so that it is included in a block as quickly as possible.
If the mempool is empty then a low fee transaction will go through. If you want a fast transaction then you have to pay a higher fees so that it is included in a block as quickly as possible.
For now, the fee of every transaction in bitcoin is really quite big, It's really not affordable. I am really sad about that because way back before 2016, the fee of bitcoin transaction is really low, compare now. It's quite huge and really ouch on our pocket.
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.
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 is fair. Of course miners are working to get profit not only just us. We are happy when bitcoin price is rising because we can get a lot of profit, same as miners too. Do you just want that you are just the only one whos getting profit? How about them? If you don't want to feel the high transaction fees, don't do transaction if its just a little amount.
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.
In my opinion, the reason why transactions fees in bitcoin are high was because the current price of btc is also high which is just fair for me. As long as it never asks all of us to pay 50% of the amount of our btc then for me it is all fine. As the matter of fact, they also need to earn for every transactions that people make. This is what their service does, to please and give customers/client to use their exchange for they will give them the best service they all have in return.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.
It is the volatility in the fee which is bothering me. Two months back, I was paying as much as $40 to move my coins and yesterday I paid just $0.05 for almost the same amount. I would have preferred a fixed fee in the range of $1 to $2.
This is the function of the Bitcoin network. For a decentralized network has stable fees is impossible. You have to know it depends on the capacity of mining network and the numbers of transaction hash. More transaction unconfirm and low power to mining, that fees will increase. Bitcoin as form of paying for services and other has a speed of growth.
I think merchants around the globe have an incentive to accept the digital currency for it transaction fee are very lower than 1-3% charges.
I think merchants around the globe have an incentive to accept the digital currency for it transaction fee are very lower than 1-3% charges.
Fees will not rise easily without reason. In my own opinion about transaction fees if fair is that yes, its fair because it wil depend on their business partners who accepted bitcoin. Besides they can't easily rise it because it can be the reason why people will not use bitcoin. So they will find ways that transaction fees will not rise.
It really depends on the amount you are sending. if you are sending 5$ and you have to pay 5$ in fees its way too high.
But if you are sending 100,000$ + 5$ then no bank can beat that.
But if you are sending 100,000$ + 5$ then no bank can beat that.
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.
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.
The question is. Is it fair that the Bitcoin you are holding right now must be worth 5 dollars years ago. Is that fair?
It is the volatility in the fee which is bothering me. Two months back, I was paying as much as $40 to move my coins and yesterday I paid just $0.05 for almost the same amount. I would have preferred a fixed fee in the range of $1 to $2.
have a ticker notification which sends me sms on my phone if the tx price is lower than my treshold but unfortunately it is only available here in my country, I don't know if in other country have an notif ticker like these but if you find one it really helps a lot hehehe..
I am also one of you as the price of bitcoin prices rises the fees also. how about us small investors.. lucky for those big whales and megalodon holders.
is this could be their agenda as the bitcoin price rises?? could it be? haha but for now lets take advantage and keep saving for future purposes
I am also one of you as the price of bitcoin prices rises the fees also. how about us small investors.. lucky for those big whales and megalodon holders.
is this could be their agenda as the bitcoin price rises?? could it be? haha but for now lets take advantage and keep saving for future purposes
Not really but the dip is like a blessing in disguise to me. I couldn't transfer my BTC.08 before because it needed 400k sats to complete that transaction and now that it plummeted, I just spent only 100k sats to transfer it.
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