Is bitcoin transaction fees fair? - page 70.

Daniel91

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Quote from: shield132 on April 26, 2017, 02:58:00 AM

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 also remember that I could send any transaction with normal fee and receive confirmations in a few hours.
Recently, I had to wait more than 24 hours for confirmation and because of this experience, now I send each transaction with higher fee.
Yes, I don't like it, but still is cheaper to send funds with bitcoin than with paypal or WU, for example.
It's obvious that this situation must be resolved somehow because bitcoin may become less attractive to the new people.
I don't think that transaction fee is connected with btc price.

hajimasan

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Quote from: shield132 on April 26, 2017, 02:58:00 AM

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.

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 .

Amph

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remember that are not the miners that make the fee, they could accept even the lowest fee if everyone was using the lowest one and reducing the average, it's up to the peple that decide what fee to use

if for example everyone start now to lower his fee the average would be like the old 10k satoshi per transaction, but instead everyone is rushing to have his/her transaction prioritized and this is increasing the average, miners have no fault here

timerland

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Quote from: shield132 on April 26, 2017, 02:58:00 AM

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.

That might seem like it is a better solution for you, but in fact everything depends on the bitcoin price, and on the amount of users that are in the blockchain network.
In fact, the increase of the fee is because of that the bitcoin is way more expensive than in the past, but there is also very important factor we should always remember: the size of fee (in satoshi).

More than a year ago you could have sent 20k sat fee and the transaction would get confirmed in a normal time.
But we have so many people doing transfers, that 20k fee is simply not enough, unless you want to see your transaction being confirmed in next week.

shield132

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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.

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