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Topic: Linking fees to fiat? - page 2. (Read 1106 times)

hero member
Activity: 2576
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November 27, 2017, 12:01:52 PM
#7
The fees are already linked to fiat in a way.
Lets remove that ambiguity and make it clear? Don't you agree with that?  Roll Eyes

It not ambiguous it is the market forces of supply and demand, they affect Bitcoin in the same way as they do fiat currencies. The important part of your suggestion was to remove that and have fixed fees. I don't think that is desirable.

Well this is the point where bitcoin becomes a tool for the elites and less of a payment system for the masses.

You could argue that but I would say that's why some altcoins are doing so well. We're all free to chose whether or not we use Bitcoin for transactions. Long term I see fees reducing drastically when Lightning Network comes in.

Not sure about this part. Miners may decline to accept all the payments, what will happen then? They may argue that they want atleast 30Sat/byte etcs.. Have to think about this part..

Miners really are not a single entity. If some miners choose not to mine transactions below a certain fee then others will when they are the only transactions left with a fee on them. If you keep a close eye on what is in the mempool you'll see that it usually clears out completely after a period of congestion like we have had recently, even transactions of less than 1 sat/byte get confirmed when there is nothing else left.
legendary
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November 27, 2017, 11:59:33 AM
#6
If I understood your proposal correctly, I think you want the transaction fee to be fixed using a FIAT currency (then, automatically convert it to BTC)!!
Well, I think you can do that without waiting for a fork to happen, just put the amount you want to pay (you can use a USD to BTC converter) when sending your transaction, many wallets offer the possibility to define Tx fee.
The problem is if miners will accept to confirm it when you add low fee. 
legendary
Activity: 1512
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Change is in your hands
November 27, 2017, 11:47:16 AM
#5
It's better to use Bitcoin imho. All Fiat currencies are unstable, and it would be difficult to know which one to choose.
I don't know if you are being sarcastic or just trolling.. If you really think fiat isn't stable right now. I think you need a medical check up mate.

I don't know whether the idea is viable but I do commend you for taking a creative approach, in search of a solution.
Thank you  Roll Eyes

The fees are already linked to fiat in a way.
Lets remove that ambiguity and make it clear? Don't you agree with that?  Roll Eyes

Quote
When many people consider that fees are too high they choose to delay sending a transaction or send it with a low fee and just wait longer for it to confirm.
Well this is the point where bitcoin becomes a tool for the elites and less of a payment system for the masses.

Quote
As the price of Bitcoin increases the BTC value at which people choose not to pay will decrease.
Not sure about this part. Miners may decline to accept all the payments, what will happen then? They may argue that they want atleast 30Sat/byte etcs.. Have to think about this part..
hero member
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November 27, 2017, 10:10:39 AM
#4
The fees are already linked to fiat in a way. It is purely driven by supply and demand. When many people consider that fees are too high they choose to delay sending a transaction or send it with a low fee and just wait longer for it to confirm. The only reason fees go as high as they do is that there are enough people willing to pay those fees. As the price of Bitcoin increases the BTC value at which people choose not to pay will decrease.
newbie
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November 27, 2017, 10:03:27 AM
#3
I don't know whether the idea is viable but I do commend you for taking a creative approach, in search of a solution.
legendary
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https://JetCash.com
November 27, 2017, 09:40:44 AM
#2
It's better to use Bitcoin imho. All Fiat currencies are unstable, and it would be difficult to know which one to choose.
legendary
Activity: 1512
Merit: 1218
Change is in your hands
November 27, 2017, 06:56:29 AM
#1
So fellow bitcointalk members, we have seen many people complain about 'high fees'. The problem here is that those users only take fiat into consideration, never thinking that it only costs 50k Satoshis for a transaction of an average size.

I was thinking of a solution for this, now i am not a technical person, so i need your input on this, if this is even possible or not. Can the core developers link the fee to say 0.05 cents in fiat terms? So if bitcoin is at 9k it will cost 0.00000555 btc to send a transaction, if bitcoin drops to 8k it will cost 0.00000625 btc to send a transaction and so on. Keeping the transaction fees to 0.05 cents at all times. If the transaction size is greater than 226 bytes and less than 500 bytes it will cost 10 cents and so on.

Is this possible via a soft fork? Should even this be implemented? Or will it work in the long run, i would like to hear your opinions on this.
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