Even miners are not happy because the block reward is halved. We do have to pay extra fee if we want to confirm our transactions quickly. Sometimes due to the nature of the transactions, it is not possible to wait for 6hr or more, so you have to put a high fee in order to confirm it.
This is both at disadvantage for miners and users. I cant transact also lately due to very high fees. We can use accelerator but Im actually hoping thay we could go back to a normal hashrate that fees is not like this. If bitcoin price increases then this will surely continue unless more miners will come and help but with recent halving I doubt some will do probably many havr quit already due to the halved rewards. 
Topic: Miners are happy, while we suffer? - page 4. (Read 564 times)
Thanks for sharing your opinion guys, appreciated it, I've learn a lot.
There is no choice but to deal with it, although I don't like how high the fees recently but most of my transactions are in bitcoin, so I just hope the fee will reduce and will be reasonable for ordinary users like me, paying 5 usd fee for a very small transaction is not reasonable at all, I know that we can reduce the fee but sometimes I have no choice as I want my transaction to confirm faster.
I haven't made a transaction today, I will find out once I made a transaction. Thanks for sharing.
That would be my last option, but like I said, most of my business transaction online is on bitcoin.
Definitely not happy with it but we will have to deal with it!
There is no choice but to deal with it, although I don't like how high the fees recently but most of my transactions are in bitcoin, so I just hope the fee will reduce and will be reasonable for ordinary users like me, paying 5 usd fee for a very small transaction is not reasonable at all, I know that we can reduce the fee but sometimes I have no choice as I want my transaction to confirm faster.
I think the transaction has drop today, the high fees was just temporary
I haven't made a transaction today, I will find out once I made a transaction. Thanks for sharing.
but bitcoin's transaction fee is really high compared to altcoins, so if you are not comfortable with it and you like your transactions to confirm faster, you better use an altcoins.
That would be my last option, but like I said, most of my business transaction online is on bitcoin.
I have observed recently that the transaction fee for bitcoin transfers has significantly increase, I was wondering if this would help bitcoin to grow further if people are suffering from high fees while miners are doubling their income, is this the result of the halving we have been anticipating?
https://news.bitcoin.com/bitcoin-miners-double-revenue-fees-have-spiked-over-200-in-10-days-since-the-halving/
Please share your thoughts.
https://news.bitcoin.com/bitcoin-miners-double-revenue-fees-have-spiked-over-200-in-10-days-since-the-halving/
Quote
Bitcoin (BTC) miners earned 44% more in transaction fees in the nine days since the halving than they did for the whole of April. If this continues miners will have more than doubled their income from transaction fees going forward.
Please share your thoughts.
Neither miners are happy after the halving, nor regular users are happy with the transaction fees. However the increase in fees is caused by more number of transactions. You can easily check the number of transactions using blockchain website. Use the below link,
https://www.blockchain.com/charts/n-transactions-per-block
It is showing a steady increase since last 30 days. So if the number of transactions is high, the network becomes congested which in turn pushes both fees and confirmation time to another notch higher. Definitely not happy with it but we will have to deal with it!
I think the transaction has drop today, the high fees was just temporary but bitcoin's transaction fee is really high compared to altcoins, so if you are not comfortable with it and you like your transactions to confirm faster, you better use an altcoins.
About miners fee, i think it's kinda technical, what we see most of the time is the transaction fee we charge when we are transaction.
Like for an instance, if we choose 10 blocks in previous days, we will pay like 5 to 6 usd, but now we can only pay over a dollar.
I am not an expert on how to compute all these things, but this is just what I also notice when making a transaction, for ordinary people, we can't help but notice it and just complain to ourselves.
About miners fee, i think it's kinda technical, what we see most of the time is the transaction fee we charge when we are transaction.
Like for an instance, if we choose 10 blocks in previous days, we will pay like 5 to 6 usd, but now we can only pay over a dollar.
I am not an expert on how to compute all these things, but this is just what I also notice when making a transaction, for ordinary people, we can't help but notice it and just complain to ourselves.
1. We had plenty of occasions to consolidate the small inputs for times like this.
2. The fees are not big if you are not in extreme hurry.
3. We all have to learn to do on-chain transactions only when it's necessary.
For some reasons (either block reward halving, either drought in China = electricity problems) some miners have stopped. This means that for some while (until the next difficulty recalculation) the existing miners will have a more difficult job. And since the reward is decreased, I don't think that they are so much happy.
2. The fees are not big if you are not in extreme hurry.
3. We all have to learn to do on-chain transactions only when it's necessary.
For some reasons (either block reward halving, either drought in China = electricity problems) some miners have stopped. This means that for some while (until the next difficulty recalculation) the existing miners will have a more difficult job. And since the reward is decreased, I don't think that they are so much happy.
I have observed recently that the transaction fee for bitcoin transfers has significantly increase, I was wondering if this would help bitcoin to grow further if people are suffering from high fees while miners are doubling their income, is this the result of the halving we have been anticipating?
https://news.bitcoin.com/bitcoin-miners-double-revenue-fees-have-spiked-over-200-in-10-days-since-the-halving/
Please share your thoughts.
https://news.bitcoin.com/bitcoin-miners-double-revenue-fees-have-spiked-over-200-in-10-days-since-the-halving/
Quote
Bitcoin (BTC) miners earned 44% more in transaction fees in the nine days since the halving than they did for the whole of April. If this continues miners will have more than doubled their income from transaction fees going forward.
Please share your thoughts.
Even miners are not happy because the block reward is halved. We do have to pay extra fee if we want to confirm our transactions quickly. Sometimes due to the nature of the transactions, it is not possible to wait for 6hr or more, so you have to put a high fee in order to confirm it.
Fees are high because volatility is too high. A lot of traders are sending bitcoin to and out exchanges... this always happens.
But you can still make transactions with low fees. I made a transaction recently with 10 sat/byte that was confirmed in a few hours. You just need to be patient.
Miners are not making a lot of money due to halving. Fees are just a small part of the reward:
look this block for example
https://www.blockchain.com/btc/block/0000000000000000000e64f2f8a06ffeb03cb4a597fdcb11f43ee9bf16decbc3
Block Reward
6.25000000 BTC
Fee Reward
0.13771274 BTC
But you can still make transactions with low fees. I made a transaction recently with 10 sat/byte that was confirmed in a few hours. You just need to be patient.
Miners are not making a lot of money due to halving. Fees are just a small part of the reward:
look this block for example
https://www.blockchain.com/btc/block/0000000000000000000e64f2f8a06ffeb03cb4a597fdcb11f43ee9bf16decbc3
Block Reward
6.25000000 BTC
Fee Reward
0.13771274 BTC
I have observed recently that the transaction fee for bitcoin transfers has significantly increase, I was wondering if this would help bitcoin to grow further if people are suffering from high fees while miners are doubling their income, is this the result of the halving we have been anticipating?
https://news.bitcoin.com/bitcoin-miners-double-revenue-fees-have-spiked-over-200-in-10-days-since-the-halving/
Please share your thoughts.
https://news.bitcoin.com/bitcoin-miners-double-revenue-fees-have-spiked-over-200-in-10-days-since-the-halving/
Quote
Bitcoin (BTC) miners earned 44% more in transaction fees in the nine days since the halving than they did for the whole of April. If this continues miners will have more than doubled their income from transaction fees going forward.
Please share your thoughts.
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