Something still has to be done about transaction fees! - page 2.

pixie85

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Quote from: tranthidung on October 29, 2020, 10:16:39 AM

To compare transaction fees over periods, I think it is better if you use fees in satoshi or BTC, not in USD. 2 transactions with same transaction size, same fee rate will have different fees in USD.

That's one important thing.

The other is that it's natural that sending a transaction when 1 Bitcoin is worth 7000 dollars like in the beginning of this year will cost less in USD than sending the same transaction when the price is 12000.

People who count fees in USD often complain that the fees are higher and forgetiing that price tripled this year low to high.

Their coins increased in value and all they care about is that the fee also did.

Expecto

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It seems like as long as Bitcoin price continues to increase and reaches new aths, the transaction fees will continue to increase too. If nothing will be done for this problem, it will give headaches for Bitcoin users. I assume that there won't be so many people who are willing to pay hundreds of dollars for a transaction fee.

Rengga Jati

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royalstarscasino.com

Some days ago, I still got the usual fee transaction, and they were very cheap, from the electrum.
But, it may be different from others.
Bitcoin's price is rising up. Some people are willing to move their BTC to the market in order to sell and take profits. That is why it probably needs more fees in order to fasten the transaction to be finished.
And the high fee is actually a choice. If we are hard to accept the fee, we can hold our coin and wait for a lower fee. Commonly, there are also several hours where the fees may be lower than usual. Just consider what you need right now, for what reason you set the faster fees, and also consider the profits that you may take reduced by the fees

BrewMaster

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There is trouble abrewing

i don't mind the spike in transaction fees and i actually believe that it is showing that bitcoin is working as it is supposed to. a fee market that turns the block space into a valuable commodity that can not be cheaply spammed.
but the problems begin when the fees remain up after the spike. for now it hasn't been long enough to become concerning. if we end up seeing the same situation as 2017 specially since price is rising similar to 2017, we should start worrying because this time the growth is going to be a lot bigger and with it can come a much bigger fee spike.

royalfestus

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Quote from: tranthidung on October 29, 2020, 10:16:39 AM

Quote from: kryptqnick on October 29, 2020, 10:13:04 AM

What do you think about the fees and the perspectives?

Price of bitcoin will become more stable (maintains around $13000 or dump first then has a new stable price range). People will not be crazy accept high fee because their demands to buy or take profits will become less.
Next difficulty adjustment will help to deal with latest drop in total hashrates.
Mempool will be better (smaller size) and fee will become cheaper

To compare transaction fees over periods, I think it is better if you use fees in satoshi or BTC, not in USD. 2 transactions with same transaction size, same fee rate will have different fees in USD.

This jump in transaction isnt new and we have gotten over it severally, however, I still believe bitcoin still offer a lower transaction fee compare with other forms of transaction. It even benefit large fund transaction than small, it could vary with wallet and exchanges, at the moment till December we are likely to experience this until Q1 2021 with the short bull.

wack slacker

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Bitcoin transaction fees come from the transaction demand, the transactions want to quickly need to give high fees, which is the form of the auction. Want to stabilize the transaction cost is the only way to bring Bitcoin to Proof of stake or wrap Bitcoin on other blockchains with stable transaction costs.
If you are in no rush set a fee that you find acceptable and wait for your turn.

fiulpro

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The fee is actually not dependent on the price of bitcoins therefore most of the times the transaction fee remains same in the numerals but at the same time price fluctuates. One cannot change the transaction fee now and again every moment it changes in price. I still remember how I once paid equivalent amount of money to be transferred since at that time I was using a wallet which had high transaction fee.
It would be wonderful if one just have to pay fee in specific percentage.
But then again , aren't we forgetting something ?

-we have SegWit
-we have lightning network ( this one still needs a lot of work)

But we do have options. Therefore I believe we should try to use them more and there you can change transaction fee according to your preference, according to how urgent it is.

Maybe in the future we will have better options in the future.

tranthidung

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Farewell o_e_l_e_o

Quote from: kryptqnick on October 29, 2020, 10:13:04 AM

What do you think about the fees and the perspectives?

Price of bitcoin will become more stable (maintains around $13000 or dump first then has a new stable price range). People will not be crazy accept high fee because their demands to buy or take profits will become less.
Next difficulty adjustment will help to deal with latest drop in total hashrates.
Mempool will be better (smaller size) and fee will become cheaper

To compare transaction fees over periods, I think it is better if you use fees in satoshi or BTC, not in USD. 2 transactions with same transaction size, same fee rate will have different fees in USD.

kryptqnick

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Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

Here we go again. Bitcoin is on the rise, and even though it's up about 30% from the usual price of the recent times, the transaction fees are up 10 times. I've just sent 0.01 BTC, and the suggestion for a regular fee was $12! The priority was a couple of dollars more, and I went for it. There hasn't been such a spike since the 2017-2018 craze, but now enormous fees are apparently back, and they remind that we need a solution to the scalability issue. The LN is not inspiring, but nothing better is coming up. I think that such fees are a huge obstacle to Bitcoin adoption as money and should be considered a top priority. What do you think about the fees and the perspectives?

Topic: Something still has to be done about transaction fees! - page 2. (Read 286 times)