The impact of micro-transaction on Bitcoin - page 2.

fanbeila

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Quote from: Bitcoin Guy on June 04, 2017, 08:23:02 PM

My concern is that if Bitcoin can be an effective medium of exchange tool?

The reason why I asked is that there are fees associated to each of the transactions and the fees are increasing day after day, so it gets to a point that it is no longer justifiable to use Bitcoin to buy smaller items. Higher fee becomes required as low fee transactions will be placed in the unconfirmed bucket for long time, if not forever, as no miners are willing to include them in the block to validate it.

How will the high transaction cost impact Bitcoin usage and price in the long run? I would rather to see the future price increase is due to demand in the coin circulation than due to demand from speculation.

Please provide your feedback. Thanks.

The higher transaction fee is a bigger issue nowadays in bitcoin transactions.Some may think of even switching to other altcoins for smaller fees.But unfortunately,we could not find any buyer accepting any altcoins instead of bitcoin.Then there would be no use in shifting to altcoins for smaller transaction fee.

carlfebz2

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Quote from: Bitcoin Guy on June 04, 2017, 08:23:02 PM

My concern is that if Bitcoin can be an effective medium of exchange tool?

The reason why I asked is that there are fees associated to each of the transactions and the fees are increasing day after day, so it gets to a point that it is no longer justifiable to use Bitcoin to buy smaller items. Higher fee becomes required as low fee transactions will be placed in the unconfirmed bucket for long time, if not forever, as no miners are willing to include them in the block to validate it.

How will the high transaction cost impact Bitcoin usage and price in the long run? I would rather to see the future price increase is due to demand in the coin circulation than due to demand from speculation.

Please provide your feedback. Thanks.

When you do make micro transactions then expect fees would really affect you much when you do make such transfers but if you do make it on bulk amounts of transfers then you will not surely feel those fees which isnt a problem at all but yet we do really have different situations speaking of bitcoin daily transactions then we do have different opinions on this one. We cant do anything about this sudden change of fees.

uneng

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Many persons say bitcoin wasn't made to buy little cheap things. I don't agree, but today that is true. However, bitcoin involves technology on its concept, bitcoin is technology and technology can be always improved, infinitely.
I'm sure at some point there will be any way to make the codes of transactions easier and faster to be solved, or some way to make transactions size smaller. It can lead us to lower fees than now, I suppose.

coynedterm

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Quote from: Bitcoin Guy on June 04, 2017, 08:23:02 PM

My concern is that if Bitcoin can be an effective medium of exchange tool?

The reason why I asked is that there are fees associated to each of the transactions and the fees are increasing day after day, so it gets to a point that it is no longer justifiable to use Bitcoin to buy smaller items. Higher fee becomes required as low fee transactions will be placed in the unconfirmed bucket for long time, if not forever, as no miners are willing to include them in the block to validate it.

How will the high transaction cost impact Bitcoin usage and price in the long run? I would rather to see the future price increase is due to demand in the coin circulation than due to demand from speculation.

Please provide your feedback. Thanks.

This is really true , earlier I was making the topp-up for my operater network with very small amount of the fee , But in the current time if we want to make the reacharge of 3-4$ then we need to pay the 3-4$ minimum fee that is totally worst thing for us , so a big problem in the Bitcoin is arise that we can't make small deals of 4-5$ because of the high fee .
But here I don't think that we will face the same problem in the future because the network of the block chain is looking to increasing the size of the block , so that with the minimum fee we can include the transaction in the block .
Here we can do only wait for this because all network is in hand of the block chain network .

RoommateAgreement

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Bazinga!

Quote from: flower1024 on June 04, 2017, 09:35:21 PM

Because of the high fee I already shifted to ETH for smaller amount transaction if a seller is ready to accept.

but no merchant accepts ethereum! it is not even a currency to be accepted as payment. and besides the fees are pretty high there too, they are getting very close to $1 now!

and you will have a much better chance finding a merchant that accepts Doge coin or Litecoin instead and they have a much lower fee and a much better security with no bugs.

flower1024

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Because of the high fee I already shifted to ETH for smaller amount transaction if a seller is ready to accept. But if any product is more than a couple of hundred dollar worth still bitcoins can be used but anything smaller than that amount I don't it is worth to pay such high fees. As long as Bitcoins are limited in quantity its prices will grow because of its demand and it will become like a gold in cryptocurrencies.

Due to this, some other potential alt-coins will get a chance to grow its market value because many people will use these alt-coins for smaller amount transactions.

Bitcoin Guy

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My concern is that if Bitcoin can be an effective medium of exchange tool?

The reason why I asked is that there are fees associated to each of the transactions and the fees are increasing day after day, so it gets to a point that it is no longer justifiable to use Bitcoin to buy smaller items. Higher fee becomes required as low fee transactions will be placed in the unconfirmed bucket for long time, if not forever, as no miners are willing to include them in the block to validate it.

How will the high transaction cost impact Bitcoin usage and price in the long run? I would rather to see the future price increase is due to demand in the coin circulation than due to demand from speculation.

Please provide your feedback. Thanks.

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