Topic: volatility and transaction fees... - page 2. (Read 1810 times)
The transaction fees are getting slightly out of control.
Fluctuations are truly a problem but that's the concept and ideology of bitcoin , it's based on a market cap and trading processes .
Transactions fees aren't really to be scared about since most of the time they are low or you can customize them as low as you want , only when there's a hard fork or a Segwit the fees goes up since miners effort won't be at it's full .
Transaction fees will mostly increase by a petty amount. The market cap of btc is less compared to cash which explains the instability in prices of btc. Fees are much higher in other payment sources, bitcoin fees is relatively cheaper and even with fluctuations it's a promising source of income. Transactions fees aren't really to be scared about since most of the time they are low or you can customize them as low as you want , only when there's a hard fork or a Segwit the fees goes up since miners effort won't be at it's full .
i think these things overtime will make bitcoin not as valuable.. plus the fact banks (while hated by most), have hundreds of years of reputation behind them and are easy to access... Just reading and learning about the ins and outs of bitcoin make my head hurt and I'm fairly saavy when it comes to most tech
You are not completely wrong though. This thing will come up in the future when bitcoin will be worth millions but there won’t be any easy way to transact it just because of heavy fees due to increased prices. Or it could be the case that bitcoin is still worth thousands of dollars but du to demand of bitcoin and less supply in the future the miners may get more work done and hence more fees. With different combination of volatility it could lead to different type of fee structure from the miner side. And as we all know, the miner can set the fees range they want so the lowest fee could be higher for our side no matter what we do. So yeah things could really get dragged to bank Doors later in the time. But let’s hoep that we come out with some exceptional ways of transacting with bitcoin. ;-)
Fluctuations are truly a problem but that's the concept and ideology of bitcoin , it's based on a market cap and trading processes .
Transactions fees aren't really to be scared about since most of the time they are low or you can customize them as low as you want , only when there's a hard fork or a Segwit the fees goes up since miners effort won't be at it's full .
Transactions fees aren't really to be scared about since most of the time they are low or you can customize them as low as you want , only when there's a hard fork or a Segwit the fees goes up since miners effort won't be at it's full .
Its a new technology, and as any other new invention, it is also little bit tough to underatand. I am sure when banks started for the first time, it was also not as convinient at it is now. And the trust u talk about associated to banks comes from a very long time being. Bitcoin is still new,and unknown to majority, it will also need some time to devalope more trust and securenes. It being volatile is connected to the fact that no one controls bitcoin thus no one can decide ita value or ups and lows. Anyways, butcoin is a very higu tech digital currency which is in many ways secure and corruptionless compared to paper money. We should give it a shot.
Transaction fees are definitely going up.
Yeah i do agree. I don't know but when it comes to bitcoin there is some kind of unfair fees which is a bit my concern or maybe for few people here. Bitcoin has mostly fixed fees, but if you convert it to fiat in relevance with bitcoin's volatility, well i guess it goes higher. Just correct me if i were wrong but most of the times that is what i've been hearing a lot, but well anyway we are required to pay the fees for each and every transaction no offense about that.
Transaction fees are definitely going up.
Yeah i do agree. I don't know but when it comes to bitcoin there is some kind of unfair fees which is a bit my concern or maybe for few people here. Bitcoin has mostly fixed fees, but if you convert it to fiat in relevance with bitcoin's volatility, well i guess it goes higher. Just correct me if i were wrong but most of the times that is what i've been hearing a lot, but well anyway we are required to pay the fees for each and every transaction no offense about that.
Transaction fees are definitely going up.
They are two affected groups out their when you relate Bitcoin with its "volatility" and "transaction fees" and that are traders and also people who use Bitcoin as a mode of payment. Technically if Bitcoin is volatile then it is more of an advantage for the trader because he has a chance to profit many times in a day however it is a bad thing for Bitcoin users who use Bitcoin as their cash. Transaction fees can also affect the latter as they will hinder additional cost for buying something that will worth lesser when bought by other forms of payment.
Well as much as it hurts, its necessary for faster transactions. I just recently experiemced having my transaction stuck in the mempool and after reading blogs, i learned that to have fasrer transactions, a higher fee is necessary so if you really need to have it done, paying a little extra shouldn't hurt that much
Time can not make bitcoin die and worthless, with more people who know about bitcoin then the demand for bitcoin will be higher, plus the use of bitcoin technology can be adapted in all businesses and projects, certainly even make the value of bitcoin more higher
They are two affected groups out their when you relate Bitcoin with its "volatility" and "transaction fees" and that are traders and also people who use Bitcoin as a mode of payment. Technically if Bitcoin is volatile then it is more of an advantage for the trader because he has a chance to profit many times in a day however it is a bad thing for Bitcoin users who use Bitcoin as their cash. Transaction fees can also affect the latter as they will hinder additional cost for buying something that will worth lesser when bought by other forms of payment.
Well as much as it hurts, its necessary for faster transactions. I just recently experiemced having my transaction stuck in the mempool and after reading blogs, i learned that to have fasrer transactions, a higher fee is necessary so if you really need to have it done, paying a little extra shouldn't hurt that much
They are two affected groups out their when you relate Bitcoin with its "volatility" and "transaction fees" and that are traders and also people who use Bitcoin as a mode of payment. Technically if Bitcoin is volatile then it is more of an advantage for the trader because he has a chance to profit many times in a day however it is a bad thing for Bitcoin users who use Bitcoin as their cash. Transaction fees can also affect the latter as they will hinder additional cost for buying something that will worth lesser when bought by other forms of payment.
Transactions fees may go up or down depending on the intensity of traffic , for example if there's something near 15k transactions waiting to be sent you'll find that there's 8 transactions done per second and that the fees don't even make it to 2.5 dollars , while when there's high volume of traffic going on like for instance now 105168 transactions are being treated you'll find 19 or so transactions per second and of course higher fees . So my advice to people is to send transactions when there's low traffic or to customize the fees of their transactions but it'll take a bit longer .
Most institutional banks make it easy for you to understand because they want you to become part of their customer database. Not because you are important for them but because your money, even though the amount is little, will be added to their global "trade and play" database.
So yes, of course, with bitcoin it is more complicated. You do not have btc ATM delivering you money you can use to buy things in your everyday life (unless you are very lucky). You do not have a clear and comprehensive guide of "how to deal with bitcoin".
Still, through the blockchain, you get security. More than any bank can offer I assume. And regarding transactin fees, actually your bank may hide them from your view but they still exist. Your bank is not a charity, they make money out of you. With your saved money but also with your current account. You pay fees, you pay because you use a dedicated website, you pay a credit card... All these are fake fees. I mean it cost nothing to the bank but they charge you anyway.
So yeah, harder with bitcoin. More expensive? I don't think so!
It seems to me that bitcoin is still too poorly developed to compete with the banks. We can't buy goods with bitcoins with the same ease as we do with credit cards. The cost of banking transaction 20,000 times cheaper than transactions in bitcoin. Therefore, bitcoin is absolutely not suited right now for everyday use.So yes, of course, with bitcoin it is more complicated. You do not have btc ATM delivering you money you can use to buy things in your everyday life (unless you are very lucky). You do not have a clear and comprehensive guide of "how to deal with bitcoin".
Still, through the blockchain, you get security. More than any bank can offer I assume. And regarding transactin fees, actually your bank may hide them from your view but they still exist. Your bank is not a charity, they make money out of you. With your saved money but also with your current account. You pay fees, you pay because you use a dedicated website, you pay a credit card... All these are fake fees. I mean it cost nothing to the bank but they charge you anyway.
So yeah, harder with bitcoin. More expensive? I don't think so!
Most institutional banks make it easy for you to understand because they want you to become part of their customer database. Not because you are important for them but because your money, even though the amount is little, will be added to their global "trade and play" database.
So yes, of course, with bitcoin it is more complicated. You do not have btc ATM delivering you money you can use to buy things in your everyday life (unless you are very lucky). You do not have a clear and comprehensive guide of "how to deal with bitcoin".
Still, through the blockchain, you get security. More than any bank can offer I assume. And regarding transactin fees, actually your bank may hide them from your view but they still exist. Your bank is not a charity, they make money out of you. With your saved money but also with your current account. You pay fees, you pay because you use a dedicated website, you pay a credit card... All these are fake fees. I mean it cost nothing to the bank but they charge you anyway.
So yeah, harder with bitcoin. More expensive? I don't think so!
It seems to me that bitcoin is still too poorly developed to compete with the banks. We can't buy goods with bitcoins with the same ease as we do with credit cards. The cost of banking transaction 20,000 times cheaper than transactions in bitcoin. Therefore, bitcoin is absolutely not suited right now for everyday use. So yes, of course, with bitcoin it is more complicated. You do not have btc ATM delivering you money you can use to buy things in your everyday life (unless you are very lucky). You do not have a clear and comprehensive guide of "how to deal with bitcoin".
Still, through the blockchain, you get security. More than any bank can offer I assume. And regarding transactin fees, actually your bank may hide them from your view but they still exist. Your bank is not a charity, they make money out of you. With your saved money but also with your current account. You pay fees, you pay because you use a dedicated website, you pay a credit card... All these are fake fees. I mean it cost nothing to the bank but they charge you anyway.
So yeah, harder with bitcoin. More expensive? I don't think so!
Well this is the first time that am hearing that in and outs of bitcoins system is that difficult to understand, in fact Its easier than the banking system is what I believe.
And come on no one needs to go and write a whole book on how bitcoins works and stuff, but rather just a small brief non technical application will do for most people and buying ans selling bitcoins and trading one on one isn't very difficult ! Its rather easier than the stock market .. and in banks you do need 1000 documents and there are 1000 rules bitcoins are way easier !
And with time society is going to get more technical so I think it wont be a problem even if u increased the complexity level.
And come on no one needs to go and write a whole book on how bitcoins works and stuff, but rather just a small brief non technical application will do for most people and buying ans selling bitcoins and trading one on one isn't very difficult ! Its rather easier than the stock market .. and in banks you do need 1000 documents and there are 1000 rules bitcoins are way easier !
And with time society is going to get more technical so I think it wont be a problem even if u increased the complexity level.
Most institutional banks make it easy for you to understand because they want you to become part of their customer database. Not because you are important for them but because your money, even though the amount is little, will be added to their global "trade and play" database.
So yes, of course, with bitcoin it is more complicated. You do not have btc ATM delivering you money you can use to buy things in your everyday life (unless you are very lucky). You do not have a clear and comprehensive guide of "how to deal with bitcoin".
Still, through the blockchain, you get security. More than any bank can offer I assume. And regarding transactin fees, actually your bank may hide them from your view but they still exist. Your bank is not a charity, they make money out of you. With your saved money but also with your current account. You pay fees, you pay because you use a dedicated website, you pay a credit card... All these are fake fees. I mean it cost nothing to the bank but they charge you anyway.
So yeah, harder with bitcoin. More expensive? I don't think so!
So yes, of course, with bitcoin it is more complicated. You do not have btc ATM delivering you money you can use to buy things in your everyday life (unless you are very lucky). You do not have a clear and comprehensive guide of "how to deal with bitcoin".
Still, through the blockchain, you get security. More than any bank can offer I assume. And regarding transactin fees, actually your bank may hide them from your view but they still exist. Your bank is not a charity, they make money out of you. With your saved money but also with your current account. You pay fees, you pay because you use a dedicated website, you pay a credit card... All these are fake fees. I mean it cost nothing to the bank but they charge you anyway.
So yeah, harder with bitcoin. More expensive? I don't think so!
Votality will settle with age. Bitcoin is still way too young to demand stability. The main problem here is miner's or transaction fees coupled with long transaction time. And as the price goes up, even 100 sat per byte fee will be huge in $ terms.
But if the fee is too high, then there will be less incentive to use Bitcoin. People will be more tempted to use altcoins such as Ether and Litecoin, which are having low fees and faster confirmations. An ideal solution would be to keep the fees at a reasonable level, and hope for an increase in the number of transactions.
Well, these are the reasons why people and groups are proposing all kinds of forks that are quite unacceptable and creating divisions amongst us. There are so many proposals out there but i think we should all stick with the core devs and the solutions they will provide for us and not those seeking their own . Ethereum will also increase in fees if it ever gets to the volume of bitcoins.
Banks will be relevant for about 20-30 years. The banking system will work, at the expense of our parents and older people, simply because they can not absorb crypto-currency and blockchain as an alternative. Although the percentage of funds that I have with the banks' customers is very good at all times.
I'm not a tech guy too sir but now i'm starting to understand bitcoin more You don't need to be a tech guy to understand bitcoin you just need to have the determination to learn, Maybe the fact that banks hate bitcoin is true because the reason bitcoin created is to eliminate third parties when you are doing transaction and that is what banks are exactly doing. Bitcoin is volatile because it's just starting and i don't think that the volatility of bitcoin is the reason why it will crashed, it is normal to us people that if we saw something new we always have doubt but as soon as we saw its potential we will finally recognized of that new thing.
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