What Can You Say On Bitcoin's Transaction Cost?

handini

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Quote from: lagista on December 19, 2017, 01:23:48 AM

bitcoin transactions can now be done in various exchangers, bitcoin transactions always take a different cost. if indeed a very large bitcoin transaction could reach $ 15 per transaction and that is huge for every transaction.

any bitcoin transaction can always be, like buying and selling bitcoins, but sometimes also using bitcoin transactions must use capital as well, but some are not using capital. so you just want to choose which one. using capital or not.

Siopao

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The transaction fees are very high that people cannot afford it, the fee is even higher than the amount to be paid especially when iys from local wallet to international. I thinks this is the biggest hindrance that can make people to atop acquiring and transacting in btc. Hope this will be resolved so that we can even build a better and affordable btc community.

lagista

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bitcoin transactions can now be done in various exchangers, bitcoin transactions always take a different cost. if indeed a very large bitcoin transaction could reach $ 15 per transaction and that is huge for every transaction.

peterthegreat

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I think something needs to be done about the transaction costs, ebcause they are extremely high right now.

SiDtHeBeSt

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Yeah the transaction fees in bitcoins is one of the biggest problems people face while doing any transaction, especially those small transactions. That is the main reason why alot of people choose to invest in other cryptocurrencies instead of investing in bitcoins. I think if any coin reaches near the value of bitcoin with better and lesser transaction fees people will surely go for that coin and that would harm bitcoin alot. If it doesn't change i think the value of bitcoin might suffer alot

dewi91

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I hope this problem is quickly resolved.. honestly I feel harmed because transactions fees is really high.. my income from bitcoin is not much but if I have to pay transaction fees for every week, it's very annoying..

pooya87

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Quote from: jamids on December 18, 2017, 11:27:36 PM

The solution to this would be the lightning network which has been successfully implemented recently but then I don't know when would that be implemented in the whole network so that this scalability problem would then be solved.

Lightning Network on its own doesn't seem to be capable of solving much, we still need the on-chain scaling. and at this point that can be achieved by more people using SegWit transactions instead of legacy. but that also takes time and also it requires big services such as exchanges and web wallets to implement SegWit.
then later on we will also need a block size increase such as the one SegWit2x was proposing.

jamids

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Bitcoin transaction fee is quite high that's why many people who would want to have a piece of the coin would back out if they see the price of transaction fee. If they have been in here months or years ago then they would have conveniently paid for it but then what can they do when they just found out about it recently that's why it would be better for someone to have large value transaction so that you cannot feel the transaction pay that much compared to transacting with small amount and there are even instances when you pay a higher transaction fee compared to the amount you want to transfer which is just ridiculous.

The solution to this would be the lightning network which has been successfully implemented recently but then I don't know when would that be implemented in the whole network so that this scalability problem would then be solved.

andohyeb

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Transactions cost of bitcoin will defeat the original aim of satoshi Nakamoto of making a decentralized currency which do not need some authorities making monopoly of it. But now miners are raking in huge profit through transaction fees. Imaging buying a coffee of $2 and paying a transaction fee of $15 .

Nellayar

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Quote from: CryptoBry on December 18, 2017, 01:04:06 AM

The scalability problem of Bitcoin has been magnified with the recent ridiculous rise of transaction cost charged by many wallets to their customers. Many are complaining especially those small transactions as they sometimes cost more than the amount of Bitcoin being transferred. We are complaining because Bitcoin is supposed to be this way -- the whole thing has already become like an auction where we have to bid higher fee so that transactions are not trapped somewhere. There has to be a good solution to this perennial problem otherwise this is like shooting the very foot of Bitcoin and a very bad insult to its own name.

There are many people who don't want to transfer accounts because the transaction fees are too high. The amount that will you send is equivalent to the amount that you will pay in ordet to transfer. Bitcoin needs to resolve this problem because many people specially the poor are suffering in costs of transaction. I am also complaining in this problem. I wish bitcoin will make a solution on how this problem solve.

ldah94

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perhaps the segWit update would have allowed those unconfirmed transactions to be included in a part of the block, reducing the high fees per transaction, which would also allow the appearance of "micropayments" in the network. Thanks to these drawbacks, I see this update useful in the bitcoin network despite its consequences

jc89

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Quote from: CryptoBry on December 18, 2017, 01:04:06 AM

The scalability problem of Bitcoin has been magnified with the recent ridiculous rise of transaction cost charged by many wallets to their customers. Many are complaining especially those small transactions as they sometimes cost more than the amount of Bitcoin being transferred. We are complaining because Bitcoin is supposed to be this way -- the whole thing has already become like an auction where we have to bid higher fee so that transactions are not trapped somewhere. There has to be a good solution to this perennial problem otherwise this is like shooting the very foot of Bitcoin and a very bad insult to its own name.

Aye. Bitcoin transaction is very much a burden to some people, as what you've said, especially to micro transactions. Who would like to pay $15 just to send a $1? This is insane. As Bitcoin's value increases, the transaction fees should decrease. They must have inverse relation and yet the do not. It seems they are computing the fees with respect to the number of Bitcoin transacted and not with respect to its value. The system is justifiable when we are considering only Bitcoin but if we are too consider the price, it is very much impractical.

We urgently need a solution for the scaling issue of the Bitcoin Network. If the transaction costs will continue to increase, Bitcoin will just be treated as an investment and not as a currency.

An0nyMoose

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Quote from: squatz1 on December 18, 2017, 06:47:53 PM

This is a short term problem at the moment, due to the fact that the Bitcoin price has risen but the difficulity (with mining) hasn't followed suit as of yet, so it's not like this is going to be something that stays on forever. It's just a small number of miners who are able to make a good amount of money in TX fees (sometimes $10 PER TX) as that is what they demand.

Once more people get in on the action this is going to come crashing down.

But out of this short term, this is one of the many reasons (TX INSANE PRICES

) I use altcoins for transactions within trading exchanges. It's MUCH cheaper in fees.

This is only a short term problem if people behid the development of Bitcoin decide to improve the network/technology.

Util then, this is a permanent problem for Bitcoin, and a terrible one at that.

We need a solution asap because spending 5%+ to send money isn't going to work in the long run.

farhaan

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Quote from: mafostedu on December 18, 2017, 01:11:31 AM

That it is a chaos, i can not even believe it everytime that i have to pay for the fees.

it is insane, and most times i am not even able to pay it.

Last night i wanted to send $25 to a friend and the fee for that transaction was over $18, tell me, was it worth to send that amount? of course that it was not.

Very soon,we could expect it to get solved when lightning network gets activated.But now at present,bitcoin seems to not fit for smaller amount transactions.Even segwit activation has failed to solve this issue.Its said that most of the big companies do not use segwit supported wallets for transactions.This might also be a reason for such high fees.

cryptothreads

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Currently, all Bitcoin transactions are expensive because the daily trading volume is increasing rapidly and the miner will search for high fees to complete the verification. I think this is absolutely true because everyone is more inclined to buy Bitcoin

btcprospecter

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This is the biggest problem with bitcoin to date if you can't carry out transactions without paying more than you should we could even get to the point where people become disillusioned with bitcoin hopefully that doesn't happen but the fees make it almost impossible to be used daily.

squatz1

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This is a short term problem at the moment, due to the fact that the Bitcoin price has risen but the difficulity (with mining) hasn't followed suit as of yet, so it's not like this is going to be something that stays on forever. It's just a small number of miners who are able to make a good amount of money in TX fees (sometimes $10 PER TX) as that is what they demand.

Once more people get in on the action this is going to come crashing down.

But out of this short term, this is one of the many reasons (TX INSANE PRICES

) I use altcoins for transactions within trading exchanges. It's MUCH cheaper in fees.

gabmen

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Well, we just have to live with it for now. Transactions more than doubled in recent times hence it's a lot more expensive now and it even takes longer than a year ago. It probably will change with all the coming forks but for now, well take it with a grain of salt

kiwasmose

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The cost problem of bitcoin has always been the biggest problem, and now it's time to make a change. Those forks may be helpful, but now there are too many forks, and they don't get the trust of most miners. It is believed that this problem can be improved within the next two years, and perhaps another altcoin has been recognized by everyone. Why not?

TheCryptoSite

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actually the main problem is the transaction fee that exists on the exchanger and market in my opinion, because they average burden with 1mBTC fee. While in the wallet like blockchain we can determine how much the fee, but back again to speed up the transaction, you must increase the amount of fee for the transaction to be confirmed immediately.

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