as of now for me the fee is just tolerable.
but if it continues to go up as the bitcoin price goes up.
then i think there is a great possibility that there are people who will lose interest with bitcoin.
especially those who are newcomers and earning a small amount only.
Topic: ☠☠☠ Will High Transaction Fees Be The Downfall Of Bitcoin? ☠☠☠ - page 2. (Read 839 times)
December 13, 2017, 09:06:02 PM
December 13, 2017, 08:18:46 PM
I think it will not cause a downfall of bitcoins, Bitcoin exchange sites adjust its fee in accordance with the flow of bitcoins. When bitcoins strikes then they have to. That's their business.
If the transaction price is too high it will affect the number of bitcoin users to make transactions every day, they will tend to exchange them first to the new fiat money used for the transaction. Imagine if you have a big cost to buy coffee, I think it's excessive and will have an impact on bitcoin prices. December 13, 2017, 08:14:28 PM
High fees and unsustainable growth in price are the biggest problems Bitcoin has right now in my opinion
The fees are so massive now that the small investor is getting squeezed out
The fees are so massive now that the small investor is getting squeezed out
December 13, 2017, 08:03:12 PM
You are saying that with high fees people may stop using bitcoins that will cause it's downfall? If I am not mistaken. At a point, I think it could be one of the factors but merely not because it's not just a one group or one country user. Yes fees are high but I think that is how everything goes with the flow to achieve a homeostasis or balance.
Bitcoins is about to be a global currency, and prices will go extremely high and that high value gives big amount of income to every users.
If I may give an example, you cannot enjoy a luxurious hotel without expensive charges. It's like you pay for a maintenance and service crews to keep your experience worthwhile.
Bitcoins is about to be a global currency, and prices will go extremely high and that high value gives big amount of income to every users.
If I may give an example, you cannot enjoy a luxurious hotel without expensive charges. It's like you pay for a maintenance and service crews to keep your experience worthwhile.
December 13, 2017, 08:02:37 PM
Of course the fees are too high and need to be brought down! High fees ruin user experience and deter people from adopting a medium of exchange. Even as a store of value, bitcoin will need reasonable fees to attract the common people.
December 13, 2017, 07:53:09 PM
Lightning transaction is a possible solution to prevent this downfall. The implementation of lightning network will therefore mean miners have lesser transactions to process.
Its been the problem of Bitcoin ever since the slow transaction and the high fees that is the reason why there are hard forks. The forks target is to reduce the transaction fee and make the transaction faster but every hard fork fails that, eventually hard forks are being used to make money only not to fix the problem of the current Bitcoin. So as for the High transaction fee yes it might become the downfall of Bitcoin, because it is useless that the price is high if the payment will be half or more than the Bitcoin you are trying to withdraw or deposit.
December 13, 2017, 07:45:55 PM
No, it will lead to future innovations.
December 13, 2017, 06:58:43 PM
The people are getting restless about it.
It could be the reason it will fall down.
If there is nothing that will be done then holders might also go to another coin while the value of bitcoin is still high.
I dont like it but how can we all transact if this is what is happening. What are we? Just all holders?
It could be the reason it will fall down.
If there is nothing that will be done then holders might also go to another coin while the value of bitcoin is still high.
I dont like it but how can we all transact if this is what is happening. What are we? Just all holders?
December 13, 2017, 06:57:44 PM
No.it will not lead to the downfall of bitcoin.
When the price increases, surely to some extent the transaction fee to will increase. Here people find this to be an issue, but we're in an state to think of the miners as well. What we pay makes an earning to the miner, who were the back bone to the entire operational technology. In this regard it won't let the bitcoin fall down in value. 
December 13, 2017, 06:55:32 PM
No.it will not lead to the downfall of bitcoin.If bitcoin had been still considered and used only as a currency,most o users would have switched to other altcoins.But now,bitcoin is mostly considered as a digital asset and also,its price is continuously increasing.So,most of the users still continue to use bitcoins and don't give priority to high fee issue.However,very soon when lightning network would get activated,transaction fee would get reduced more.
December 13, 2017, 05:09:13 AM
Not really. Bitcoin usage constitutes a very low percentage of the cryptocurrency’s transaction volumes.
December 13, 2017, 05:06:11 AM
The fees right now may be the thing that holds Bitcoin back as a mainstream coin for use as a currency. I think in the future, this is the reason that Bitcoin may only be used for large transactions and for a store of value. It's possible that small transactions are going to be done with altcoins in the future rather than Bitcoins because the fees may be smaller.
December 13, 2017, 03:05:06 AM
I voted yes but I should explain that it will only have negative effects in the long run. so far the high fee periods never lasted that long, they were mostly because of spam attacks so far. I don't know how much of the current backlog is real, I assume a huge part of it is real though. in which case it will last a lot longer than previous times.
and the reason I voted yes is that because I do believe that the main reason why bitcoin is rising and is being adopted and has all the potential to reach $10k, $50k, $500k, $1 mil,... is because it is a currency. and having high fees like this will eventually kill that part. meaning it will no longer be able to perform as a currency and if that happens, it will be the end of bitcoin. there will be no more potential to rise. there is no reason to buy bitcoin anymore!
and the reason I voted yes is that because I do believe that the main reason why bitcoin is rising and is being adopted and has all the potential to reach $10k, $50k, $500k, $1 mil,... is because it is a currency. and having high fees like this will eventually kill that part. meaning it will no longer be able to perform as a currency and if that happens, it will be the end of bitcoin. there will be no more potential to rise. there is no reason to buy bitcoin anymore!
December 13, 2017, 03:05:03 AM
We need to find a way to deal with this. I'm surprised honestly that it is such a large issue. I just wonder if there is a way without causing drama between mining factions. What if someone made a deal with a poorer country and placed a large mining farm in their country and helped pull them out of a downturn with it.
December 13, 2017, 02:57:14 AM
It is as of now causing its destruction, not as a speculation choice but rather as a cash it is as of now flopping wretchedly. Is it extremely worthy to pay $13 expense for a normal exchange? In any case, the really the charges won't influence the speculation idea of BTC as long as BTC keeps with its value individuals will get it, hold it, and exchange it
December 13, 2017, 02:47:14 AM
Transaction fees are increasing because of the surge in bitcoin. It's already expected, plus, the it is more difficult now to mine bitcoin than before. However, most of the transaction fees also depends on what trading platform you use. As of the moment, I a using coinut because of its low transaction fees. Last time I transact, I paid a fee of 0.0001 which is quite low compared to other trading platforms and bitcoin market.
Re: Platform. I've been wondering about that. I have a wallet on blockchain.info and usually spend about $2 ($4.00 if I want it sent "express") in fees for transactions less than $200.
I recently opened an account on Coinbase and it cost me $15.60 to send $200 worth of BTC, and several hours later it still has not processed.
Is it a difficulty factor or is Coinable ripping me off?
At this rate it's really not worth it to use BTC for casual day to day use.
December 13, 2017, 02:24:13 AM
Transaction fees are increasing because of the surge in bitcoin. It's already expected, plus, the it is more difficult now to mine bitcoin than before. However, most of the transaction fees also depends on what trading platform you use. As of the moment, I a using coinut because of its low transaction fees. Last time I transact, I paid a fee of 0.0001 which is quite low compared to other trading platforms and bitcoin market.
December 13, 2017, 02:20:36 AM
Taking into consideration the fact that the Bitcoin has the most transaction traffic per day among the cryptocurrencies, servicing a huge amount of transactions will cause congestions to miners in the network and that's still the big problem of Bitcoin as of this time.
The sole purpose of the Segwit2x and Lightning Network proposals is good in lowering the tx's fees but it didn't get through because of the consensus that also didn't met and nothing we can't do about it as of the moment but to trust the Bitcoin developers to find a much more better way for the betterment of Bitcoin itself.
The sole purpose of the Segwit2x and Lightning Network proposals is good in lowering the tx's fees but it didn't get through because of the consensus that also didn't met and nothing we can't do about it as of the moment but to trust the Bitcoin developers to find a much more better way for the betterment of Bitcoin itself.
December 13, 2017, 12:46:40 AM
Its very expensive really that one need to pay $14 for a $134 transaction is surely on the high side which have deviated completely from the bitcoin we knew at some point where with few dollars or even cents, you can get the transaction done in due time. But I don't see it being the cause of the downfall of bitcoin because to me, bitcoin has grown to a point where the disadvantages is being overlooked by many by focusing on the positive sides hoping that things will get better.
December 13, 2017, 12:11:35 AM
They are rising the transaction fee so that they can adopted to the rising of the price of Bitcoin. Because when the value of Bitcoin is too high and the transaction is low, many people will withdraw or send immediately and that will be the lost of the trading companies. They might lose their funds and turn to bankrupt.
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