☠☠☠ Will High Transaction Fees Be The Downfall Of Bitcoin? ☠☠☠ - page 3.

Layonk

member

Activity: 210

Merit: 10

If we talk about fee of bitcoin recently, it is very high.
If this continue, i think it can give negative effect to bitcoin existisme itself.

8270thNinja

full member

Activity: 210

Merit: 100

busy in real life, long post gap is understandable

Possible, There will be no active merchant if the Transaction fee is too high and waiting for the confirmation of transaction is too long. It is, It could be the reason of downfall and I think Developers knows what to do on that problem and they will surely give appropriate solutions on that part ,as of now we must trust them and wait for the future developments of Bitcoin, Bitcoin is still on progress and upgrade is really needed to fully utilize Bitcoin and call it a stable cryptocurrency.

bakerlisa510

full member

Activity: 183

Merit: 101

Right now there will not be much problem in transaction fees because miners are getting coins through mining but once all the coins are finished then the transaction fees will be very high, high enough to people to avoid transaction.

Dapper

sr. member

Activity: 560

Merit: 260

The fees are market driven. It's like saying is business class too expensive (when it's often 3 times the price of economy class on many flights)? Of course not, because it is the market price. The price will come down IF the volume/usage comes down.

SONG GEET

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CryptoTalk.Org - Get Paid for every Post!

I am now shifting my address to segwit address (supported in electrum) so that I can save on fees but have no idea how it will work out.

I have kept almost all of my bitcoin in poloniex so that I can send bitcoin with just 10,000 satoshi fee as they still process btc withdrawals with very low fee. Wink

lighpulsar07

sr. member

Activity: 518

Merit: 271

I voted yes (somehow i misclicked and voted no) high transaction fees could be cause of downfall of bitcoin if the devs left it unchecked but currently, the devs are working on the lightning network and they've been successfully tested on main network just read the news and this will be implemented on the network in few months time and see how LN works out but if Segwit+LN couldn't handle the huge transactions and high transaction fees still exists, the only last option is increase the block size.

ShortCoins

newbie

Activity: 14

Merit: 0

Quote

Voted for Yes, it's inevitable to fail as a currency with the current fees.

I think it will fail as a currency as well. It is more of an investment at this point. And starting to be for only the wealthy because of fees

Quote

Lightning transaction is the solution

Even if the Lightning Network can provide instant transactions, won't the costs still be very high?

As the price of bitcoin goes up so do the fees

kevoh

full member

Activity: 448

Merit: 110

Lightning transaction is a possible solution to prevent this downfall. The implementation of lightning network will therefore mean miners have lesser transactions to process.

reingelz09

member

Activity: 78

Merit: 10

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.

ShortCoins

newbie

Activity: 14

Merit: 0

Quote

if more people use SegWit and LN which will be ready in few months, this problem will be solved

SegWit helps out a bit. But isn't it still very expensive? Around $20 at the moment to send with SegWit?

Quote

Look, this happened before and I am getting used to it but it will be fixed after a month or two.

Actually mining fees are only going to get more and more expensive. That means fees overall will continue to rise unless bitcoin falls in price

danherbias07

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Leading Crypto Sports Betting & Casino Platform

I see a lot of answers are yes and it seems like they are new people here.
Look, this happened before and I am getting used to it but it will be fixed after a month or two.

Why I say it will be fixed?
With this high tx fee those who are spamming small transactions will be stopped. Hence, it will give time to miners to complete all of the heavy traffic that happened there.

Who is it to blame for all this problem? Us.

You want BCH or another coin to solve the problem? No! It will also happen to them once it gets populated.

ShortCoins

newbie

Activity: 14

Merit: 0

Quote

it's inevitable to fail as a currency with the current fees.

I agree. With the fees this high already, it is very scary how high they might get.

nc50lc

legendary

Activity: 2534

Merit: 6080

Self-proclaimed Genius

Voted for Yes, it's inevitable to fail as a currency with the current fees.
These transaction acceleration services are giving me an impression that is is being used as a workaround for them (miners) to choose transactions leaving the mimimum fee transactions unconfirmed for days.

jtipt

hero member

Activity: 1050

Merit: 529

It is already causing its downfall, not as an investment option but as an currency it is already failing miserably. Is it really acceptable to pay $13 fee for an average transaction? But the actually the fees won't affect the investment nature of BTC as long as BTC keeps with its price people are going to buy it, hold it, and trade it.

ShortCoins

newbie

Activity: 14

Merit: 0

Quote

yes it too high , but the fee get higher because bitcoin is rising and the problem is for people who have micro transaction on bitcoin

I agree.

Say you have $100,000 in bitcoin a $35 fee is very minimal

Say you have $1000 in bitcoin a $35 fee is 3.5% of your money

Say you have $100 in bitcoin a $35 fee is 35% of your money!!

It doesn't make sense to buy small amounts of bitcoin at a time, because the fee is so absurd. It is sad because it will ruin things like online tipping

Which is a really cool concept Sad

brotherwood12

member

Activity: 686

Merit: 30

yes it too high , but the fee get higher because bitcoin is rising and the problem is for people who have micro transaction on bitcoin . and for downfall i think not
people who make this bitcoin higher think the fee just little thing for him
i think that.

0t3p0t

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Quote from: ShortCoins on December 12, 2017, 08:13:43 PM

Many people have been talking about the fees getting higher and higher.

Lets Vote. Do you think the fees are too expensive?

These are current threads discussing bitcoin fees if anyone wants to read a bit on the topic:

✨ Bitcoin Fees
https://bitcointalksearch.org/topic/bitcoin-fees-2572989

✨ How High Will Bitcoin Fees Get?
https://bitcointalksearch.org/topic/how-high-will-bitcoin-fees-get-2569523

✨ Gavin Anderson's Warning: Transaction Fee Crisis
https://bitcointalksearch.org/topic/gavin-anderson-warned-of-the-transaction-and-fees-crisis-2567344

✨ Bitcoin Fees Are Outrageous
https://bitcointalk.org/index.php?topic=2564843.60

✨ Bitcoin Will Be Used By The Wealthy To Move Large Amounts Of Money
https://bitcointalksearch.org/topic/bitcoin-transaction-fee-solution-2401716

✨ Segwit and Other Solutions To High Fees
https://bitcointalksearch.org/topic/any-solution-to-the-problem-of-high-fees-2561295

✨ Is It Possible To Transfer Without Fees?
https://bitcointalksearch.org/topic/transaction-fee-2510956

***Please Vote in the Poll***

Yes and that is no doubt. Transaction fee is way more expensive than taxes and that is a big deal to most day traders and most especially to those who are using Bitcoin as payment just like in signature campaigns or even those who use it as for tipping. Since we spend more on transaction fee than the amount we are going to send to anybody. But still Bitcoin is a good long term investment for me. That is why Altcoins like Litecoin skyrocket due to it's lower fees. This is actually based only on my own observation so whatever really is the reason of it's downfall Bitcoin will still remain the king.

snipetr

full member

Activity: 294

Merit: 100

Quote from: ShortCoins on December 12, 2017, 08:13:43 PM

Many people have been talking about the fees getting higher and higher.

Lets Vote. Do you think the fees are too expensive?

These are current threads discussing bitcoin fees if anyone wants to read a bit on the topic:

✨ Bitcoin Fees
https://bitcointalksearch.org/topic/bitcoin-fees-2572989

✨ How High Will Bitcoin Fees Get?
https://bitcointalksearch.org/topic/how-high-will-bitcoin-fees-get-2569523

✨ Gavin Anderson's Warning: Transaction Fee Crisis
https://bitcointalksearch.org/topic/gavin-anderson-warned-of-the-transaction-and-fees-crisis-2567344

✨ Bitcoin Fees Are Outrageous
https://bitcointalk.org/index.php?topic=2564843.60

✨ Bitcoin Will Be Used By The Wealthy To Move Large Amounts Of Money
https://bitcointalksearch.org/topic/bitcoin-transaction-fee-solution-2401716

✨ Segwit and Other Solutions To High Fees
https://bitcointalksearch.org/topic/any-solution-to-the-problem-of-high-fees-2561295

✨ Is It Possible To Transfer Without Fees?
https://bitcointalksearch.org/topic/transaction-fee-2510956

***Please Vote in the Poll***

Yes, fee's offered for bitcoin transactions are much high. And due to high fee's people use bitcoin hold rather than currency for exchange. We see bitcoin will be futures digital currency but as a currency it has a problem with transaction fees. Due high fees people prefer to hold bitcoin and use it as investment. Also many times they wait for higher price to spend it.

ShortCoins

newbie

Activity: 14

Merit: 0

I agree the fees are getting too high for smaller size investments, which is unfortunate. It is changing the way people use and think about bitcoin

WhichIsGood

member

Activity: 112

Merit: 10

Young, Dumb & Broke

This is definitely one of the many problems Bitcoin is having right now. Fees are becoming excessively high especially for small time investors. But I don't think that this problem alone will be the cause of bitcoin's downfall. Perhaps it would affect transaction volumes, but since people dig the way bitcoin is skyrocketing in value, they will still continue to use bitcoin.

Topic: ☠☠☠ Will High Transaction Fees Be The Downfall Of Bitcoin? ☠☠☠ - page 3. (Read 839 times)