Bitcoin Forum

I mean after segwit is activated of course.

Also how does this fee compares to bitcoin cash fee? Which will be cheaper to the consumer?

Also if bitcoins are worth $millions in the future and 1 satoshi equals $1 then how do you buy 50cents gum/candy? Or does bitcoin anticipate that in the future fiat inflation is norm meaning cents pricing will be gone in the future.

Currently:
On BSegwit chain around $1.1
On BCash chain around $0.15

So draw your own conclusion

I keep hearing that Segwit won't really bring the fees down. Is there anything in plan for Bitcoin Core to bring the fees down or do they want it this way?

1 satoshi is 100 millionth of a bitcoin and there will be 21 million of bitcoins, so there will be 2.1 quadrillion of satoshis. Now I don't know how much cash is there in the world, but some searching suggests about 60 trillion US dollars worth. That would mean that there would be about 35 satoshis for every dollar. So 1 satoshi would be around 3 cents.

Cryptocurrency fees are very flexible, and their size determine how fast they will get their first confirmation. If your coffee merchant agrees to accept 0 confirmation and low fee payments, than you can buy coffee with Bitcoins with just a few cents in fees. But it's not a secret that transaction fees of any altcoin are cheaper than in Bitcoin for one simple reason - their networks process very small amounts of transactions, because no one really uses them, since their usage comes with security, volatility and conversion costs.


With this kind of reasoning you should promote Dogecoin instead, since it has only $0.003 average transaction fee.

it is not a fair comparison. it would like comparing bitcoin fees with Dogecoin fees. you know $0.5 versus $0.0022

fees can be readjusted and even if not through code, people will pay less amount. for example if bitcoin was at 10K nobody would have paid 0.001BTC fee or they'd stop using bitcoin at some point for buying "gum/candy" :D

I work hard for my bitcoin and wouldn't spend anything but fiat on a cup of coffee.
Why wouldn't anyone spend crypto on anything so mundane?   And fees are only
part of the reason.   The opportunity cost alone makes it quite prohibitive.
Imagine if you'd wasted bitcoin on coffee last year...you'd be like that guy who
bought a 10,000BTC pizza.  I don't want that on my tombstone.

However, if there aren't people that will spend bitcoin then it has no true value in the world. So overall, it is good to have people that will spend their bitcoin.

In the future I hope bitcoin will advance and find ways to make their transactions cheaper and more efficient.

If you have to wait for 1 confirmation to pay for the coffee, then it doesn't matter if Bitcoin cash has lower transaction fees. It would take an insane amount of time to find a block and complete the payment.

Yes this is true and with segwit activated on bitcoin, sooner or later we will see lightening network that will make bitcoin payments instant and free with off chain transactions but with the same level of security as on-chain transactions.

At that point we don't have to worry about waiting for confirmation or very high fee for transactions worth of few $.

off chain transaction requires 3rd party permission, basically destroying Satoshi's intent "P2P Electronic Cash System". At that point, I'd just use credit cards.

I thought segwit will reduce the fees, so what good is segwit then apart from lowering fees?

Ok so lightning network is the only chance that can bring low fees to bitcoin spending?

Low fees/Free transactions plus instant confirmations is the only way i can see to go up against visa/mastercard/paypal otherwise bitcoin only use is a hedge fund nothing more.

CRAZY!

As the weeks go by the realization Bitcoin Cash is superior and a better version will cause it's value to sky rocket.

Shame on core and segwit2x.

Segwit is not yet launched. Soon the changes will fully activated and we will have better better fee but the block size will still be under 8mb that we have on BCC. Anyway choosing another fork is not the solution of the problem.

Offchain transactions are more secure in Bitcoin Cash

And here we go with the lack of economic understanding.0, nada , none.

Fees are higher because currently the blocks of BTC are still full and bitcoincash are empty.Because nobody uses bitcoincash.
Demand and offer, need to transfer vs space in the block.And everything is pointing at BTC being the winner.


Without "the guy" that bought that pizza 99.99999999% of us would be here and the price would still be....
Oh, wait, there would be no price for it.

So show "the guy" a little respect.

|I don't now exactly that how much fee would be for buying a coffee with bitcoins.But i am using electrum wallet and i could see the transaction fee has gone down after segwit activation.Since bitcoin price is rising very much,it would be better for you to just buy coffee just with fiat money itself.

There could be some coffeecoin, or a gumcoin. Candycoin anybody? Actually DOGE moar and moar becomes mah favorite coin, much coin, very well. Maybe ETH has another edge in regards of technology development on the other hand.

Cynism aside, the highest fees model allready did failed by user acception. There is no future in it, and average satoshis per byte dwindled in recent weeks to no surprise.

Is that the transaction fees to move $2 worth of coins in Bitcoin and BitcoinCash? But I moved $30 worth of BTC a few days ago and it cost me around $0.21 in fees.

Since Segwit was activated, it is quite obvious that transaction fees have been lowered, and I am now saving a dollar or 2 every transaction I make, which eventually adds up, especially if you make a lot of smaller transactions. Have made 5 transactions after Segwit has been activated and saved like 7$ in transaction fees. Nice!
 
Don’t compare transaction fees of Bitcoin cash and Bitcoin, they are totally different things and Bitcoin is way more congested, therefore the fees should be higher. Barely anyone uses Bitcoin cash, so that is probably why fees are so small.

i don't see anyone asking this so i will:
why do you want to buy coffee with bitcoin?

and more importantly, have you ever bought coffee with bitcoin before?
i mean the fees were pretty low last year, you could even send them for free and get a confirmation fast. were you (or anyone else) buying coffee with bitcoin?

to be honest this sounds more like one of those things that says "i will never use this in my life but i want to have the option".

I don't think the fees will eventually outweigh the amount transferred and even with all the fees that we have seen here and there, in terms of increment on the high side, there have been some micro payments in the area of daily twitter payments around here which I am sure if the fee outweigh the amount being transferred there would probably nothing of such. Also, the highest I have seen before August 1 was like 2% of the amount to be transferred which can be applied downwards in proportion to the amount in consideration which we believe Segwit will do more in correcting.

As i can see here, segwit hasn't activated yet https://bitcoinmagazine.com/articles/point-no-return-segregated-witness-will-lock-bitcoin/
This SF meant that it was locked in, or something like that.
But some users went to BCH, so there might be a lower volume now.

Ironically this split due to scaling debate resulted in two blockchains so now we have more space on it's self. Even if BCH didn't increase it's block size, it would probably not run out of space for a long time, since now it needs as much as users as Bitcoin did before the split to fill those blocks up to the 1 mb.

Coz bitcoin is money and I want to be able to spend my money on what I want when I want where I want :)
What's the purpose of having cash for small shops spending, virtual cash (cc) over internet and bitcoin when the fees are 1% of the total sum?

Most would want to be able to use BTC for all without having to pay and extra fee to the bankers miners.

In my very simple language I have read here a few times that
Bitcoin is not going to be used for such small transactions
instead it is used and will be used to move larger volumes.

I dont have any further explanations on this and maybe I
took a different meaning to other posts elsewhere?

Yeah exactly that's what I was wondering, but it is correct, a 2$ tx of 1 input would be approximately 200-300bytes and at standard rate of even 100sat/byte it comes to around $0.8~$1 fees. I am expecting some better fees after segwit, but let's see.

Bitcoin will have to solve the problem of small transactions in the future. Now the miners mined coins and earn for the transactions, but when all the coins are mined they can only live by transactions. Without the development of trade is not realistic. I think the price of the transaction will decline.

Eehm…I saw a thread by the forum moderators saying that SegWit didn’t take place anymore. So, I don’t really think there will be any additional fees to the price of coffee this August. But according to the post, SegWit might take place anytime, another post claimed it will be in three months which is November.

In that case yoi should use bitcoin cash

Eehm…did someone just comment the price for BSegWit chain around end of August would be around $1.1? I made a “high priority” transaction on 7th, and it seems like I was charged close to $2. Well, I’m still okay with it, but it better not go higher than that. Note, I didn’t say I was charged $2, I said it seems like it was close to $2, after I checked remaining balance. Don’t forget I said “High Priority”.

2$ coffee is way too expensive already (in France it is ~1.50€, and IMO it's expensive). But if fee could stay under the 20.6% we pay already for a coffee, it would be nice  ;)

Bitcoin is not meant for microtransactions anymore.

Times have changed and people should imo forget the idea that these micropayments will be happening on the main chain.

Segwit will trim down the transaction size so that we can fit more transactions to a block. In effect, it will hasten transaction confirmation and lower the fee. But I still do not know how low the fees per byte will get. And fees is dependent on the size, not on value. So your 2$ coffee can have different fees depending on how many inputs you have.

Yes, I agree with you and if there was a way to reduce fees or perhaps if the merchants could use online wallets like coinbase which you can send transactions from another coinbase wallet to it for free using an email instead of the Bitcoin address because they are done off chain.