Bitcoin Forum

Explain to the newbie because with the increase in the value of bitcoin grows and Commission of the network 0.001 (if I'm not mistaken) it is very expensive. Bitcoin to become like the big ingot of gold, which is a pleasure to own but it is inconvenient to use in everyday life. The community decides for ease of use, or we will move on to altcoins?

Honestly its not that expensive at any price. Few months ago when bitcoin was at 2700$ I thought absolutely same thing, and after few weeks I purchased bitcoins at 5200$, Now I am almost doubling the profit. I am sure if you buy it today at 9400$, after a year or two you will have 100% profit.

The fee is not fixed. It can be 0.001, 0.00001, 0.00054321, or even as low as 0.00000001. The amount you pay is the minimum amount that you think is enough to motivate a miner to process your transaction instead of someone else's transaction.

The question was about Commission and not about buying bitcoin, you would carefully read my question?

Oops I am very sorry. Miss read the question completely.  ::)

Well, the fee is one thing we have to stick with for now but I am pretty sure it won't last most especially when the scaling issue is resolved with the LN deployment. However, it is not every time we get to pay that huge amount for transaction unless the network is congested. A lot still need to be done for sure but Rome was not built in a day and over time, this transaction fee issue will be a thing of the past.

Weird I'm on one exchange saw a Commission of 0.001 was written there is a Commission system. See I don't understand.

It grows because of the miners, their capacities, the queue of transactions and other things. As it was recently, with a traffic jam of 100,000 transactions and the transition of miners to BCH

Actually with the increase in the prices of bitcoin it also increases the store value of the coin as well as our profitability. So it is expensive in what way? May be you are saying that we can not use it as currency or as exchange mode in everyday life due to high fees etc. Thats true but the thing is bitcoin is just algorithm which has been to this value due to lot of investment that has been done to it and if it doesn't grow then it will not give us ROI and we may loose profits over the time. So the price increase is important. It will sustain the market of it for longer period of times.

Moving to the alt coins wouldn't be great option because they do not provide us the perfect stability as it would be there with the bitcoin here. Altcoins are volatile a way more than bitcoin. So better stick to the bitcoin and enjoy the expensive life.

Hmhnm I am not sure about this. IMO, Bitcoin may be able to partially replace fiat cash (especially for remittances and online purchases). But gold is a different type of asset altogether, which have been in use for the past many thousands of years. Replacing gold will be extremely hard for Bitcoin thanks

I really hope that Litecoin will take the role for micro-transactions and give some relief to Bitcoin, as a payment functionality.
Bitcoin is evolving into value store medium and asset.
People start saving long-term in Bitcoin, rather than using BTC to conduct frequent transactions.
Personally, I use Ethereum and Litecoin to send money to others, less Bitcoins recently.

No, bitcoin still cheap. i remember when many peoplr said. if the price of bitcoin is too expensive and now you can see the price just hit above $8000

I agree that Bitcoin is expensive for small transactions. Though most of the wallets enable you to edit fee for slower confirmation time sms don't. Today while withdrawing from Bittrex they charged 0.001 which is $9 and is a huge amount which is not even editable.

Yes,transaction fee has become the biggest issue for bitcoin and the higher transaction fee seems to make frustration among the users.Segwit was activated with an idea to provide solution for this problem.But due to some miners who started to mine empty blocks and some mining pools sending large number of spam transactions of micro amounts,fee has become very high.But i don't think that users would switch to any other altcoin just for this reason,

Gold here as an allegory, so to speak a measure of wealth.

The fee is adjustable and your profits surely will be greater than your losses because of transactions fees because the price only rises over time.

You should learn and hodl  and don't move your coins unless you really have to. And when you do, plan ahead so you can afford lower fees.

Here I probably agree with You. Bitcoin is like dollars in denominations of 1,000$ and litecoin as a 100$ bill.

 :-\Is it better to buy ETH since bitcoin is so expensive?

that's way Satoshidice uses BCH now

It is really too expensive for small transactions, it is like paying double.

The fee is not fixed it depends on how much you are transacting with.. but yes in comparison to others aka bch it is higher.

The increasing value of Bitcoin doesn't make products more expensive, on the contrary, it could make products cheaper at shops don't use a fiat to BTC conversion rate. But you're right about the high transaction fees, this is a temporary problem Bitcoin has. Solutions like Segwit are already available but they need to be used by more people to speed up the network.

The exchanger take a higher fee to make sure your transactions on a top priority in a bitcoin network transactions, besides they will cut-off your transactions fee as their profit.

It is usually to happen to any exchanger as they saw that the market is high then, they probably increase the cost of transaction. We can't blame them because that is their strategies to generate more income. And still we don't have any choice, even though their fees is high but we still need their service for us to continue our transaction process. Only we can do is to try convincing them to lower the cost/fees  to have fairly transaction expenses.

it is possible that the newbie fee 0.001 is very expensive because the newbie does not have the experience and the bitcoin income as its predecessors, but actually it is worth the income that can be earned now .. with great revenue ,, it is very worthy for the income of bitcoin users ,, which have already used bitcoin

Yes, I found it too that it is so expensive because I just need to send 3 dollars but the fee is very huge than the money I need to send on, this is due to the expensive value per bitcoin, and I guess this is t prevent to make people withdraw thie money due to high price and get their profit..  ;D

yes its expensiuve they to reduce the ammount of feess in my opnion before they get proper adoption. I dont like this fact

I would say yes, bitcoin is a bit expensive to use I wish the online wallet banks
could lower their fees, that would make my day. The bitcoin price is going up day by day
so more fees adding up. ::)

Bitcoin was always very, very cheap and fast to use and confirm. It never used to be this way. It used to only take a few seconds to see your transaction appear on the blockchain and have it confirmed. And there was no need to send a fee even - you could send a transaction with 0 fees and it would get approved quickly. However, unfortunately this is changing. Every day that goes by the network is more and more congested and fees are going up. It sucks. :-? Oh well! Hope this is a solution soon.

Yes, it is very expensive to send small transaction via bitcoin as it reaches its max transaction throughput. It is a hot topic on how to scale bitcoin. So bitcoin is more like a digital gold for storing value and less like a cryptocurrency for daily transactions.

Bitcoin became more of a asset or investment than being a currency. I don't know if its a good thing or a bad thing for bitcoin to go over the price right now because there is a positive effect whether it goes down or up, if bitcoin price goes up investment rises and if the price goes down less transaction value.

If the question is bitcoin expensive to use then yes it is, but it depends on your reason of using, if you are only use bitcoin for gambling, buying things etc. then it is expensive but if you're about to use it for quick sending then it is not expensive at all. The purpose of why you use will tell you if its expensive.

Yes the trasaction will become slower when most of people are use it. So I think it will be good if bitcoin is only used for rich people that will be bitcoin investors and certain countries, I don't think that bitcoin need to be used by all people in the world.

for now the function of bitcoin as currency is still not maximal. most people still use it as a commodity with a very high sale value. well, because bitcoin has not been recognized globally, so the use of bitcoin is still limited to other users.

Bitcoin is nowadays used more as a store value and so,it would not be an issue.If it has been thought like that,then already many would have switched to altcoins.But it has not occurred.Segwit was activated to solve this issue and it was also solved to some extent,but some miners just mine empty blocks to make transactions get stuck and so,transaction fee has increased.

I would like to make a case for bitcoin not being expensive to use.  :)

There's a 9% to 14% sales tax in some US states. This implies that if a person makes a $100 purchase, their sales tax could be $9 to $14. Purchasing something that costs $100 in bitcoin and paying xfer fees is much cheaper than a $9 to $14 sales tax in fiat.

In europe, there is something called a VAT (value added tax) which is like their equivalent of the sales tax the USA has. The VAT can go as high as 20% on goods and services which qualify. 20% is a far more massive value than the cost of bitcoin transfer fees.

One might make a case of the euro and dollar charging far more in sales tax and VAT (which are almost like fiat transfer fees) than the cost of using bitcoin.

I think Bitcoin when you buy it in whole is expensive but if you buy it in part, it is not.  That is the good thing in Bitcoin, we can buy it by parts.  With regards to the transaction fee, I do not think that it is expensive, and it varies depend on the number of people demanding the confirmation.  Aside from that if you buy Bitcoin, you also have the value of that money in Bitcoin, so I think you do not lose or put anything to waste here.

Wow you are really lucky and you have made the right decision in right time.

Well bitcoin is not expensive but the fe of the transactions has to be adjusted otherwise miners will get all the money.

That is what LTC is for  ;)

Bitcoin is expensive to use because the cryptocurrency adoption is up. Bitcoin is at all-time highs right now. As bitcoin grow in popularity, so did all cryptocurrencies which are cheaper than 1 BTC.

It is really too expensive for small transactions, it is like paying double.

I never thought that the cost of sending or using bitcoin was expensive, because it was comparable to the higher price of bitcoin.

Yes, it is expensive especially if you're not a rich person. That's why there are cheap altcoins where you can invest. There are altcoins that have a great potential to grow in the future.

This is not like your assumption, you can have bitcoin from bits to bits like the gold chunks you say, you can start from trading or investing in order to bring in every profit. so you can do it from bitcoin trading with altcoin.

This is completely related to the amount made in the transaction. While it is advantageous for high-consistent operations, it is disadvantageous for low-consistent operations.

yes in my opinion, bitcoin is very expensive, if not rich people will not be able to buy or invest. bitcoin actually can beat gold. so we never underestimate bitcoin even though the price drops.

the bitcoin now have big price in the crypto market, and the fee is permanent in transaction: 0.001$ in many exchanges, so i think it is too expensive, if we exchange to usd, this is about 6.3, so we have a hight fee to practice our transaction. If the price of bitcoin will increase in the future, the fee can increase too.

if you are not comfortable using Bitcoin. you can switch to altcoin. but for a large number of transactions. Bitcoin is very good to use than altcoin. indeed the price of bitcoin is very expensive. and for beginners, you can start from altcoin. after reaching big. can switch to Bitcoin.

Many cheap altcoin to have and to learn trade or earning bitcoins.
So newbie is better to start buying altcoin and learn to use them before they use bitcoins

for me a 0.001 commission is not too big if we see our profits when we trade on a stock exchange network, besides that the commission price is in accordance with the benefits that we feel. and this commission does not occur every month as you would save your money in a bank.

thats why lightning network created.its very cheap for small amount however it has still some bugs and low transactions.i believe its going to be used many people in a few years.

Bitcoin use is not very expensive but it's earning is very expensive and it is very common that now people have many coins and they are mostly interested in crypto mining and trading so bitcoin is then on other side and for ordinary people it is better way of online payment system and i hope that for the reason when it was designed it is fulfilling that and bitcoin is good because it is low fee for transaction than processing any transaction through banks.

0.001 per transaction is a low fee level not too high. This fee has not changed and has been a fixed fee for the past ten years. The Bitcoin price change has made the value of 0.001 so high that you feel that this is a high level of fees.