Bitcoin Forum

Economy => Marketplace => Topic started by: asonganyi on December 23, 2017, 01:04:10 AM



Title: bitcoin transaction fees has put me out of business
Post by: asonganyi on December 23, 2017, 01:04:10 AM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..


Title: Re: bitcoin transaction fees has put me out of business
Post by: BitHodler on December 23, 2017, 02:09:34 AM
my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
Bitcoin is the most secure and widely used crypto currency, so it makes sense for merchants to just have Bitcoin as crypto checkout option. If you look around you, there are payment gateways accepting altcoins as well.

If you look a bit further, then you'll understand that Bitcoin in current times needs lightning network, and with how things go right now, we potentially might be utilizing its much needed features before the end of 2018.

Low fees, no need to worry about confirmations, ability to process an insane number of transactions per second, atomic swaps, better overall scalability, etc. Patience is what we need, but once active, alts will get hit badly.


Title: Re: bitcoin transaction fees has put me out of business
Post by: asonganyi on December 23, 2017, 06:55:26 AM
yes it seems bitcoin has reached a stage where ur paying the same amount of transaction fee as the amount u are sending for small amounts, its better to move on to litecoin or bitcoincash where fee is relatively less

yes and this is making small businesses to go off,,

i would have love to switch to ltc or bch or any other alt which solves the present situation but merchant websites and people around me are not willing to change,,
i guess i just have to off business for now and wait till the lightening network is built..


Title: Re: bitcoin transaction fees has put me out of business
Post by: asonganyi on December 23, 2017, 07:02:25 AM
my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
Bitcoin is the most secure and widely used crypto currency, so it makes sense for merchants to just have Bitcoin as crypto checkout option. If you look around you, there are payment gateways accepting altcoins as well.

If you look a bit further, then you'll understand that Bitcoin in current times needs lightning network, and with how things go right now, we potentially might be utilizing its much needed features before the end of 2018.

Low fees, no need to worry about confirmations, ability to process an insane number of transactions per second, atomic swaps, better overall scalability, etc. Patience is what we need, but once active, alts will get hit badly.

Thanks for the info sir!
is there any site where i can monitor the progress of the lightening network?


Title: Re: bitcoin transaction fees has put me out of business
Post by: SFR10 on December 23, 2017, 07:16:38 AM
so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..
The issue is, a business (of any kind) shouldn't rely on a single way in order to have a profit (should have solutions prior to possible issues).

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business
Perhaps you should look for a more flexible way (long term solution with less profit), something like buying those in bulk (based on their popularity) and hope you would sell everything in return.

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
Here's some options since you mentioned all kinds of stuff:
https://www.overstock.com/ (accepts BTCitcoin and a lot of altcoins) http://fortune.com/2017/08/08/overstock-digital-currency/
https://bitify.com/ (accepts BTCitcoin and litecoin)

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,
In general, most merchants are biased when it comes to cryptocurrencies and takes a lot of time before they realize what their missing on.

why do we keep suffering from problems who's solutions are already there??..
Because the world we live in, isn't perfect.

yes it seems bitcoin has reached a stage where ur paying the same amount of transaction fee as the amount u are sending for small amounts, its better to move on to litecoin or bitcoincash where fee is relatively less
It's just a temporary phase...


Title: Re: bitcoin transaction fees has put me out of business
Post by: Herlina on December 23, 2017, 07:20:45 AM
my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
Bitcoin is the most secure and widely used crypto currency, so it makes sense for merchants to just have Bitcoin as crypto checkout option. If you look around you, there are payment gateways accepting altcoins as well.

If you look a bit further, then you'll understand that Bitcoin in current times needs lightning network, and with how things go right now, we potentially might be utilizing its much needed features before the end of 2018.

Low fees, no need to worry about confirmations, ability to process an insane number of transactions per second, atomic swaps, better overall scalability, etc. Patience is what we need, but once active, alts will get hit badly.
I also agree that Bitcoin needs a lightning network to solve the current problem because confirmation of transactions can take days and High fees is very disturbing Bitcoin as a payment instrument



Title: Re: bitcoin transaction fees has put me out of business
Post by: sunsilk on December 23, 2017, 08:05:01 AM

Sorry for the inconvenience and disruption of your business but we can't help on that thing, all of us are in the same situation of our lives that we want something better.

And as you mentioned about merchants about acceptance of other alt coins, you can do it but it all depends on the terms that you will use through your service.

why do we keep suffering from problems who's solutions are already there??..

Lightning network is the solution for this, before success we need to experience struggling.


Title: Re: bitcoin transaction fees has put me out of business
Post by: sparveenat on December 23, 2017, 08:08:14 AM
What I understand from the member in this forum we need to be patience and no need to panic. It all part of the game  to be serious also what I understand also altcoin are not the solution for it we have to find the issue in deep to solve it nothing else we need to do which will be solved as soon as possible and everything will be all right.


Title: Re: bitcoin transaction fees has put me out of business
Post by: asonganyi on December 23, 2017, 08:46:36 AM
What I understand from the member in this forum we need to be patience and no need to panic. It all part of the game  to be serious also what I understand also altcoin are not the solution for it we have to find the issue in deep to solve it nothing else we need to do which will be solved as soon as possible and everything will be all right.

i beg to differ with you there are so many situations that can not be addressed in bitcoin, thus the existence of alts is inevitable,

if btc is slow in solving some issues then why not use alts which have already solve them then we can letter come back to btc when it catches up if need be,,

we as users of tech should not be stagnant if something is not the best atm we move on to the best,, this puts dev to work and ensure quick developments



Title: Re: bitcoin transaction fees has put me out of business
Post by: Shamie1002 on December 23, 2017, 11:11:53 AM
We are aware of bitcoins situation now a days. And we do hope for solutions. Lightning network is the only way provided and I think it is still on the move.
While such high fees and slow transactions, as a business man, you should now impractical using bitcoin today. And you should also know that depending on bitcoin alone or cryptos is very risky. You should have at least another way of mode of payments for your business and not taking chances with fees.
Bitcoins is proven and I think everything will be fine soon. Hang in there and think out of the box this time.


Title: Re: bitcoin transaction fees has put me out of business
Post by: keithieY5 on December 23, 2017, 11:35:38 AM
Most of altcoins starting last three years "ETH, bitcoincash"  only litecoin is old.

so that you will find only sites accept bitcoin or litecoin less is ETH.

in future will find more accept it.


Title: Re: bitcoin transaction fees has put me out of business
Post by: stompix on December 23, 2017, 12:37:04 PM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again

No offense but your "business" barely deserves this title.
What you did was being an intermediary for small purchases, nothing more and you closing down won't bring the gdp of your country down too.


my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..

Funny how you are requesting something that would actually terminate your business model.
Asking merchants to accept more coins would trigger an effect of them accepting all kinds of payments, making your "service" useless.

Sorry, but when I read the title I thought it was something really severe, not a home run one man operation like this.





Title: Re: bitcoin transaction fees has put me out of business
Post by: asonganyi on December 24, 2017, 12:01:32 AM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again

No offense but your "business" barely deserves this title.
What you did was being an intermediary for small purchases, nothing more and you closing down won't bring the gdp of your country down too.


my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..

Funny how you are requesting something that would actually terminate your business model.
Asking merchants to accept more coins would trigger an effect of them accepting all kinds of payments, making your "service" useless.

Sorry, but when I read the title I thought it was something really severe, not a home run one man operation like this.

Sorry 'bad man'! i see your a tycoon only interested in things which affects a whole nation or involves billions in dollars. that is how you neglect the pecks and miss the logs,, you will be surprise to see how many people are in same situation just that they don't time to do this,,,

If this was not what you were expecting from the topic you should not have replied,
regards 


Title: Re: bitcoin transaction fees has put me out of business
Post by: Biggapp on December 27, 2017, 03:20:23 PM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again

No offense but your "business" barely deserves this title.
What you did was being an intermediary for small purchases, nothing more and you closing down won't bring the gdp of your country down too.


my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..

Funny how you are requesting something that would actually terminate your business model.
Asking merchants to accept more coins would trigger an effect of them accepting all kinds of payments, making your "service" useless.

Sorry, but when I read the title I thought it was something really severe, not a home run one man operation like this.

Sorry 'bad man'! i see your a tycoon only interested in things which affects a whole nation or involves billions in dollars. that is how you neglect the pecks and miss the logs,, you will be surprise to see how many people are in same situation just that they don't time to do this,,,

If this was not what you were expecting from the topic you should not have replied,
regards 
There are times when you misinterpret the things and take it in other way. It is not a big deal and it happens to almost every one of us. The high amount of transaction fee is no doubt something which is irritating the ones who are having bitcoin as they have to pay a huge amount of money along with tiring transaction process. I am hopeful that things will be in much favor of the ones who are having bitcoin in the coming days and they will be happily investing in bitcoin without any worries.


Title: Re: bitcoin transaction fees has put me out of business
Post by: mrcash02 on December 27, 2017, 03:56:15 PM
my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..

They can, but for some reason they don't want or don't think it's important... It's surely disturbing to pay expensive fees and lose part or almost all the profit because of it, but that is how Bitcoin works now. The good part is that when situation reaches to this point, many people will stop transacting for a while with their BTCs, so the number of transactions will decrease and the fee will decrease as well.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Qartersa on December 27, 2017, 04:44:56 PM
I think that is a good point -- that when people transact less with Bitcoins, the Bitcoin transaction fees will likewise decrease because it is only then that these miners will have less bargaining power over Bitcoin investors. With this, the latter will have strong bargaining power as against Bitcoin miners forcing them to lower their fees or transaction costs. Even so, I doubt when this situation will be possible to think that a number of Bitcoin investors feel the need to transact with their Bitcoins on a daily basis. I just hope there are better ways to address this going concern as this affects Bitcoin and its community.


Title: Re: bitcoin transaction fees has put me out of business
Post by: stomachgrowls on December 27, 2017, 04:58:04 PM
my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..

They can, but for some reason they don't want or don't think it's important... It's surely disturbing to pay expensive fees and lose part or almost all the profit because of it, but that is how Bitcoin works now. The good part is that when situation reaches to this point, many people will stop transacting for a while with their BTCs, so the number of transactions will decrease and the fee will decrease as well.
We are really now on the waiting game which we do all know that fees wont really be stable like this high because it would really eventually go down if the storm had calm down. We do see recent price increase of bitcoin and for the reason it did clogged the network and we have seen it already in the past on when these situations happen miners fees do eventually go with the flow. Bitcoins price do go up then so as on fees too which isn't really surprising but I would say regarding on business related concerns then this would really be out on the game.


Title: Re: bitcoin transaction fees has put me out of business
Post by: LuanX3 on December 27, 2017, 05:28:24 PM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..

Sorry for your losses. We all know the problem right now is indeed the rising cost of the transaction fees. Right now it is so expensive to move bitcoins and I agree that it is ridiculous to the point that it will really put small businesses out of business. As users, we can't really do anything about it unless people stop using bitcoins for a while and the memory pool clears up, but that is not gonna happen.

About the altcoins, the problem there is that there is little trust people place on alts compared to bitcoins. It is like trusting the USD than the Vietnamese Dong, people would prefer USD than receiving some other currency.


Title: Re: bitcoin transaction fees has put me out of business
Post by: maarx on December 27, 2017, 05:56:02 PM
I really suffered last week with the fees and the trasaction time it consumed. Its was ok to accept the high trasaction fees when the bitcoin price was high, but of course now its pethetic. Waiting for this issue to get solved to move further with bitcoin trasactions. I am sure current bitcoin correction and the price increase down the line should really make a positive move with trasaction fees gets reduced. Hope this solves the issues.


Title: Re: bitcoin transaction fees has put me out of business
Post by: bering on December 27, 2017, 06:22:07 PM
long time ago people choose transactions use bitcoin because low fees transactions is one of the main feature from bitcoin and indeed currently the fees are being the most annoying things use bitcoin because if we send small amount of bitcoin then possibly the fees will higher than the transactions itself and yes i think merchant stores have to pay attention their costumer and considering use altcoin instead of bitcoin


Title: Re: bitcoin transaction fees has put me out of business
Post by: bitcoi on December 28, 2017, 11:33:49 AM
I think that BTC transaction fees are very high and destroy bitcoin's value for small payments. I sent $100 worth of bitcoin from a wallet to a Ledger Nano S wallet and the fee was  $15.


Title: Re: bitcoin transaction fees has put me out of business
Post by: BillCoin on December 29, 2017, 05:40:43 AM
Current fees are insane, I agree!
And that's also the reason that the gaming giant Steam has stopped accepting bitcoins, the fees that BitPay(steam's bitcoin payments operator) charged them were very large and they actually ended up losing money from bitcoin purchases.

I believe that the Litecoin Network that is schedulded to go live at the beginning of the next year, may significently reduce the fees.
Also don't forget that once Segwit address will enter mass adoption,the fees are also going to be decreased.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Oliver Mandy on December 29, 2017, 06:05:25 AM
I'm new on this. I was so surprise about the transaction fee for my first investment. It's so high. I had asked my friend how can cryptocurencies can be use widely while the transaction fee is so high. He answered me, everyone didn't care because the profit it brings to them. I'm still confused.


Title: Re: bitcoin transaction fees has put me out of business
Post by: HV3S on December 29, 2017, 09:06:31 PM
First time Bitcoin offers a low fee for transferring a certain amount, but now the fee is actually larger. Faster transfer, but now many people are complaining about transaction delay. What happens with Bitcoin in the future if it happens like this continuously ??? ???


Title: Re: bitcoin transaction fees has put me out of business
Post by: spring07 on December 29, 2017, 09:27:54 PM
It is obvious the tx charge has been insane and increasingly high lately, i really wish something can be down to stem this tide. The hih tx charge makes me think twice before transacting in bitcoin.

On the other hand, its high time we become to use the other altcoins like litecoin, ethereum, NEO as much as we use bitcoin. Maybe this will in turn force the tx charge to be reviewed downwards.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Angelliddy on December 29, 2017, 09:55:12 PM
What I understand from the member in this forum we need to be patience and no need to panic. It all part of the game  to be serious also what I understand also altcoin are not the solution for it we have to find the issue in deep to solve it nothing else we need to do which will be solved as soon as possible and everything will be all right.
. I see a good point there, every business at some point experience certain challenges that go with time.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Zalfa_mui on December 30, 2017, 07:55:04 AM
Yes you are right, the cost of bitcoin transactions is so expensive.And very heavy for players who have little capital.Because the transaction costs in large and small amounts the same.


Title: Re: bitcoin transaction fees has put me out of business
Post by: carlfebz2 on December 30, 2017, 08:53:15 AM
long time ago people choose transactions use bitcoin because low fees transactions is one of the main feature from bitcoin and indeed currently the fees are being the most annoying things use bitcoin because if we send small amount of bitcoin then possibly the fees will higher than the transactions itself and yes i think merchant stores have to pay attention their costumer and considering use altcoin instead of bitcoin
This is the sad truth on whats happening into bitcoin as of now fees are high and too slow to confirm which isn't really a good thing for merchants that do have businesses which it would really make a big effect. Why would they bother to use up BTC as of now if they can able to avoid trouble and headaches on using btc? This is why I don't see that merchants can easily adopt bitcoin.


Title: Re: bitcoin transaction fees has put me out of business
Post by: blockman on December 30, 2017, 10:17:28 AM
Sorry about that and it's sad to hear that you are getting out of business because of bitcoin's transaction fee. However you can have some other payment method that can give your customers cheaper fee and faster transactions. And if you notice the use of segwit enabled wallets will bring you back again in business. I'm hoping that you will recover on this tragedy since having your own business is one of the best way to earn and it's convenient.


Title: Re: bitcoin transaction fees has put me out of business
Post by: stompix on December 30, 2017, 06:06:01 PM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again

No offense but your "business" barely deserves this title.
What you did was being an intermediary for small purchases, nothing more and you closing down won't bring the gdp of your country down too.


my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..

Funny how you are requesting something that would actually terminate your business model.
Asking merchants to accept more coins would trigger an effect of them accepting all kinds of payments, making your "service" useless.

Sorry, but when I read the title I thought it was something really severe, not a home run one man operation like this.

Sorry 'bad man'! i see your a tycoon only interested in things which affects a whole nation or involves billions in dollars. that is how you neglect the pecks and miss the logs,, you will be surprise to see how many people are in same situation just that they don't time to do this,,,

If this was not what you were expecting from the topic you should not have replied,
regards  

No, I'm not a tycoon, whatever you think this means.
And I'm not interested only in things that involve billions.
What I'm interested in is Bitcoin, the reasons why bitcoin was born and what was supposed to achieve.One of those things was to get rid of the 3rd party used in transactions, the middleman.

Guess what, you're a middle man. This is what you do, you accept one form of payment and buy the merchandise with another form of $.
Face the truth!!!!!! Bitcoin was supposed to get rid of this!!!!


Title: Re: bitcoin transaction fees has put me out of business
Post by: HasHe on December 30, 2017, 06:50:35 PM
Not all altcoins would become bitcoin and not all altcoins would be able to achieve the trust from people which bitcoin has achieved.Its not an easy task for a decentralized currency not backed by any government to get such a trust of people all over the world.

That's the reason for which the merchants even get ready to stop their business but do not come forward to accept any other crypto currency.


Title: Re: bitcoin transaction fees has put me out of business
Post by: darewaller on January 02, 2018, 01:20:02 PM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
For me too bitcoin transaction fee is a very great problem now as in recent days it has increased too much like 10$+ which is not affordable for low transactions and this has made the life of many people difficult. Many people cannot do their daily transactions. some people use bitcoin as their daily income or primary income so this made it more difficult for them to convert their income to their fiat currency.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Anyobsss on January 02, 2018, 07:36:43 PM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
I totally agree, don't really know the reason why bitcoin transaction fee has become so huge, I once transfer my funds from blockchain.info to my local wallet and it charged me almost 100 USD just so my funds can be approved and transferred, Hope that there would be an immediate solution to this problem because transaction fees are killing me lol.


Title: Re: bitcoin transaction fees has put me out of business
Post by: 1Referee on January 02, 2018, 08:05:31 PM
I totally agree, don't really know the reason why bitcoin transaction fee has become so huge

It's very simple. The demand for block space has grown so large, that people are "fighting" with each other to get their transaction in the first next block. And to make this happen, you have to outbid others like it is an auction. It's basically a bidding war that we have seen happen in the last weeks, which resulted in the massive fee spike to over 0.002BTC. Currently you can pretty easily attain first block confirmations with around 0.001BTC per transaction, of course, assuming that your transaction has the average byte size. It's a 50% decrease in fees, which is a pretty welcome change. :)


Title: Re: bitcoin transaction fees has put me out of business
Post by: tabas on January 02, 2018, 09:38:16 PM
I totally agree, don't really know the reason why bitcoin transaction fee has become so huge

Check it out now, before I've seen it at 980+sats / byte and now they are good on 470 sats / byte. And also unconfirmed transactions were already good and reduced due to these miners. And as for OP, I'm sorry about that but I hope you can come back again since I guess everything is good already.


Title: Re: bitcoin transaction fees has put me out of business
Post by: AjithBtc on January 02, 2018, 11:36:49 PM
Transaction fee as well confirmation time is an important factor that's required for a bigger growth to take place. Also these things play major role on bitcoin into business acceptance. In the past several transaction related issues has got arise and the same gets sought at some time period, haven't got a permanent solution which is required for large level of adoption from business community.


Title: Re: bitcoin transaction fees has put me out of business
Post by: richardsNY on January 02, 2018, 11:50:51 PM
In the past several transaction related issues has got arise and the same gets sought at some time period, haven't got a permanent solution which is required for large level of adoption from business community.

At this point there isn't such a thing as a permanent solution, but certainly a temporary one. If the major part of the services start adopting SegWit, it will motivate the users to make the shift to SegWit as well. I am sure that the general transaction fees will drop another easy 50% if at least 50-75% of the market utilizes SegWit. Services are market movers, so if they make a first step, the rest will follow, but if they continue to ignore SegWit, how can you expect from the rest to hop over? SegWit allows Bitcoin to deal with the increased network usage a whole lot better than how everything is going right now. After that, lightning network should do its work to make Bitcoin's adoption boom even further.


Title: Re: bitcoin transaction fees has put me out of business
Post by: AldenGreen on January 03, 2018, 02:13:22 PM
Your not alone in this situation and hoping that bitcoin developers do a concrete solution to this situation that we have in transaction, great to know their is a plan but found it not that good enough


Title: Re: bitcoin transaction fees has put me out of business
Post by: AngelSky on January 04, 2018, 12:14:40 PM
Your not alone in this situation and hoping that bitcoin developers do a concrete solution to this situation that we have in transaction, great to know their is a plan but found it not that good enough

By the help segwit2x activation this time, everyone expected the bitcoin transaction fees will be reduced and block size increased with the faster confirmation time. But unfortunately nothing happened this time.
Everyone holding bitcoin waiting for the right price bumps and fees reduction with the increase of blocks.
I expect this has been changed with in some weeks for sure.


Title: Re: bitcoin transaction fees has put me out of business
Post by: BitHodler on January 04, 2018, 02:57:00 PM
By the help segwit2x activation this time, everyone expected the bitcoin transaction fees will be reduced and block size increased with the faster confirmation time. But unfortunately nothing happened this time.
First of all, SegWit2X isn't activated, it's just SegWit. Second of all, confirmation times were never said to become faster. SegWit needs to be adopted in order to make a sizeable impact on the transaction fees.

Realistically, with SegWit Bitcoin should be able to fit much more transactions into one single block, and that without needing to actually increase the block size, which is a pretty solid characteristic.

It basically means that it will not result in the blockchain to unnecessarily grow larger when it isn't needed. But for that to happen we need services to set the first step, otherwise we'll see things progress extremely slow, which is bad.


Title: Re: bitcoin transaction fees has put me out of business
Post by: serjent05 on January 04, 2018, 08:29:53 PM
This is one of the major problem with Bitcoins, even though we can divide bitcoin into smaller unit, the transaction fee is really insande.  I was sending an amount of around 0.002 BTC as payment for some transaction to a friend when I see the transaction fee is almost half of what I am sending.  I just send several other transaction to maximie that transaction fee at least.  And about merchant accepting other crypto, it depends if someone introduced them to this other crypto and have learned that it is not risky to accept that kind of cryptocurrency.  At the merchants mind, it is not easy to shift currency since it means another expenses for them.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Quidat on January 04, 2018, 08:48:59 PM
This is one of the major problem with Bitcoins, even though we can divide bitcoin into smaller unit, the transaction fee is really insande.  I was sending an amount of around 0.002 BTC as payment for some transaction to a friend when I see the transaction fee is almost half of what I am sending.  I just send several other transaction to maximie that transaction fee at least.  And about merchant accepting other crypto, it depends if someone introduced them to this other crypto and have learned that it is not risky to accept that kind of cryptocurrency.  At the merchants mind, it is not easy to shift currency since it means another expenses for them.
Not only an expense but would really be big problem since their profitability would be mainly affected because it would be really eaten up by fees itself. This is why merchants wont really plan to accept bitcoin as a payment for now. Fees would really kill your profitability for sure if you do tend to accept it. It wont really be worth it and how much more on doing microtransactions.


Title: Re: bitcoin transaction fees has put me out of business
Post by: goaldigger on January 04, 2018, 10:38:47 PM
Going to a business should consider some things including fees and charges. If the fees and charges of bitcoin is putting you out of your business then maybe find other business without using bitcoin because as of now, we do not have a choice but to pay it.


Title: Re: bitcoin transaction fees has put me out of business
Post by: cicciobtc on January 04, 2018, 11:09:26 PM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..

yes, at this moment the bitcoin transactions fees are exaggerated and it is not profitable to buy and sell with small quantities.
In this moment perhaps it is better to use other altcoins even if many people only know bitcoin!


Title: Re: bitcoin transaction fees has put me out of business
Post by: HoaNguyen on January 04, 2018, 11:28:49 PM
The rapid increase in bitcoin transaction fees is one of the disadvantages of Bitcoin at the moment when the Altcoin co-founders fully overcome the disadvantages. People will invest less Bitcoin. Currently, the technology of the newly released Altcoin has partly solved the problems of Bitcoin exist such as limited quantity, high transaction costs, long confirmation time. If Bitcoin does not improve in the future, I believe people will move on to investing in altcoin instead of Bitcoin as it is now.


Title: Re: bitcoin transaction fees has put me out of business
Post by: batang_bitcoin on January 05, 2018, 04:36:41 AM
Going to a business should consider some things including fees and charges. If the fees and charges of bitcoin is putting you out of your business then maybe find other business without using bitcoin because as of now, we do not have a choice but to pay it.
The business owner or merchants doesn't really have to shoulder the fees but the problem is that the customers aren't willing to pay recommended fees that are too insane for them so it leads to stop purchasing something that can be bought with bitcoin through their products or services. I know how it feels to be out of business because of it but you have to find some alternative ways for the sake of your customers.


Title: Re: bitcoin transaction fees has put me out of business
Post by: RamonBTC on January 05, 2018, 05:13:19 AM
The rapid increase in bitcoin transaction fees is one of the disadvantages of Bitcoin at the moment when the Altcoin co-founders fully overcome the disadvantages. People will invest less Bitcoin.

You have a point but thatís too lame an excuse just to jump fences to altcoin from bitcoin because of transaction fees. In many cases, as a holder and doing such transactions minimal in a year then thatís not a problem. But businesses or even campaign managers might switch to altcoin but not permanent, but on temporary basis. Bitcoin is still the most profitable cryptocurrency and thatís will hold them to stay.


Title: Re: bitcoin transaction fees has put me out of business
Post by: HappyDevil on January 05, 2018, 03:40:13 PM
In addition to the slow bitcoin trading, the high transaction cost is also a big deterrent to investors not having too much capital. I often collect more deals to reduce fees, I think the commercial site should have ways to keep investors instead of charging higher to make more profit. Hope that next time things will be more stable.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Zadicar on January 05, 2018, 03:50:17 PM
The rapid increase in bitcoin transaction fees is one of the disadvantages of Bitcoin at the moment when the Altcoin co-founders fully overcome the disadvantages. People will invest less Bitcoin.

You have a point but thatís too lame an excuse just to jump fences to altcoin from bitcoin because of transaction fees. In many cases, as a holder and doing such transactions minimal in a year then thatís not a problem. But businesses or even campaign managers might switch to altcoin but not permanent, but on temporary basis. Bitcoin is still the most profitable cryptocurrency and thatís will hold them to stay.
We cant really deny the fact that bitcoin would really still remain the best among the rest no matter what happen but now seeing on the current situation. I would say things turns out to be different on what we do expect and jumping into altcoin came from bitcoin isn't bad or lame excuse at all since its a good option for us to avoid to add up expense specially to those people who do make tx frequently. No matter how we do put up on our minds on how good bitcoin is but on recent situation we would really make some doubts on making transfers.


In addition to the slow bitcoin trading, the high transaction cost is also a big deterrent to investors not having too much capital. I often collect more deals to reduce fees, I think the commercial site should have ways to keep investors instead of charging higher to make more profit. Hope that next time things will be more stable.
Stability wont really be expected since we do know how bitcoin reacts on sudden price increase because of raising demand.


Title: Re: bitcoin transaction fees has put me out of business
Post by: seymenyunus1654 on January 05, 2018, 04:07:57 PM
I hate this fees. I lost much of dollars for transfer.
In my country i'm paying money for buying , selling and transffering.
So I payed hundreds of dollars. Now i'm using eth to find some coin which one is cheap.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Kevin77 on January 05, 2018, 04:39:55 PM
What I understand from the member in this forum we need to be patience and no need to panic. It all part of the game  to be serious also what I understand also altcoin are not the solution for it we have to find the issue in deep to solve it nothing else we need to do which will be solved as soon as possible and everything will be all right.
Yes, patience is all that is needed as the experience would obviously get better in the long run.

Bitcoin is here to stay and I am sure that once everything is resolved with LN, we will start doing very fine and that is when we are going to start making the best use of the network the more and micro transactions would end up pretty fast and what we will just be looking at next is to see the moon and a lot of people who already have an idea how to run a business for themselves even doing it better.


Title: Re: bitcoin transaction fees has put me out of business
Post by: bitcoin31 on January 05, 2018, 09:14:37 PM
Last month of december 2017 the transaction fee of the bitcoin is very high and it takes few days or 1 week before transaction fully confirmed or you can use your bitcoin. Many people compalain because of the slow confirm and high fee. I don't know why the fee is need to be high because if the bitcoin price is high they need to decrease the fee if the bitcoin price become low increase the amount of bitcoin transaction. I hope the fee of the bitcoin in this month will be decrease and it takes only the trsaction to complete in few minutes only or for few hours only not days or week.  Because what if we need our bitcoin in this day and it not complete transaction so they business will be delay because of that.


Title: Re: bitcoin transaction fees has put me out of business
Post by: buwaytress on January 05, 2018, 09:55:04 PM
I do feel for some merchants, small entrepreneurs who've been forced to rethink their business model based on accepting Bitcoin. I have been able to weather the high costs of transactions for many months now, largely thanks to reserves that have appreciated in value over the past year. Percentage-wise, the amount I lose on every transaction has gone up quite significantly - I try not to see it like this of course, since I still gain a lot more from using Bitcoin as opposed to other payment methods which would have lost me a lot more in fee percentages.

But yes, in November and December itself, I spent or lost quite a bit of fiat as a result of fees - agreeing to share the cost of transactions when I receive payments. Obviously, we're all taking different steps and getting more creative. Opting to receive bulk payments instead of regular individual ones, doing our best to migrate to SW addresses.

This will pass.


Title: Re: bitcoin transaction fees has put me out of business
Post by: nguyenkhanhhung14 on January 05, 2018, 11:30:48 PM
Actually bitcoin transaction fees are the biggest problem that Bitcoin has when there are so many people investing in Bitcoin as well as selling Bitcoin when its exchange rate is high. Actually, it can be seen that the fee between each transaction Bitcoin is very high, the time between each transaction can take several days to complete the transaction. If Bitcoin does not fix the disadvantage, it will be replaced by Altcoin in the future.


Title: Re: bitcoin transaction fees has put me out of business
Post by: filharvey on January 06, 2018, 12:24:03 PM
Definitely its a serious issue nowadays. Already Segwit was activated to solve this problem but, most of us still even don't know how to use it. Now, lightning network is expected to get activated soon. So very soon, it would get activated.

But there is very less chance for any other altcoin to get accepted by merchants since no altcoin has got such a trust like bitcoin.


Title: Re: bitcoin transaction fees has put me out of business
Post by: RockHenki on January 06, 2018, 01:10:55 PM
In addition to the slow bitcoin trading, the high transaction cost is also a big deterrent to investors not having too much capital. I often collect more deals to reduce fees, I think the commercial site should have ways to keep investors instead of charging higher to make more profit. Hope that next time things will be more stable.
I am also quite worried about my property in bitcoin because it is having some transaction problems and the charge is too high. These things hinder me a lot because my transactions are usually not worth too much and the transaction fee has accounted for a considerable part of this money. I hope that commercial sites will have methods to reduce transaction fees to acceptable levels.


Title: Re: bitcoin transaction fees has put me out of business
Post by: rickadone on January 06, 2018, 05:14:23 PM
We are aware of bitcoins situation now a days. And we do hope for solutions. Lightning network is the only way provided and I think it is still on the move.
While such high fees and slow transactions, as a business man, you should now impractical using bitcoin today. And you should also know that depending on bitcoin alone or cryptos is very risky. You should have at least another way of mode of payments for your business and not taking chances with fees.
Bitcoins is proven and I think everything will be fine soon. Hang in there and think out of the box this time.
Apparently, all of us are and there is just nothing we can do about it for now unless to just accept what we have, believe in it and just have faith that once the lightening network becomes functional and merchants start integrating it, then we will start our usual business back without issues.

I am so optimistic though and by then, we would just be talking about better and smoother ways forward.


Title: Re: bitcoin transaction fees has put me out of business
Post by: raven7886 on January 12, 2018, 05:57:20 PM
my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
Bitcoin is the most secure and widely used crypto currency, so it makes sense for merchants to just have Bitcoin as crypto checkout option. If you look around you, there are payment gateways accepting altcoins as well.

If you look a bit further, then you'll understand that Bitcoin in current times needs lightning network, and with how things go right now, we potentially might be utilizing its much needed features before the end of 2018.

Low fees, no need to worry about confirmations, ability to process an insane number of transactions per second, atomic swaps, better overall scalability, etc. Patience is what we need, but once active, alts will get hit badly.
It is honestly becoming infuriating but I am sure this is something that we cannot avoid for now and at the same time it is something that would end up passing. I am still very optimistic that things would change and it is better to get it done well than to rush and no one could have envisaged that the growth would be this massive, but it is a price we have to pay for now until a solution is found.


Title: Re: bitcoin transaction fees has put me out of business
Post by: CoinBoy18 on January 12, 2018, 06:30:27 PM
my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
Bitcoin is the most secure and widely used crypto currency, so it makes sense for merchants to just have Bitcoin as crypto checkout option. If you look around you, there are payment gateways accepting altcoins as well.

If you look a bit further, then you'll understand that Bitcoin in current times needs lightning network, and with how things go right now, we potentially might be utilizing its much needed features before the end of 2018.

Low fees, no need to worry about confirmations, ability to process an insane number of transactions per second, atomic swaps, better overall scalability, etc. Patience is what we need, but once active, alts will get hit badly.
It is honestly becoming infuriating but I am sure this is something that we cannot avoid for now and at the same time it is something that would end up passing. I am still very optimistic that things would change and it is better to get it done well than to rush and no one could have envisaged that the growth would be this massive, but it is a price we have to pay for now until a solution is found.

Any idea what the solution would be? Is it just a case of waiting until the ALTs become as well known/established as bitcoin? Is this even a possibility?


Title: Re: bitcoin transaction fees has put me out of business
Post by: Quidat on January 12, 2018, 06:37:09 PM
my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
Bitcoin is the most secure and widely used crypto currency, so it makes sense for merchants to just have Bitcoin as crypto checkout option. If you look around you, there are payment gateways accepting altcoins as well.

If you look a bit further, then you'll understand that Bitcoin in current times needs lightning network, and with how things go right now, we potentially might be utilizing its much needed features before the end of 2018.

Low fees, no need to worry about confirmations, ability to process an insane number of transactions per second, atomic swaps, better overall scalability, etc. Patience is what we need, but once active, alts will get hit badly.
It is honestly becoming infuriating but I am sure this is something that we cannot avoid for now and at the same time it is something that would end up passing. I am still very optimistic that things would change and it is better to get it done well than to rush and no one could have envisaged that the growth would be this massive, but it is a price we have to pay for now until a solution is found.

Any idea what the solution would be? Is it just a case of waiting until the ALTs become as well known/established as bitcoin? Is this even a possibility?
Possibilities would really be always there which altcoins might able to replace or surpass bitcoins when in terms of low cost fees and faster confirmations on making such transfers. If this scaling issue wont be resolved then i do believe sooner or later we would really able to see such changes regarding on how they will treat bitcoin different which isnt entirely different when it was just starting.


Title: Re: bitcoin transaction fees has put me out of business
Post by: el kaka22 on January 13, 2018, 07:34:22 AM
my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
Bitcoin is the most secure and widely used crypto currency, so it makes sense for merchants to just have Bitcoin as crypto checkout option. If you look around you, there are payment gateways accepting altcoins as well.

If you look a bit further, then you'll understand that Bitcoin in current times needs lightning network, and with how things go right now, we potentially might be utilizing its much needed features before the end of 2018.

Low fees, no need to worry about confirmations, ability to process an insane number of transactions per second, atomic swaps, better overall scalability, etc. Patience is what we need, but once active, alts will get hit badly.
It is really having a huge effect on micro businesses and I am really hoping that all these would pass once the LN is deployed and we will get a better experience over again. I guess we have had some pretty good time, and until we get the LN in action, it is obvious this is something that is not realistic for now or possibly one can just try to see how to make money from other alts.

In my opinion lighting network is truly needed but it seems it is going to take a little bit of time before it is going to be deployed but at least, this shows there is still hope around the corner. Apparently, sooner or later, we are going to end up having a currency that we can make use of to do micro transactions and I can imagine what that is going to mean for the value as well as the mainstream entrance of bitcoin.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Arkham Knight on January 14, 2018, 01:27:26 AM
I know how you feel because everyone that use btc surely know that too. They will do that in time and don't forget that we are still in an early stage or they say in the experimental stage. All of that will be sorted out very soon.


Title: Re: bitcoin transaction fees has put me out of business
Post by: supermine on January 14, 2018, 07:19:47 AM
my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
Bitcoin is the most secure and widely used crypto currency, so it makes sense for merchants to just have Bitcoin as crypto checkout option. If you look around you, there are payment gateways accepting altcoins as well.

If you look a bit further, then you'll understand that Bitcoin in current times needs lightning network, and with how things go right now, we potentially might be utilizing its much needed features before the end of 2018.

Low fees, no need to worry about confirmations, ability to process an insane number of transactions per second, atomic swaps, better overall scalability, etc. Patience is what we need, but once active, alts will get hit badly.
It is really having a huge effect on micro businesses and I am really hoping that all these would pass once the LN is deployed and we will get a better experience over again. I guess we have had some pretty good time, and until we get the LN in action, it is obvious this is something that is not realistic for now or possibly one can just try to see how to make money from other alts.

In my opinion lighting network is truly needed but it seems it is going to take a little bit of time before it is going to be deployed but at least, this shows there is still hope around the corner. Apparently, sooner or later, we are going to end up having a currency that we can make use of to do micro transactions and I can imagine what that is going to mean for the value as well as the mainstream entrance of bitcoin.
As you said we are in need of lightning network as soon as possible because there are lot of small merchants,traders and investors are facing issues with the bitcoin transaction fee.But lightning network maybe implemented at the end of 2018 so we can choose other coins over bitcoins for micro transaction.For me Litecoins is suitable for small payments because the fee is very low and transaction will get confirmed  in no time.So the person who is doing business with crypto needs to support other coins as well for bright future of crypto currency.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Mevz on January 14, 2018, 01:58:20 PM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,he Al
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..

Yeah all solutions are already there but popularity of bitcoin is their, cryptocurrency is known because of bitcoin so that is why merchant website only knows bitcoin they dont even care for the any alternate cryptocurrencies. We don't know soon maybe all alts will rise also and ignore bitcoin because of high fee's.


Title: Re: bitcoin transaction fees has put me out of business
Post by: GirlBitcoin on January 14, 2018, 02:18:48 PM
Currently, the high bitcoin transaction fee has caused many traders have less capital to stop their business. I also received a lot of complaints from my friends about the high transaction cost bitcoin, while the time to transfer bitcoin is quite long. I think that in order for bitcoin to come closer to many people, it needs more improvements to be able to improve transaction speed in critical times and reduce transaction fees to the level that investors can afford. receive.


Title: Re: bitcoin transaction fees has put me out of business
Post by: vintages on January 14, 2018, 03:25:41 PM
I understand your pains because I was also a victim. I think you should start by initiating another good altcoins to your business. Even if your customers still insist on making use of Bitcoin, inform them about the benefits and usefulness of using the altcoins probably they might emulate it that is if they truly need your service. But If likewise, then we should probably conclude that bitcoin can't be use for transaction but for investment only.


Title: Re: bitcoin transaction fees has put me out of business
Post by: batang_bitcoin on January 14, 2018, 03:47:15 PM
Currently, the high bitcoin transaction fee has caused many traders have less capital to stop their business. I also received a lot of complaints from my friends about the high transaction cost bitcoin, while the time to transfer bitcoin is quite long. I think that in order for bitcoin to come closer to many people, it needs more improvements to be able to improve transaction speed in critical times and reduce transaction fees to the level that investors can afford. receive.
This is the big problem that bitcoin is facing and if this will be solved those businesses that are already out will be back and will start to be healthy again. But you shouldn't focus with bitcoin only as a payment method / currency that a business can accept. Like the usual business model, they are accepting cash / credit card / gift cards so in a business that's related to bitcoin, you can go with alts too.


Title: Re: bitcoin transaction fees has put me out of business
Post by: btccashacc on January 14, 2018, 04:01:53 PM
I never used bitcoin for transaction anymore i compeletly agrree with you that the fee are insane, to address this problem i usually used dogecoin and xlm for transaction, doge's fee is exteremly cheap and it's a good alternative if you want to move your bitcoin from one exchanger to another exchanger. Bitcoin is not suited for small transaction it's kind of like gold.


Title: Re: bitcoin transaction fees has put me out of business
Post by: 1Referee on January 14, 2018, 04:28:34 PM
I understand your pains because I was also a victim.
There is no such a thing as being a victim here. We all agree that the fees are too high, but we have been overloaded with so much usage, that the network got severely cluttered. Result is that people thinking their transaction has more priority will bid up the fees like it is an auction, where the top bidders (highest fee transactions) get included in the next block.

But If likewise, then we should probably conclude that bitcoin can't be use for transaction but for investment only.
That not true. If we look at people having adopted to Segwit already, they seem to be on the side where they don't have to pay the fees people pay for regular transactions. Ultimately, it all comes down to who is willing to pay the higher fees to get their transactions inlcuded in the next block, and if we look at how the fees comfortably maintain the 0.001BTC level, it seems that a large group of people are willing to pay that. And yes, a large group of people will not agree to pay these fees, and choose to go with a lower fee and just accept having to wait longer.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Deepiefface10 on January 14, 2018, 04:29:20 PM
Most of Bitcoin business  stopped many exchange sites stop accepting bitcoin because of miners.
high fee make every one only make very important transaction only.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Hannahanto on January 14, 2018, 05:17:36 PM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..

I am sure soon in one or two years ETH would be a crypto as you expect. Currently it depends on market.  Bitcoin has set it's standard in values, growth,  profits and etc. This would be the main reason for accepting bitcoin as a payment.

I am sure ETH is on its way setting it's standards like Bitcoin. This crypto would surely be become another crypto currency to be used as a payment amongst merchants.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Pamoldar on January 14, 2018, 06:05:35 PM
For businesses that were making $15 $30 of profit on whatever they sold it now seems all profits are been diverted towards the miners who are benefiting from these high transaction fees. Bitcoin is now more suited for trading and purchase of high priced items .


Title: Re: bitcoin transaction fees has put me out of business
Post by: nidacoinlove on January 14, 2018, 06:16:06 PM
my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
Bitcoin is the most secure and widely used crypto currency, so it makes sense for merchants to just have Bitcoin as crypto checkout option. If you look around you, there are payment gateways accepting altcoins as well.

If you look a bit further, then you'll understand that Bitcoin in current times needs lightning network, and with how things go right now, we potentially might be utilizing its much needed features before the end of 2018.

Low fees, no need to worry about confirmations, ability to process an insane number of transactions per second, atomic swaps, better overall scalability, etc. Patience is what we need, but once active, alts will get hit badly.
It is really having a huge effect on micro businesses and I am really hoping that all these would pass once the LN is deployed and we will get a better experience over again. I guess we have had some pretty good time, and until we get the LN in action, it is obvious this is something that is not realistic for now or possibly one can just try to see how to make money from other alts.

In my opinion lighting network is truly needed but it seems it is going to take a little bit of time before it is going to be deployed but at least, this shows there is still hope around the corner. Apparently, sooner or later, we are going to end up having a currency that we can make use of to do micro transactions and I can imagine what that is going to mean for the value as well as the mainstream entrance of bitcoin.
As you said we are in need of lightning network as soon as possible because there are lot of small merchants,traders and investors are facing issues with the bitcoin transaction fee.But lightning network maybe implemented at the end of 2018 so we can choose other coins over bitcoins for micro transaction.For me Litecoins is suitable for small payments because the fee is very low and transaction will get confirmed  in no time.So the person who is doing business with crypto needs to support other coins as well for bright future of crypto currency.
Everyone using Bitcoin is waiting anxiously for the moment to come when lightening network will be activated but in the meanwhile a lot of people suffered and will suffer till that time. The micro businesses dealing Bitcoin are almost bumped, the small scale traders like me who use to earn Bitcoin from signature campaign and invest that amount are to be very honest ruined by the insane transaction fees. It's not possible for me personally to carry on the same trend anymore. So, majority of people are trying to find alternatives close in characteristics to Bitcoin early days i.e. coins with low transaction fees and immediate/fast confirmations. It is one of the major reason of alts pumping hard against Bitcoin.
If the lightening network is failed to activated soon, Bitcoin may not remain to be a mainstream crypto. LTC or ETH may fill that space.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Tyrantt on January 14, 2018, 06:53:37 PM
I've got to say that fees are the biggest pain right now for me. Yes they come and go, but it seems that they come and stay longer then they go away. I've noticed that again (for the second time) a few online websites have removed the bitcoin donation/payment option.  I can't even send 1$ on 10$ that I've got, it's ridiculous.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Granxis on January 15, 2018, 02:31:39 PM
Actually bitcoin transaction fees are the biggest problem that Bitcoin has when there are so many people investing in Bitcoin as well as selling Bitcoin when its exchange rate is high. Actually, it can be seen that the fee between each transaction Bitcoin is very high, the time between each transaction can take several days to complete the transaction. If Bitcoin does not fix the disadvantage, it will be replaced by Altcoin in the future.
Obviously Bitcoin's only problem is not high fees, but the confirmation time is also a big problem. I honestly think that these problems will be solved. It's ridiculous to pay $ 20 for a Bitcoin transfer worth $ 100.
Also Bitcoin gave us some promises, it is not free and fast anymore, hopefully there is no problem with anonymity.


Title: Re: bitcoin transaction fees has put me out of business
Post by: michelinstar on January 15, 2018, 03:05:55 PM
There is actually a solution. If you accepted bitcoin payments in your wallet directly or you integrated the processing of bitcoin payments through bitcoin core or blockchain.info, you should just look at the multiple coins merchant providers now (like Coinpayments) which allow to accept all of the most popular and traded altcoins during the checkout process, while you as merchant have opportunity to choose which coin or fiat is for your balance with the processing provider. It means you can offer the payment options with over 50 different coins while your balance will be in USD or EURO in order not to lose on the market move of the coins.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Md Saad on January 17, 2018, 03:03:56 AM
Basically. It requires a solution regarding solving this issue. suppose you have paid your money through your wallet or by Bitcoin system then you have to pay an amount of fee but this fee should not be a massive amount. that's why the fee should be under control and in this way people will love to make payment through Bitcoin.
But I think in the coming time, the fee of Bitcoin will decrease and this process will be more smooth in the future.



Title: Re: bitcoin transaction fees has put me out of business
Post by: edisystem on January 17, 2018, 06:09:51 AM
I know right! The fee is really insane right now, my advice to OP is avoid micro transaction. If you really need to do micro transaction use altcoins like that have a low fee like dogecoin. It's more better than spend much money on the fees. We can't do anything about the fees though.


Title: Re: bitcoin transaction fees has put me out of business
Post by: jeronimosuykens on January 17, 2018, 07:56:07 AM
There is actually a solution. If you accepted bitcoin payments in your wallet directly or you integrated the processing of bitcoin payments through bitcoin core or blockchain.info, you should just look at the multiple coins merchant providers now (like Coinpayments) which allow to accept all of the most popular and traded altcoins during the checkout process, while you as merchant have opportunity to choose which coin or fiat is for your balance with the processing provider. It means you can offer the payment options with over 50 different coins while your balance will be in USD or EURO in order not to lose on the market move of the coins.
Many small investors have complained to me that the cost of each bitcoin deal is so great and they are turning to Ethereum trading to limit transaction fees. I hope that the site and miners should have a longer term view, should not raise so high that it may cause them to lose potential investors, it is very bad. If you are trading with bitcoin then you should make large transactions to limit this fee.


Title: Re: bitcoin transaction fees has put me out of business
Post by: doaremon on January 17, 2018, 02:17:33 PM
In one sense it is true. The Bitcoin transaction fee is too high. If we want to transfer Bitcoin worth 500$ then we need to pay 100$ as transfer fee. It is a huge amount. If Bitcoin doesn't fix this transaction fee that is if the fees remines this high then other crypto currency may overtake Bitcoin. When any big amount of Bitcoin is transferred that is worth of 1000$ then to reduce the transfer fee usually the people use other low crypto currency which needs lowest transaction fee.


Title: Re: bitcoin transaction fees has put me out of business
Post by: btcmayumana on January 17, 2018, 02:40:01 PM
Actually this has been agreed with LN solution, lightning network. However, the results are disappointing, some exchanges are not fast in implementing this so that only the transactions we do are charged a large fee.


Title: Re: bitcoin transaction fees has put me out of business
Post by: ihsanskanzaone on January 17, 2018, 11:03:23 PM
The biggest problem with bitcoin now is the high transaction costs that can not be used to buy coffee, candy and others because the transaction costs are so high that people are lazy to make transactions using bitcoins. The best alternative is to use altcoin because the transaction cost is quite low, but if it continues like this I'm sure there will be altcoin that will be comparable even beat bitcoin in the future due to high transaction costs so this problem should be fixed soon


Title: Re: bitcoin transaction fees has put me out of business
Post by: BitHodler on January 17, 2018, 11:29:41 PM
Actually this has been agreed with LN solution, lightning network. However, the results are disappointing, some exchanges are not fast in implementing this so that only the transactions we do are charged a large fee.
Results are disappointing? How is it even possible for exchanges to implement something that isn't even ready for mainnet use? And another thing, lightning network testing has been extremely promising.

What you *probably* are referring to is that exchanges haven't yet utilized SegWit. If really so, then you are indeed right on that. I however have to point out that even if SegWit reaches 50% utilization, Bitcoin has still limits.

That's why we strongly need the lightning network to be available for mainnet use. Yes, there has already been a service accepting lightning payments, but I prefer to see it roll out and gets used when it's ready for real.


Title: Re: bitcoin transaction fees has put me out of business
Post by: marsmyname on January 20, 2018, 09:48:52 AM
I know how you feel because everyone that use btc surely know that too. They will do that in time and don't forget that we are still in an early stage or they say in the experimental stage. All of that will be sorted out very soon.
The high transaction fee of the bitcoin and the tiring transaction process is really creating lot of problems for the ones who are investing their money into bitcoin. It is one of the main reason behind this that the number of people who are investing in bitcoin is not that much great as it really needs to be. This is the issue which really need to be resolved as this will great effect the market of bitcoin.


Title: Re: bitcoin transaction fees has put me out of business
Post by: radjie on January 23, 2018, 04:29:48 PM
The biggest problem with bitcoin now is the high transaction costs that can not be used to buy coffee, candy and others because the transaction costs are so high that people are lazy to make transactions using bitcoins. The best alternative is to use altcoin because the transaction cost is quite low, but if it continues like this I'm sure there will be altcoin that will be comparable even beat bitcoin in the future due to high transaction costs so this problem should be fixed soon
I think it is almost impossible that altcoins are capable of being proportional to bitcoin. indeed the cost of altcoin transactions is lower than bitcoin but the higher bitcoin transaction issues are bound to improve and the developers will not take silence, behind the high transaction costs will probably spur the bitcoin price increase so it can become more valuable in the future.


Title: Re: bitcoin transaction fees has put me out of business
Post by: rickadone on January 23, 2018, 05:49:25 PM
The biggest problem with bitcoin now is the high transaction costs that can not be used to buy coffee, candy and others because the transaction costs are so high that people are lazy to make transactions using bitcoins. The best alternative is to use altcoin because the transaction cost is quite low, but if it continues like this I'm sure there will be altcoin that will be comparable even beat bitcoin in the future due to high transaction costs so this problem should be fixed soon
I think it is almost impossible that altcoins are capable of being proportional to bitcoin. indeed the cost of altcoin transactions is lower than bitcoin but the higher bitcoin transaction issues are bound to improve and the developers will not take silence, behind the high transaction costs will probably spur the bitcoin price increase so it can become more valuable in the future.
Yes, we cannot hold altcoins like how we are saving bitcoins. So, altcoins are not the exact solution for the scalability issue because most of the people who are accepting bitcoin for their business not just businessman but they are bitcoin enthusiasts and want to hold bitcoin which are being collected from their business. Even they are accepting altcoins for their business deal, after that they need to covert back to bitcoins which will be an extra hassle for them.

As of now, segwit supported wallets will do short term solutions for higher BTC transactions. The much awaited lightning networks may bring a permanent solution for scalability of bitcoin network.


Title: Re: bitcoin transaction fees has put me out of business
Post by: alfs75 on January 23, 2018, 10:16:40 PM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..

Yes this is true  we always keep everytime suffering a highest payment of transaction pay and my opinion maybe this is due to our system become decentralized and not regulated,every platform or merchants have its own policy to get  the percentage of every transaction,especially in trading investment.I thinks also miners have a same problem situation  of ours traders because they also doing transaction,when changing there asset into traditional currency,but not worst like ours traders.my only perception   in solution about this problem is to regulate bitcoin to each and every country so that government  will impulse a law  what a proper  disposition of processing fee of every transaction.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Hannahanto on January 23, 2018, 10:44:20 PM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..

Yes this is true  we always keep everytime suffering a highest payment of transaction pay and my opinion maybe this is due to our system become decentralized and not regulated,every platform or merchants have its own policy to get  the percentage of every transaction,especially in trading investment.I thinks also miners have a same problem situation  of ours traders because they also doing transaction,when changing there asset into traditional currency,but not worst like ours traders.my only perception   in solution about this problem is to regulate bitcoin to each and every country so that government  will impulse a law  what a proper  disposition of processing fee of every transaction.

Even I too had to spend more on the last transaction I had with coinbase wallet. Almost .001 bitcoin was taken as transaction fees. I should have held back the bitcoin as the value has come down again. Really waiting for the normal situation to happen in terms of trasaction fees. The more the values has gone, the miners and traders have increased the transaction fees. Hope the fees come down back to normal.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Silberman on January 24, 2018, 04:59:46 PM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
What you are describing is the reality in the ground bitcoin is simple unusable as a currency right now, the only thing I can say to you is that things are not going to change in the next weeks or months so you need to find other ways to make money, once this gets resolved with the eventual activation of the LN then things are going to improve but until then you have no other choice but to suspend your operations and hope all this mess gets resolved soon.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Eleven86 on January 24, 2018, 10:00:53 PM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
What you are describing is the reality in the ground bitcoin is simple unusable as a currency right now, the only thing I can say to you is that things are not going to change in the next weeks or months so you need to find other ways to make money, once this gets resolved with the eventual activation of the LN then things are going to improve but until then you have no other choice but to suspend your operations and hope all this mess gets resolved soon.

Though the btc value has come down, still we happen to loose money on high transaction fees. The miners and the wallet promoters do not even fluctuate according to the situations being around? Earlier the fees was so genuine and we were in a situation to spend the decent amount for transactions. Any team out there to set a control on it though we spend only the transaction fees? Just not sure about it, hence posting doubts here not to harm anyone. At times the traffic delays the transactions and we need to wait. Hope the situation gets changed.


Title: Re: bitcoin transaction fees has put me out of business
Post by: tdtduy on April 30, 2018, 12:08:24 AM
Try to minimize the number of transactions, because they will cause you to lose a large amount of your money through the assignment activities. Only conduct compulsory transactions. Currently, transaction fees will never decrease, but the value of the coin is still not really strong growth. Buying and selling coin on the exchange for real profits is no longer effective. The difference you make from the sale process will be paid to the broker. Sometimes you have capital losses.


Title: Re: bitcoin transaction fees has put me out of business
Post by: zero9119 on April 30, 2018, 03:45:15 PM
Restricting too many transactions will cost you a lot of money. You can also opt for low-cost exchanges such as Binance and Kucoin for trading purposes to reduce transaction costs because these exchanges have very low fees. The transaction fee is huge if you do not have a way to reduce this amount, it will greatly affect the profit you make when trading.


Title: Re: bitcoin transaction fees has put me out of business
Post by: npredtorch on April 30, 2018, 07:05:06 PM
Restricting too many transactions will cost you a lot of money. You can also opt for low-cost exchanges such as Binance and Kucoin for trading purposes to reduce transaction costs because these exchanges have very low fees. The transaction fee is huge if you do not have a way to reduce this amount, it will greatly affect the profit you make when trading.

What do you mean opt on low-cost exchanges? The OP is a merchant, not a trader.
Moreover, the OP posted this at the time the network fees are too high. I'd think he/she's back on business.

As for the future, I believe that the core team is still trying to work on scaling using the lightning network.
Let's just wait on the result, either they push it or transferring to another plan.


Title: Re: bitcoin transaction fees has put me out of business
Post by: gandhe83 on July 23, 2018, 10:33:10 PM
Having too many transactions will cost you a lot of money. You can also opt for low cost transactions like Binance and Kucoin for business purposes to reduce transaction costs because these exchanges have very low fees.
Transaction fees are huge if you have no way to reduce this amount, it will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.


Title: Re: bitcoin transaction fees has put me out of business
Post by: bohr on July 25, 2018, 09:24:40 PM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
Because things are never that simple, the reason the fee in other coins is cheaper is because no one is using them, just a few weeks ago I made a transaction and the fee was very cheap because the mempool was empty now that the price of bitcoin is going up is likely the fees have increased, but something you can do to reduce the fees is to use a segwit address.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Intensity13.6 on July 25, 2018, 09:41:10 PM
Try to find an exchange with lowest transaction fee. There are exchange that has a fixed transaction rate even you withdraw or transfer big amount of bitcoin. And avoid doing multiple transaction if you want to save transaction fee.


Title: Re: bitcoin transaction fees has put me out of business
Post by: GalaxyWorld on July 25, 2018, 09:52:52 PM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
Because things are never that simple, the reason the fee in other coins is cheaper is because no one is using them, just a few weeks ago I made a transaction and the fee was very cheap because the mempool was empty now that the price of bitcoin is going up is likely the fees have increased, but something you can do to reduce the fees is to use a segwit address.
Doing too many transactions is not a good idea to do with BTC because the fees are very high, you can use the wallet to adjust the transaction fees like Blockchain to BTC transactions. I think Bitcoin needs to improve its transaction speed and fees to match the current times.


Title: Re: bitcoin transaction fees has put me out of business
Post by: bohr on July 31, 2018, 09:44:21 PM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
Because things are never that simple, the reason the fee in other coins is cheaper is because no one is using them, just a few weeks ago I made a transaction and the fee was very cheap because the mempool was empty now that the price of bitcoin is going up is likely the fees have increased, but something you can do to reduce the fees is to use a segwit address.
Doing too many transactions is not a good idea to do with BTC because the fees are very high, you can use the wallet to adjust the transaction fees like Blockchain to BTC transactions. I think Bitcoin needs to improve its transaction speed and fees to match the current times.
Compared to the prices some time ago the fees are still very good, and about improving the transaction speed and the fees that is something the bitcoin developers are already working in the solution and in fact they are already testing it, once it is ready it is possible the problems with the fees in bitcoin are going to be solved forever and with some luck people will stop complaining about it all the time like they do now.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Evaporation 123 on August 01, 2018, 02:21:52 PM
I think etherum transactions fee is somehow bad than btc transactions fee. If their is poor network etherum will be deducted from your asset and fail in transaction this not suppose to be done


Title: Re: bitcoin transaction fees has put me out of business
Post by: scoin9 on August 02, 2018, 04:43:23 PM
Bitcoin transaction fees can be abit on the high side, but it all depends on the exchange being used, the movement of BTC from wallet to wallet requires mining which means mining or transaction fees for the miners, so it is inevitable not to have tx fees.


Title: Re: bitcoin transaction fees has put me out of business
Post by: SunJAB on August 02, 2018, 09:47:36 PM
The biggest problem with bitcoin now is the high transaction costs that can not be used to buy coffee, candy and others because the transaction costs are so high that people are lazy to make transactions using bitcoins. The best alternative is to use altcoin because the transaction cost is quite low, but if it continues like this I'm sure there will be altcoin that will be comparable even beat bitcoin in the future due to high transaction costs so this problem should be fixed soon
Higher transaction fees make them more profitable for them. This further demonstrates that market access is too costly for all transaction costs. Need to correct and adapt to the living conditions of the community. Still, things will continue to get lost in the market.


Title: Re: bitcoin transaction fees has put me out of business
Post by: ghost14k on August 03, 2018, 04:46:09 PM
Tx fees always tends the increase and miners are the ones always enjoying. Come to think of it, mines are always in profit during bull or bear. Mining bitcoin have become very costly and too many things have to be considered before even trying to attempt it. From cost of electricity to cost of mining hardware. Mining rigs are now too huge this is due to competition in the market. So tx fee increasing is to the benefits of the miners.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Rocktop044 on August 06, 2018, 07:38:35 AM
Bitcoin is the most popular, secure, stable and accepted cryptocurrency at the moment. Accepting cryptos is a risk on its own, any other than bitcoin is not feasible at the moment.

Transaction fees also maligne traders who make numerous trades per day, as it eats unto the potential profits.


Title: Re: bitcoin transaction fees has put me out of business
Post by: quichiship on August 06, 2018, 09:24:08 AM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
Because things are never that simple, the reason the fee in other coins is cheaper is because no one is using them, just a few weeks ago I made a transaction and the fee was very cheap because the mempool was empty now that the price of bitcoin is going up is likely the fees have increased, but something you can do to reduce the fees is to use a segwit address.
Doing too many transactions is not a good idea to do with BTC because the fees are very high, you can use the wallet to adjust the transaction fees like Blockchain to BTC transactions. I think Bitcoin needs to improve its transaction speed and fees to match the current times.
Yes that is right that we can manage and make some strategy for that, but I think that it is also too much important that the increasing transaction problem should be solve, so that more and more investors come to the market and do investment in bitcoin, which will defiantly make bitcoin more stronger and popular.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Alpinat on August 06, 2018, 12:02:58 PM
In the year of 2015, I started to do some transactions in the bitcoin community but it is good in that time the fee's in the blockchain tech is very light and very cheap but after the increase of bitcoin a year passes the fee's started to increase too and that's what people are talking about when the value goes up. if they can fix that for sure it will increase again maybe the bull will comeback early :)


Title: Re: bitcoin transaction fees has put me out of business
Post by: darasinmi4show on August 06, 2018, 07:14:55 PM
Over years now bitcoin transaction fees has been so high. However, if you send with low gas you will that the transaction may deliver the next day. Besides, if you really main business and you are ready for it trade all you asset in ETH and also use ETH transaction. ETH have a low gas transaction.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Cointoli on August 06, 2018, 07:34:44 PM
Bitcoin is the most popular, secure, stable and accepted cryptocurrency at the moment. Accepting cryptos is a risk on its own, any other than bitcoin is not feasible at the moment.

Transaction fees also maligne traders who make numerous trades per day, as it eats unto the potential profits.
Although Bitcoin is one of the most popular coins in the cryptocurrency market, trading with Bitcoin has made trading difficult for many investors. In addition, Bitcoin has a slow pace of transaction, which is two things that Bitcoin needs to update to meet the huge investment needs today.


Title: Re: bitcoin transaction fees has put me out of business
Post by: bohr on August 09, 2018, 03:56:48 PM
In the year of 2015, I started to do some transactions in the bitcoin community but it is good in that time the fee's in the blockchain tech is very light and very cheap but after the increase of bitcoin a year passes the fee's started to increase too and that's what people are talking about when the value goes up. if they can fix that for sure it will increase again maybe the bull will comeback early :)
The developers are working precisely on that, they know that the fees need to go down if we are really expecting people to use bitcoin as a currency once again and I am sure they are going to be successful in the implementation of the lightning network and then people will stop complaining about the fees which are not as high as they were one year ago.


Title: Re: bitcoin transaction fees has put me out of business
Post by: WuGong on August 10, 2018, 10:22:20 AM
You can't change people's minds. What you see now is the result of people's consensus, just as they only accept gold as the standard for measuring prices, and Bitcoin is their only recognized coin!


Title: Re: bitcoin transaction fees has put me out of business
Post by: 1978lover on August 19, 2018, 12:14:23 PM
It is because of this, it is making small businesses to go off.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Question123 on August 19, 2018, 02:05:19 PM
Transaction fee now is good compared to the december 2017. I experinced before 20 dollars each transaction but it's only cents and that is good because we can save more bitcoin instead of paying high transaction fees. I hope this year and coming few years it will be stable with low fees.


Title: Re: bitcoin transaction fees has put me out of business
Post by: LLooctor on August 20, 2018, 09:03:29 AM
This cannot be true, it is a really secured network and you can totally rely on this.


Title: Re: bitcoin transaction fees has put me out of business
Post by: wastetimer1 on August 20, 2018, 10:29:16 AM
It is one of the most secure businesses and if this is putting you out of business then something is wrong.


Title: Re: bitcoin transaction fees has put me out of business
Post by: thekrakennnm on August 20, 2018, 01:16:30 PM
You probably must have not read it clearly and performed smartly.


Title: Re: bitcoin transaction fees has put me out of business
Post by: xIIImaL on August 20, 2018, 04:00:48 PM
I really suffered last week with the fees and the trasaction time it consumed. Its was ok to accept the high trasaction fees when the bitcoin price was high, but of course now its pethetic. Waiting for this issue to get solved to move further with bitcoin trasactions. I am sure current bitcoin correction and the price increase down the line should really make a positive move with trasaction fees gets reduced. Hope this solves the issues.

But now after the price falls drastically you don't see the mempool full at all at anywhere. If you believe the transaction fee is so hard to you still there is option segwit there for you. Its available on the wallets such as exodus, electrum and green address.

Transaction fee is around the wallet what ever you use will very much cheap so far hence you may utilise it well here.


Title: Re: bitcoin transaction fees has put me out of business
Post by: hermankoles on August 20, 2018, 06:31:37 PM

Bitcoin it's been such a trend that should be tried, many are currently using bitcoin, because it is considered more practical and can be used as an investment in the future


Title: Re: bitcoin transaction fees has put me out of business
Post by: droptableguy2 on August 21, 2018, 12:34:47 PM
I know right! The fee is really insane right now, my advice to OP is avoid micro transaction. If you really need to do micro transaction use altcoins like that have a low fee like dogecoin. It's more better than spend much money on the fees. We can't do anything about the fees though.
Although it can be high transaction fees. But it does not belong to any bank. And it's exclusive transactions. Helps users to quickly transact and mitigate risks. That is a good thing for investors and the user community. Just one thing of it is safe and convenient that is the top purpose.


Title: Re: bitcoin transaction fees has put me out of business
Post by: ooeygooeygold on August 21, 2018, 10:48:19 PM
I really suffered last week with the fees and the trasaction time it consumed. Its was ok to accept the high trasaction fees when the bitcoin price was high, but of course now its pethetic. Waiting for this issue to get solved to move further with bitcoin trasactions. I am sure current bitcoin correction and the price increase down the line should really make a positive move with trasaction fees gets reduced. Hope this solves the issues.

But now after the price falls drastically you don't see the mempool full at all at anywhere. If you believe the transaction fee is so hard to you still there is option segwit there for you. Its available on the wallets such as exodus, electrum and green address.

Transaction fee is around the wallet what ever you use will very much cheap so far hence you may utilise it well here.
Bitcoin's overly aggressive pricing has led many investors to choose other trading partners such as ETH, USDT, and XRP to reduce transaction costs. Also, slow transaction speed is the reason why I do not use Bitcoin in my transactions.


Title: Re: bitcoin transaction fees has put me out of business
Post by: HatakeKakashi on August 22, 2018, 02:16:37 PM
When the fees of the bitcoin is very high when bitcoin become very high Im very angry on that day because every single transaction that I've made cost fee is more than 10-20 dollars and I hope after few months the transaction fee is decreasing slowly and now Im happy now because bitcoin fee is now low.

So it means of the that if the bitcoin transaction fees was low you can send any transaction you want even what ever many pieces transaction that you going to transact.

I hope this fee will be stable to use other bitcoin to other business.


Title: Re: bitcoin transaction fees has put me out of business
Post by: frostmourne0311 on August 23, 2018, 05:20:31 PM
I know right! The fee is really insane right now, my advice to OP is avoid micro transaction. If you really need to do micro transaction use altcoins like that have a low fee like dogecoin. It's more better than spend much money on the fees. We can't do anything about the fees though.
Although it can be high transaction fees. But it does not belong to any bank. And it's exclusive transactions. Helps users to quickly transact and mitigate risks. That is a good thing for investors and the user community. Just one thing of it is safe and convenient that is the top purpose.

Due to high transaction fee, I think bitcoin should be used in huge trading. In case of small trading between users, it will be wasted for high fee.


Title: Re: bitcoin transaction fees has put me out of business
Post by: carlfebz2 on August 23, 2018, 06:56:22 PM
When the fees of the bitcoin is very high when bitcoin become very high Im very angry on that day because every single transaction that I've made cost fee is more than 10-20 dollars and I hope after few months the transaction fee is decreasing slowly and now Im happy now because bitcoin fee is now low.

So it means of the that if the bitcoin transaction fees was low you can send any transaction you want even what ever many pieces transaction that you going to transact.

I hope this fee will be stable to use other bitcoin to other business.
If the fee would able to sustain when bitcoins price is on the peak then this would be good but this wont be possible as long the LN  isn't there yet. Similar situations would really happen if bitcoins price tends to rise up just like what happened on December last years.


I know right! The fee is really insane right now, my advice to OP is avoid micro transaction. If you really need to do micro transaction use altcoins like that have a low fee like dogecoin. It's more better than spend much money on the fees. We can't do anything about the fees though.
Although it can be high transaction fees. But it does not belong to any bank. And it's exclusive transactions. Helps users to quickly transact and mitigate risks. That is a good thing for investors and the user community. Just one thing of it is safe and convenient that is the top purpose.

Due to high transaction fee, I think bitcoin should be used in huge trading. In case of small trading between users, it will be wasted for high fee.
Completely nonsense.


Title: Re: bitcoin transaction fees has put me out of business
Post by: LincolnMikkel on August 24, 2018, 03:49:15 PM
I am finding it very hard to believe in this as this cannot be true.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Alert31 on August 24, 2018, 05:41:29 PM
    You know it is difficult to fight the bitcoin transaction fees. What i mean is we have nothing to do about transaction fees because if you don't want to pay it simply don't make a transaction.We are still thankful that we can trade and earn money out of bitcoin even transaction fees is too high even we are against it.


Title: Re: bitcoin transaction fees has put me out of business
Post by: RippleSpaset on August 24, 2018, 06:08:57 PM
 Any team out there to set a control on it though we spend only the transaction fees? Just not sure about it, hence posting doubts here not to harm anyone. At times the traffic delays the transactions and we need to wait. Hope the situation gets changed.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Sanu Simon on August 24, 2018, 08:30:36 PM
Maybe on the business side the transaction fee is high, but for a normal transaction what we provide as a fee is not that big. Also the transactions were getting confirmed much faster, and very rarely it gets stuck to the network when there is a large number of transactions stuck to the network.


Title: Re: bitcoin transaction fees has put me out of business
Post by: mekie on August 27, 2018, 11:17:32 PM
Transaction fees apply to debit and credit card payments as well, you have to allow for and build into your selling price the cost of the transaction fees. The fees for card payments can be very steep and there is a big disadvantage with them in that they can be disputed and your money withheld by card companies. So just build in a margin for transaction fees. 


Title: Re: bitcoin transaction fees has put me out of business
Post by: tailwate07 on August 29, 2018, 06:51:11 AM
The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
Everything has gotten back to being alright this time around cause the transaction fees are low now unlike it was around December 2017. Many people really went crazy because of the high transaction fees then, and I was really angry about that cause I can remember that I had to pay almost $50 for a transaction of my monthly $200. Iím just happy that everything is okay right now.


Title: Re: bitcoin transaction fees has put me out of business
Post by: lelahkenabanned on August 29, 2018, 03:42:00 PM
I think bitcoin transactions have shipping costs that are usually requested by several markets and are used to pay in the blockchhain system for shipping.


Title: Re: bitcoin transaction fees has put me out of business
Post by: hanlap on August 29, 2018, 05:45:51 PM
As a modern business person, there is now nothing more practical than using Bitcoin. For you to face high fees and slow transactions, trading solely on Bitcoin or Crypto is very risky. So there should be another payment method that will not cost you money.


Title: Re: bitcoin transaction fees has put me out of business
Post by: frostmourne0311 on August 29, 2018, 05:49:49 PM
When the fees of the bitcoin is very high when bitcoin become very high Im very angry on that day because every single transaction that I've made cost fee is more than 10-20 dollars and I hope after few months the transaction fee is decreasing slowly and now Im happy now because bitcoin fee is now low.

So it means of the that if the bitcoin transaction fees was low you can send any transaction you want even what ever many pieces transaction that you going to transact.

I hope this fee will be stable to use other bitcoin to other business.
If the fee would able to sustain when bitcoins price is on the peak then this would be good but this wont be possible as long the LN  isn't there yet. Similar situations would really happen if bitcoins price tends to rise up just like what happened on December last years.


I know right! The fee is really insane right now, my advice to OP is avoid micro transaction. If you really need to do micro transaction use altcoins like that have a low fee like dogecoin. It's more better than spend much money on the fees. We can't do anything about the fees though.
Although it can be high transaction fees. But it does not belong to any bank. And it's exclusive transactions. Helps users to quickly transact and mitigate risks. That is a good thing for investors and the user community. Just one thing of it is safe and convenient that is the top purpose.

Due to high transaction fee, I think bitcoin should be used in huge trading. In case of small trading between users, it will be wasted for high fee.
Completely nonsense.

It is the biggest issue of BTC this time, obviously somebody believes in another coin with faster and lower fee, like ETH.


Title: Re: bitcoin transaction fees has put me out of business
Post by: darasinmi4show on August 30, 2018, 07:25:57 AM
If you real want to do business or want to be good invest do not be discouraged by btc transaction fees. However, you can trade in ETH. The transaction fees of ETH is very low. Also, by trading in ETH you will get the same result or amount but low transaction Fees.


Title: Re: bitcoin transaction fees has put me out of business
Post by: nizelong on August 30, 2018, 07:43:05 AM
But if you don't give such a transaction fee then your trade will become dangerous, and those merchants believe Bitcoin is because it is a freely generated coin from the Internet, not artificially produced, it is free!


Title: Re: bitcoin transaction fees has put me out of business
Post by: fanBit101 on August 30, 2018, 10:03:40 AM
Many people have complained about bitcoin's transaction fees. Actually, it is the cost needed to provide the miners. They have invested and spent a lot of money on the operation (including the huge cost of power consumption). Compared to the construction process from the mining. I think they also have difficulties.


Title: Re: bitcoin transaction fees has put me out of business
Post by: frostmourne0311 on September 04, 2018, 05:28:51 PM
Many people have complained about bitcoin's transaction fees. Actually, it is the cost needed to provide the miners. They have invested and spent a lot of money on the operation (including the huge cost of power consumption). Compared to the construction process from the mining. I think they also have difficulties.


But do you think when it's too high, everyone will not want to make transaction with BTC?


Title: Re: bitcoin transaction fees has put me out of business
Post by: doanlang on September 04, 2018, 05:48:44 PM
Condolence for your loss. Actually Bitcoin transaction fees are very expensive, we can not do anything about it unless people do not use Bitcoin anymore. This makes the business do not want to do business with Bitcoin.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Hannahanto on September 04, 2018, 07:42:12 PM
Currently the fees seems to  be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.


Title: Re: bitcoin transaction fees has put me out of business
Post by: wuvdoll on September 06, 2018, 08:36:15 AM
Many people have complained about bitcoin's transaction fees. Actually, it is the cost needed to provide the miners. They have invested and spent a lot of money on the operation (including the huge cost of power consumption). Compared to the construction process from the mining. I think they also have difficulties.


But do you think when it's too high, everyone will not want to make transaction with BTC?
It cannot be too high and this is the reason why the scaling debate has been a heated and ongoing one for a very long time now.
At least, during the time when the transactions fees peaked, a lot of people were still making use of it and even despite the complaints.

The thing is when there are a huge number of transactions; this is bound to happen, so the only thing we can hope for is to find a proper scaling solution. I believe even during this period of high fees, it is still a lot better than other methods of payment. except that at some point, for business sake, I had to switch to LTC and ETH.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Bokugo on September 06, 2018, 01:38:33 PM
Many people have complained about bitcoin's transaction fees. Actually, it is the cost needed to provide the miners. They have invested and spent a lot of money on the operation (including the huge cost of power consumption). Compared to the construction process from the mining. I think they also have difficulties.


But do you think when it's too high, everyone will not want to make transaction with BTC?
It cannot be too high and this is the reason why the scaling debate has been a heated and ongoing one for a very long time now.
At least, during the time when the transactions fees peaked, a lot of people were still making use of it and even despite the complaints.

The thing is when there are a huge number of transactions; this is bound to happen, so the only thing we can hope for is to find a proper scaling solution. I believe even during this period of high fees, it is still a lot better than other methods of payment. except that at some point, for business sake, I had to switch to LTC and ETH.
You can also opt for low-cost exchanges such as Binance and Kucoin for trading purposes to reduce transaction costs because these exchanges have very low fees.
The transaction fee is huge if you do not have a way to reduce this amount.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Hopetruel on September 06, 2018, 03:11:15 PM
Currently the fees seems to  be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.
Transaction fees are huge if you have no way to reduce this amount, it will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Bernardo lewanusa on September 06, 2018, 03:30:35 PM
Currently the fees seems to  be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.
Transaction fees are huge if you have no way to reduce this amount, it will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.

It will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.


Title: Re: bitcoin transaction fees has put me out of business
Post by: frostmourne0311 on September 06, 2018, 05:44:12 PM
Currently the fees seems to  be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.
Transaction fees are huge if you have no way to reduce this amount, it will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.


The transaction fees of course will affect the traders' profit, but they have no choice since BTC now is the biggest coin.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Landakhitam on September 07, 2018, 01:49:21 PM
Currently the fees seems to  be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.
Transaction fees are huge if you have no way to reduce this amount, it will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.


The transaction fees of course will affect the traders' profit, but they have no choice since BTC now is the biggest coin.
If you send with low gas you will that the transaction may deliver the next day. Besides, if you really main business and you are ready for it trade all you asset in ETH and also use ETH transaction. ETH have a low gas transaction.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Tokoyami on September 07, 2018, 03:34:58 PM
Currently the fees seems to  be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.
Transaction fees are huge if you have no way to reduce this amount, it will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.


The transaction fees of course will affect the traders' profit, but they have no choice since BTC now is the biggest coin.
From cost of electricity to cost of mining hardware. Mining rigs are now too huge this is due to competition in the market. So tx fee increasing is to the benefits of the miners.


Title: Re: bitcoin transaction fees has put me out of business
Post by: eekkaa on September 08, 2018, 07:18:57 AM
I think the transaction costs incurred for this time are very light and very cheap because the conditions of bitcoin transactions are not crowded, making the cost very cheap, but when the conditions are crowded and the shipping costs are very expensive it is very terrible.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Fideend on September 10, 2018, 08:28:19 AM
Condolence for your loss. Actually Bitcoin transaction fees are very expensive, we can not do anything about it unless people do not use Bitcoin anymore. This makes the business do not want to do business with Bitcoin.
At the moment, it is not expensive and when there is network congestion, it is normal for any coin to really hit a high transaction fee stage in a short time.

Take a look at Ethereum and the whole thing with cryptokitties, this really congested the network and then made a lot of people to start complaining as well about the high fees, but it is one of those things. Over time, I believe things would change once we eventually are able to find a scaling solution.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Hannahanto on September 10, 2018, 07:27:56 PM
Condolence for your loss. Actually Bitcoin transaction fees are very expensive, we can not do anything about it unless people do not use Bitcoin anymore. This makes the business do not want to do business with Bitcoin.
At the moment, it is not expensive and when there is network congestion, it is normal for any coin to really hit a high transaction fee stage in a short time.

Take a look at Ethereum and the whole thing with cryptokitties, this really congested the network and then made a lot of people to start complaining as well about the high fees, but it is one of those things. Over time, I believe things would change once we eventually are able to find a scaling solution.

Yah, I do not see any wallets or exchanges charging more on transactions. We truly faced this issue in December 2017 and in January 2018 as every crypto currency's value spike up to its peak. As the network was so congested, there was a need to charge more fees. This is the time for the wallet and exchange providers to gain profits. I do not think there is anything wrong in charging more transaction fees when you have lump of profits on your earnings.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Aleh777 on September 10, 2018, 10:37:09 PM
I faced this issue earlier in January, February 2018. The price of bitcoin and other altcoins were so high and there were huge transactions lined up and congested, the wallet and exchange providers charged with high fees. This is the time i faced even .002 btc as a transaction fees when i had to transact earlier February 2018. Current transaction rate has come down and i don't see any issues pertaining transaction fees now.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Meowth05 on September 11, 2018, 03:41:35 AM
Currently the fees seems to  be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.
Transaction fees are huge if you have no way to reduce this amount, it will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.

It will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.
Indeed, having a high transaction fees has big impact on our profit. All of your earnings could be senseless if the huge part of it goes only on fees. Besided, most of coins are in bad shape, I hope these hideous stuff must terminate.


Title: Re: bitcoin transaction fees has put me out of business
Post by: shoreno on September 11, 2018, 04:00:31 AM
Currently the fees seems to  be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.
Transaction fees are huge if you have no way to reduce this amount, it will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.

It will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.
Indeed, having a high transaction fees has big impact on our profit. All of your earnings could be senseless if the huge part of it goes only on fees. Besided, most of coins are in bad shape, I hope these hideous stuff must terminate.

transaction fees will also depend on the platform that you are using when doing trades , therfor you cant just blame the coin directly because its not their fault on why you'v been charge unreasonable fees . infact most of the coins right now ( including bitcoin ) are now have reduced thier fees because their current value have also decreased . 


Title: Re: bitcoin transaction fees has put me out of business
Post by: Hannahanto on September 11, 2018, 09:36:46 PM
I have an experience. When the price was so high, the transaction fees were so high that my 20 percent  of earning went in air. The transaction almost cost .002 btc whih is really too high. Current rate is so genuine and very less as well as the values of each coin is less and the number of transactions occur is less. This is another reason for charges being very less.


Title: Re: bitcoin transaction fees has put me out of business
Post by: Oasisman on September 11, 2018, 11:05:27 PM
That time during the OP posted this was on December 2017, and I have to agree that the tx fees was ridiculously high that time. I remember transfering $30 from electrum to my local bitcoin wallet, I spent $53 including the tx fee for the transfer. I was very frustrated due to the fact that I have to hold it during bullish market, coz If I force to transfer everything I might lose a huge chunk.  I guess there was a congestion to the network that causes a high tx fees as a result of the unprecedented rise of Bitcoin.


Title: Re: bitcoin transaction fees has put me out of business
Post by: loverets45 on September 15, 2018, 12:37:29 PM
That time during the OP posted this was on December 2017, and I have to agree that the tx fees was ridiculously high that time. I remember transfering $30 from electrum to my local bitcoin wallet, I spent $53 including the tx fee for the transfer. I was very frustrated due to the fact that I have to hold it during bullish market, coz If I force to transfer everything I might lose a huge chunk.  I guess there was a congestion to the network that causes a high tx fees as a result of the unprecedented rise of Bitcoin.
For someone who has probably been an international business person, transferring money or funds globally is usually a challenge. As much as the fee was high during the December period, it is still not as bad as some people are painting it when it comes to making transactions across the border while using the banks. So, to say to the extent of putting one out of business is more like an exaggerated topic to me as far as I am concerned.

At least, we are back to sanity anyway and I believe since the same fee allegedly put some people out of business, they simply should be using the current fees to get back into business.