Do you think the transaction fee will kill bitcoin?

[Catmony]

I think big transaction costs will be a barrier to any payment method!

Bitcoin is decentralized, anonymous and irreversible so paying few satoshi more to get all this benefits may not harm anyone. And you can compare bitcoin fees with fees like paypal have than you will realize it is nothing compared to their huge fee and chargeback issues.

[geopolisch]

Definitely it will have negative impact on Bitcoin especially on Bitcoin newbies and wouldbe's . It is a very important issue that needs addressing urgently and I hope the calls out there would be heard in due time.

I definitely think so, many people have chosen to use bitcoin because they were tired of the other payment methods which not only take forever to complete a transaction in, but also, they take like 3% on every one; and lately bitcoin has been going toward that idea and it is not good, so I hope this gets fixed.

[SHAWN-MIDWAYS]

this whole high transaction fee is a temporary setback which is likely to be fixed sooner or later...
seeing how efficient the transaction accelerator is working for small fees(0.0001btc),there is definitely a life line for bitcoin.
Besides high tx fees mean there is demand for btc and alot of people are actually using the technology . So transaction fees cant kill bitcoin.

[numismatist]

https://www.reddit.com/r/btc/comments/5xsxhu/for_552_of_bitcoin_addresses_fees_are_now_bigger/del080f/ opened a can of worms, stating that 55.2% of all Bitcoin addresses would be eaten by transfer fees.
Oh wait, is that statement even true? What if you bundle several "dust" addresses sending into a single target address? Should be requiring 1 time fees only.
I recieved some dust from former mining that is less than average fees. Can only push it into a bigger amount carrying address supplied with almost zero fees and wait 2 days if it works out, and redoing UNTIL that happens - dammit!

There should be a slow lane or a contingent like 5% of all transfers that gets special handling for exact that case.

[dinofelis]

https://www.reddit.com/r/btc/comments/5xsxhu/for_552_of_bitcoin_addresses_fees_are_now_bigger/del080f/ opened a can of worms, stating that 55.2% of all Bitcoin addresses would be eaten by transfer fees.
Oh wait, is that statement even true? What if you bundle several "dust" addresses sending into a single target address? Should be requiring 1 time fees only.

Not really.   The fee is proportional to the number of bytes taken on the block chain.  And each input takes about 180 bytes.  So your fee is more or less proportional to the number of inputs.  If the fee for 180 bytes is higher than the UTXO value, then this UTXO can never be spent.

[Bitcoinsummoner]

I think it can be die bitcoin if they are continue to increase the fee into high just like other people they are slowly converting into altcoin or they are using other payment processor due to high fee increase..
Just like my 2 transaction i send a bitcoin for 30 sat it takes long time before you receive 24 hours or more.. but when i use the dynamic transaction which included to the next block the fee is 0.001 btc plus that it takes few minutes or hours.
That if it will increase more in the future.. how about other people who are saving for a small amount can be exhausted for just transferring bitcoin to other wallet..

[carlerha]

I think it can be die bitcoin if they are continue to increase the fee into high just like other people they are slowly converting into altcoin or they are using other payment processor due to high fee increase..
Just like my 2 transaction i send a bitcoin for 30 sat it takes long time before you receive 24 hours or more.. but when i use the dynamic transaction which included to the next block the fee is 0.001 btc plus that it takes few minutes or hours.
That if it will increase more in the future.. how about other people who are saving for a small amount can be exhausted for just transferring bitcoin to other wallet..

i do not think that the transaction can cause bitcoin to die, but no doubt that it will put a great impact on bitcoin, i think the transaction fee must be under control and can only be increase on certain conditions.

[calkob]

Right now on my wallet, I want to transfer money from my Android wallet to my cold storage wallet. The fee is so high, that it's not worth to initiate the transfer, everyone says bitcoin has the lower fee to transfer value over service like the Western Union.

I am very disappointed with the fee, what is your view about the transaction fee? Do you think that that will be the beginning of the end for bitcoin?

Well you say this but you dont even bother to post what the fee would have been?  Unless you where transferring a very small amount of bitcoin or bitcoin from a lot of faucet/dust transactions then i doubt it was that expensive that it wasn't worth it.

[The_Dark_Knight]

I don't think the fees are going to "kill" bitcoin. But in the long run, making bitcoin less used as of today, yes for sure

The problem with high fees is that eventually the fees can be so high that the amount of bitcoin that you have in your wallet is not enough to pay for the transaction in itself, this is happening with faucets but it may happen also to all of those that make microtransactions in bitcoin.

[kiklo]

There use to be a reprieve from fees using Coinbase, as of the 21st that is over.

https://cointelegraph.com/news/bitcoin-ethereum-fees-now-for-users-to-pay-coinbase

Coinbase has announced it will charge users a fee to send both Bitcoin and Ethereum due to what it calls “significant costs.”

In an update about its “spring cleaning” Wednesday, the exchange and wallet provider said it would no longer pay Bitcoin and Ethereum network miner fees from March 21.

The post states:

    “We now have over six mln users worldwide, and this has become a significant cost. Fees will be assigned dynamically based on the current network conditions and will be paid by customers when they send an on-chain transaction.”

Coinbase is not the only business changing its practices in response to rising Bitcoin miner fees. Bitpay last week raised its minimum invoice amount from four cents to $1 to counter what CEO Stephen Pair described as an “exponential rise” in fees.

 

[cpfreeplz]

I don't think the fees are going to "kill" bitcoin. But in the long run, making bitcoin less used as of today, yes for sure

The problem with high fees is that eventually the fees can be so high that the amount of bitcoin that you have in your wallet is enough to pay for the transaction in itself, this is happening with faucets but it may happen also to all of those that make microtransactions in bitcoin.

Then don't use faucets... they're just time wasters anyway. I don't know about you but I'm worth a hell of a lot for then 10 cents an hour thank you very much. Spending one input right now is about 30 cents if it's low-medium priority (so it confirms within a few hours). That's not a huge amount of you're dealing with decent sized (in terms of monetary value) inputs.

[jovs]

The transaction fee will more than likely not kill Bitcoin as long as the cost to transfer Bitcoin remains lower than other mediums of monetary movement, such as Western Union or PayPal. Bitcoin is just trying to make sure that it doesn't have to pay more than either of those, along with other competitors. If it can stay below $1 ideally, it should not experience much of a loss of a userbase.

Getting rid of transaction fee may be the cause of increased of people would choose to start on bitcoin. But there is a consequence in this action. Because transaction fee is a fee that may help to develop bitcoin more. And if the support of people will increased the demand also increase resulting to its value to change it either become high or low . And since bitcoin doesnt have tax there no reason for the users to complain on a little amoun of fee.

[Kabul]

The transaction fee will more than likely not kill Bitcoin as long as the cost to transfer Bitcoin remains lower than other mediums of monetary movement, such as Western Union or PayPal. Bitcoin is just trying to make sure that it doesn't have to pay more than either of those, along with other competitors. If it can stay below $1 ideally, it should not experience much of a loss of a userbase.

Getting rid of transaction fee may be the cause of increased of people would choose to start on bitcoin. But there is a consequence in this action. Because transaction fee is a fee that may help to develop bitcoin more. And if the support of people will increased the demand also increase resulting to its value to change it either become high or low . And since bitcoin doesnt have tax there no reason for the users to complain on a little amoun of fee.

it is not about the transaction fees anymore. Bitcoiners are suffering a more disturbing issue: the confirmation time. There are 2 ways to solve this problem. First is the Segwit. If the people decide to activate Segwit, they can easily reduce mb in every block and allow miners to confirm more transaction. second is to increase the fee of every transaction. However, this way only helps rich people who afford to pay more fee

[stergium]

I don't think the fees are going to "kill" bitcoin. But in the long run, making bitcoin less used as of today, yes for sure

The problem with high fees is that eventually the fees can be so high that the amount of bitcoin that you have in your wallet is enough to pay for the transaction in itself, this is happening with faucets but it may happen also to all of those that make microtransactions in bitcoin.

Then don't use faucets... they're just time wasters anyway. I don't know about you but I'm worth a hell of a lot for then 10 cents an hour thank you very much. Spending one input right now is about 30 cents if it's low-medium priority (so it confirms within a few hours). That's not a huge amount of you're dealing with decent sized (in terms of monetary value) inputs.

in act faucets  can give you a very limited income, i think it is more better to invest a little amount of bitcoin in trading instead of wasting time in faucets .

[dimonchik13]

I don't think the fees are going to "kill" bitcoin. But in the long run, making bitcoin less used as of today, yes for sure

The problem with high fees is that eventually the fees can be so high that the amount of bitcoin that you have in your wallet is enough to pay for the transaction in itself, this is happening with faucets but it may happen also to all of those that make microtransactions in bitcoin.

Then don't use faucets... they're just time wasters anyway. I don't know about you but I'm worth a hell of a lot for then 10 cents an hour thank you very much. Spending one input right now is about 30 cents if it's low-medium priority (so it confirms within a few hours). That's not a huge amount of you're dealing with decent sized (in terms of monetary value) inputs.

in act faucets  can give you a very limited income, i think it is more better to invest a little amount of bitcoin in trading instead of wasting time in faucets .

I will not catch very much in the opportunities for earning money on the trade, since I recently study bitcoin, but I'm sure that the trade is better than the cranes. The main thing is to know what you are doing and why. Although in trade, too, you need to have good luck.

[Paid Piper]

Right now on my wallet, I want to transfer money from my Android wallet to my cold storage wallet. The fee is so high, that it's not worth to initiate the transfer, everyone says bitcoin has the lower fee to transfer value over service like the Western Union.

I am very disappointed with the fee, what is your view about the transaction fee? Do you think that that will be the beginning of the end for bitcoin?

Well you say this but you dont even bother to post what the fee would have been?  Unless you where transferring a very small amount of bitcoin or bitcoin from a lot of faucet/dust transactions then i doubt it was that expensive that it wasn't worth it.

to me i think it is not going to kill bitcoin but i think it will certainly put great impact on bitcoin. i think this problem need to be solve on reality basis.

[AliceWonderMiscreations]

It's not the fee that will kill bitcoin, it's the apathy of the core developers.

The current infighting over block size is a symptom of a problem far worse than the block size, it is a symptom of developers that continually refuse to listen to the needs of the users.

And that is what will kill bitcoin.

We have already seen it drive off many very skilled developers.

[Jewell]

I don't think the fees are going to "kill" bitcoin. But in the long run, making bitcoin less used as of today, yes for sure

The problem with high fees is that eventually the fees can be so high that the amount of bitcoin that you have in your wallet is enough to pay for the transaction in itself, this is happening with faucets but it may happen also to all of those that make microtransactions in bitcoin.

in fact transaction fee is creating problems as most of the people are not happy with the increasing transaction fee, i think this problem must be solve as soon as possible. because it is really effecting the image of bitcoin.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

[shinratensei_]

It's not the fee that will kill bitcoin, it's the apathy of the core developers.

The current infighting over block size is a symptom of a problem far worse than the block size, it is a symptom of developers that continually refuse to listen to the needs of the users.

And that is what will kill bitcoin.

We have already seen it drive off many very skilled developers.

At the previous time, I just think if the bank or some of the official decision will kill bitcoin in the future. But I'm surprised because the internal problem will kill the bitcoin itself. This drama really sucks. The splitting of the blockchain will make the bitcoin become useless in the future.

[gentlemand]

It's not the fee that will kill bitcoin, it's the apathy of the core developers.

The current infighting over block size is a symptom of a problem far worse than the block size, it is a symptom of developers that continually refuse to listen to the needs of the users.

What some people interpret as apathy would be considered sensibleness elsewhere. You could throw out a quick and dirty fix every day of the week to sate the users. The users would then come back and slit your eyeballs when the entire thing went up in smoke the following day.

If you hadn't noticed they have provided something that'll enhance usability so write to your local miner if you'd like to try it.