Is bitcoin transaction fees fair?

[richardsNY]

I just paid $2 on a $15 transaction and had to wait for a couple of hours for confirmation. Wouldn't really say that it's fair.

It really depends on the satoshi/byte ratio. Currently the recommended fee ratio is 390 satoshi per byte, but to be on the safe side, it's better to stick to 500 satoshi per byte. In current network circumstances the fees aren't fair, that's for sure, but there is no other thing to do than dealing with the situation. I have made a purchase through Bitcoin yesterday -- just to have it confirmed as soon as possible, I included +$5 in fees. Is that fair? Nope, but I needed it to confirm asap, and thus I could justify paying a premium.

[bryant.coleman]

I just paid $2 on a $15 transaction and had to wait for a couple of hours for confirmation. Wouldn't really say that it's fair.

What to do? As long as the block size remains the same, there are very few options. If you don't want to use Litecoin, then the only option left for you is to pay a higher transaction fee, or to wait for a few days for your transaction to get confirmed. It is almost like blackmailing the users, and I have a very bad feeling regarding it.

[abubakrrali]

Fair is a difficult word, it's high now (mainly considering to USD), but in the same time this is just due to sheer interest and rise in number and quantity of bitcoin transactions right now, We can't force miners to take less fees TX's so even if it's too high it's fair though...
I think the main option is modifying the block system total size...

[deisik]

I just paid $2 on a $15 transaction and had to wait for a couple of hours for confirmation. Wouldn't really say that it's fair.

What to do? As long as the block size remains the same, there are very few options. If you don't want to use Litecoin, then the only option left for you is to pay a higher transaction fee, or to wait for a few days for your transaction to get confirmed. It is almost like blackmailing the users, and I have a very bad feeling regarding it

That's why people should overcome their fear and finally look into Litecoin

I've been watching how this coin has been doing for the last 48 hours (with some sleep, of course), and I can say that investing in it should be preferred if you are going to invest in crypto at all. Litecoin has been following Bitcoin price very closely, both up and down, but it already has SegWit and Lightning Network activated. If these get postponed for Bitcoin (which is a possible scenario), Litecoin will be a clear winner with Bitcoin likely a complete disaster and ultimate failure. If Bitcoin surges due to activation of these updates, Litecoin will likely surge too, thus you won't lose anything anyway. If Bitcoin continues to plummet, it has a lot more room to go down than Litecoin, thereby, the choice should be obvious and straightforward

[Preclus]

remember that are not the miners that make the fee, they could accept even the lowest fee if everyone was using the lowest one and reducing the average, it's up to the peple that decide what fee to use

if for example everyone start now to lower his fee the average would be like the old 10k satoshi per transaction, but instead everyone is rushing to have his/her transaction prioritized and this is increasing the average, miners have no fault here

Consider you owned the majority of hashing power in the network and you wanted to make more money. One way to make more money is to have higher fees.

There are quite a few things you can do to cause fees to increase and stay there. Can you think of any?

[Ewinsane]

I just paid $2 on a $15 transaction and had to wait for a couple of hours for confirmation. Wouldn't really say that it's fair.

bitcoin transaction take less time like as few minutes take my every transaction and bitcoin transaction fees is also too much less than bank than bank transaction fees and i think just transaction take hours.

[Bondho Kompeni]

I feel the bitcoin transactions costs greater, yesterday I sent about 0.15 btc via XAPO wallet with standard fee of around satosi 150k, and already 14 hours has not reached 3 confirmations. 

[Sadlife]

This  transaction fee shouldn't be  necessary need to be high the cause of this high fees is to the number of traffic in bitcoin network there are also some news that mempools are full that's why there is an delay and unconfirmed transactions pilling up, the miners are putting high priority the transactions that has high fees as for low transaction fee they will be process later.
But no worries segwit will be soon activated and all these delayed transactions will get finally resolve also it will eliminate malleability.

[eann014]

Everyone wanted higher bitcoin price and we achieved this but another problem become transaction fees. When bitcoin's price was low, we had to pay also low fee and now when it rised, we have to pay high fee in bitcoins and plus that high fee is more higher with current price. Is this fair? The higher the price, the more money miners have with bitcoin exchange.
To my mind when price becomes high, we have to pay low fee and when it becomes low, than fee has to be high. To my mind it had to be done like this from the begining.

A human thought of greed. I hate people like that. As bitcoin increases, we all get a bigger profit, so we have to pay a bigger fee, I think that's perfectly reasonable. Conversely, if bitcoin is of low value, we get less profit, so we just pay a small fee, it will not affect our profit.

Yes, many people are too greedy. How much they do not have the opportunity to earn it is only a little more and complain.

Greedy is really part of our life. If greedy is not on ours then I think all of us are poor and we don't know how to earn money at all. But of course this is the reason why we are wanting to earn bitcoin especially today, because bitcoin is getting bigger/higher. I think it is just fair in bitcoin transactions fee because once bitcoin gets lower than fees also getting lower, right? So it is just the same of getting higher.

[Seville]

i reckon its a fair fee, unless youre transferring 0.005 BTC only  

[tiggycomb]

The fees are fair in a way and completely fair from another aspect. Naturally it depends on how busy the network is and we decide then based on that -since we, voluntarily select the fees, even if we are pushed to get it confirmed quickly - , However currently the size is so much pushed that the fees is getting to $1 or so when conducting a regular sized tx to confirm in 2-3 coming blocks which is extremely bad for micropayments.
I think the solution is finding a method to relieve the BTC congestion right now.

[HatakeKakashi]

I said last few days or 1 week ago the transaction I think its fair. But now I think it is not fair because I send bitcoin from my wallet worth 0.05 yesterday and the transaction fee is 180k satoshi but as of now the transaction is not yet confirmed as of now its already 24 hours . Before the transaction fee of bitcoin is very low the price of bitcoin is low while today the price of bitcoin is very high but the transaction fee is not di same and it takes more time to confirm the transaction unlike before you need to wait 1hr to use your bitcoin.

[Takuul]

The fee rate is ridiculous mainly because it's completely unacceptable for mini-loans, you can even pay a full $ for a small few bitcents TX.. On the other hand that is still incomparable to PayPal and other online payment methods or even to some CC debts or bank transfer and WU..

The reason is probably the increased traffic and the blocks are still the same as they used to be.

[Granxis]

I used Coinbase before, it did not stop wages at that time but it stopped now, I wanted to go to another wallet, but I could not find a free wallet. This situation does not bother me.

[DoublerHunter]

I used Coinbase before, it did not stop wages at that time but it stopped now, I wanted to go to another wallet, but I could not find a free wallet. This situation does not bother me.

If you doesn't care for the fees too much then it will not bother you but if you are bitcoin saver like you are concerned for all your bitcoins even the small amounts then you will not like the current fees right now because it is too expensive for a fee and compare to the price now, it is a loss for a lot of bitcoin users.

[Eternu]

I used Coinbase before, it did not stop wages at that time but it stopped now, I wanted to go to another wallet, but I could not find a free wallet. This situation does not bother me.

If you doesn't care for the fees too much then it will not bother you but if you are bitcoin saver like you are concerned for all your bitcoins even the small amounts then you will not like the current fees right now because it is too expensive for a fee and compare to the price now, it is a loss for a lot of bitcoin users.

Yes i agree, it is a loss for all bitcoin users, because fee for transfer even a low amount of bitcoin is a bit high, and transfer speed is horrible. I have to wait more than an hour for a payment of something around 6 dollars, and i paid about 1.5 dollar fee. What would happened if i had not payed that big fee, well i do not know, maybe i would need to wait for an day or more...

[South Park]

As the price of bitcoin have increased tremendously, the fee to have increased along with it. For a transaction of 0.1 btc the fee of around $8 is levied by the wallet service which gives confirmation in a short time period of around 2 blocks. So when price increases the users get profited, and fee should never be considered as an issue for bitcoin's growth.

But this is only true if you bought that 0.1BTC when it was cheaper and you earned profit with the reevaluation, for a person that bought bitcoin because he wanted to use it immediately then the transaction will be high, in this case if he can use other methods of buying the product then he should probably take it.

[ged00u]

As the price of bitcoin have increased tremendously, the fee to have increased along with it. For a transaction of 0.1 btc the fee of around $8 is levied by the wallet service which gives confirmation in a short time period of around 2 blocks. So when price increases the users get profited, and fee should never be considered as an issue for bitcoin's growth.

But this is only true if you bought that 0.1BTC when it was cheaper and you earned profit with the reevaluation, for a person that bought bitcoin because he wanted to use it immediately then the transaction will be high, in this case if he can use other methods of buying the product then he should probably take it.

If you want to send $1 to somewhere, the fee will be very very inconvenient to you. But if you send $100000000 oversea by bitcoin, the fee is super cheap for that transaction. Bitcoin has its own strength and weakness and you have to accept it. I hope that the UASF will soon activate the segwit so that we can lower the transaction fee

[DomainReseller]

it's fair in the technical sense, since the users are the ones to set it up when observing how congested the network is, allot prefer to pay up to $0.50 more cents to get it confirmed instantly rather than waiting for days..
On the other hand, a 1/5 of a KB requires 0.0006 or so now and 1 KB around 0.003 BTC which is too much, particularly for BTC as an interface for micropayments.

[South Park]

I used Coinbase before, it did not stop wages at that time but it stopped now, I wanted to go to another wallet, but I could not find a free wallet. This situation does not bother me.

If you doesn't care for the fees too much then it will not bother you but if you are bitcoin saver like you are concerned for all your bitcoins even the small amounts then you will not like the current fees right now because it is too expensive for a fee and compare to the price now, it is a loss for a lot of bitcoin users.

But if you are accumulating bitcoin then the fee is not really that important since you can avoid to do most transactions and instead use fiat or another crypto like LTC or doge that have fast confirmations times and the fees are quite cheap in my opinion so it is better to have some amount of those coins so you can avoid paying the high fees in bitcoin.