Is bitcoin transaction fees fair?

[DoublerHunter]

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.

Bitcoin is meant to be fast and one downside of that are the high fees we have to pay. But nowadays Bitcoin transactions are also being delayed. Bitcoin transaction fees should be lower after Aug the first with Segwith though. It is not fair at all, the transaction fees but we just have to suck it up. When bitcoin becomes mainstream, the fees should rise again.

In addition to the increased blocksize from segwit, there's no better solution in transaction fee. But I still appreciate it because it's still in a fair nominal, I just criticize about the standard cost that is not lowered after the ride. That will cause problems in the future. Bitcoin Unlimited will continue to flirt with a better offer to get around this.

I think if the segwit will be successful then it will become a good result for bitcoin and also for the fees because the block size will increase and the traffic in the network will decrease and that will result for lowering the fee because the miners is not in rush anymore and they can go back to normal work like past few years ago.

[deisik]

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.

Bitcoin is meant to be fast and one downside of that are the high fees we have to pay. But nowadays Bitcoin transactions are also being delayed. Bitcoin transaction fees should be lower after Aug the first with Segwith though. It is not fair at all, the transaction fees but we just have to suck it up. When bitcoin becomes mainstream, the fees should rise again.

In addition to the increased blocksize from segwit, there's no better solution in transaction fee. But I still appreciate it because it's still in a fair nominal, I just criticize about the standard cost that is not lowered after the ride. That will cause problems in the future. Bitcoin Unlimited will continue to flirt with a better offer to get around this.

I think if the segwit will be successful then it will become a good result for bitcoin and also for the fees because the block size will increase and the traffic in the network will decrease and that will result for lowering the fee because the miners is not in rush anymore and they can go back to normal work like past few years ago

I wouldn't cherish lots of hope for that

Even if Segwit get accepted eventually (and this is not yet set in stone), miners will certainly find a way to keep transactions as costly as they are now, if not even costlier (I'm dead sure of that). That said, Segwit is still good since it basically open doors to future updates (e.g. Lightning Network) which would handle this situation in a more fundamental and decisive way, but they will likely cause a lot of drama on their own

[HashieNewb]

you dont have to use high fees.. and if more people didnt there really woudlnt be much of an issue..
https://www.blocktrail.com/BTC/tx/a54e4786858883b5838701137bc4217076a8d01490d5ce15d6b146b607396a6e

i got a steam game on sale..


i think the core devs should put some code in the wallet that sets a max fee.. there is no need for unlimited fees..

I think the small fee Bitcoin transactions getting confirmed within a couple of hours is really random. If there isn’t any Bitcoin transaction accelerators then the transactions will get confirmed much slower compared to it.
I like to accelerate every transaction that I make no matter the transaction fee because it feels good.

[Superways]

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.

For me I think it is not right, they should set the standard price on bitcoin fees. I also think they should impose higher transaction fees when the price of bitcoin is really high so that it will be fair for their costumer and so that costumers will also be satisfied on their service. It is really unfair, especially for those who earn a little bitcoins and they will have to fee higher than they earn. Hope this thread will go all along to blockchain or any bitcoin transaction site.

Yes I think it is a main problem for bitcoin that bitcoin transaction fee is un fair for low transaction .when the fee was low people paid low fee for transaction and now price got up and the fee ups too I think this is not good the developers should solve this issue to give more success to bitcoin.

[hatshepsut93]

Weather Bitcoin fees are fair or not depend on perspective, because "fairness" is a very personal concept. One can say that Bitcoin fees are fair because they are determined by open market, miners don't charge fees directly or setup some minimum required amounts, they simple include transactions with highest fees first, and people completely voluntarily pay high fees simply because they want their transactions confirmed asap. There are also arguments that high fees can be considered as payment for immutability.
On the other hand, many users feel like fees are really high compared to fiat currencies and traditional payment processors, and historically this giant increase of fees started only around a year ago, so current fees must be unfair.

[aarons6]

Weather Bitcoin fees are fair or not depend on perspective, because "fairness" is a very personal concept. One can say that Bitcoin fees are fair because they are determined by open market, miners don't charge fees directly or setup some minimum required amounts, they simple include transactions with highest fees first, and people completely voluntarily pay high fees simply because they want their transactions confirmed asap. There are also arguments that high fees can be considered as payment for immutability.
On the other hand, many users feel like fees are really high compared to fiat currencies and traditional payment processors, and historically this giant increase of fees started only around a year ago, so current fees must be unfair.

The whole transaction fees cost too much thing is a little exaggerated in the current situation that we are in since the price of Bitcoin is at 4 digits. Once Bitcoin reaches 5 digits or more then there will be people wanting the transaction fees that we have right now.

wait, so you are saying its too much to pay 4$ for a fee when the price is 2600, but its OK to spend 40$ for a fee with the price is 26,000?

since the fees are not in USD but mBTC.

like i said before, fee based priority is a failure no matter how you look it at.

[tigershark]

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.

I guess it's fair for fees to go up to pay for mining, but it could limit usage of Bitcoin. What I mean is that people will stop using Bitcoin for small transactions and will only use it for larger transactions. Small transactions will need to be handled with an altcoin that is cheaper and has much lower fees.

[Mike Mayor]

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.

I guess it's fair for fees to go up to pay for mining, but it could limit usage of Bitcoin. What I mean is that people will stop using Bitcoin for small transactions and will only use it for larger transactions. Small transactions will need to be handled with an altcoin that is cheaper and has much lower fees.

The fees have dropped now to a reasonable amount and the speeds have vastly improved. I'm glad it is better I was beginning to get worried. I don't like the fact of having to pay fees that are a massive amount if what I'm sending like $5 fee to spend $10 is ridiculous. Now it is less maybe $2.50 or something.

[mrcash02]

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.

I guess it's fair for fees to go up to pay for mining, but it could limit usage of Bitcoin. What I mean is that people will stop using Bitcoin for small transactions and will only use it for larger transactions. Small transactions will need to be handled with an altcoin that is cheaper and has much lower fees.

It's already happening for some people. They see the transaction fees costs and prefer to use an Altcoin like LTC and ETH to make payments and move money online. For them, fees aren't fair, if it would, they wouldn't stop making BTC transactions. Until the fees become more acceptable the Altcoins will continue being used for some people, while most Crypto enthusiasts continue holding their BTC funds, waiting for the next big pump in BTC price.

[erickkyut]

For me, it is only fair that our wallet provider should get tansaction fees so that they will have additional funds to continue their operations. The only thing that is not fair is that there are transaction fees but the transactions are eating too much time before it succeeds.

[klf]

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.

I guess it's fair for fees to go up to pay for mining, but it could limit usage of Bitcoin. What I mean is that people will stop using Bitcoin for small transactions and will only use it for larger transactions. Small transactions will need to be handled with an altcoin that is cheaper and has much lower fees.

The fees have dropped now to a reasonable amount and the speeds have vastly improved. I'm glad it is better I was beginning to get worried. I don't like the fact of having to pay fees that are a massive amount if what I'm sending like $5 fee to spend $10 is ridiculous. Now it is less maybe $2.50 or something.

Still, bitcoin fees are quite high to send smaller amounts and I don't think is a good option to use for smaller transactions. Bitcoins are only good for investment purpose or if you want to deal a bigger amount. For a smaller transaction, I'm already moved to other altcoins which make me reasonable to send small amounts.

[stompix]

Weather Bitcoin fees are fair or not depend on perspective, because "fairness" is a very personal concept. One can say that Bitcoin fees are fair because they are determined by open market, miners don't charge fees directly or setup some minimum required amounts, they simple include transactions with highest fees first, and people completely voluntarily pay high fees simply because they want their transactions confirmed asap. There are also arguments that high fees can be considered as payment for immutability.
On the other hand, many users feel like fees are really high compared to fiat currencies and traditional payment processors, and historically this giant increase of fees started only around a year ago, so current fees must be unfair.

The whole transaction fees cost too much thing is a little exaggerated in the current situation that we are in since the price of Bitcoin is at 4 digits. Once Bitcoin reaches 5 digits or more then there will be people wanting the transaction fees that we have right now.

wait, so you are saying its too much to pay 4$ for a fee when the price is 2600, but its OK to spend 40$ for a fee with the price is 26,000?

since the fees are not in USD but mBTC.

like i said before, fee based priority is a failure no matter how you look it at.

And my advice would be to stop searching for logic in all the post around here.
I've posted a couple of times how the fee evolved and it had no correlation with the bitcoin price.

Of course it won't reach 40$ even if bitcoin would be at 25k$.
By that logic we might end with 400$ fees if ever BTC goes to 250k$.

Just because you are rich now does it mean you can afford to pay 400$ every time you go shopping?
I've check my card, I used it 89 times in the last 30 days.
It would mean I would pay close to 40k$ fees in a month. Hilarious!!!!!!!!!!!!!!!

The free market will offer a balance. And if the fees go above 10$ bitcoin can say goodbye to daily/normal usage.

[Victorycoin]

Weather Bitcoin fees are fair or not depend on perspective, because "fairness" is a very personal concept. One can say that Bitcoin fees are fair because they are determined by open market, miners don't charge fees directly or setup some minimum required amounts, they simple include transactions with highest fees first, and people completely voluntarily pay high fees simply because they want their transactions confirmed asap. There are also arguments that high fees can be considered as payment for immutability.
On the other hand, many users feel like fees are really high compared to fiat currencies and traditional payment processors, and historically this giant increase of fees started only around a year ago, so current fees must be unfair.

The whole transaction fees cost too much thing is a little exaggerated in the current situation that we are in since the price of Bitcoin is at 4 digits. Once Bitcoin reaches 5 digits or more then there will be people wanting the transaction fees that we have right now.

So you're invariably saying the high fees is as a result of the increase in value of Bitcoin? But one of the highlights and attractions of Bitcoin used to be its very low fees compared to the rip-offs associated with fiat payment systems. What then becomes of micro transactions or should  Bitcoin become elitist so only the rich continues to enjoy the best things of life? I think not so, because Bitcoin represents freedom.

[iv4n]

Weather Bitcoin fees are fair or not depend on perspective, because "fairness" is a very personal concept. One can say that Bitcoin fees are fair because they are determined by open market, miners don't charge fees directly or setup some minimum required amounts, they simple include transactions with highest fees first, and people completely voluntarily pay high fees simply because they want their transactions confirmed asap. There are also arguments that high fees can be considered as payment for immutability.
On the other hand, many users feel like fees are really high compared to fiat currencies and traditional payment processors, and historically this giant increase of fees started only around a year ago, so current fees must be unfair.

The whole transaction fees cost too much thing is a little exaggerated in the current situation that we are in since the price of Bitcoin is at 4 digits. Once Bitcoin reaches 5 digits or more then there will be people wanting the transaction fees that we have right now.

So you're invariably saying the high fees is as a result of the increase in value of Bitcoin? But one of the highlights and attractions of Bitcoin used to be its very low fees compared to the rip-offs associated with fiat payment systems. What then becomes of micro transactions or should  Bitcoin become elitist so only the rich continues to enjoy the best things of life? I think not so, because Bitcoin represents freedom.

No they are not fair, and I wonder when will it get back on normal, and will it ever back on normal. After some time of not sending bitcoin anywhere I needed to send 13 mBTC and Xapo took 2 mBTC fee, that is not ok, they should adjust that, like its not matter if you send 15 and 1500 mBTC.
People talk here about high fees a lot, and fairness that you talk about is just in money, rich people can afford it and rest of us can just watch it.

[deisik]

Weather Bitcoin fees are fair or not depend on perspective, because "fairness" is a very personal concept. One can say that Bitcoin fees are fair because they are determined by open market, miners don't charge fees directly or setup some minimum required amounts, they simple include transactions with highest fees first, and people completely voluntarily pay high fees simply because they want their transactions confirmed asap. There are also arguments that high fees can be considered as payment for immutability.
On the other hand, many users feel like fees are really high compared to fiat currencies and traditional payment processors, and historically this giant increase of fees started only around a year ago, so current fees must be unfair.

The whole transaction fees cost too much thing is a little exaggerated in the current situation that we are in since the price of Bitcoin is at 4 digits. Once Bitcoin reaches 5 digits or more then there will be people wanting the transaction fees that we have right now.

So you're invariably saying the high fees is as a result of the increase in value of Bitcoin? But one of the highlights and attractions of Bitcoin used to be its very low fees compared to the rip-offs associated with fiat payment systems. What then becomes of micro transactions or should  Bitcoin become elitist so only the rich continues to enjoy the best things of life? I think not so, because Bitcoin represents freedom

It had been thought to represent freedom

Until it didn't get in the way of profits. As it turned out, miners care about tangible profits a lot more than they care about some abstract freedom. It also turns out that some aspects of the whole idea behind Bitcoin hadn't been thoroughly thought through and now we have what we deserve. Though I don't think that Bitcoin is going to become elitist as you assume. After all, it is not gold backed by its beauty and shine, durability and scarcity. Neither it is a Berkshire Hathaway stock backed by the industrial and manufacturing might of the world. So it will likely just stagnate unless the issues which are haunting and daunting it now get successfully resolved, the sooner the better

[buwaytress]

Fees have definitely evolved and there is so much evidence to show that it has no correlation with price. Two days ago, the network was BELOW 2,000 transactions and I would have loved to test a 5 sat/byte tx but was unable to access my wallet then.

But today, I made a transaction with 35.9 sats/byte and it confirmed in exactly 60 minutes - at a time when there were about 11,000 transactions. I paid about $0.47 cents for almost $900. That's just over 0.05% of my total. I chose a time that the network was relatively free, I chose to transact one chunk rather than several. And my fee corresponded to those environments.

https://blockchain.info/tx/ab7b64a65de124ef55c2e09747a9c8dc433af8d4097cba8acf8d5469edbb8610

That's fair to me by any measurement.

[Raja_MBZ]

Fees have definitely evolved and there is so much evidence to show that it has no correlation with price. Two days ago, the network was BELOW 2,000 transactions and I would have loved to test a 5 sat/byte tx but was unable to access my wallet then.

But today, I made a transaction with 35.9 sats/byte and it confirmed in exactly 60 minutes - at a time when there were about 11,000 transactions. I paid about $0.47 cents for almost $900. That's just over 0.05% of my total. I chose a time that the network was relatively free, I chose to transact one chunk rather than several. And my fee corresponded to those environments.

https://blockchain.info/tx/ab7b64a65de124ef55c2e09747a9c8dc433af8d4097cba8acf8d5469edbb8610

That's fair to me by any measurement.

Yes! That I felt today as well! Awesome speed today, unlike last few months.

My $500-worth bitcoin transaction having just $0.4 fee got three confirmations within the time span of one and a half hour. Quite good speed, specially if you compare that with the speed in last few months.

[Question123]

The transaction fee of bitcoinas of now  is not fair because before the fee is fair when you send how much bitcoin the fee is less than 20k satoshi before. But as of now. The trasaction fee is depends on how much you send bitcoin if you send bitcoin high amount  for sure  the fee is high but even the fee is high it takes more time before the transaction confirm and before you use your bitcoin.

[stompix]

The transaction fee of bitcoinas of now  is not fair because before the fee is fair when you send how much bitcoin the fee is less than 20k satoshi before. But as of now. The trasaction fee is depends on how much you send bitcoin if you send bitcoin high amount  for sure  the fee is high but even the fee is high it takes more time before the transaction confirm and before you use your bitcoin.

Well , you don;t have a clue about bitcoin transaction fees. That is for certain.

It doesn't matter how many coins satoshi or mbtc you send.
All that matters is the size of the trasanction in kb not in value.
More outputs more inputs > larger size  > higher fees.

And the fee is pretty fair. It is called a free market.
Nothing is as fair as being free to use it or not.

[arimamib]

By 2015 the price of bitcoin is only about $ 250 and transaction fee of 0.0001 bitcoin. Whereas at this year bitcoin prices have reached $ 2300 and have a fee of 0.001. So do you think it is fair? Of course