Is bitcoin transaction fees fair?

[Lampaster]

The fee per transaction is good for those that carry it out, but it is bad for bitcoin users. Such fee may discourage online shopping from the use of BTC and it will reflect badly on all. The reduction in the number of transactions is a bad signal.

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[JofryTheKing]

The fee per transaction is good for those that carry it out, but it is bad for bitcoin users. Such fee may discourage online shopping from the use of BTC and it will reflect badly on all. The reduction in the number of transactions is a bad signal.

I can not understand a bit, what can it influence? I believe that trading in online stores is generally unacceptable with the help of Bitcoin. Because it causes certain difficulties for the businessmen themselves. Of course you can buy something, but only on any one consonant to buy and sell.

[DoublerHunter]

I think that rise in transaction fee with rise in price of bitcoin is fair enough because not everything in this world can be achieved with low prices ,so from my point of view higher the income you earn ,higher will be the transaction fee,but this wont be favorable for people who use it on a day-to-day basis.Everything and anything has its own merits and demerits because no one or nothing is perfect enough.

Yes it is like the tax on the money that we are getting from our salary in our regular job, if we are earning a high amount of money every month then the tax is also high and it will go even higher if our salary goes higher too they are directly proportional while in bitcoin the fees is just caused by the volume of the users and the continuous demand of the transactions that makes the network slower so it rises the fee so the miners will get more profits to support the network even better.

[deisik]

Fair or not fair, the point is the demand and request, currently with the increased frequency of transactions, the demand for inclusion in blocks is higher and for that, the needed fees is higher as everyone try to compete for a better spot.
it's expensive right now, particularly for any transactions less than $100 or more (which would be around $1.5 USD per Tx or so)

"Demand and request" make sense only in a free market

Confirmation business (as part of the mining business) is far from being a competitive market, i.e. it is not a free market. In fact, it is a mining monopoly. Are monopolies fair? From the point of view of an ordinary user, they are not, so it all boils down to definition of what is fair and what is not. If we narrow our approach to how well this situation fits with the goal of Bitcoin (i.e. Bitcoin as a currency), this is certainly not fair as far as miners get in the way of the free float of bitcoins in the Bitcoin "economy"

[ss890]

I believe  that is completely fair deal because with increased price there is increased investment into bitcoin. Ultimately miners are getting huge load onto them, the network difficulty in addition to this has also increased.  All these things has led to increased miners fees. 

[BillyBobZorton]

Not only fair but harmful extremely for the bitcoin image, one of the promises of bitcoin was low fees,but now we just have to or rather forced to pay high fees and fee per byte is not even adjusted with the market price, what we need to do is to set and agree on the dollar value of fees instead of satoshi/ bitcoin value.
If you don't pay the higher than usual fee then you'd to wait hours and those unlimited guys are spamming the network to justify the need for an unlimited fork so when people complained about high fees they come and say hey we have a solution it's called BU.

It is unfair and a big disadvantage especially for small time bitcoin users since we can hardly use bitcoin for small transactions since the fees are very high. But it is the price of being a decentralized currency wherein nobody is in control or somebody to regulate the fees that are being placed on the shoulders of the consumers. This is the disadvantage brought by decentralization but we must accept the fact since we dont want bitcoin to be placed under regulations and centrality.

It's fair, because decentralization is not cheap, you have been lied to think otherwise. If you want onchain transaction and benefit from a decentralized network then pay the required fee, or wait until lightning network is operative so you can get better decentralization levels than the stupid big blocks idea.

[Vishnu.Reang]

Yesterday I had a quite frustrating experience while transferring some of my coins to Localbitcoins. I paid a fee of almost 65 Sat/Byte, and even then it took more than 24 hours to confirm. The total size of the transaction was quite high (around 1.5 KB), and that may be one of the reasons for the delay. I don't know how it got that big.

[zedsacs]

Actually, it's really fair eh, I mean we all know that last year we don't really have a transction fee because we all know that time that bitcoin is just only 700$ and it's not that really big. But compare now, it'a almost 3k$ and it's just fsir to have a transaction fee to be also a help for thosr miners

[Eternu]

Actually, it's really fair eh, I mean we all know that last year we don't really have a transction fee because we all know that time that bitcoin is just only 700$ and it's not that really big. But compare now, it'a almost 3k$ and it's just fsir to have a transaction fee to be also a help for thosr miners

I do not agree with you, at least not in total. Today i wanted to pay out about 40 dollars worth bitcoins, and i paid recommended fee of 1 dollar or something more. I had to wait for transaction to be completed around 10 hours. That is just too much. Imagine what would cost to be transferred in minutes, on 40 dollars i guess it would cost around 10 dollars. Just too much.

[malikusama]

It is totally unfair, but we don't have any other option for that. Bitcoin have the best characteristics as a currency but this is a disadvantage of decentralized currency.

[Casdinyard]

I believe  that is completely fair deal because with increased price there is increased investment into bitcoin. Ultimately miners are getting huge load onto them, the network difficulty in addition to this has also increased.  All these things has led to increased miners fees. 

Yes you've got a point there but I think it's much fair when it will turn out like this:
Yes as increase in value there's an increase in fee, but it will be reasonable when it's a fast transaction. Like you pay a lot for the transaction fee hence it always took long to confirm.
It will be better if they'll lower the transaction fee even it's slow transaction, that will be just for us. And vise versa.

[TastyChillySauce00]

Actually, it's really fair eh, I mean we all know that last year we don't really have a transction fee because we all know that time that bitcoin is just only 700$ and it's not that really big. But compare now, it'a almost 3k$ and it's just fsir to have a transaction fee to be also a help for thosr miners

Long time ago, bitcoin's fee is about 0.0001 and also the low price of bitcoin make it even cheaper but today alongside with the significant increases in bitcoin price, and a number of users, the scalability issues make the fees increasing significantly, from 0.0001 to around 0.0008 for average 226bytes transaction size. It's ain't fair and I can't even see the fair thing on this.

[daringdiscovered]

Bitcoin transaction fees are only fair if your transaction is big but if you will only send 0.01 and you need to pay for 0.001 for the fee then that's unfair. And sometimes even if you pay a highers fee the transaction still takes time and that is frustrating.

Yeah, right. Of course in order to be wise on this transaction fee, we have to process a huge amount of bitcoin every transaction so this huge transaction fee is going to worth it, but if you have a lot of bitcoins then this won't be a problem to you, this will be unfair to the FAUCETs earners since they are only earning so little out of it.

[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.

I'm not sure how you achieved this, because 35 sats/byte is definitely very low even when fees were at 0.0001 BTC per transaction basically for any size. Did you use a transaction accelerator or something? I pay like 300 sats per byte and my transaction still doesn't get confirmed within first 3 blocks.

maybe you're just super lucky. But more likely than not, you used a transaction accelerator.

No I did not. Check the Transaction ID and the block. It was mined by Antpool. The only way you can get them to "accelerate" your tx is to pay them or get someone you know on the pool to include it. To my knowledge, the only free acceleration offered is that of ViaBTC.

As I said, time transactions when the network is light. Check with bitcoinfees.21.co to see how low you can go. At the time I didn, 31 sats was enough to get it within 4 blocks. And the estimation is very accurate as I've experienced.

[HeRetiK]

It's a free market, no one's entitled to anything, there's no such thing as fair or unfair.

Yeah, right. Of course in order to be wise on this transaction fee, we have to process a huge amount of bitcoin every transaction so this huge transaction fee is going to worth it, but if you have a lot of bitcoins then this won't be a problem to you, this will be unfair to the FAUCETs earners since they are only earning so little out of it.

Faucet earners take much more blockspace that could be used for other transactions, why should they pay less per kb than anyone else?

[Betwrong]

It's a free market, no one's entitled to anything, there's no such thing as fair or unfair.

Yeah, right. Of course in order to be wise on this transaction fee, we have to process a huge amount of bitcoin every transaction so this huge transaction fee is going to worth it, but if you have a lot of bitcoins then this won't be a problem to you, this will be unfair to the FAUCETs earners since they are only earning so little out of it.

Faucet earners take much more blockspace that could be used for other transactions, why should they pay less per kb than anyone else?

Exactly. And they have to either pay more or wait forever for the first confirmation. Everything's fair imo, but there are always people who say it is not. If you want it fast - you pay more, simple as that.

[1Referee]

Faucet earners take much more blockspace that could be used for other transactions, why should they pay less per kb than anyone else?

In fact, faucet payments are a plague to the network, and thus should at all times be made off-chain. I noticed that quite some faucets are doing this already, which is something I greatly appreciate (although I understand that it mainly happens to save on fees). All these faucet farmers are getting paid directly in their Xapo or Coinbase account, which takes a decent bit of weight off the network. Due to external fees not being free anymore, these faucet farmers need to accumulate their "earnings" for a good while, before they can request an on-chain withdrawal.

[hisuka2987]

The fees aren't fair for the senders considering how high it is and keeping on rising BUT it is how it works, we are the ones determining the fees by how high we are willing to pay to get included quickly - Since bitcoin has no set fees -.

[DoublerHunter]

The fees aren't fair for the senders considering how high it is and keeping on rising BUT it is how it works, we are the ones determining the fees by how high we are willing to pay to get included quickly - Since bitcoin has no set fees -.

We can't do about it because whether we like to set a low fees it will not work because our transaction will just get stuck but we need to understand that the high fees is made by the continuous demand of the people in the market and also in the network because people now are just transacting even more often that makes the network crowded so it creates traffics and increased in the fees to solve it.

[shine1123]

The fees aren't fair for the senders considering how high it is and keeping on rising BUT it is how it works, we are the ones determining the fees by how high we are willing to pay to get included quickly - Since bitcoin has no set fees -.

We can't do about it because whether we like to set a low fees it will not work because our transaction will just get stuck but we need to understand that the high fees is made by the continuous demand of the people in the market and also in the network because people now are just transacting even more often that makes the network crowded so it creates traffics and increased in the fees to solve it.

Actually its still works even you set a low fees but you will takes mores time to wait, at least not below than 0.0001 or you will wait more to get confirmed. For low amount transaction, the fee is quite small, but if you do some big transaction, the fee also become big. I don't know the calculation though.