Is bitcoin transaction fees fair?

[amacl1n]

More than bitcoin price rise is the spike in bitcoin use, before the default fee was 0.0001 and it was enough, but right now the fee for getting include in 3-4 blocks is averagely around 0.0005 which is around x5, let alone with the x6 increase in price, collectively we are paying a huge fee compared to before...

[Vaskiy]

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.

Based on our confirmation requirement we can make changes to the transaction fee. With some wallet this is not available which makes us the fool with the increased transaction fee. This doesn't affect the large volume transactions, but with small transactions paying an eight to ten dollar fee for transaction of 150$ is simply unfair. Expect this will get change by the upcoming years.

[rickbig092]

Everyone can select the fees they want, you can pay 28 s/byte or 200/byte and probably get confirmed with both but of course, later and with very less priority.
fee is determined by us bitcoin users and how much we offer, I think that is a fair way to calculate it.

[revo1044]

yeah bitcoin transaction fees  fees fair i think that is 0.0005 .

[deisik]

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

How can it be so?

Why are the faucet payments a plague to the network? Just because they are small? Are you going to say next that they are close to being spam transactions? While the amounts transferred may indeed be tiny, I can't possibly agree that these transactions should be discarded or just effectively prohibited, for example, via high fees, as is the case now. In fact, by cutting these transactions off we are walking on a very slippery path, which will make Bitcoin into a sort of Berkshire Hathaway share worth hundreds of thousands of dollars per piece but without its base in the form of real businesses that prop its value up. Berkshire Hathaway is not backed up by its price, while Bitcoin is, in a certain sense, so excluding small transactions is like shooting yourself in the foot by undermining Bitcoin's own user base (which is what its future ultimately depends on)

[Qunenin]

Transactions fees on bitcoin was not fair, maybe they need to develop the fees system because almost 10-15% of amount transferred will be the fees it was so high. Maybe the charges may change into 2-3% of amount per transactions.

Yes, the fee is not fair it seems they took advantage of the demand of bitcoin in market. Sadly but it is true. It does not have its equate to how much you send but there is minimum transaction fee whether you send small you have to pay 0.001 now and so if you send high amount of btc then it goes higher so it is a bit burden then.

[aoihs00]

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.

[Xester]

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 do not know but for me it is quite fair.  It is just like when certain commodity goes high or the price goes high the fee will be high.  Like gasoline, when its price gets high, the fare also gets high.  I do not know about the bitcoin.   But I think it is like that.

[eaLiTy]

transaction fee is really fair.

Good to hear that you find the transaction fees is fair and square while the rest of the bitcoin world or the majority of users think that it is really huge as bitcoin's vision is not to be like this,it should be much lower than visa transactions or any other mode of transactions but sadly that is not the case now as you have to shell out more money.

[grermezter]

yeah bitcoin transaction fees  fees fair i think that is 0.0005 .

So I want to know who determines the higher fees for the transaction, I believe blockchain does that, it takes a lot of the fees and just give to the miners who just take anything that they can get,they don't mind at all how much they get.

[Maheshkumar_Hrangkhawl]

So I want to know who determines the higher fees for the transaction, I believe blockchain does that, it takes a lot of the fees and just give to the miners who just take anything that they can get,they don't mind at all how much they get.

Blockchain determines the default fee based on the transactions which got confirmed during the previous 3-4 blocks. The miners do bother about how much fees they are getting. Earlier when the block reward was like BTC50, they were careless about the fee. But now the fee represent some 20% to 25% of their reward. So they will be unhappy if the fee is low.

[lecongnhan123]

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.

Right, compare with Paypal, you send a small amount, you pay a small fee. But in Bitcoin, it enables you to send a very big amount of money just need to pay a very small fee (compare with the payment size) so, Bitcoin is still usable when you make  big payments

[stompix]

transaction fee is really fair.

Good to hear that you find the transaction fees is fair and square while the rest of the bitcoin world or the majority of users think that it is really huge as bitcoin's vision is not to be like this,it should be much lower than visa transactions or any other mode of transactions but sadly that is not the case now as you have to shell out more money.

He said fair.
And yeah the fees are fair. It doesn't mean they are accessible or that your should agree with them.
The basic is that the fees are decided by the users not by some government or unknown entity.

Are people paying those fees? Yes they do. Are they willingly paying them, yes they do, nobody has a gin to your head.
And the fees just went up, fueled by the free market.
Fair and square.

[RamBahadur.Gurung]

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.

Right, compare with Paypal, you send a small amount, you pay a small fee. But in Bitcoin, it enables you to send a very big amount of money just need to pay a very small fee (compare with the payment size) so, Bitcoin is still usable when you make  big payments

During the early days of Bitcoin, it was supposed to be the other way around. Back then, the ease of doing micro-payments was considered as one of the advantages of Bitcoin. But with the current fee levels, it is no longer possible.

[Amevalentine]

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.

During the early days of Bitcoin, it was supposed to be the other way around. Back then, the ease of doing micro-payments was considered as one of the advantages of Bitcoin. But with the current fee levels, it is no longer possible.

Agreed, there is no way use it as micro-payments more.
fee level changed by time as bitcoin can move huge amount with low fees, send 1 btc fees 0.001, send 10 btc fees 0.001, its very cheap isn't?
so this is a kind of business.

[Xavofat]

Bitcoin transaction fees are naturally designed to be fair.  They remove intermediaries, that's the whole point.

The cost of mediation increases transaction costs, limiting the
minimum practical transaction size and cutting off the possibility for small casual transactions

Never forget about that.  Whether Bitcoin ends up managing it is another matter, but for now it's not doing too badly.  It's very important that it stays that way or get better.

[xIIImaL]

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.

Right, compare with Paypal, you send a small amount, you pay a small fee. But in Bitcoin, it enables you to send a very big amount of money just need to pay a very small fee (compare with the payment size) so, Bitcoin is still usable when you make  big payments

Please don't compare and see the bitcoin transaction fee with other international transfer option which are all being a business by corporates but bitcoin is the independent option transact money worldwide but suddenly from March month fee for transaction has been started increasing till now it's increasing only.that fee should redesigned to previous cost.

[ReLieD]

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.

If you are just a new user for you the fees might be high. Like you go to buy something and you see a 2 USD fee.
Obviously for a common person it will be high. But if you look closely, the fees has not changed when we look according to Bitcoin concept.
At the beginning the price of Bitcoin was less , leading to less fees.
But as the value of Bitcoin increase , the fees also kept increasing due to the increase of value of Bitcoin.
So this way the fees is probably fair.

[RamBahadur.Gurung]

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.

During the early days of Bitcoin, it was supposed to be the other way around. Back then, the ease of doing micro-payments was considered as one of the advantages of Bitcoin. But with the current fee levels, it is no longer possible.

Agreed, there is no way use it as micro-payments more.
fee level changed by time as bitcoin can move huge amount with low fees, send 1 btc fees 0.001, send 10 btc fees 0.001, its very cheap isn't?
so this is a kind of business.

Hmm.. now Bitcoin is very suitable for the large payments. But the issue is that not many people will be interested in such payments. If you look at the Blockchain, then you can see that median value of the Bitcoin transactions are lower than BTC0.10.

[bobitza]

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 think a transaction fee increase by Bitcoin value is necessary. Because high fees are equivalent to the speed of the transaction will be faster. Besides, the transaction fee is never higher than the external transaction fees since it shows that it is the only transaction option at the moment. Also, the money you earn is certainly many times more than this fee