Is bitcoin transaction fees fair?

[nikola22]

No, it is too expensive. As others crypto payment is cheap the bitcoin fee also must to be cheap. I hope in the future will be more cheap.

but it's only growing every time and there is no perspective for decreasing.

[GreenBits]

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.

first off, not everyone is so enthused with this dramatic rise in bitcoin price (as I have been calling this for months, we are now in a major correction). the bubble has deflated, not popped. anyway, the current price scheme is pretty democratic, essentially you pay for prioritization; if your transaction is not imperative, then you pretty much decide what fee you want to pay. but the fees are fair, its just the price is too god damned high, and the fees are proportional.

this is a result of the price entirely to freaking high. when we get to more sensible levels, it wont be so jarring.


*initial post*

[luigidosado]

I guess its just fair. That's just how bitcoin works. It may be a disadvantage but we can also use it as  an advantage. Using bitcoin for transactions is hassle free and very easy to use. Plus the fact that its secured, its like worth the price. I don't suggest using bitcoin for transaction fees. Bitcoin is still the best source of income.

[BlackRacerX]

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.

Not fair at all but we have no choice. They offer a secure and surefire transaction for ever bitcoin holders out there to make a safe transfer or deal. It's the least we can do to a trading site, that is, to make sure they keep it secure and keep it safe from harm's way.

[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.

Not fair at all but we have no choice. They offer a secure and surefire transaction for ever bitcoin holders out there to make a safe transfer or deal. It's the least we can do to a trading site, that is, to make sure they keep it secure and keep it safe from harm's way.

Because of the expensive fees that we are dealing right now, we should be conservative and careful in using our bitcoin because if we are not careful enough then we will lose an amount of bitcoin and also money at the same time so if i were you, i will just do transaction with bitcoin if it is really needed or there is something to expect.

[Roffendahl]

No i do not think that it is fair because we pay a lot but on the other hand if you cash out a lot at the same time it seems like nothing is lost so i would suggest to just pay the fee because we do not have any other option then just to pay the fee.

[Gloiri]

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.

Not fair at all but we have no choice. They offer a secure and surefire transaction for ever bitcoin holders out there to make a safe transfer or deal. It's the least we can do to a trading site, that is, to make sure they keep it secure and keep it safe from harm's way.

We have no choice mate. It is so high now I am really crying i cannot spend my bitcoins because the fees are high. My close friend is also upset about this when bitcoin was new the fees were low.

I whish the fees were low as when the bitcoin was new.

[chuckblocker]

Pay alot, wait 3 days afterwards, seems awesome! lol

They finally confirmed my transaction from friday. For which I only paid 4 dollars, how silly of me to pay so low to the awesome bitcoin miners Now they are asking again for 4.27$ normal transfer (290 sat/byte, will get conf in 3 more days i  beet hahah) and 12.74$ / 865 sat/byte for priority.

No thanks

[domari]

Once the transactions fee will be too high most of people will use lower fees. Maybe it just needs some time to stabilize. We must not forget that Bitcoin is still just a big experiment.

[cybersofts]

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 also remember that I could send any transaction with normal fee and receive confirmations in a few hours.
Recently, I had to wait more than 24 hours for confirmation and because of this experience, now I send each transaction with higher fee.
Yes, I don't like it, but still is cheaper to send funds with bitcoin than with paypal or WU, for example.
It's obvious that this situation must be resolved somehow because bitcoin may become less attractive to the new people.
I don't think that transaction fee is connected with btc price.

Is this fair?

It's not fair, but it's necessary.
In the beginning, when Bitcoin price was low, people transferred bigger amounts of Bitcoin and (since the network was also not busy) the fees were low / kb and very small compared to the money transferred.
Now Bitcoin is big, making many people transfer really small amounts of Bitcoin. Even if the fee would be the same per kb, now we have more (smaller) inputs and we send out smaller amount of Bitcoin for the same number of USD. This means indeed the fees rising "too much" for our liking.
But as I stated, this is necessary. The miners have to be fed. If that will not happen the network will suffer, we will suffer, the price will suffer. Not good.

One of the bigger problems is that people transfer a lot of unnecessary small amounts. Of course, they have their reasons - want to earn here and there a few extra $, want to buy something "small" things, don't trust some services or just don't realize that small amounts will fight against them in some not too far future.

My laptop was 0.6-0.7BTC when I bought it, would you have believed this when BTC was dropping around 200-250$? or when BTC was 2$?. But the fees were 3$ (ouch).


Bottom line: If you want to dream of $2k, $10k or (!) $500k Bitcoin, you have to admit that this comes with fees that may become almost unbearable. But without that you may be left off without miners and with 100$ or 10$ Bitcoin. You don't want that.

Relax, that transaction fees that you were paying for last few days ago won't last forever.
That happened as a result of one of biggest bitcoin mining companies "Bitmain" decided to switch mining bitcoin cash.
So many people paid above $10 for their bitcoins to be confirmed but there were way too many transactions on bitcoin network that time.
But things are now starting to get better as the network started processing transaction more faster than few days ago and everything will be alright soon.

[Rubick99]

Fees about sending bitcoin will be fair if it's depend how much you have bitcoin. For example can take by precentage or range fees of own bitcoin

[goaldigger]

I think the companies responsible for the fees are taking an advange on us, for example, the wallet i use on my country in order to convert bitcoins into fiat. We have no choice but to pay the corresponding charges because we need the money. I think it is ok but maybe on an equall price.

[grermezter]

I think the companies responsible for the fees are taking an advange on us, for example, the wallet i use on my country in order to convert bitcoins into fiat. We have no choice but to pay the corresponding charges because we need the money. I think it is ok but maybe on an equall price.

I really don't believe that they fees for the transactions are set by any company, it's how the system was built to work, now we that most of the miners are moving to BCH it has lead to a lot of transactions not being confirmed there the system has doubled the reward for miners so that they could confirm them that's why the fees are seto high now.  You can still adjust so that you don't pay a lot.

[aarons6]

No i do not think that it is fair because we pay a lot but on the other hand if you cash out a lot at the same time it seems like nothing is lost so i would suggest to just pay the fee because we do not have any other option then just to pay the fee.

Unconfirmed Transactions    
105,169 (108,619.84 Kb)

Optimal Fee / Kb    
0.00757616 BTC


thats almost 50$ a KB... :/

[NeverCaught]

The fees go to the miners to incentivise them to keep mining, which in turn keeps the Bitcoin network secure. They already get a reward of 12.5 XBT for each block they mine, but this reward halves every 4 years. The plan is that as the block reward diminishes over the time, it will be replaced by transaction fees.

[emmanborromeo67]

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.

[twicezeroiszero]

I think the companies responsible for the fees are taking an advange on us, for example, the wallet i use on my country in order to convert bitcoins into fiat. We have no choice but to pay the corresponding charges because we need the money. I think it is ok but maybe on an equall price.

I really don't believe that they fees for the transactions are set by any company, it's how the system was built to work, now we that most of the miners are moving to BCH it has lead to a lot of transactions not being confirmed there the system has doubled the reward for miners so that they could confirm them that's why the fees are seto high now.  You can still adjust so that you don't pay a lot.

The transaction fees will create by the user of Bitcoin.
You don't know when the Bitcoin network has problem about unconfirm transaction, the Bitcoin user need to increase the fees rates for their transaction if they do not want to wait a lot of time for confirm their transaction.
Therefore, all Bitcoin user do that made the transaction fees of Bitcoin network also increases.

[timcheerful1]

  Bitcoin as form of paying for services and other has a speed of growth.
I think merchants around the globe have an incentive  to accept the digital currency for it transaction fee are very lower than 1-3% charges.

Yes,true bitcoin payment service growth speedily.. Transaction fees is low than some other currency

[Heyfive94]

Bitcoin transaction fees fair?absolutely not.That not fair for traders who trade in small BTC amounts.With the high transaction fees of BTC there is no profit for them.Sometimes getting no profits after all.Its too high fees..

[Joshapat]

Bitcoin transaction fees fair?absolutely not.That not fair for traders who trade in small BTC amounts.With the high transaction fees of BTC there is no profit for them.Sometimes getting no profits after all.Its too high fees..

The average transaction cost is 50k satoshi or about $ 4, this is our problem, a year ago we can receive and send bitcoin for free, it should be bitcoin transaction costs can be as small as possible, I'm afraid someday the transaction cost is the same as the cost of the bank.