Is bitcoin transaction fees fair?

[CuriousGeorge]

For me this is no big problem, since the primary use for me is storage of value, but high fees will certainly affect people who need to make transactions on a daily basis.

Doesn't matter that much if the transaction done less than 20 in daily basis, he's only spending few dollars worth for sending money everywhere, compare it when you're using western union

No, it does matter, what if you want to buy coffee with bitcoins, you will have t pay way more transaction fees as compared to the the price of one cup of coffee.
So yup, it's a bit unfair, that the fees is increasing day by day and we are unable to do anything to get rid of this problem, it only depends on the decision of miners.

yeah just don't buy coffee with bitcoin then, better cash out all of your bitcoin first. i primarily see its function like western union to send money not for daily expense, you're making hard your life by using currency which not popular in real life

[radjie]

According to me it is indeed a way how they do business with transaction costs, in fact it's a reasonable thing, but if the transaction costs are too expensive then it is unnatural because they are managing too much benefit

[PhucS]

I think this is a limitation of Bitcoin, is causing some minor difficulties in the transaction. But it is also evident because Bitcoin's value is increasing, its price is also rising and the number of users is increasing. As more users, Bitcoin supplies will decrease, prices will increase and transactions will increase more, leading to increased costs to ensure stable transaction speeds. I know it is a challenge but please accept it because it's perfectly reasonable, let's spend a little to be able to transaction convenience and faster.

[mornabo]

For me this is no big problem, since the primary use for me is storage of value, but high fees will certainly affect people who need to make transactions on a daily basis.

Doesn't matter that much if the transaction done less than 20 in daily basis, he's only spending few dollars worth for sending money everywhere, compare it when you're using western union

No, it does matter, what if you want to buy coffee with bitcoins, you will have t pay way more transaction fees as compared to the the price of one cup of coffee.
So yup, it's a bit unfair, that the fees is increasing day by day and we are unable to do anything to get rid of this problem, it only depends on the decision of miners.

Really what you say dude that the current transaction fee in bitcoin is getting bigger day by day. If you use a 10k satoshi fee i'm sure the miners will confirm your transaction in a very long time lol. of course you don't want to buy a coffee with bitcoin then use 0k satoshi fee and you'll get that coffee the next day because of the length of the confirmation process right? Lol

[Stunna]

Primedice often is paying $100+ to move funds around our wallet.

[Amph]

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

I'm not so sure of that...

I mean why would the miner not simply agree to not accept a transaction with fee lower than X
or even do the transaction while putting fees themselves to make higher average fees...

I've seen blocks not full at all, doesn't it mean that miners are refusing transactions in some cases?

because if everyone is going to send transaction lower than x, then miners will have no choice and choose those transactions anyway, i means miners can't decide to not include any transaction, they must do it

after all minins is the process to include transaction in a block and get reward from it, by rejecting all transaction they would destroy their income

[okarmabarta]

I think it's reasonable. Though, we do need the Lightning Network to be implemented before Bitcoin becomes primarily a settlement layer.

Eventually, in a couple decades, the block reward will no longer provide enough incentive for minors to keep the network secure. In the long run, we are going to need much higher transaction fees (I'm guessing somewhere in the neighborhood of wire transfer fees) to keep the network robust and secure, and provide enough incentive for a large number of miners.

[noictib]

I think it's reasonable. Though, we do need the Lightning Network to be implemented before Bitcoin becomes primarily a settlement layer.

Eventually, in a couple decades, the block reward will no longer provide enough incentive for minors to keep the network secure. In the long run, we are going to need much higher transaction fees (I'm guessing somewhere in the neighborhood of wire transfer fees) to keep the network robust and secure, and provide enough incentive for a large number of miners.

Yeah , it is good for us that we are paying high fees , with the pay of the high fee we can do support the bitcoin network in our own way  . And if we pay high fee then the earner through the miners will increase more for the earning , so it is better that we are paying high fee .
Secondly we need to pay high fee for the speed confirmation , so we need to pay high otherwise to pay 10k satoshi is not a big amount .
And a simple solution is that you should not receive bitcoin in small small amount because small , Because the confirmation fee depends upon the input and output of the transaction of the bitcoin that you want transfer .

[batang_bitcoin]

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 it's very fair, considering the movement of bitcoin's price it is justifiable. The miners fee doesn't really depend on the current price of bitcoin, it is set that the more you are going to pay the faster transaction you will have. I guess it's not a burden for us, it's a like a very little cent from your transaction especially when you have volumes of it.

[Fibbage]

Hey, I'm not complaining. Yeah, it's getting higher, but I feel it's suitable.

[DoublerHunter]

In my opinion, yes. Bitcoin transaction fees are fair because it only depends on the miners, miners gain profit by either mining bitcoin or confirming transactions, if the fees for miners is not profitable then it is clear that they will abandon bitcoin network and try to find some more profitable coin to mine, It is fair because everybody gets benefit to it.

[Decoded]

Well if you think about it, it's only fair since the Coinbase is being halved every four or so years, decreasing profitability for the miners. And as coins come into circulation, the fee should go up. Maybe the fee should go down, but the only way for this is to have a large scale synchronised reduction of fees, which is hard to co-ordinate. The best way right now is to increase the blocksize or allow more transactions in a single block.

Here we are, back at the blocksize debate.

[magneto]

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.

IT really depends on what you're using bitcoin for.

If you are an average bitcoiner then maybe you are sending just $5-10 per transaction on average across the network. Nothing too big of an amount and based on current rates your'e looking at at least $0.6-0.7 deducted from your amount sent as transaction fee for the bitcoin miners, and that's around a 6-7% fee, and that's relatively unfair as you can send money through Paypal or Neteller and even with the foreign exchange fees the total fees will be lower.

But if you are a person that sends hundreds of thousands per day, you can save a fortune using BTC. No matter how big your transaction is, the fees remain constant. It's the bytes that count.

[Antonio G.]

All the Bitcoin users dream about incredibly fast transactions and low fees, but unfortunately, we can choose only one option. So, we probably need to put up

[boyptc]

All the Bitcoin users dream about incredibly fast transactions and low fees, but unfortunately, we can choose only one option. So, we probably need to put up

Yes we don't have choice, as the progress and pumping of bitcoins price. We are the ones to adjust, it's already set that the fees should be amounting to that specific price. It's not that bad to pay that high considering the price of bitcoin is high too, it's just like a payback. But this is a good help if ever the fees will be lesser.

[Wintersoldier]

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.

As we see the change and development of bitcoin on transaction and security. The fee also adapt it changes , first of all bitcoin does not have tax because the government does not manipulate bitcoin meaning to say the fee we experienced in transaction is being used to develop bitcoin not like the government tax which can be lead to corruption. I guess having fee in transaction is somewhat related to tax as we can see it may not affect or improve bitcoin for the better before but look at bitcoin now. It security increase the demand increase and also the stability on price. So in conclusion, Transaction fee is way better than tax so for me it much fair on all aspect on the basis of fees through the simple implication.

[sobsitesearch]

All the Bitcoin users dream about incredibly fast transactions and low fees, but unfortunately, we can choose only one option. So, we probably need to put up

The transaction fee is depending on the current price of bitcoin i think, before the value of bitcoin is very low there is a small fee and most of the time its free, but now at the current price and the free is increasing i think it is fair.
And also there is an option vary on the fast, mid and slow transaction it depends on the user which one they choose.

[abel1337]

All the Bitcoin users dream about incredibly fast transactions and low fees, but unfortunately, we can choose only one option. So, we probably need to put up

The transaction fee is depending on the current price of bitcoin i think, before the value of bitcoin is very low there is a small fee and most of the time its free, but now at the current price and the free is increasing i think it is fair.
And also there is an option vary on the fast, mid and slow transaction it depends on the user which one they choose.

I agree to you , before I cant even feel the transaction fee on my transactions, because the price of bitcoins is somehow low. But now I can feel the transaction fee and for me its a bit high . And before even the transaction fee is still low the transaction period is fast.

[Anjing Lu]

I think it's very fair bitcoin transactions cost, compared to other conventional payment system such as paypal or bank transfer, the transaction costs very small bitcoin is nothing more than 1/10.

[lottery248]

Hey, I'm not complaining. Yeah, it's getting higher, but I feel it's suitable.

for miners to maintain their mining operation, +1. however, if the transaction time is more than 10~20 blocks before one confirmation after you have sent with a recommended fee, the fee is often unsuitable.