Is bitcoin transaction fees fair?

[Harlot]

I can not imagine the expensive fee when bitcoin prices continue to rise. Of course 10k satoshi will have a very high rate. And of course the fee will be very big. And it will be burdensome for users

At some point, people will just shift to altcoins or use some side chains. Already, people from third world countries have been crowded out of using bitcoin transactions, because of the high transaction fees. At one point, even first world countries will feel the pinch.

I disagree with what you have said. From what I know transactions fees will affect anyone who will be sending a lower amount compared to the transaction fees. Besides several local wallets even international wallets like coinbase offer a free of charge when sending to the same wallet provider e.g. Coinbase to Coinbase transactions are free. If you have the same wallet provider this won't be a problem for some people.

[ocid]

In my opinion it can be said that the transaction fee is not fair if we sell with a small value but the transaction fee costs quite large so that many benefits of the transaction costs, Even vice versa if we swap with a high price transaction fees will be greater as well.

[CuriousGeorge]

In my opinion it can be said that the transaction fee is not fair if we sell with a small value but the transaction fee costs quite large so that many benefits of the transaction costs, Even vice versa if we swap with a high price transaction fees will be greater as well.

The amount you send actually doesn't matter. The total sum of output and input which your transaction have is what really matter and it'll be the factor of how big your transaction size is. Fortunately, the fee just back to "normal" compared to a few days ago which is double than the current fee. Though, it's still rather expensive while people often repeating that bitcoin is a cheap way to send money. How ironic.

[Zicadis]

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.

We got to comfortable with the low fees and now that bitcoin price is high its just fair to adjust them to pay our miners who afaik are the spine code
of the bitcoin network and we must not forget that too many transactions are going on every minute

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.

Initially that is whats suppose to be happening but we the users are setting the high fees to get our transfers first priority leaving transactions with low fees clogged in the mempool

[Quadast]

In my opinion it can be said that the transaction fee is not fair if we sell with a small value but the transaction fee costs quite large so that many benefits of the transaction costs, Even vice versa if we swap with a high price transaction fees will be greater as well.

The amount you send actually doesn't matter. The total sum of output and input which your transaction have is what really matter and it'll be the factor of how big your transaction size is. Fortunately, the fee just back to "normal" compared to a few days ago which is double than the current fee. Though, it's still rather expensive while people often repeating that bitcoin is a cheap way to send money. How ironic.

What then to expect a commission fee if Bitcoin rises in price very quickly or even today many users are sure that by the end of the year we can get not only 2000 dollars but 3000 dollars for 1 Bitcoin. This is not the limit, and what then will be the Fair Commission for financial transactions?

[stompix]

I can not imagine the expensive fee when bitcoin prices continue to rise. Of course 10k satoshi will have a very high rate. And of course the fee will be very big. And it will be burdensome for users

At some point, people will just shift to altcoins or use some side chains. Already, people from third world countries have been crowded out of using bitcoin transactions, because of the high transaction fees. At one point, even first world countries will feel the pinch.

I disagree with what you have said. From what I know transactions fees will affect anyone who will be sending a lower amount compared to the transaction fees. Besides several local wallets even international wallets like coinbase offer a free of charge when sending to the same wallet provider e.g. Coinbase to Coinbase transactions are free. If you have the same wallet provider this won't be a problem for some people.

Great! Let's all start using coinbase wallets. Decentralization much?

We got to comfortable with the low fees and now that bitcoin price is high its just fair to adjust them to pay our miners who afaik are the spine code
of the bitcoin network and we must not forget that too many transactions are going on every minute

Why is that fair?
They should get payed more because bitcoin is worth more?
They are already being payed more because 1Btc in transaction fees is double from what was two months ago.

[TastyChillySauce00]

Why is that fair?
They should get payed more because bitcoin is worth more?
They are already being payed more because 1Btc in transaction fees is double from what was two months ago.

That's the point. Those miners absurdly got more than twice of their profits from a few months ago and it's definitely unfair. Though, I know obviously that the factor which makes the fee increasing overwhelmingly is the crowd which had no patience and the increase of transactions. A few days ago, the fee just reached 420sats/byte and now go back to 230sats/byte. It exactly reflects how the amount of unconfirmed transaction really affect the current fee rates, from the miners perspective, it's fair ofc because they own all the profit.

[Pattart]

Let alone a small fee at this time will take a long time. And other problems are increasing prices and of course it will impact on the fee will also be more expensive

[fanita]

I feel fair because everything makes sense, like where to make this transaction usually faster than usual let the cost that I spend not too much.

[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

In essence, mining fees have nothing to do with Bitcoin prices as such

If taken in the same currency, obviously, which should be Bitcoin itself. What they have to do with is competition either between miners for the inclusion of incoming transactions or users trying to get their transactions included ahead of the pack. The first type of competition is called sellers' market, i.e. when sellers can dictate prices (in this case fees), so it shouldn't come as complete surprise that miners are trying to squeeze every satoshi from every Bitcoin user. The second type is quite naturally called buyers' market, and in this market the fees would most likely decline over time with more transactions as Bitcoin adoption expands

[RealSohan]

If the value of bitcoins increased then we have to pay more fees.On the other hand if the value of bitcoins decreased then we have to pay the low fees.

[Betwrong]

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?

Since there is no agreement between all miners and there is no agreement between all Bitcoin users we will always have both types in each party: miners who will accept lower fees and users who will agree to pay higher fees, like 400+ satoshis/byte right now for example, to get their transaction confirmed fast. And that's a good thing IMO, because every transaction will be confirmed eventually and if you want your transaction confirmed fast, you know what to do.

Having said that, I would not recommend to use fees lower than 120 satoshis/byte nowadays.

[South Park]

Why is that fair?
They should get payed more because bitcoin is worth more?
They are already being payed more because 1Btc in transaction fees is double from what was two months ago.

That's the point. Those miners absurdly got more than twice of their profits from a few months ago and it's definitely unfair. Though, I know obviously that the factor which makes the fee increasing overwhelmingly is the crowd which had no patience and the increase of transactions. A few days ago, the fee just reached 420sats/byte and now go back to 230sats/byte. It exactly reflects how the amount of unconfirmed transaction really affect the current fee rates, from the miners perspective, it's fair ofc because they own all the profit.

This to me leads me to the logical conclusion that someone, probably the  miners are behind the spam of the network with so many transactions so they force people to pay more money if they want to get their transactions confirmed fast enough and by it they can earn bigger profit.

[btcdevil]

Why is that fair?
They should get payed more because bitcoin is worth more?
They are already being payed more because 1Btc in transaction fees is double from what was two months ago.

That's the point. Those miners absurdly got more than twice of their profits from a few months ago and it's definitely unfair. Though, I know obviously that the factor which makes the fee increasing overwhelmingly is the crowd which had no patience and the increase of transactions. A few days ago, the fee just reached 420sats/byte and now go back to 230sats/byte. It exactly reflects how the amount of unconfirmed transaction really affect the current fee rates, from the miners perspective, it's fair ofc because they own all the profit.

This to me leads me to the logical conclusion that someone, probably the  miners are behind the spam of the network with so many transactions so they force people to pay more money if they want to get their transactions confirmed fast enough and by it they can earn bigger profit.

What you are telling is true that miner are the people behind this unconfirmed transaction traffic and they have done so that who ever is on urgent will pay high fees and confirm their transaction but in between the users who have paid less are getting stuck, and this is not good for the bitcoin future because if this happens like this then the consumers who are using bitcoin to buy goods wont be able to do this as the merchant will only deliver the goods once the coins are confirmed and this will create bad reputation to bitcoin world

[V1saya]

Why is that fair?
They should get payed more because bitcoin is worth more?
They are already being payed more because 1Btc in transaction fees is double from what was two months ago.

That's the point. Those miners absurdly got more than twice of their profits from a few months ago and it's definitely unfair. Though, I know obviously that the factor which makes the fee increasing overwhelmingly is the crowd which had no patience and the increase of transactions. A few days ago, the fee just reached 420sats/byte and now go back to 230sats/byte. It exactly reflects how the amount of unconfirmed transaction really affect the current fee rates, from the miners perspective, it's fair ofc because they own all the profit.

This to me leads me to the logical conclusion that someone, probably the  miners are behind the spam of the network with so many transactions so they force people to pay more money if they want to get their transactions confirmed fast enough and by it they can earn bigger profit.

What you are telling is true that miner are the people behind this unconfirmed transaction traffic and they have done so that who ever is on urgent will pay high fees and confirm their transaction but in between the users who have paid less are getting stuck, and this is not good for the bitcoin future because if this happens like this then the consumers who are using bitcoin to buy goods wont be able to do this as the merchant will only deliver the goods once the coins are confirmed and this will create bad reputation to bitcoin world

Exactly. And these are probably the main reason why alts are super pumping wildly. Which is actually good in the crypto world too to encourage healthy competition and fast quality developments.

[RajaJudi]

I feel fair because everything makes sense, like where to make this transaction usually faster than usual let the cost that I spend not too much.

it is not fair to those people who join Bitcoin from the early stage when the fee is less than 10k statoshi. And now, the fee is more than 100k satoshi and continue to go up. Bitcoin needs to be fixed

[deisik]

Why is that fair?
They should get payed more because bitcoin is worth more?
They are already being payed more because 1Btc in transaction fees is double from what was two months ago.

That's the point. Those miners absurdly got more than twice of their profits from a few months ago and it's definitely unfair. Though, I know obviously that the factor which makes the fee increasing overwhelmingly is the crowd which had no patience and the increase of transactions. A few days ago, the fee just reached 420sats/byte and now go back to 230sats/byte. It exactly reflects how the amount of unconfirmed transaction really affect the current fee rates, from the miners perspective, it's fair ofc because they own all the profit.

This to me leads me to the logical conclusion that someone, probably the  miners are behind the spam of the network with so many transactions so they force people to pay more money if they want to get their transactions confirmed fast enough and by it they can earn bigger profit

Even if it is not them, they surely profit tremendously by this

Anyway, spamming network with transactions would not cost them anything opposite to what some dudes are here claiming. If we have half a dozen miners colluding (which is certainly possible given the dismal figure behind some of the Chinese mining pools), spamming network would cost them nothing (since they will be the ones receiving the fees paid for all these useless transactions). In fact, it would be really strange if we didn't see the Bitcoin network flooded nowadays

[7jaka7]

My personal opinion is that we must not think that we can use bitcoin for everyday use.
Who walks with gold nuggets in his pocket and try to buy candy with it or goes to gold buyers and sell them 20$ worth of gold everyday? (anyone knows fees if you would sell gold like this? ) But still a lot of people has gold.
If you transfer 1000$ and let's say fee is 5$ this means you pay 0.5%, if you transfer 10000$ with same fee you pay 0.05%. And if you transfer 10 $ you pay 50%. So we should learn something from this
There will be other currencies which can be used for everyday. Which will still be better then fiat money. Maybe currency with fixed % fee will be made.

[bettercrypto]

I feel fair because everything makes sense, like where to make this transaction usually faster than usual let the cost that I spend not too much.

it is not fair to those people who join Bitcoin from the early stage when the fee is less than 10k statoshi. And now, the fee is more than 100k satoshi and continue to go up. Bitcoin needs to be fixed

I believe it is fair, why? even if the members you are saying having less than 10k satoshi during their time way back years ago, they are now paying the same transaction fee  you are paying.  Aside from that, the miners does not dictate the price of transaction fee, but rather the people who are sending the transaction. 

[Faiyz]

I feel fair because everything makes sense, like where to make this transaction usually faster than usual let the cost that I spend not too much.

it is not fair to those people who join Bitcoin from the early stage when the fee is less than 10k statoshi. And now, the fee is more than 100k satoshi and continue to go up. Bitcoin needs to be fixed

I believe it is fair, why? even if the members you are saying having less than 10k satoshi during their time way back years ago, they are now paying the same transaction fee  you are paying.  Aside from that, the miners does not dictate the price of transaction fee, but rather the people who are sending the transaction. 

You have a point there and it is also fair fair it is now that an issue like that appears. Fees that are based on how much you are trying transac is better and if you want faster confirmation then you really have to pay high. It may seem they are siphoning from us but thats just how it goes if there are many millions of transactions that happens in a. it is for better security .