Is bitcoin transaction fees fair?

[alexis3]

No it's not fair IMO, when the market is congested it feels people are cheating their way to get confirmed quicker and then miner making good payout of it clearly welcome. Had payments pending for 3-4 days and micropayments pending for more.. and if I pay the higher fees it will take a good sum from my profit.. Apparently off-chain wallets are the way to go.

[1715041438]

1715041438

[deisik]

No it's not fair IMO, when the market is congested it feels people are cheating their way to get confirmed quicker and then miner making good payout of it clearly welcome. Had payments pending for 3-4 days and micropayments pending for more.. and if I pay the higher fees it will take a good sum from my profit.. Apparently off-chain wallets are the way to go

I don't think we could ever call that cheating

Even if it feels so, which I certainly understand even though I don't agree with that. After all, they are paying more, and if you pay more you expect a better service, right? That said, this alone doesn't make mining as it exists today less rogue since mining is purely utilitarian in its purpose. In other words, it is not an aim in and of itself, it is only a tool, and if you can get a better one for the same buck, you will certainly go for it. Obviously, miners would be interested in preserving their mining monopoly, i.e. forcing you to use only what they want you to use. That's basically why miners are rogue

[Eternu]

No it's not fair IMO, when the market is congested it feels people are cheating their way to get confirmed quicker and then miner making good payout of it clearly welcome. Had payments pending for 3-4 days and micropayments pending for more.. and if I pay the higher fees it will take a good sum from my profit.. Apparently off-chain wallets are the way to go

I don't think we could ever call that cheating

Even if it feels so, which I certainly understand even though I don't agree with that. After all, they are paying more, and if you pay more you expect a better service, right? That said, this alone doesn't make mining as it exists today less rogue since mining is purely utilitarian in its purpose. In other words, it is not an aim in and of itself, it is only a tool, and if you can get a better one for the same buck, you will certainly go for it. Obviously, miners would be interested in preserving their mining monopoly, i.e. forcing you to use only what they want you to use. That's basically why miners are rogue

But still that does not justify slow rate of transfer. I know that some mining hardware cost small fortune, and i agree that if you invest money in more expensive hardware you should get more earning, and that is fine. But does not better hardware mean that transaction will be faster? And not to say that if you go with there recommended fee, you will become old before your transaction is confirmed. It is too slow for money we are paying...

[krisnt80]

Well the last days the fees are out of control, without a solution to this people are mooving they money into others currencies, its insane send 5 dollars and pay 10% as fee, soo no at this point fees are to high, but the thing is bitcoin is a good investment.

[tigershark]

High fees could be a problem because people are not going to make small transactions with bitcoins because of fees. It will limit bitcoin to just larger transactions.

[stompix]

No it's not fair IMO, when the market is congested it feels people are cheating their way to get confirmed quicker and then miner making good payout of it clearly welcome. Had payments pending for 3-4 days and micropayments pending for more.. and if I pay the higher fees it will take a good sum from my profit.. Apparently off-chain wallets are the way to go

I don't think we could ever call that cheating

Even if it feels so, which I certainly understand even though I don't agree with that. After all, they are paying more, and if you pay more you expect a better service, right? That said, this alone doesn't make mining as it exists today less rogue since mining is purely utilitarian in its purpose. In other words, it is not an aim in and of itself, it is only a tool, and if you can get a better one for the same buck, you will certainly go for it. Obviously, miners would be interested in preserving their mining monopoly, i.e. forcing you to use only what they want you to use. That's basically why miners are rogue

But still that does not justify slow rate of transfer. I know that some mining hardware cost small fortune, and i agree that if you invest money in more expensive hardware you should get more earning, and that is fine. But does not better hardware mean that transaction will be faster? And not to say that if you go with there recommended fee, you will become old before your transaction is confirmed. It is too slow for money we are paying...

No it does not.
You can mine with 100 s4 or with one billion s9 , the result will be the same, 1 mb block every damn 10 minutes.

Finally a drop in transactions:
https://blockchain.info/unconfirmed-transactions
91386 right now

Funny how the fees are still high, it confirms the spam attack hypothesis

[bamboylee]

it's fair in the technical sense, since the users are the ones to set it up when observing how congested the network is, allot prefer to pay up to $0.50 more cents to get it confirmed instantly rather than waiting for days..

But we are forced to pay more because if we don't our transaction will be stuck. It is like we do not have a choice but to pay high fees just to make our transaction confirmed.

[virtualdn]

Ridiculos high fees.

[joganuts]

Not fair but I think it is reasonable. If you want a faster transaction, you shell out additional fees and lower fees for not so fast confirmations. I think it is not automatically setup but you have to select it manually in your wallet.I hope network improves so that it is convenient t0 send and receive transaction just like before.

Just think that in this world there is no free. So having a fee in transaction especially on bitcoin. For me its fair as you elaborate how transaction on bitcoin happens bitcoin also has a system and a community and it does not have a tax so fees in transaction is just a little bit of something and besides the fees that collected is being using for the further development of bitcoin on its transaction and also its security for its users to experience.

[imawriter]

Thats the problem i am facing since last couple of months as well because i am the one who use to transfer small amount of bitcoins and paying large fee for those causing us loss.I think the ones having large amount of bitcoins paying large fee to prioratise their transactions and hence slowly this standard fee is increasing day by day.

[laiducnam]

Transaction fee is fair, because when the price increases along with the same the transaction fee value increases. Expecting a price increase and decrease in transaction fee doesn't make sense. In my view most users get the fastest confirmation but very few transaction get stuck to the lagging network making it unfair

[RajaJudi]

it's fair in the technical sense, since the users are the ones to set it up when observing how congested the network is, allot prefer to pay up to $0.50 more cents to get it confirmed instantly rather than waiting for days..

But we are forced to pay more because if we don't our transaction will be stuck. It is like we do not have a choice but to pay high fees just to make our transaction confirmed.

That is the weakness of bitcoin and we are looking forward to activating the UASF and 2mb block. If everything goes well, bitcoin will goto the moon

[CheapVccSeller]

Nope. I'm out here sometimes paying a $20 fee for a $200 transaction

[BitHodler]

it's fair in the technical sense, since the users are the ones to set it up when observing how congested the network is, allot prefer to pay up to $0.50 more cents to get it confirmed instantly rather than waiting for days..

But we are forced to pay more because if we don't our transaction will be stuck. It is like we do not have a choice but to pay high fees just to make our transaction confirmed.

I see it more as adapting to the situation since you are not forced to do anything. It is possible to include a lower than average fee (not too far on the lower side of course) with your transactions.

The result is that your transaction will take much longer to confirm (likely in the 5-10 hour range). If you are okay with that, then it's all fine, but the hours of waiting aren't worth the few satoshis that you save.

[stompix]

Nope. I'm out here sometimes paying a $20 fee for a $200 transaction

If you have to pay a 20$ fee it means you have at least 15 inputs at the current average fee.

Check how much dust you have in your wallet.
Nowadays it's worse to have a few addresses with 1-2 $ worth of bitcoin than having none.

Transaction fee is fair, because when the price increases along with the same the transaction fee value increases. Expecting a price increase and decrease in transaction fee doesn't make sense. In my view most users get the fastest confirmation but very few transaction get stuck to the lagging network making it unfair

So which one is it?
Transaction fee is fair/making it unfair.

it's fair in the technical sense, since the users are the ones to set it up when observing how congested the network is, allot prefer to pay up to $0.50 more cents to get it confirmed instantly rather than waiting for days..

But we are forced to pay more because if we don't our transaction will be stuck. It is like we do not have a choice but to pay high fees just to make our transaction confirmed.

I see it more as adapting to the situation since you are not forced to do anything. It is possible to include a lower than average fee (not too far on the lower side of course) with your transactions.

The result is that your transaction will take much longer to confirm (likely in the 5-10 hour range). If you are okay with that, then it's all fine, but the hours of waiting aren't worth the few satoshis that you save.

More like 24h - 2 days.
I had to wait for a confirmation almost a day because of a sudden wave of transactions with more than 260s/b.
And there was nothing I could do since I wasn't the sender.

[Gotottack]

Nope. I'm out here sometimes paying a $20 fee for a $200 transaction

You paid that much fees? 10% of the total price is absurd. Maybe what happened here is that your transactions had so much input and so much out puts that cause the price of the fees to increase by this much. So far, I transferred $800 and just paid about $5 in fees which is already the best fees at the time to confirm the quickest time as possible.

[27QVUTZj8rgZP1]

Nope. I'm out here sometimes paying a $20 fee for a $200 transaction

Yea, that is possible if you have multiple inputs which increases the size of the transaction. And the bigger the transaction is more fee you will have to pay.

I used Paypal recently to transfer about $21.46, it cost me $1.89 then I end up with $19.57... And I transferred that $19.57 to my bank account without paying extra fees.

With Bitcoin, fee is very expensive now, and you have to pay it whenever you "think" about making a transaction.

[South Park]

No it's not fair IMO, when the market is congested it feels people are cheating their way to get confirmed quicker and then miner making good payout of it clearly welcome. Had payments pending for 3-4 days and micropayments pending for more.. and if I pay the higher fees it will take a good sum from my profit.. Apparently off-chain wallets are the way to go

I don't think we could ever call that cheating

Even if it feels so, which I certainly understand even though I don't agree with that. After all, they are paying more, and if you pay more you expect a better service, right? That said, this alone doesn't make mining as it exists today less rogue since mining is purely utilitarian in its purpose. In other words, it is not an aim in and of itself, it is only a tool, and if you can get a better one for the same buck, you will certainly go for it. Obviously, miners would be interested in preserving their mining monopoly, i.e. forcing you to use only what they want you to use. That's basically why miners are rogue

But still that does not justify slow rate of transfer. I know that some mining hardware cost small fortune, and i agree that if you invest money in more expensive hardware you should get more earning, and that is fine. But does not better hardware mean that transaction will be faster? And not to say that if you go with there recommended fee, you will become old before your transaction is confirmed. It is too slow for money we are paying...

No, better hardware makes miner more competitive against other miners but it does not improve the speed of transactions for long, there maybe a small increment, but after the difficulty gets adjusted then we will be back at the same speed as usual, that is why some propose that blocks become bigger or that segwit gets activated, but better hardware does not help much.

[Gunawan82]

I think for now quite fair with a fee that does not incriminate both parties.

[mk4]

as of now? DEFINITELY NOT. One thing that attracted me to bitcoin is the very low transaction fee. was only a few cents when I got into bitcoin. now? a couple of dollars. even worse than paypal in terms of usability.