Is bitcoin transaction fees fair?

[Eternu]

The transaction fees is not fair.I could remember those days when transactions got confirmed very quickly with very low fee.I used to send my earnings from abroad with very low transaction fee.But now,recently i sent btc from my wallet to my loalbitcoins account to sell.I didn't change the fee manually in my wallet.Thats the greatest mistake i done.It took around two weeks for me to receive btc.That was ridiculous.

I have heard that there will be some splitting in August. And when i say splitting, i mean splitting of bitcoin. I am not sure, but i think bitcoin will split into bitcoin and bitcoin classic or something like that. From what i understood. transaction fees will be lower, and speed of transactions will be a lot faster. That sounds good to me, but i am not sure what kind of impact it will be for bitcoin. We will see.

[Tyrantt]

i think wallet also affect this fees problem as i see i use xapo and fee is less than 1 dolalr , then i switched to coinomi i got like 2$ fees lol , i dont know what caused this but i think its a bit fair because millions transaction counting each day so blockchain need a bigger fees to cover transaction

You are right that is the reason why blockchain should enlarge their systems capability. I can just how gpod life would be with a lesser fee and a higher convertion

That's all going to be, pretty much, fixed from the 1st of August when the SegWit is implemented, so we have like 2 more months to fight with slow transactions and high fees.

[deisik]

I really don't know who's deciding the fees, yet they are not fair. 6-7 months ago, we would pay cents in big transactions. Now we pay dollars in small transactions.

That era is over, I am afraid. But there is good news once again. SegWit is now clocking at 82.6% support. If the block size is increased to 2 MB, then the confirmations are going to be much faster, and the fee will once again be lowered. But it is only a temporary solution. After a few months, even this 2 MB block size would prove to be too small

This is not a given, by any means

In fact, nothing in your post is a given. You assume that when the block size gets increased to 2MB, the confirmations will be faster with the fees lower. But this is a shaky assumption since just increasing the block size doesn't solve the question of rogue miners. And this is the primary question without resolving which all such assumptions don't make a lot of sense. So let's assume that now we have 2MB blocks, and what makes you think that miners will voluntarily agree to lose their fee profits? They will just double the amount of spam transactions (which don't cost them anything, just in case), and we are instantly back to square one, now with 2MB blocks

[TrumpD]

i think wallet also affect this fees problem as i see i use xapo and fee is less than 1 dolalr , then i switched to coinomi i got like 2$ fees lol , i dont know what caused this but i think its a bit fair because millions transaction counting each day so blockchain need a bigger fees to cover transaction 

You are right about the fees differing when using different online wallets. I've often noticed that fees with blockchain.info are lower than when I use mycelium android wallet.In my opinion,some of these wallets have hidden fees they are yet to own up to, and it makes them no different from banks.

[flower1024]

i think wallet also affect this fees problem as i see i use xapo and fee is less than 1 dolalr , then i switched to coinomi i got like 2$ fees lol , i dont know what caused this but i think its a bit fair because millions transaction counting each day so blockchain need a bigger fees to cover transaction

You are right about the fees differing when using different online wallets. I've often noticed that fees with blockchain.info are lower than when I use mycelium android wallet.In my opinion,some of these wallets have hidden fees they are yet to own up to, and it makes them no different from banks.

Yes blockchain is the only wallet take less fee. apart from this, the local web wallets charge high amount. And we also don't have other option we must use their wallets. I am using some local web wallets before they charge only 0.0001 BTC after that they increased 0.0002 BTC. Now immediately they change 0.0005 BTC per one transaction. I don't know what to do and which wallet I want to use to reduce this transaction fee.

[|Bitkoin|]

Basically, we were sort of tricked into believing the fees would be low forever, however, they will likely become comparable to current transactions when BTC gets mainstream.

[Feri577]

If fees are to be made fair, it should be based on how much one is sending and not by how big the size of the transaction is. Makes it simpler and easier to understand for the common man. Somewhere between 3-5% of the amount to be sent seems fair to me. And people would know exactly how much they will need to shell out for the transaction fees.

Indeed, until now it makes sense but in the future I do not know, and hopefully the bitcoin transaction fee remains fair it is my hope

[|Bitkoin|]

I am personally wondering how much the fees will be in the long run, I am talking 30+ years when 1 BTC is $1,000,000 how will the average person who only has a few satoshis be able to actually transact in small amounts for say, $1 US equivalent when the TX fees are so monstrous... I really don't know how this would work out. Anyone care to explain? Would be much appreciated, thank you!

[Vaslime]

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.

yeah your correct it has bottleneck all the time fees are getting higher

[vikkyzenna]

Calculation of commission

Please note that the miners (coin miners) can set a certain commission for their services, and if there are many such ministers, then for the speedy transfer it is better not to regret the commission to the transaction.

But the Bitcoin system is able to self-regulate, it is impossible to agree with all and raise the commission by 146%, there will still be some kind of person who will have a minimum commission of 0.00001 BTC.

The commission depends on the size of the transaction, for every 1000 bytes you have to pay 1 share of the commission, it equals 0.0005 BTC

In addition, if the transfer amount is less than 0.01 BTC, then it is again subject to a commission.
But pay attention! Nobody forces you to pay a commission, if you do not pay it, the transfer will come true, but after a while.

[Krimster]

I really don't know who's deciding the fees, yet they are not fair. 6-7 months ago, we would pay cents in big transactions. Now we pay dollars in small transactions.

That era is over, I am afraid. But there is good news once again. SegWit is now clocking at 82.6% support. If the block size is increased to 2 MB, then the confirmations are going to be much faster, and the fee will once again be lowered. But it is only a temporary solution. After a few months, even this 2 MB block size would prove to be too small

This is not a given, by any means

In fact, nothing in your post is a given. You assume that when the block size gets increased to 2MB, the confirmations will be faster with the fees lower. But this is a shaky assumption since just increasing the block size doesn't solve the question of rogue miners. And this is the primary question without resolving which all such assumptions don't make a lot of sense. So let's assume that now we have 2MB blocks, and what makes you think that miners will voluntarily agree to lose their fee profits? They will just double the amount of spam transactions (which don't cost them anything, just in case), and we are instantly back to square one, now with 2MB blocks

When you mean that they don't cost them anything, I guess you mean that since they are going to get that back as a fee, it does not matter to them? Doesn't that require essentially 100% collusion? Because it would be enough to have one around 20% miner power not fold to the collusion to make the whole thing fall apart...

[tn211]

The current fee setup is not what Bitcoin was intended for. Bitcoin as a currency is made for micro payments and with this outragous fees it's not anymore. Ppl in third world countries can't even such ridiculous fees. So how would this give a boost to adoption again...?

[aarons6]

i said this before and i will say it again, the only REAL fix for this is to code in the core a FIFO type situation for tx's..
this WHOLE fee thing is a failure.. it will never work as "intended" as someone will always set their fee higher and higher and higher.

[hardtime]

Fair? No, but then again nothing in life is going to be fair and that's what people are going to have to pickup and understand at a certain point. I may want to pay nothing for fees, but the miners aren't going to be giving away their precious expensive machines and expensive electric for nothing to be nice to me. They're going to want to turn a profit like everyone else in this world, so you're going to have to kiss the ring and pay the fees if you want to use this digital currency machine that we call Bitcoin.

Though at the moment I think the fees are a bit too high and they're going to have to be fixed with the network congestion and the fees are going to have to come down for more people to be able to get involved with Bitcoin with ease. I can't get people to sign up to a currency that they have to pay $4 to be apart of at any step of the way.

[Superways]

I really don't know who's deciding the fees, yet they are not fair. 6-7 months ago, we would pay cents in big transactions. Now we pay dollars in small transactions.

That era is over, I am afraid. But there is good news once again. SegWit is now clocking at 82.6% support. If the block size is increased to 2 MB, then the confirmations are going to be much faster, and the fee will once again be lowered. But it is only a temporary solution. After a few months, even this 2 MB block size would prove to be too small.

yes it is a smaller support and will work up to some extent but still for the community of bitcoin it will be a great support and it will make us satisfied up to some extent and will make the price lower which will encourage more people to use bitcoin for their businesses and will make bitcoin more better than today.

[Kriptex]

The current fee setup is not what Bitcoin was intended for. Bitcoin as a currency is made for micro payments and with this outragous fees it's not anymore. Ppl in third world countries can't even such ridiculous fees. So how would this give a boost to adoption again...?

I'm with you in your comment. The current situation is not sustainable in long term. All the [Suspicious link removed]munity have to reach a deal about these terrible fees. The fee is crazy at the moment.

[n691309]

The current fee setup is not what Bitcoin was intended for. Bitcoin as a currency is made for micro payments and with this outragous fees it's not anymore. Ppl in third world countries can't even such ridiculous fees. So how would this give a boost to adoption again...?

Bitcoin in public is known as a fast money where the transaction are super fast and near zero transaction but this advertisement isn't valid nowadays where the bitcoin transactions are getting delayed because the transaction fees are getting increased at unexpected rate and for micro transaction bitcoin is not a good way to make it as it is high costly but there is a way pay to many but still the fee is high.

[Anegg]

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.

Bitcoin is meant to be fast and one downside of that are the high fees we have to pay. But nowadays Bitcoin transactions are also being delayed. Bitcoin transaction fees should be lower after Aug the first with Segwith though. It is not fair at all, the transaction fees but we just have to suck it up. When bitcoin becomes mainstream, the fees should rise again.

[aarons6]

you dont have to use high fees.. and if more people didnt there really woudlnt be much of an issue..
https://www.blocktrail.com/BTC/tx/a54e4786858883b5838701137bc4217076a8d01490d5ce15d6b146b607396a6e

i got a steam game on sale..


i think the core devs should put some code in the wallet that sets a max fee.. there is no need for unlimited fees..

[oktana]

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.

Bitcoin is meant to be fast and one downside of that are the high fees we have to pay. But nowadays Bitcoin transactions are also being delayed. Bitcoin transaction fees should be lower after Aug the first with Segwith though. It is not fair at all, the transaction fees but we just have to suck it up. When bitcoin becomes mainstream, the fees should rise again.

In addition to the increased blocksize from segwit, there's no better solution in transaction fee. But I still appreciate it because it's still in a fair nominal, I just criticize about the standard cost that is not lowered after the ride. That will cause problems in the future. Bitcoin Unlimited will continue to flirt with a better offer to get around this.