Is bitcoin transaction fees fair?

[8Habits]

The way fees are dominated are on the progressive method depending on your transaction side, with the current bitcoin bump, I have to admit the fees are getting more and more, but in the same way that's just for the network and demand for places in block to decide, I guess.

For now i dont care for the high fees services as long as bitcoins transactions is faster and reliable. I would gladly pay higher if i could receive my bitcoins in just 1 day not within 3 days.

When transaction fees are really hindrance in using bitcoin, might as well use the fiat money instead of bitcoin and only use bitcoin for investing, trading, or gambling where you make a pre-planned amount of bankroll or investment to transact.

[zarados]

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.

Everyone who use bitcoin wanted the same thing, the price become higher and the fees become lower, And I think It would happen when the users are also growing and the mount of transaction increase every time. So the miners get low money, but more often. And its still fair right now I think, because you can easily sent money to everywhere in the world with that fee.

[rjbtc2017]

unfair for me, as i am a small bitcoiner, big transaction fees are too big to be paid, but as a bitcoiner, i will think that it is really necessary and needed but still i'm still hoping that the transaction fees will be lowered in order for us to accommodate the transaction fees.

[aTriz]

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.

This does seem to be a pretty big problem. When the price of Bitcoin rises, the price of transaction fees become more and more expensive. This makes Bitcoin look more and more for the wealthy as the price rises since no one will ever pay 10 dollars for a 100 transaction.

This also discourages Bitcoin from becoming a mainstream currency since the blockchain will become even more congested and Bitcoin will be unusable.

[HasHe]

Bitcoin transaction fee was really unfair until a month ago when transactions with very high fees are only confirmed fast and low fee transactions were left unattended.But now,thanks to segwit,after it has been activated since august 1,transaction fee has become low as it was before and now even transactions are confirmed very soon.Some went to the extent of even predicting that bitcoin would soon die due to high transaction fee problem.But now,bitcoin has started to march towards $5000 price.

[8Habits]

Bitcoin transaction fee was really unfair until a month ago when transactions with very high fees are only confirmed fast and low fee transactions were left unattended.But now,thanks to segwit,after it has been activated since august 1,transaction fee has become low as it was before and now even transactions are confirmed very soon.Some went to the extent of even predicting that bitcoin would soon die due to high transaction fee problem.But now,bitcoin has started to march towards $5000 price.

You are correct there mate. I also noticed it when I just use the electrum dynamic transaction fee, the process was really fast compared to few months ago where it took some waiting time.

[Vikingr]

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.

Everyone who use bitcoin wanted the same thing, the price become higher and the fees become lower, And I think It would happen when the users are also growing and the mount of transaction increase every time. So the miners get low money, but more often. And its still fair right now I think, because you can easily sent money to everywhere in the world with that fee.

Yes everyone want some relaxation and large profit with less effort the transaction fees is fair for those who earned a lot through bitcoin and they are using bitcoin on large level but it could be said unfair for those who are new to bitcoin and recently started using bitcoin it can make them feel disappointed at the early stage when they will pay high fees they will not feel good with bitcoin but if they will stay long here they will earn more.

[Remainder]

I think they are a little high as low fees were meant to be one of the main benefits of trading bitcoin and removing the banks from the process.

For me I think it is just fair because bitcoin now is very high and some exchange site and particularly in miners need to cover up there expenses too!

[andaresta]

I do not know fair or not bitcoin transaction, because I also new bergabumg with bitcoin so I just looking for info from you all.

[felicita]

yes sure the transaktions fees are fair to pay all miners.
They do hard work todays. its also a interest for trnasaktions to get confirmed.
i also owning a small number of gh on genesiss mining to help Bitcoin transaktions.



kind regards

[MostHigh]

I will say it is fair because you have to pay for transactions to sustain the blockchain and enhance mining and actually you pay for what you want, You can literally transact without a fee and be sure to have it processed like forever

[Stedsm]

OP It looks like you have a logic because that's the same question that arose in my mind too some time before, but I never asked because the price was low and fees were much lower but it has now become a question of concern for real that whether we should ask miners to lower the fee levels back in terms of fiat and adjust accordingly based on the price of bitcoins in fiat?

[Lubang Bawah]

When compared with the cost of the bank, of course bitcoin cheaper, faster and safer, besides bitcoin transaction procedure is also simple and does not need identity to create a wallet.

[drwhobox]

I do also agree with this but, there is alot of reasons why does bitcoin fees are getting higher. One of the main problem with this is the mining dificulty and the miners on the system trying to confirm the transactions. I'm thinking that more difficulty = higher transaction fees on to the blockchain's network.

Ps: this is only by my point of view. (I don't really know alot about bitcoin.)

[twicezeroiszero]

I will say it is fair because you have to pay for transactions to sustain the blockchain and enhance mining and actually you pay for what you want, You can literally transact without a fee and be sure to have it processed like forever

However, increasing the fees just like us bribery miner helps our transaction can confirm fast.
And this is bad point when use a currency for our life .

[bitbunnny]

I know that the fees are much higher now than they used to be but every time you think that you pay too much for Bitcoin transactions think how much different fees you pay to your bank and how expensive that is. And many times you still don't get the service you want and need. So Bitcoin is still cheaper and more convenient.

[gunhell16]

MAYBE! on some other sites... but i am using now here  is COINS.PH and they have huge charges ..
it is sad that you need to pay extra on depositing and pay the withdrawal chrages to on money wiire..
+ they sell bitcoin too high and buy it too low
i hope this will change in the near future though COINS.PH is nice to have a loadding station and paybills online

[Stedsm]

MAYBE! on some other sites... but i am using now here  is COINS.PH and they have huge charges ..
it is sad that you need to pay extra on depositing and pay the withdrawal chrages to on money wiire..
+ they sell bitcoin too high and buy it too low
i hope this will change in the near future though COINS.PH is nice to have a loadding station and paybills online

It's not just limited to your exchange itself, but we are also facing the same thing everywhere.
Because exchanges are using very higher margins which makes them huge profits through the spreads and they are taking advantage of users' helplessness because unless you are allowed to trade on your prices at those exchanges, they are worthless to use. And it is becoming a jeopardy for the users of future who may think to leave it just because of the fees because as the price goes up so does the fee, and many buyers who just get in for the reason for profit or gambling with small investments will think twice before getting in once again. This is one of the most vulnerable topics that needs to be talked off with the mining community itself.

[gunhell16]

NO its not .. many sites like coinsPH collect a high volume of fee.. they also sell btc at high price and buy it at very low price way too far from market .. but people in philippines have no choise because they are the leading wallet to widthdraw anyday anytime here but i hate all those fees .. they are not  reasonable

[yvesp110]

When compared with the cost of the bank, of course bitcoin cheaper, faster and safer, besides bitcoin transaction procedure is also simple and does not need identity to create a wallet.

Of course, as compare of bank, bitcoin fees is very cheap and there is no other tax include in bitcoin transaction fees and also the transaction of bitcoin is very fast just take few minutes, and also you are right that this transaction which we doing that's is completely safely. And also we create those wallets for bitcoin its do not need to identity its make very simple and use it easy.