Is bitcoin transaction fees fair?

[rizkyhiw]

Looking at it critically, bitcoin fees aren’t too cheap, but they are better at least than other payment processors. The only thing that should bother you is the speed at which it is being transferred. If you’re paying a low miners fee for transactions then its going to be slow.

A fair view of the Bitcoin fees. The beauty with bitcoin transaction fees is that we can decide how much are we willing to fee for the transaction and if we are not that on a hurry, we can just pay for a little transaction fee while if we want the sending to be fast, then we can set it to higher fee.

The problem is when the price of bitcoin so high like recently happened ,
The fee paid in bitcoin not in usd , so people feel it so expensive when you convert it to usd ,
High price of bitcoin will always followed by the high fee in usd , can someone elaborate this?
Take an example in case the price of bitcoin reach 100,000 usd , it means when you put 0.001 bitcoin as fee equal to 100 usd , then think about it!

[Lomberjack]

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 is just fair to pay higher transaction fees because bitcoin's price rate is also getting higher. I think it will not be fair for miners that process our transaction if we are just paying low fees because they cannot be able to gain large income to fund their own needs if they will just continue accepting and processing transaction services for only a low fee. Transaction fees will also rise together with the price rate hike for them to be balance and be able to be beneficial on both part between consumers and miners. So better have a large transaction so that your transaction fee is enough for your transaction and better and faster processing of it

[Pressessidow]

it is subjective, nothing is about honest or not, this is just an expenditure for the miners, they (with the halving) missing a massive part of their earnings and with the existing tide of transactions in bitcoin, they are attempting to get a lot more with men and women willingness to shell out larger charges to be integrated before,I will not concur on segwit and many others... since that will destroy bitcoin principles fairly than just fix this issue, there is also a likelihood of bulk of main builders leaving bitcoins and forking another coin and so forth...  in quick, I favor a less controversial remedy.

[JohnBitCo]

In my opinion, fee tx occur as now still quite fair. Indeed, when viewed in fiat form value is quite huge. However, i feel no objection because in principle i need fast confirmation process for buy or sell transactions against fiat. Rather than low, but very slowly confirmed.

I don't completely agree with your statement. The transaction fee is ok for high transactions of big amounts but for those who wana send 1 dollar , 2 dollar or even 5 dollar , the fee is even more than the amount to be submitted itself.

[Sithara007]

In my opinion, fee tx occur as now still quite fair. Indeed, when viewed in fiat form value is quite huge. However, i feel no objection because in principle i need fast confirmation process for buy or sell transactions against fiat. Rather than low, but very slowly confirmed.

I don't completely agree with your statement. The transaction fee is ok for high transactions of big amounts but for those who wana send 1 dollar , 2 dollar or even 5 dollar , the fee is even more than the amount to be submitted itself.

The problem is that the transaction fee is calculated based on the size of the transaction and not on the basis of its value. So the fee will be higher, if there is a lot of dust included in your transaction. In such cases, you may end up paying as much as $10 for a transaction with a total value of only $20 or $25. This is one of the disadvantages of Bitcoin.

[asanezz7]

I think it's fair. Because of the price of bitcoin right now and it's demand. The transaction fee is the incentive of the miners who build their mining rigs and paying huge electricity cost per month just to solve and confirm our transactions.

[illyiller]

I do think it's fair amount of transactions fees if you have seen bitcoins current value.As we can also chose the transactions fees based on our urgency.But transactions fees $5 for micro transactions might be high but if you trade about 1 btc or so then this transactions fees is nothing.Transactions fees are main as miners work for it if they find mining bitcoins got profitable then they could shift to others coin. And stop complaining about high fees even though when its not that high.

its not that the fees are high right now.. its the fee model is broken.

when someone can up the fee by sending a lot of transactions with a high fee and essentially bump everyone else off the confirmation list after they sent the transaction, it's not fair.

How else could it possibly work? You point out the entire incentive mechanism: it takes high fees (thus a lot of coin) to singlehandedly cause network congestion. That means that a spammer can only sustain an attack so long, because he'll be bleeding funds. To me, that's not a broken fee model.

One problem is the maldistribution of BTC. Some early adopters are heavily invested in certain scaling outcomes, and their pockets run deep. Spamming the network is one way to influence the discussion.

[joanshu]

the bitcoin transaction fees are not much expensive as compared to other forms of transactions. The main issue is the transaction fees are calculated on regard to the number of transaction regardless of its value and hence the fees might be high.

[newguy05]

It depends the platform are you using but in general yes I think it is a lot regardless the bitcoin amount tranferred (I think the main reason is I am transfeering small amounts even if we pay the same fee for different amounts. I think by time it might decrease as the other coin transfer fees but in a SR it is high levels in general.

[Brigalabdis]

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 is fair only because like some money sender they have an fee before you send it because how the miners get their fee, right?

[Polar91]

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 the rise of transaction fees is just fair because bitcoin price rate also rises which means greater opportunity to gain and earn an income. It is not fair if we bitcoin users are earning big but those people who are behind the processing of our transactions which are the miners are just earning a little amount because we prefer of paying low transaction fees for the transaction process to be done as soon as possible. The rise of the price rate is pretty nice so as is with the transaction fee rate. They must both come along with the rise so that both parties between the users/consumers and the miners will be just fair and equal so no one will be left behind and just one party will be dominant over the other.

[DoublerHunter]

the bitcoin transaction fees are not much expensive as compared to other forms of transactions. The main issue is the transaction fees are calculated on regard to the number of transaction regardless of its value and hence the fees might be high.

Yes, even we send a small amount of bitcoin then the fee is still the same but it is not a big deal because to save some bitcoin on paying fees then just transact or send bitcoin when it is a big amount of money but if the fees are more expensive than the usual money transfer system then just use the traditional way to save some bitcoin and also money.

[8Habits]

the bitcoin transaction fees are not much expensive as compared to other forms of transactions. The main issue is the transaction fees are calculated on regard to the number of transaction regardless of its value and hence the fees might be high.

Yes, even we send a small amount of bitcoin then the fee is still the same but it is not a big deal because to save some bitcoin on paying fees then just transact or send bitcoin when it is a big amount of money but if the fees are more expensive than the usual money transfer system then just use the traditional way to save some bitcoin and also money.

We should only transact bitcoin when it is necessary - we can use fiat money for little errands and use bitcoin for big investment. That should always be the case. The good thing is that, while we are waiting for our bitcoins to grow even more before we cash it out, its value keeps on increasing as well with the recent bitcoin price rising.

[DreamTeamGG]

I think it's fair. this is offset by the Bitcoins course

[Freshmen]

the bitcoin transaction fees are not much expensive as compared to other forms of transactions. The main issue is the transaction fees are calculated on regard to the number of transaction regardless of its value and hence the fees might be high.

Yes, even we send a small amount of bitcoin then the fee is still the same but it is not a big deal because to save some bitcoin on paying fees then just transact or send bitcoin when it is a big amount of money but if the fees are more expensive than the usual money transfer system then just use the traditional way to save some bitcoin and also money.

I’m not going to say thetransaction fee is fair or unfair, but for me, I don’t think I’m  okay with it. I’m  just looking forward to November for the split and the so called lightening network. Let’s  see how it will change everything.

[Sidas_Crew669]

people prefer bitcoin over fiat since it has monetary value and also an investment. If you hold one dollar note you know you’re holding a dollar but If you own 1Bitcoin you can even predict the price the next second. That is why I would rather buy much bitcoin than hold more fiat.

Holding or saving fiat money is really not ideal because as time passes, its value will going to deplete due to inflation. That is why save only a portion that you can use at anytime in times of emergency but invest more of your money to make it work for you and combat inflation. With bitcoin, holding or saving it is good at the moment.

Hmm, but it all happened due to some causes and if we can fix the cause or the problem that caused it to happen it is definitely not going to be a disaster or a problem. Bitcoin has money and also different places, so we should be able to find what we need and want. For if we are wrong in taking decisions have certainly obtained was a loss, the one that gives us the opportunity to get an advantage is the science or knowledge that we have.

[Sarah08]

In this situation people are expecting high and acceptable value of the money or value of money,but sometimes the fees are the problem, the fees were being so expensive to the fact that earnings are being lessened because of high transaction fees,for me sometimes the fees are fair but sometimes its unfair so it depends on the situation.

[Allan Ramanda]

every person business is always looking for profit, we as users can what ,,? which is clear every transactions always use the cost both in bitcoin and in the bank, not only your profits are earned, whatever business you live would fee, although it is a little.

[webmastax]

Bitcoin transactions still cheaper then any bank transaction. Maybe if everyone make lower fees for his transaction the miners will start to accept transactions with low fees since they don't find best options. So we can control fees rate and make it fair.

[YellowRiver]

In my opinion, fee tx occur as now still quite fair. Indeed, when viewed in fiat form value is quite huge. However, i feel no objection because in principle i need fast confirmation process for buy or sell transactions against fiat. Rather than low, but very slowly confirmed.

I don't completely agree with your statement. The transaction fee is ok for high transactions of big amounts but for those who wana send 1 dollar , 2 dollar or even 5 dollar , the fee is even more than the amount to be submitted itself.

The problem is that the transaction fee is calculated based on the size of the transaction and not on the basis of its value. So the fee will be higher, if there is a lot of dust included in your transaction. In such cases, you may end up paying as much as $10 for a transaction with a total value of only $20 or $25. This is one of the disadvantages of Bitcoin.

But still it is far better and cheaper than PayPal to make transactions by using bitcoins for large transactions. However, we cannot also deny the fact that at current it is not very suitable for micro payments but I hope with time things get better.