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8Habits
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December 25, 2017, 11:57:25 PM |
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Why wouldn't it be fair? It isn't something that is chosen randomly by miners I don't think it is based off the price of bitcoin. Since bitcoin keeps rising it only makes sense that transaction fees do to. It is unfortunate because it makes btc harder to trade especially if you send smaller amounts but I am sure with this project on the cusp of a trillion dollars next year they can easily solve this problem.
That is true - when the price of bitcoin is going high, the amount of transaction fees in btc is just the same but the corresponding value of it is big when the price is high. Hence, nothing really change and all you have to do is to transact less as much as you can. |
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The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
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altercreed
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December 25, 2017, 11:58:53 PM |
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I think it's fair if you have a big transaction on the blockchain. I am okay with that transaction fee that they (market exchange) impose as long as the transaction time is fast and the blockchain will not leave your transaction unconfirmed because that's the unfair thing to me.
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8Habits
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December 27, 2017, 01:41:54 PM |
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I think it's fair if you have a big transaction on the blockchain. I am okay with that transaction fee that they (market exchange) impose as long as the transaction time is fast and the blockchain will not leave your transaction unconfirmed because that's the unfair thing to me.
That is why it is really important that we make it sure that we will not be going to have several transactions - we should plan when to transact and make it sure that we do it with a bigger amount of btc. I would rather hold btc and use fiat money for day to day financial transactions. |
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_Mikasa_
Member
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Activity: 234
Merit: 15
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December 27, 2017, 02:13:24 PM |
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The thing that I know is bitcoin transactions now is not advisable. Even Steam stopped supporting bitcoin as a payment because transaction fees are higher than the product itself.
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Genosx
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December 29, 2017, 10:02:26 AM |
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Somehow no, because there are some companies that their transaction charge are too high but at the end we have no right to compelled with them; since business is business.
I think we should thankful somehow since all their transaction charge is just a small thing from all their efforts to make your money grow.
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DAVETUN
Full Member
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Activity: 728
Merit: 101
Bitcoin is the currency of this age
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December 29, 2017, 10:31:57 AM |
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Reason why we need regulators in the crypto space, different exchange coming up with different transaction fees,high transaction fees in the major problem Bitcoin came to solve as against the regular bank system that charge high fee for transaction.I hope that overtime competitions between the exchange will tend to drive the fee low.
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shouter
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December 29, 2017, 10:57:26 AM |
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I truly believe these high fees are unfair. And I add, they are absurd and unnecessary. I hope that soon this problem will be solved, because if continue with such high rates, it will start to become evident that bitcoin is becoming pseudo decentralized.
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Sadnu
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December 29, 2017, 11:06:09 AM |
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I think there is bitcoin with the same fees and the cost or value equally. Due to the rising Bitcoin network fees we feel there is a need to revisit the LocalBitcoins transaction fee system. In order divide the costs of handling Bitcoin transactions in a fair manner we are introducing deposit fees for incoming transactions.
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Beehives
Jr. Member
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Activity: 175
Merit: 2
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December 29, 2017, 11:08:33 AM |
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Bitcoin transaction fee is fair enough.
Its only equate to the price
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8Habits
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January 01, 2018, 04:53:46 PM |
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I think there is bitcoin with the same fees and the cost or value equally. Due to the rising Bitcoin network fees we feel there is a need to revisit the LocalBitcoins transaction fee system. In order divide the costs of handling Bitcoin transactions in a fair manner we are introducing deposit fees for incoming transactions.
The thing is, when the time when bitcoin value was not as today, everyone is good with the transaction fees but when its value rises remarkably, people are scratching their heads everytime they have their bitcoin transactions because they feel that it is way to much when they try think of the value of the fee. |
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missyqt29
Member
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Activity: 434
Merit: 10
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January 01, 2018, 05:07:27 PM |
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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.
Paying a low fee for highly priced bitcoin is unfair. Come on, they also need some earning and deserve that percentage. Transaction fees follow a fair rate so what changes to the price of bitcoin must be the same with its transaction fees. They share the same fluctuating property and we shouldn't bother to question it. |
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Kevondo
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January 01, 2018, 05:25:33 PM |
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The thing that I know is bitcoin transactions now is not advisable. Even Steam stopped supporting bitcoin as a payment because transaction fees are higher than the product itself.
Yes it is supported by a lot of people and they are taking bitcoin transaction very lightly so if bitcoin transaction will no high it is not bad to charge fees for as it is good for bitcoin users itself and beneficial for them. If they will charge bitcoin transaction fees then no doubt bitcoin will be fatly conformances and transact at very right time and perfect fees that is very fair for present fast transaction of bitcoin. |
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globalctzn
Newbie
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Activity: 30
Merit: 0
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January 01, 2018, 05:35:04 PM |
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Your thinking is not bad as a rational being. But also remember that miners are also rational beings like you as well. Even as you want more money to your pocket they too want the same. In time of higher bitcoin price you are expected to make more money as you exchange your coins. By increasing the mining charges especially in time of high traffic, the miners make more money too.
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kenjohannes26
Newbie
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Activity: 56
Merit: 0
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January 01, 2018, 05:38:48 PM |
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I think fair enough, when you pay cheap fees then your transaction will run slowly, but if you pay a high fee then your transaction will be finished fast.
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Marry Finch
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January 01, 2018, 05:41:42 PM |
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I truly believe these high fees are unfair. And I add, they are absurd and unnecessary. I hope that soon this problem will be solved, because if continue with such high rates, it will start to become evident that bitcoin is becoming pseudo decentralized.
The network writes that Bitrefill successfully conducted a test to introduce lightning in the bitcoin network and one of the employees made a transaction paying for the use of the mobile phone. The transaction was instant and with zero commissions. It would be nice if this lightning network would be finally introduced into bitcoin with such results. Only I am confused why this is not the team of bitcoin developers. They seem to have forgotten about their bitcoins. |
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farhan28
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January 01, 2018, 05:50:52 PM |
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I don't think it is fair enough...because if the payment is high,then you need to pay high amount of transaction fees..so now a days people don't want to send payment in bitcoin due to high transaction fees...
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Netnox
Legendary
Offline
Activity: 2044
Merit: 1008
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January 01, 2018, 05:52:27 PM |
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Gone are the times when I used to pay around $0.10 for my Bitcoin transactions. Back then, I was hoping that one day Bitcoin will replace fiat cash as the main medium of shopping. But recently the fees shot up to as high as $150 per transaction. Just imagine someone paying $150 as a transaction fee to purchase a burger which costs just $2.
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8Habits
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January 01, 2018, 06:18:59 PM |
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Gone are the times when I used to pay around $0.10 for my Bitcoin transactions. Back then, I was hoping that one day Bitcoin will replace fiat cash as the main medium of shopping. But recently the fees shot up to as high as $150 per transaction. Just imagine someone paying $150 as a transaction fee to purchase a burger which costs just $2.
Make sense and hopefully, there could be some workaround with that in the future as bitcoin is gaining more attractions from many investors around the world. We should transact less with bitcoin and consider it as a good resource and not a payment of our small errands. |
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passwordnow
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January 01, 2018, 06:22:55 PM |
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Gone are the times when I used to pay around $0.10 for my Bitcoin transactions.
I miss those days that transaction fees are very cheap but as bitcoin grows the conversion of the low transaction fee is looking high base on our conversion to the current USD value. I did checked the transaction on blockchain.info a while ago and the fee isn't too high, it was around 0.0002 BTC so that was really low unlike before it was more than 0.001 BTC. And before when the price of bitcoin is low, 0.0002 BTC is really cheap. |
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8Habits
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January 01, 2018, 06:31:56 PM |
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Gone are the times when I used to pay around $0.10 for my Bitcoin transactions.
I miss those days that transaction fees are very cheap but as bitcoin grows the conversion of the low transaction fee is looking high base on our conversion to the current USD value. I did checked the transaction on blockchain.info a while ago and the fee isn't too high, it was around 0.0002 BTC so that was really low unlike before it was more than 0.001 BTC. And before when the price of bitcoin is low, 0.0002 BTC is really cheap. yes, that is not way too much of a transaction fee and it is just fair for making all of our bitcoin transactions possible. Miners are also investing a fortune for their bitcoin mining infrastructure in order to serve and make our transactions get through. |
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