Is bitcoin transaction fees fair?

[aarons6]

it's a classic case of supply and demand. there is a huge demand now and the network is overloaded, thats why there are higher fees. also, remember that you can't reduce the fees too much because mining becomes more and more expensive thing to do. if fees are reduced too much people will no longer get into mining business, which will result in longer confirmation times, and then, yes, higher fees.

this isnt how mining works.. the fee is a small part of the block reward.. if it becomes unprofitable for large mining farms, then the difficulty will go down and smaller miners that are more profitable will still be available..

everyone in this thread is like the fee is here to help the miners.. but there will always be miners.. even if the reward is small..

[aarons6]

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.

Bitcoins transaction fee is actually a bit fair and reasonable for both users and bitcoin itself. We gain a lot from bitcoin as a return we pay bitcoin an amount proportional to the value that we are trying to withdraw. But it would also be good if transaction fees are much cheaper so that people won't suffer much from it. But no one can actually dictate it but the market.

what do we gain from bitcoin that makes it worth spending as much as you are sending in fees??


right now if i wanted to send you 50$ in bitcoin, id have to spend an extra 50$ to make sure you get it.. this makes bitcoin useless..

think about this, if i wanted to send you 50$ in litecoin, it would only cost me .20c to send..

[taeewo]

The price is too high and that the reason people are switching to ETH for low fee...

[newbie-hero]

I do not know if it's fair but it's the fever of the moment, so maybe they'll take advantage of it

I think it's fair yes, the problem in finding the bitcoin is tailored to what we have done, so we do not have to worry if our sustenance is confused with others.

All men has the right to make a choice. There are different fees can be paid. Furthermore professional traders prefer the highest fees because of more rapid transactions. You pay for the service. That’s simple

[8Habits]

I do not know if it's fair but it's the fever of the moment, so maybe they'll take advantage of it

I think it's fair yes, the problem in finding the bitcoin is tailored to what we have done, so we do not have to worry if our sustenance is confused with others.

All men has the right to make a choice. There are different fees can be paid. Furthermore professional traders prefer the highest fees because of more rapid transactions. You pay for the service. That’s simple

When you want a more faster transaction, you can pay at higher fees but when you are not in a hurry, you can just pay the daily average recommended fee @ https://bitcoinfees.21.co. You should not make any unnecessary bitcoin transactions to avoid the many fees.

[Makka]

Bitcoin is fair on high amount transactions but unfair on low transactions. Bitcoin will just be an asset and not a currency on small holders. This is the reason why bitcoin needs an upgrade.

[neerajmittal]

I also remember that I could send any transaction with normal fee and receive confirmations in a few hours.Recently, I had to wait more than 24 hours for confirmation and because of this experience, now I send each transaction with higher fee.Yes, I don't like it, but still is cheaper to send funds with bitcoin than with  WU, for example.It's obvious that this situation must be resolved somehow because bitcoin may become less attractive to the new people.I don't think that transaction fee is connected with BTC price. For me its really not fair for a high fee in many bitcoin wallets but i already use bitcoin wallet that has a really fast transaction that sounds fair for a few cent fee but having a high fee for a really slow transaction is really not unfair for us we are paying fee's and didnot get a fat transaction we wanted and there are so many confirmations needed.

[Joylee]

The fees of bitcoin is not fair because what if you are just a small timer and you will just send at least 0.005 bitcoins to your friend as a payment but the fee is over 0.001 then it is very frustrating because the fee is so high and it cut a huge amount from the original which is such a disappointment for a small timer like me. They should work it out a little bit, we all know that the price of bitcoin is high but with the fee also rising more than we expected is not fair, some of us cannot afford the high fees but we just need to find a way in order to be able to make a transaction.

[#dhabitamartha]

actually the idea for the high price of low cost or even low price for high cost I join but because for the cost of recommendation or tax penyimpana or exchange need to be reviewed so as not to harm our financial investment or what percentage 15% just for storage and exchange

[aarons6]

I also remember that I could send any transaction with normal fee and receive confirmations in a few hours.Recently, I had to wait more than 24 hours for confirmation and because of this experience, now I send each transaction with higher fee.Yes, I don't like it, but still is cheaper to send funds with bitcoin than with  WU, for example.It's obvious that this situation must be resolved somehow because bitcoin may become less attractive to the new people.I don't think that transaction fee is connected with BTC price. For me its really not fair for a high fee in many bitcoin wallets but i already use bitcoin wallet that has a really fast transaction that sounds fair for a few cent fee but having a high fee for a really slow transaction is really not unfair for us we are paying fee's and didnot get a fat transaction we wanted and there are so many confirmations needed.

this statement is flawed.

if you send bitcoin to someone that needed cash, they would have to send the bitcoin to an exchange then transfer it to bank account which usually has a fee.
if your friend lives in the USA, the IRS will then take up to 39% of this as short term gains.. since you are gifting him the bitcoin, im not sure but im sure its seen as all profit.


sending your friend a WU would only cost 20$.. that he or she can then cash for free.

[bitfocus]

Maybe TorGuard is up to something to lower the fees and making the transaction faster, you might like to see this one https://www.bitcoinmarketinsider.com/mainnet-lightning-payments-drops-bitcoin-fees-near-zero/

[cryptojoe]

I'm not sure if the fees are low or high.

[marlonBitCoin]

I also feel that the increasing in fee is bit unfair as it is going to disrupt one of the main principles of crypto which is to reduce the time and money which we have to pay for banks to do fund transfers.

With the increase in demand of the Bit coins we need higher gas fees to make transactions and takes much longer than earlier and for small time investors like myself it makes a huge impact in this rapidly evolving crypto world.

[zais]

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 standard transaction fees are still in demand by many users or bitcoin communities, but most digital currency users prefer to spend a little more money to move funds. At a rate of 0.0001 Bitcoin per transaction or US $ 0.0415 at the time of writing of this article- the cost has occupied the lowest scale for some time now. However, miners prioritize transactions based on related costs, and if everyone keeps using the same amount of fees, transaction bottlenecks can no longer be avoided.

[Christian13]

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 companies responsible for the fees are taking an advange on us, for example, the wallet i use on my country in order to convert bitcoins into fiat. We have no choice but to pay the corresponding charges because we need the money. I think it is ok but maybe on an equall price. And In current network circumstances the fees aren't fair, that's for sure, but there is no other thing to do than dealing with the situation.

[vinz7229]

The price is too high and that the reason people are switching to ETH for low fee...

For me it's ok compare to other sending remittances, cause in Bitcoin you can easily send money without asking for any valid i'ds or whatever proof that you are the real person, and in just an hour the money that you send was already delivered, unlike others it takes time to received and is very hassle cause you still need to fill up lots of documents before you can get or send money. So it is ok for me if bitcoin fees is a little bit higher than other remittances.

[Crazygreek]

It is necessary to increase queue speed because of huge amount of transactions  You want to make your deal fast? You should pay for it otherwise is just wait for your turn. Nobody needs freezed transactions.

[tickledlicker]

The fees depends on the price of the Bitcoins in the market. That is why they are now very high. But then again, we can't blame them for that since it was the networks who are working on it.

[usahaali02]

Yes it is true, but if transaction costs are low, bitcoin users will do more bitcoin transaction activity and it will greatly affect the bitcoin price exchange, because the price exchange rate is also on the number of activities using bitcoin.

[RakknRoll]

for now it is not fair because in many exchanger the transaction fee are too high and so expensive even the conversion fee are too expensive, thats why many of the users find a low transaction fee exchanger.