I think we are greedy

[alani123]

If you are a small time trader, exchange fees are negligible. The most notable amounts by sum of amount paid are banking transfer fees for FIAT trades but those are not a percentile fee so even if you trade big time its not an amount to change your plans over

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[Herbert2020]

well from a quick look at you, i can see you are using Coinbase as your bitcoin wallet, specially when you are receiving payments as small as 0.0003BTC so i think you aren't really the one that should be talking about fees and if we are greedy or not

start spending some coins from your Electrum wallet which you keep offline and then after a dozen transactions where you bought some stuff from internet come back here and lets talk more about fees

[freebutcaged]

Of course we are after all we're all humans, even before price increases from $1200 to $2000 fees were doubled from 120sats/B to 240sats/B.

I have no idea how far miners will go, because as users are joining crypto every day fees will go up not because miners are greedy but because they have no other choice than including the highest paying fees transactions.

Bitcoin has another 100 years to be dependent on fees only so I see no reason to start this fee incentive thing now.

Will any of you pay a fee of 800sats/B one month from now?

[davis196]

I have been trying to deposit/withdraw fiat into different exchanges, and I found that most fees are absolutely ridiculous (7%-10%?!). With many options to deposit/withdraw fiat (and different fees), I think we are getting a bit greedy with Bitcoin.

According to Bitcoin price at the moment, depositing fiat worth of 1BTC ($2,053) requires fees ranging between $21-$205, while most of us want to transact that same 1BTC with something like $0.5 and getting rage over the delay!

I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.

I think that the fees are ridiculously high because of the greedy exchange platform owners,not
because of bitcoin or btc price.
You shouldn`t blame bitcoin for this.

[pearlmen]

I have been trying to deposit/withdraw fiat into different exchanges, and I found that most fees are absolutely ridiculous (7%-10%?!). With many options to deposit/withdraw fiat (and different fees), I think we are getting a bit greedy with Bitcoin.

According to Bitcoin price at the moment, depositing fiat worth of 1BTC ($2,053) requires fees ranging between $21-$205, while most of us want to transact that same 1BTC with something like $0.5 and getting rage over the delay!

I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.

Even when I don't have any issue with paying high fees since its proportional to the increase in the price of bitcoin and we are happy about that, then we should also not be unhappy about the transaction fees but the issue is the delay in the confirmation time couple with transaction fees being recommended by the wallet provider then it take days which I think its not too much to ask.

[cotton ball]

Greed is part of human. But, bitcoin tx fee is high because block is full and scaling problem because SegWit/BU drama. Bitcoiner are forced to pay big fees or move to altcoin.
Even SegWit/BU can't guarantee to solve the problem, but at least they can buy time for another scaling option or stop the fees which keep raising.

I feel that greed has emerged from the two groups you wrote, I think current state of the transaction is just a game to increase cost of sending transactions every day around the world according to their wishes. On the other hand I also see a tendency to divert user attention to altcoin to set a higher bitcoin standard than altcoin exchange results.

[andron8383]

***
If you actually need to be able to complete onchain transactions in a timely manner at an affordable price LTC wins.
***
╥AztekPhoenix

That is why i support UASF even if it will create altcoin becouse people deserve to use fair altcoin, why you we have to force people to use LTC over BTC ?
LTC as pure copy of BTC is not that fair to be honest. LTC was suppose to be ASIC resistand and BAMM... one fundamental was crushed sine that LTC to me has no advatage over bitcoin.
USAF BTC will be more fair than most altcoins here

[franky1]

i don't remember any deposit fee in any exchange, i only use kraken at the moment and there is no, to withdrawal tehe fee is also very low, both in bitcoin and in sepa, in sepa is ridiculous non-existent like $0.09

what exchange you are talking about exactly with this high fee?

i believe the OP is talking about the bitcoin transaction fee people pay with any/all transactions.. which when doing a task like depositing into an exchang or withdrawing makes it 'feel' like needing to pay $1-$4 just to deposit/withdraw

[Agrello]

The fees also effect stores that want to accept Bitcoin. For example we have cafe that does accept BTC but with the fees, paying around 80-90 cents in fees for a cup of coffee which is only 2 euros is not the most ideal thing to do. It would be great if a solution was found so the original title of "very little fees" can come back into play and people can see the incentive for using Bitcoin for payments again. Also as someone mentioned, for countries where they are unbanked such as some African regions, paying such high fees can halt its adoption.

[stompix]

I have been trying to deposit/withdraw fiat into different exchanges, and I found that most fees are absolutely ridiculous (7%-10%?!). With many options to deposit/withdraw fiat (and different fees), I think we are getting a bit greedy with Bitcoin.

According to Bitcoin price at the moment, depositing fiat worth of 1BTC ($2,053) requires fees ranging between $21-$205, while most of us want to transact that same 1BTC with something like $0.5 and getting rage over the delay!

I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.

Can you please name what crappy exchanger you're using?
I have not heard of one asking for such fees.

There are ATMs cheaper that that.

Will any of you pay a fee of 800sats/B one month from now?

If I'm moving more than 1 BTC probably.
But for 0.025 or 0.05 payments... afraid not.

[dennyd999]

I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.

Nope it is not acceptable.

Yesterday I send from my Electrum Wallet 30 $ and to make it happens within 10 blocks (100 minutes) I paid 2 $.


WTF 

It is more expensive than bank transfer. Blokchain was fast and almost free transactions worldwide. Bitcoin does not offer it anymore.

[Sniper44]

Will any of you pay a fee of 800sats/B one month from now?

yes i will pay that and even more if i have to because i didn't come into bitcoin for its cheap fee, there are a lot more that it offers me.

with that said this is really not acceptable, and things need to change. when fees are increasing like this it is obvious that miners won't change anything. they will stay like this forever because their profit has been increased a lot.

i don't completely like the idea of UASF because of the risk it has but sometimes i think it is necessary for us to remind miners that they are nothing more than our employees and they need to wake up and see beyond a temporary high profit from fees.

[Wowcoin]

Depends where you are and what exchanges are you using and what means of deposit are your trying.

Some exchanges have no deposit fees at all, but maybe you are not lucky enough to have one of them in your country

Yes exchanges are not collected fee for deposit. But to add money into bitcoin wallet have fees. Am used local bitcoin wallet everytime i would like to add bitcoin in my wallet i go to the nearest 7/11 to add bitcoin. But the fee are not much bigger.

[sobsitesearch]

Depends where you are and what exchanges are you using and what means of deposit are your trying.

Some exchanges have no deposit fees at all, but maybe you are not lucky enough to have one of them in your country

Yes exchanges are not collected fee for deposit. But to add money into bitcoin wallet have fees. Am used local bitcoin wallet everytime i would like to add bitcoin in my wallet i go to the nearest 7/11 to add bitcoin. But the fee are not much bigger.

Deposit using 7/11 stores charging 5% of the amount but it will add into your balance after deposited that is why theres no fee if you do deposit in bitcoin. But if you do withdrawal then you feel the higher charge on your withdrawal.

[eddie13]

IMO the people who are being "greedy" are the ones that are paying the high fees!!

They are being greedy with blockspace vs time..
The more you pay in fees the more you push out others under you and the more fees will increase by other greedy people trying to get infront of you..
They are just cutting in line..
Everyone could just paid 10k sat fee and wait in line equally..

If you are complaining about high fees what you are really complaining about is having to wait and the fact that others are paying high fees..


From here more or less users do not really translate in to the cost of fee to get your transaction confirmed fast..
Even with the amount of transactions now their are plenty for a fee race..

People start paying 100k sat fee to cut then others pay 200k sat to cut then 400 then 800 and even with the same amount of people if they want to race to cut with 1mm sat fees then it will take that amount of fee to get your TX confirmed..

But think.. If everyone paid 20k sat fees then their transactions would confirm just as fast as if everyone paid 500k sat fees..
The fee you pay doesn't make transactions confirm faster, it just makes your transaction confirm faster than someone elses transaction that paid a lower fee..

Even with no more users if people are just going to pay higher and higher fees to cut in line then the fee to get your TX confirmed in a reasonable amount of time is infinity because it can go up as high as everyone is willing to pay..

[staff_1307]

If you think that the service fee is unfair, then just use another service that suits you.

[shinratensei_]

The fee looks strange for me. That means the service took 1% - 10% just for paying the fee. In addition, Is it no included with the transaction fees?
Regarding from the latest rate of bitcoin 50k satoshi worth for a dollar.

For the bigger transaction, it will be acceptable for the bigger transaction but not for a little one.
Bitcoin is not a micropayment again.

[Hazir]

ok.. now imagine your not american

imagine your part of the 4 billion unbanked people that want to convert their local currency to bitcoin
now imagine you being told BEFORE even thinking about how much your actually wanting to hold as bitcoin, that 20-40 minimum wage labour and you still may end up waiting 36 hours is "acceptable" just to get handed bitcoin as the transaction fee..

yep in many countries a minimum wage hour is 5-10cents

so before thinking $1-$4 is acceptable.. think about those that really need bitcoin..

Franky, I perfectly understand and share your opinion.

Bitcoin users are often caught in their own little world and  that shape their opinion through the lens of life standards in the first world country.
At the same time I don't think that Bitcoin (even with future scaling solution, which will hopefully lower tx fees significantly and improve our network)
will be able to help unbanked poor people. For these people whole system needs to change, they are being exploited in their countries with crazy low wages,
bitcoin alone is not enough to change the world for them, they need to earn more to be able to afford it.

[eddie13]

ok.. now imagine your not american

imagine your part of the 4 billion unbanked people that want to convert their local currency to bitcoin
now imagine you being told BEFORE even thinking about how much your actually wanting to hold as bitcoin, that 20-40 minimum wage labour and you still may end up waiting 36 hours is "acceptable" just to get handed bitcoin as the transaction fee..

yep in many countries a minimum wage hour is 5-10cents

so before thinking $1-$4 is acceptable.. think about those that really need bitcoin..

Franky, I perfectly understand and share your opinion.

Bitcoin users are often caught in their own little world and  that shape their opinion through the lens of life standards in the first world country.
At the same time I don't think that Bitcoin (even with future scaling solution, which will hopefully lower tx fees significantly and improve our network)
will be able to help unbanked poor people. For these people whole system needs to change, they are being exploited in their countries with crazy low wages,
bitcoin alone is not enough to change the world for them, they need to earn more to be able to afford it.

It doesn't matter if they all pay $100 fee, all their transactions will still not get confirmed..

[Mometaskers]

I have been trying to deposit/withdraw fiat into different exchanges, and I found that most fees are absolutely ridiculous (7%-10%?!). With many options to deposit/withdraw fiat (and different fees), I think we are getting a bit greedy with Bitcoin.

According to Bitcoin price at the moment, depositing fiat worth of 1BTC ($2,053) requires fees ranging between $21-$205, while most of us want to transact that same 1BTC with something like $0.5 and getting rage over the delay!

I think paying $1-$5 in fees is relatively acceptable, since bitcoin price is rising every single day.

ok.. now imagine your not american

imagine your part of the 4 billion unbanked people that want to convert their local currency to bitcoin
now imagine you being told BEFORE even thinking about how much your actually wanting to hold as bitcoin, that 20-40 minimum wage labour and you still may end up waiting 36 hours is "acceptable" just to get handed bitcoin as the transaction fee..

yep in many countries a minimum wage hour is 5-10cents

so before thinking $1-$4 is acceptable.. think about those that really need bitcoin..

In my country, the problem is usually getting the bitcoin out of the exchange rather than buying bitcoins. For example, buying $2 worth of BTC have no charge at a convenience store brand. I tried sending some dollar to a Youtuber I'm subscribed to, just to test out how it works (so I'm not planning to have Paypal or Patreon anyway). It was asking for 86 cents. I was like "damn a dollar is already a full meal here, I can probably still afford to send that but fee as much as that?".