I think we are greedy

[hatshepsut93]

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.

No, we are not greedy, it's reasonable that people want to keep fees as low as possible, and if miners agree to them, than it's fair for everyone. The reason why people say that Bitcoin fees are too big is because those fees are flat - they are not related to the size of transcation, so if you are doing big transcations, like in your case, Bitcoin fees seem to be cheap, but if you want to tip $5 to someone or buy something small, then the fees start looking really big, especially if you compare it with altcoins, which have tx fees with a size of just a few cents.

[chixka000]

It is just a human nature to become greeey what i just really dont like is that this might lead to market manipulation or to something that is not good i agree to the fee might be acceptable around 1-6$

[MissGrey]

I think that we aren't greedy, because in some countries these fee is expensive. Besides, it is supposed the fees should stay low for Bitcoin community and greater adoption.

[Catmony]

Bitcoin transaction fee doesn't depend upon the amount of bitcoin we are transacting so to send some micro transaction in bitcoin we may have to pay more than the amount we are trying to send out. So even that 1-2$ will count as expensive/high fees for transaction with less than 10$.

[virtualdn]

Current BTC fees are huge and you have to accept it's not right

[thend1949]

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.

Yes because they want to earn more money or bitcoin. There are many fees like that in bitcoin world and I think this fees will high in the future. And I think this is the reason why many people not like bitcoin in future.

[pixie85]

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

I agree. I've been paying between $0.5 and $1 fee every time since I got interested in Bitcoin, but things started to suck lately. Last week I've sent a $1 fee transaction and it went relatively fine and got processed in about 12 hours. This week my transaction is stuck for over 50 hours!

[virtualdn]

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

I agree. I've been paying between $0.5 and $1 fee every time since I got interested in Bitcoin, but things started to suck lately. Last week I've sent a $1 fee transaction and it went relatively fine and got processed in about 12 hours. This week my transaction is stuck for over 50 hours!

Just pay $8 and it will be processed in "only" 30 minutes!

[bitbunnny]

I could agree that we all have become a bit greedy, both miners and users. Maybe we all expect too much of Bitcoin and we all want to get too much profit in to short time. We have to find some kind of balance and solve emerging issues, we just need good will and understanding on both sides.

[Flyyyy]

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

I agree. I've been paying between $0.5 and $1 fee every time since I got interested in Bitcoin, but things started to suck lately. Last week I've sent a $1 fee transaction and it went relatively fine and got processed in about 12 hours. This week my transaction is stuck for over 50 hours!

Just pay $8 and it will be processed in "only" 30 minutes!

If you pay such a large commission, bitcoin will lose its attractiveness for many people. Therefore, I very much hope that the problem of unconfirmed transactions will be resolved in the near future.

[coolcoinz]

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

I agree. I've been paying between $0.5 and $1 fee every time since I got interested in Bitcoin, but things started to suck lately. Last week I've sent a $1 fee transaction and it went relatively fine and got processed in about 12 hours. This week my transaction is stuck for over 50 hours!

Just pay $8 and it will be processed in "only" 30 minutes!

If you pay such a large commission, bitcoin will lose its attractiveness for many people. Therefore, I very much hope that the problem of unconfirmed transactions will be resolved in the near future.

That's a cost of a large pizza! Now the question is: can I wait for 2 days for a transaction to confirm and buy a pizza or lose the opportunity of a good meal and get an instant transaction instead. I never had such dilemmas with fiat
I love Bitcoin and I've earned a lot just by holding it, so I can afford paying a high fee, but what about all the newcomers, can they?

[uneng]

To pay 1$ to 5$ for big bitcoin transactions is very acceptable, but I don't want to pay the same 1$ for little transactions like two digits transactions. I don't think it's a good idea to try making persons accept it as it is now.
It will make persons lose interest about bitcoins as they want to pay lower fees and have more profit by using crypto currency, otherwise they would be happy with fiat.

[jacafbiz]

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..

I totally agree with you, the high transaction fee doesn't really matter again because the issue is that the blocks can just serve the current  demand again and expect this to continue. I believe the miners will be loving this but time will certainly catch up with them

[TheWallStreetCrew]

You act like greed is a bad thing. Greed stimulates completion and encourages innovation. That is what capitalism is built on. That is why bthee are so many altcoins and that is why the crypto space is growing.

[Victorycoin]

since bitcoin price is rising every single day.

Yes, but don't count on that.  That statement sounds like every biotech and internet stock investor from 1999, right before the NASDAQ tanked in April 2000.  The Dow is always rising!  It's always gonna rise!  We're going to 36,000!!

And look at what happened.  There's no way to be in this market but to know that we could crash back to $420 at any time.  Doesn't seem like we're actually going to do it, but it certainly could happen.  And yeah, the fees are ridiculous.  There's no way around it.

This development actually pot ends  great danger to the survival of Bitcoin. While other forces standing against Bitcoin even in their numbers could not accomplish, Bitcoin may on  its own without realizing it hand it all over to them without sweat. In fighting can be such a disaster if not checked on time. Want to believe the core and BU would see ahead and resolve the blocksize issue for the love of Bitcoin and posterity!

[FlamingFingers]

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..

I know about the countries with minimum wage – I am living in one with a minimum wage of 20cents per hour. The 4 billion, who don't use banks, don't know about online payment processors, and don't know about bitcoin (either they didn't hear about it, or they heavily trust in cash) to use it as a payment processor. Also I don't think bitcoin, at the moment, is ready for such masses.

[White Christmas]

Greed is the driving force behind bitcoin which keeps the network trust-less. Yes, the fee is high and this is exactly the burning issue we are facing... even with this the bitcoin price is still unstoppable. So imagine the potential we have when scaling solution is implemented....

Yes people become greedy right now because of continuously rising of its value. But the if problem right now is the high transaction fee. It may be the cause of getting down of bitcoin if it still remain for a long time. When scaling solution implemented I think every bitcoin user will be happy because it will be fair for them whenever they have transaction to other.

[franky1]

I know about the countries with minimum wage – I am living in one with a minimum wage of 20cents per hour. The 4 billion, who don't use banks, don't know about online payment processors, and don't know about bitcoin (either they didn't hear about it, or they heavily trust in cash) to use it as a payment processor.

lol
Mpesa.. research it

Also I don't think bitcoin, at the moment, is ready for such masses.

agreed but thats due to core limiting growth to pressure people into new keypairs using fals hope/false promises and then commercialised hub services(LN)

[TheGodFather]

I completely agree. The fees need to drop, plain and simple. For people holding as a personal investment - fees don't matter, but for the people using BTC on a day-to-day basis it's a real pain in the ass. One of the main reasons people began raving about Bitcoin and all of it's wonders in the first place was because it had low fees...

yes i agree with you, it is quited hard for us, because we are using bitcoint to help us in our daily needs but in some reason , we become lazy in bitcoin because of the transaction fees, we are working for so hard, but the transaction fees are getting bigger as bitcoin getting higher too. im hoping that fees will bit much get smaller.

[ufaiz50]

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.

it's true we also get a lot of profit from rising bitcoin price so the transaction fee increase is fair to me. but which is very unfortunate if we transact with a small value I mean when the transaction $50 and fee $3  is very much.