i think bitcoin will not be common for small transcitions

[Superzpay]

Maybe I misunderstood your point but this doesn't seem like an issue to me. You can use indefinitely small fractions of bitcoins for transactions so it doesn't seem like a problem.

It is a problem when you are dealing with small changes as the transaction fees are as high as two dollar and rising small transactions amounting to twenty or lower is not at all profitable if you are planning to do a higher number of transaction and the possibility of sending money to multiple accounts with a web wallet is yet another taunting task as you will be loosing more money as transaction charges.

If a person transact that money one time to an exchange and after that he start to trade with them then  do not think that exchange will take much of the money in transaction fees because the rate of the exchanges are the fees of exchange of currency and that is cut in percentage which often come lower.

[Celsiuss]

I fully agree with this. The fees will only continue to grow. As for now, the fees are around 2$-3$. I would not perform a transaction less than 30$ with this ridiculous fee. I can only see that in the future, only large transactions will be done with bitcoins due to huge fees.

[radamiel]

If the transaction fee can not be lowered, then obviously for a small transaction, bitcoin does not match. It's better to use cash only, but if there is a solution to suppress transaction fee then there will be hope for bitcoin use in payment and transaction on a small scale

[richsoon]

What you think ?

as prices of bitcoin raises up, the ability to do minimum fees transaction also goes up



what you think, how could it be solved?

I THINk people will use other currencies for small transitions, and bitcoin for main balance

With what we have now that is correct but there are solutions being discussed to allow small transactions to go through again with minimal fees. At the end of the day its better for miners if they can get 1 cent fee a million times than a 1 dollar fee a hundred times.

[giveen]

It surely doesn't make any sense tbh, first coinbase started fees so i started using xapo , now there is fees everywhere even on xapo but the problem is before the 1 hour confirmation fees was 0.001 now they have increased it to freakin 0.0022 btc which i think is highest currently. I'm mostly going to switch back to coinbase only because of this fees issue.
For eg i sent 0.007 btc yesterday and because of the fee structure the total amount reached 0.01 btc.
Solution small transactions = big no

[hisuka]

Bitcoin has been rapidly growing and the transactions has been increase in collecting fees. I dont know if they will solve this issues that most common complaint with the higher fees and for the small transactions is also gone.

[xskl0]

Bitcoin will triumph, soon Megaupload 2.0 and Bitcache will atract millions of new bitcoin users to make microtransactions.

[hurain]

I fully agree with this. The fees will only continue to grow. As for now, the fees are around 2$-3$. I would not perform a transaction less than 30$ with this ridiculous fee. I can only see that in the future, only large transactions will be done with bitcoins due to huge fees.

i think it is not good in long future because in future we are expecting that we will be able in future for use bitcoin for purchasing small items of daily use, but if the transaction fee will continue to increase then we may not be in position to use bitcoin for purchasing small items.

[L00n3y]

Fees are high today in microtransactions and waiting time is so slow but I think that's because only few companies are just creating wallets and if Bitcoin will be used worldwide many companies will offer a new wallet with no fees when in terms of microtransactions or I think government will take part of this and will issue some law regarding in the big and small transactions in cryptocurrencies.

[lady Royal]

what is segwit could you please explain to me ?

Google can helped you that. I will give you one of the result from it.

https://www.cryptocompare.com/coins/guides/what-is-segwit/

Yesterday I found an exchange which accept smaller fees of 0.0002 so I think that will help for people who want to do smaller transactions.

What exchange is that? May I know so that I can check? Anyway 20.000 satoshis as a transaction fees will get their transaction unconfirmed forever (Sarcastic). Just do transactions whenever it need to save transaction fees.

This is actually insane.
Please share the link of the exchange. Maybe they are thinking something. After sending Bitcoin transaction with 0.0002 fee will take forever to confirm so it's useless to use that exchange instead you can pay 0.007+ to trade your coins immediately instead of sending your money with low fee and in the meantime you may loss your money as the price always increases or decreases.

[gabbie2010]

I think the present challenges being witness in transaction of small bitcoin with  a high fee will be overcome. I am very sure that the authorities  consigned will find a lasting solutions i.e adoption of Lightning network solution to it otherwise People find will other alternative in there transactions which may reduce the acceptability of using bitcoin globally.

[HashieNewb]

I fully agree with this. The fees will only continue to grow. As for now, the fees are around 2$-3$. I would not perform a transaction less than 30$ with this ridiculous fee. I can only see that in the future, only large transactions will be done with bitcoins due to huge fees.

The price of Bitcoin could get to around $30.00 a Bitcoin since the price of Bitcoin is going up. Unless there is a person that builds a better Bitcoin client that allows people to send transactions at a fixed rate in USD or any other currency then the price of Bitcoin will be pretty expensive for those people that send transaction without a manual fee setting in their client.

[Xester]

It is and can still be used for common transactions.  I can still topup my phone using bitcoin and even pay somw of my utilities through it.  But yes it is like giving your bitcoin away.  Considering that its price can still goes uo and have higher value.

[fathur.aza]

  Bitcoin is the gold of the internet and as we know, we can not do small transactions, micro transactions with gold. What if we can not this little transition that makes us all to get bigger in order to get big deals

[cpfreeplz]

It's not going up because of the price rise. It's going up because blocks are full. If they aren't full you could pay a tiny fee and a miner would pick it up. That's why bitcoins were great. Right now we're kind of stuck until UASF comes into play.

[mademerich]

It's not going up because of the price rise. It's going up because blocks are full. If they aren't full you could pay a tiny fee and a miner would pick it up. That's why bitcoins were great. Right now we're kind of stuck until UASF comes into play.

But what are the chances of UASF actually working because as far as I know its pretty much a useless effort unless the major exchanges adopt it and they won't risk their business over bitcoin politics.

[iamTom123]

As designed and envisioned by the great man named Satoshi Nakamoto, Bitcoin would accommodate all types of transactions from small to big. Now, what is happening right now is that Bitcoin has a scaling problem and there is a continuing discussions on how to solve this backlog. Because of many vested interests surrounding the issue, it is taking time for the solutions to arrive on our door.

However, by the time there can be an apt solutions then we can be sure that Bitcoin can be able to handle all transactions with flying colors. It is all because Bitcoin should be the answer to transfer problems when we use the banking system. Bitcoin is inclusive.

[groko271]

its the slow transaction speeds that is kill'n me not the fee's.... I remember when minutes used to feel like ages grrrrr

[noictib]

What you think ?

as prices of bitcoin raises up, the ability to do minimum fees transaction also goes up



what you think, how could it be solved?

I THINk people will use other currencies for small transitions, and bitcoin for main balance

Agree with you , I am doing the same thing from one month , because my day trading earnings changed into transaction fee .
So when I need to pay the Bitcoin to anyone then I made charge for the transaction from his balance due to this reason my many clients gone .
So here I get a solution of transfer Bitcoin from one exchange to another ( only for exchange) usually I bought the active altcoin and then send to the receiver address and then he sell his altcoin to get Bitcoin , this is so cool idea for me for the transfer of Bitcoin from one exchange to another .
But still P2P transaction are costly , so In my opinion the blockchain needed to improve his network and also they need to extend the size of one block , so that we can confirm our transaction with low fee .

[nasipadang]

What you think ?

as prices of bitcoin raises up, the ability to do minimum fees transaction also goes up



what you think, how could it be solved?

I THINk people will use other currencies for small transitions, and bitcoin for main balance

There are already many who switch from bitcoin to altcoin like eth and doge for transactions, also for large transactions many that use eth because bitcoin fee is quite expensive, and despite using the expensive fee of transaction a confirmation also sometimes takes a long time