Bitcoin transaction fees..

[megynacuna]

Hi, Do you think is tehre any interest to reduce the transaction fees for bitcoin? Many alts are focusing on speed and low fees while bitcoin has made little effort.

There are a lot of BIP or Bitcoin Improvement Proposals about this and as you can see, some of them are being turned down and not supported. I guess it will take time before this problem is done.

Yes and we await for those times because i think there could be a better way of resolving this than a hard fork  and we need such workable and practical solutions with optimum security that can guarantee the bitcoin ecosystem safety and security of their bitcoins.

[Golubhargava]

Hi, Do you think is tehre any interest to reduce the transaction fees for bitcoin? Many alts are focusing on speed and low fees while bitcoin has made little effort.

There are a lot of BIP or Bitcoin Improvement Proposals about this and as you can see, some of them are being turned down and not supported. I guess it will take time before this problem is done.

Bip as u Can see some of them are being turned down or not supported

[micheal wang]

Transactions with bitcoin are easier than credit cards or debit cards, and can be accepted without a seller account, which makes a lot of people transact, but they are not legal in some places so we have to reduce those transactions to avoid them, things that are not in want.

[kirti rana]

Bitcoin Transaction fees are required. They should pay attention to small things

[orkoso]

Bitcoin does need to take some steps to reduce the cost of transfers, and as prices rise, the high cost of transferring money has clearly hindered the flow of bitcoin.

Sometimes I find good opportunities and miss them because the transaction fees would be too high

[Esmeral]

The fact is that the current bitcoin transaction fee is very high. There is a solution for BitCoin that is segwit, segwit2x to be able to improve transaction speed and reduce transaction costs.

[squatter]

Hi, Do you think is tehre any interest to reduce the transaction fees for bitcoin? Many alts are focusing on speed and low fees while bitcoin has made little effort.

Sure there is. The primary purpose of Segwit was to address transaction malleability in Bitcoin. Eliminating unreliable transaction IDs was necessary to implement the Lightning Network (at least based on how current LN code is written).

The Lightning Network will leverage a network of payment channels to enable much cheaper, off-chain transactions. Basically, users will open channels with one another and with merchants/services/exchanges, creating a network. Each participant in this network locks some BTC into a special multi-sig address, which allows them to spend BTC within the Lightning Network. Whatever they spend off-chain in the LN will count against the BTC they've locked on-chain.

Since LN transactions don't require on-chain confirmation, they can have much lower costs (propagation, bandwidth).

[bhasma]

The fact is that because of fees bitcoin is loosing slowly the purpose to serve the economy. I mean who is willing to pay a coffee, a lunch or even a watch in btc if they have to pay a ridiculous amount of fees? Today, almost every BTC transaction is > than 0.1. Just look at the average transaction over the years and you will realize how btc is becoming only a speculation tool. I think this could be a major issue in the future: as for today BTC just cant compete with the traditional banking system for small transactions.

I see 2 main factors which could decrease the btc value over time and remove people interest: 1)the security (this is not an issue at least until now) 2) inappropriate fees (this is becoming a real concern)

[sunsilk]

Hi, Do you think is tehre any interest to reduce the transaction fees for bitcoin? Many alts are focusing on speed and low fees while bitcoin has made little effort.

Can't you still feel the reduced fee? I know why you can't it's because the price of bitcoin is totally high now and before we don't care if the fee is 0.0001BTC - 0.001BTC when the price is still 3 digits.

But now we feel the pain when we are converting the fee to dollars. I personally can say that the fees now are good and very low compare when there is an attack to the network.

Everything seems to be good now and you can even pay 10 sats/b and gets confirmed within the day or two. Just don't look at the conversion, look at it per sats or with mbtc.

[honeyb0y]

Hi, Do you think is tehre any interest to reduce the transaction fees for bitcoin? Many alts are focusing on speed and low fees while bitcoin has made little effort.

I don't think that there is an increase in the transaction fees. You can still do a  transaction of 30 satoshi per byte but it looks more expensive now because 30 satoshi has more value today than before. Try looking into the transaction fee in bitcoin currency not in your fiat.

[hilda483]

Hi, Do you think is tehre any interest to reduce the transaction fees for bitcoin? Many alts are focusing on speed and low fees while bitcoin has made little effort.

Can't you still feel the reduced fee? I know why you can't it's because the price of bitcoin is totally high now and before we don't care if the fee is 0.0001BTC - 0.001BTC when the price is still 3 digits.

But now we feel the pain when we are converting the fee to dollars. I personally can say that the fees now are good and very low compare when there is an attack to the network.

Everything seems to be good now and you can even pay 10 sats/b and gets confirmed within the day or two. Just don't look at the conversion, look at it per sats or with mbtc.

It takes 5$ to send 25$, is this a low fee to you? Bitcoin is a store of value and nothing else, using it for purchases or other things it's pointless.

[teilwalL05]

The fact is that because of fees bitcoin is loosing slowly the purpose to serve the economy. I mean who is willing to pay a coffee, a lunch or even a watch in btc if they have to pay a ridiculous amount of fees? Today, almost every BTC transaction is > than 0.1. Just look at the average transaction over the years and you will realize how btc is becoming only a speculation tool. I think this could be a major issue in the future: as for today BTC just cant compete with the traditional banking system for small transactions.

I see 2 main factors which could decrease the btc value over time and remove people interest: 1)the security (this is not an issue at least until now) 2) inappropriate fees (this is becoming a real concern)

What kind of exchange do you have that has 0.1 greater fee? Well if that is the problem in your side I really think there is a reason behind it, because in my side I have no problem with the transaction fee, it may increase because of the value of bitcoin but it is not increasing base on fiat value, miners might increase the transaction fee but it is because they are just going with the flow on the pump of bitcoin.

[mikeey89]

This is quite interesting! If Bitcoin lowered the fees and improved the speed, all bitcoin copies would die very fast.

[n4poleon]

Segwit is already available which in play reduces fees, but this companies running on top of bitcoin blockchain seems not interested of implementing it, or hesitant, or lacks technical knowledge to implement it. Actually, you can tweek your transaction fee, but web wallets does not.let you do that. Try other wallets. With mycelium I've tried sending about 20$ with less than 1$ fee and got confirmed withn an hour and you can actually go lower than that.

[onifla]

Hi, Do you think is tehre any interest to reduce the transaction fees for bitcoin? Many alts are focusing on speed and low fees while bitcoin has made little effort.

the transaction fees are included with your bitcoin transaction in order to have your transaction processed by a miner and confirmed by the Bitcoin network. The space available for transactions in a block is currently artificially limited to 1 MB. This means that to get your transaction processed quickly you will have to outbid other users.

[rathaha10]

Hi, Do you think is tehre any interest to reduce the transaction fees for bitcoin? Many alts are focusing on speed and low fees while bitcoin has made little effort.

Can't you still feel the reduced fee? I know why you can't it's because the price of bitcoin is totally high now and before we don't care if the fee is 0.0001BTC - 0.001BTC when the price is still 3 digits.

But now we feel the pain when we are converting the fee to dollars. I personally can say that the fees now are good and very low compare when there is an attack to the network.

Everything seems to be good now and you can even pay 10 sats/b and gets confirmed within the day or two. Just don't look at the conversion, look at it per sats or with mbtc.

It takes 5$ to send 25$, is this a low fee to you? Bitcoin is a store of value and nothing else, using it for purchases or other things it's pointless.

I remember when i bought a game for steam just 1.50 euro, and the fees costed me 4 euro. You can actually see that the fees are really high. Some people are saying that the fees are not that high. Is this normal than ? Buying a game while the fees are higher than nearly everything.

[HippiePyro]

I hope something is done to reduce the fees even further because as of right now it is still not an affordable day today case use. Even with the current improvements the fees are still too high and this is unacceptable.

[Harrisonimo]

Hi, Do you think is tehre any interest to reduce the transaction fees for bitcoin? Many alts are focusing on speed and low fees while bitcoin has made little effort.

Transaction fees have been killing in mist transactions made. By the time you eventually have the Cryptocurrency converted to your fiats, what you receive has been short changed with almost 30% deducted. It is quite an area that needs to be looked into for adjustments. I did here of someone that paid as high as 30$ as transaction fee for a 100$ payment! Quite outrageous! There are also sites up now used to speeden transaction processes and definitely with their own charges.

[orkoso]

Hi, Do you think is tehre any interest to reduce the transaction fees for bitcoin? Many alts are focusing on speed and low fees while bitcoin has made little effort.

Actually there is no way to reduce the transfer fee, but there are a few tips that everyone knows. In particular, you should follow unapproved transactions before making a transfer, and it would be better if you set a price accordingly.

Is there any tool that can provide statistics to set a fee, like the gas station tool for ethereum?

[roddy5]

Hi, Do you think is tehre any interest to reduce the transaction fees for bitcoin? Many alts are focusing on speed and low fees while bitcoin has made little effort.

Actually there is no way to reduce the transfer fee, but there are a few tips that everyone knows. In particular, you should follow unapproved transactions before making a transfer, and it would be better if you set a price accordingly.

Is there any tool that can provide statistics to set a fee, like the gas station tool for ethereum?

You can visit this website before sending a transaction to know if what is the best fee to use during that time.