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Author Topic: Linking fees to fiat?  (Read 991 times)
Thekool1s
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December 02, 2017, 09:22:28 AM
 #21

How can we reach a consensus that's the big question here. How to make awareness among users that not to send the recommended fees by the clients they are using. Also those who want fast confirmations, also shouldn't send more than let's say 0.50 dollars per transaction. It's a matter of spreading the word i think and sticking to it.

What's the best way to do this? Signature campaigns? Contact clients and make them set the default fees to 0.05 cents and so on. Sounds too much work for me but i will think of something..

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December 04, 2017, 06:57:43 AM
 #22

At this time, I bet it won't happen even if you got backed up by the media.

Money drives the world and will still be. Look at the Markets, fiat or Cryptos, they will be the same as always, and the price will make the transaction fees wilder than ever. Bitcoin is Decentralized and you can't do much about it.

At least spreading the word in this forum can make a change in the future when people had realized what they are into.

As for the OP, linking the fees to fiat directly is a terrible idea. However, there are clients that are acting as exchange and wallets that may set the payment for transaction in fiat even though the addresses are holding btc the whole time.
that's all.

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December 04, 2017, 09:41:42 AM
 #23

How can we reach a consensus that's the big question here. How to make awareness among users that not to send the recommended fees by the clients they are using.

The only thing we can do is to spread the word. Every time there is a temporary surge in transaction fees there are dozens of threads on this forum and plenty of people complaining in chat rooms. That's a good opportunity to educate people how it all works.

I believe that in the long term the free market will come to a solution. For example, I recently wanted to move some coin from one exchange to another and found it was cheaper to exchange into LTC for the transfer and exchange back to BTC when it got there. That was one less Tx in the mempool, the more people making those sort of decisions the bigger the impact. Also, high fees incentivise the technical advancements. It will speed up adoption of Segwit and off-chain transactions in the future. Ligtning Network may seem to be a long way in the future but high fees give an added incentive to get there quicker.

Thekool1s
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December 04, 2017, 10:05:20 AM
 #24

Quote
The only thing we can do is to spread the word. Every time there is a temporary surge in transaction fees there are dozens of threads on this forum and plenty of people complaining in chat rooms. That's a good opportunity to educate people how it all works.

This seems like a good starting point and we can go from there. A more fast approach will be to contact the different wallet developers and ask them to make the move. Set the recommended fee to '0.05 Cents' per transaction. I know this will only increase the on chain transactions but Eventually the memory pool will clear out and a new standard will be set. Same can be done for priority transactions and set the 'fastest fee' to 0.50 cents. Don't know how many developers will be willing to do this.

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marky89
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December 04, 2017, 10:18:20 AM
 #25

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The only thing we can do is to spread the word. Every time there is a temporary surge in transaction fees there are dozens of threads on this forum and plenty of people complaining in chat rooms. That's a good opportunity to educate people how it all works.

This seems like a good starting point and we can go from there. A more fast approach will be to contact the different wallet developers and ask them to make the move. Set the recommended fee to '0.05 Cents' per transaction. I know this will only increase the on chain transactions but Eventually the memory pool will clear out and a new standard will be set. Same can be done for priority transactions and set the 'fastest fee' to 0.50 cents. Don't know how many developers will be willing to do this.

It makes no sense to associate fees with fiat value. There's no decentralized way to link fees to fiat; it would require centralized coordination every step of the way. Bitcoin is meant to function via incentives through its native currency. Fiat should be irrelevant.

Fees are denominated in BTC, and Bitcoin's deflationary supply means that transaction fees will rise (as denominated in BTC) over time to replace the block subsidy. I'm actually annoyed that Blockchain.info shows $ value by default rather than BTC value. If you expect the price of BTC to rise, then you better get used to the cost of fees rising too. Block space is a valuable and scarce resource, so it's priced accordingly.
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December 04, 2017, 12:04:47 PM
 #26

Why would you want to link fees to any other currency? It doesn't make sense. That would be the same as linking Bitcoin fees to Monero.

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December 04, 2017, 03:55:39 PM
 #27

If you expect the price of BTC to rise, then you better get used to the cost of fees rising too.
When there's a change you should adopt to it or you will remain in the race. That is what the miner is supposed to be, when in scarcity they tend to raise their price.

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Block space is a valuable and scarce resource, so it's priced accordingly.
Yeah, this is the main reason why fees are so high because of a limited space of block size for every transactions. Bitcoin Cash did maximize their block size to 8MB and has a small fees.
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December 04, 2017, 04:04:31 PM
 #28

The idea would be helpful for people who are transacting small amounts bitcoins but not for those who are making huge transactions since if I understand your idea right, the fee would be prorated to the amount of transaction I think my vote would go to just have a fix amount. People are complaining huge fee their wallets have most of the time like my wallet the minimal fee is 0.002btc which is really uncomfortable.
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