|
|
|
denzkilim
|
 |
December 13, 2017, 01:34:48 AM |
|
Yeah it's getting expensive specially the fees on the exchanges/markets and the fees of the online wallet on our country. 100k to more than 100k satoshi's is expensive during this days where bitcoin price is too high. But I don't think it will be its downfall  |
|
|
|
|
|
no0dlepunk
|
|
December 13, 2017, 01:38:09 AM |
|
Many people have been talking about the fees getting higher and higher.
Do you think the fees are too expensive?
Yes, it could be... I have read an update from coins.ph that they will soon offer a bitcoin-cash exchange to peso, I assume that BCH blockchain will solve my transaction fees from my local online wallet whenever I want to send money to my poloniex. BTC fees are too damn high right now. |
|
|
|
|
ShortCoins (OP)
Newbie
 Offline
Activity: 14
Merit: 0
|
|
December 13, 2017, 01:51:17 AM
Last edit: December 13, 2017, 02:09:03 AM by ShortCoins |
|
A lot of people are saying that bitcoin is becoming less of a currency and more of a storage of value. I think the fees reflect this.
Fees go toward:
A. Miners
B. Exchanges (like coinbase)
It appears that the fees for A. Miners will continue to rise. Since the coins will become very costly to produce.
|
|
|
|
|
ShortCoins (OP)
Newbie
Offline
Activity: 14
Merit: 0
|
|
December 13, 2017, 02:17:24 AM |
|
Since there are so many threads on Bitcoin Fees right now, I put together a list on the first post for easier access I tried to pick threads that cover different topics so there isn't too much redundancy  * if anyone else wants to add a valuable thread to the list let me know. especially if it covers the solution side of the topic! |
|
|
|
|
WhichIsGood
Member
Offline
Activity: 112
Merit: 10
Young, Dumb & Broke
|
|
December 13, 2017, 02:18:26 AM |
|
This is definitely one of the many problems Bitcoin is having right now. Fees are becoming excessively high especially for small time investors. But I don't think that this problem alone will be the cause of bitcoin's downfall. Perhaps it would affect transaction volumes, but since people dig the way bitcoin is skyrocketing in value, they will still continue to use bitcoin.
|
|
|
|
ShortCoins (OP)
Newbie
Offline
Activity: 14
Merit: 0
|
|
December 13, 2017, 02:28:58 AM |
|
I agree the fees are getting too high for smaller size investments, which is unfortunate. It is changing the way people use and think about bitcoin
|
|
|
|
|
|
snipetr
|
|
December 13, 2017, 02:29:52 AM |
|
Yes, fee's offered for bitcoin transactions are much high. And due to high fee's people use bitcoin hold rather than currency for exchange. We see bitcoin will be futures digital currency but as a currency it has a problem with transaction fees. Due high fees people prefer to hold bitcoin and use it as investment. Also many times they wait for higher price to spend it. |
|
|
|
|
|
0t3p0t
|
|
December 13, 2017, 02:30:34 AM |
|
Yes and that is no doubt. Transaction fee is way more expensive than taxes and that is a big deal to most day traders and most especially to those who are using Bitcoin as payment just like in signature campaigns or even those who use it as for tipping. Since we spend more on transaction fee than the amount we are going to send to anybody. But still Bitcoin is a good long term investment for me. That is why Altcoins like Litecoin skyrocket due to it's lower fees. This is actually based only on my own observation so whatever really is the reason of it's downfall Bitcoin will still remain the king. |
|
|
|
brotherwood12
Member
Offline
Activity: 686
Merit: 30
|
|
December 13, 2017, 03:00:29 AM |
|
yes it too high , but the fee get higher because bitcoin is rising and the problem is for people who have micro transaction on bitcoin . and for downfall i think not
people who make this bitcoin higher think the fee just little thing for him
i think that.
|
|
|
|
|
ShortCoins (OP)
Newbie
Offline
Activity: 14
Merit: 0
|
|
December 13, 2017, 03:11:59 AM |
|
yes it too high , but the fee get higher because bitcoin is rising and the problem is for people who have micro transaction on bitcoin I agree. Say you have $100,000 in bitcoin a $35 fee is very minimal Say you have $1000 in bitcoin a $35 fee is 3.5% of your money Say you have $100 in bitcoin a $35 fee is 35% of your money!! It doesn't make sense to buy small amounts of bitcoin at a time, because the fee is so absurd. It is sad because it will ruin things like online tipping Which is a really cool concept  |
|
|
|
|
|
jtipt
|
|
December 13, 2017, 03:15:56 AM |
|
It is already causing its downfall, not as an investment option but as an currency it is already failing miserably. Is it really acceptable to pay $13 fee for an average transaction? But the actually the fees won't affect the investment nature of BTC as long as BTC keeps with its price people are going to buy it, hold it, and trade it.
|
|
|
|
|
nc50lc
Legendary
Offline
Activity: 2632
Merit: 6512
Self-proclaimed Genius
|
|
December 13, 2017, 03:32:43 AM |
|
Voted for Yes, it's inevitable to fail as a currency with the current fees.
These transaction acceleration services are giving me an impression that is is being used as a workaround for them (miners) to choose transactions leaving the mimimum fee transactions unconfirmed for days.
|
|
|
|
ShortCoins (OP)
Newbie
Offline
Activity: 14
Merit: 0
|
|
December 13, 2017, 03:45:44 AM |
|
it's inevitable to fail as a currency with the current fees. I agree. With the fees this high already, it is very scary how high they might get. |
|
|
|
|
danherbias07
Legendary
Offline
Activity: 3346
Merit: 1134
Leading Crypto Sports Betting & Casino Platform
|
|
December 13, 2017, 03:58:54 AM |
|
I see a lot of answers are yes and it seems like they are new people here.
Look, this happened before and I am getting used to it but it will be fixed after a month or two.
Why I say it will be fixed?
With this high tx fee those who are spamming small transactions will be stopped. Hence, it will give time to miners to complete all of the heavy traffic that happened there.
Who is it to blame for all this problem? Us.
You want BCH or another coin to solve the problem? No! It will also happen to them once it gets populated.
|
| ..Stake.com.. | | | ▄████████████████████████████████████▄
██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄
██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████
██ ██████████ ██ ██ ██████████ ██ ▀██▀
██ ██ ██ ██████ ██ ██ ██ ██ ██
██ ██████ ██ █████ ███ ██████ ██ ████▄ ██
██ █████ ███ ████ ████ █████ ███ ████████
██ ████ ████ ██████████ ████ ████ ████▀
██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██
██ ▀▀▀▀▀▀▀▀▀▀ ██
▀█████████▀ ▄████████████▄ ▀█████████▀
▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄
██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄
█ ▄▀▄ █▀▀█▀▄▄
█ █▀█ █ ▐ ▐▌
█ ▄██▄ █ ▌ █
█ ▄██████▄ █ ▌ ▐▌
█ ██████████ █ ▐ █
█ ▐██████████▌ █ ▐ ▐▌
█ ▀▀██████▀▀ █ ▌ █
█ ▄▄▄██▄▄▄ █ ▌▐▌
█ █▐ █
█ █▐▐▌
█ █▐█
▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄
▄██▀▀▀▀█████▀▀▀▀██▄
▄█▀ ▐█▌ ▀█▄
██ ▐█▌ ██
████▄ ▄█████▄ ▄████
████████▄███████████▄████████
███▀ █████████████ ▀███
██ ███████████ ██
▀█▄ █████████ ▄█▀
▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀
▀███████ ███████▀
▀█████▄ ▄█████▀
▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
|
|
|
ShortCoins (OP)
Newbie
Offline
Activity: 14
Merit: 0
|
|
December 13, 2017, 04:02:21 AM |
|
if more people use SegWit and LN which will be ready in few months, this problem will be solved SegWit helps out a bit. But isn't it still very expensive? Around $20 at the moment to send with SegWit? Look, this happened before and I am getting used to it but it will be fixed after a month or two. Actually mining fees are only going to get more and more expensive. That means fees overall will continue to rise unless bitcoin falls in price |
|
|
|
|
reingelz09
Member
Offline
Activity: 78
Merit: 10
|
|
December 13, 2017, 04:16:43 AM |
|
I think it will not cause a downfall of bitcoins, Bitcoin exchange sites adjust its fee in accordance with the flow of bitcoins. When bitcoins strikes then they have to. That's their business.
|
|
|
|
|
|
kevoh
|
|
December 13, 2017, 04:24:14 AM
Last edit: December 13, 2017, 04:36:42 AM by kevoh |
|
Lightning transaction is a possible solution to prevent this downfall. The implementation of lightning network will therefore mean miners have lesser transactions to process.
|
|
|
|
|
ShortCoins (OP)
Newbie
Offline
Activity: 14
Merit: 0
|
|
December 13, 2017, 04:30:56 AM |
|
Voted for Yes, it's inevitable to fail as a currency with the current fees. I think it will fail as a currency as well. It is more of an investment at this point. And starting to be for only the wealthy because of fees Lightning transaction is the solution Even if the Lightning Network can provide instant transactions, won't the costs still be very high? As the price of bitcoin goes up so do the fees |
|
|
|
|
|
lighpulsar07
|
|
December 13, 2017, 04:38:07 AM |
|
I voted yes (somehow i misclicked and voted no) high transaction fees could be cause of downfall of bitcoin if the devs left it unchecked but currently, the devs are working on the lightning network and they've been successfully tested on main network just read the news and this will be implemented on the network in few months time and see how LN works out but if Segwit+LN couldn't handle the huge transactions and high transaction fees still exists, the only last option is increase the block size.
|
|
|
|
|
|
Poll
