☠☠☠ Will High Transaction Fees Be The Downfall Of Bitcoin? ☠☠☠

[ShortCoins]

Many people have been talking about the fees getting higher

Lets Vote. Do you think the fees are too expensive?



These are current threads discussing bitcoin fees if anyone wants to read a bit on the topic:

✨ Bitcoin Fees
https://bitcointalk.org/index.php?topic=2572989.0

✨ How High Will Bitcoin Fees Get?
https://bitcointalk.org/index.php?topic=2569523.0

✨ Gavin Anderson's Warning: Transaction Fee Crisis
https://bitcointalk.org/index.php?topic=2567344.0

✨ Bitcoin Fees Are Outrageous
https://bitcointalk.org/index.php?topic=2564843.60

✨ Bitcoin Will Be Used By The Wealthy To Move Large Amounts Of Money
https://bitcointalk.org/index.php?topic=2401716.0

✨ Segwit and Other Solutions To High Fees
https://bitcointalk.org/index.php?topic=2561295.0

✨ Is It Possible To Transfer Without Fees?
https://bitcointalk.org/index.php?topic=2510956.0






***Please Vote in the Poll***

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[denzkilim]

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]

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]

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]

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]

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]

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]

Many people have been talking about the fees getting higher and higher.

Lets Vote. Do you think the fees are too expensive?



These are current threads discussing bitcoin fees if anyone wants to read a bit on the topic:

✨ Bitcoin Fees
https://bitcointalk.org/index.php?topic=2572989.0

✨ How High Will Bitcoin Fees Get?
https://bitcointalk.org/index.php?topic=2569523.0

✨ Gavin Anderson's Warning: Transaction Fee Crisis
https://bitcointalk.org/index.php?topic=2567344.0

✨ Bitcoin Fees Are Outrageous
https://bitcointalk.org/index.php?topic=2564843.60

✨ Bitcoin Will Be Used By The Wealthy To Move Large Amounts Of Money
https://bitcointalk.org/index.php?topic=2401716.0

✨ Segwit and Other Solutions To High Fees
https://bitcointalk.org/index.php?topic=2561295.0

✨ Is It Possible To Transfer Without Fees?
https://bitcointalk.org/index.php?topic=2510956.0






***Please Vote in the Poll***

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]

Many people have been talking about the fees getting higher and higher.

Lets Vote. Do you think the fees are too expensive?



These are current threads discussing bitcoin fees if anyone wants to read a bit on the topic:

✨ Bitcoin Fees
https://bitcointalk.org/index.php?topic=2572989.0

✨ How High Will Bitcoin Fees Get?
https://bitcointalk.org/index.php?topic=2569523.0

✨ Gavin Anderson's Warning: Transaction Fee Crisis
https://bitcointalk.org/index.php?topic=2567344.0

✨ Bitcoin Fees Are Outrageous
https://bitcointalk.org/index.php?topic=2564843.60

✨ Bitcoin Will Be Used By The Wealthy To Move Large Amounts Of Money
https://bitcointalk.org/index.php?topic=2401716.0

✨ Segwit and Other Solutions To High Fees
https://bitcointalk.org/index.php?topic=2561295.0

✨ Is It Possible To Transfer Without Fees?
https://bitcointalk.org/index.php?topic=2510956.0






***Please Vote in the Poll***

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]

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]

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]

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]

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]

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]

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.

[ShortCoins]

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]

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]

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]

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]

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.

[SONG GEET]

I am now shifting my address to segwit address (supported in electrum) so that I can save on fees but have no idea how it will work out.

I have kept almost all of my bitcoin in poloniex so that I can send bitcoin with just 10,000 satoshi fee as they still process btc withdrawals with very low fee.  

[Dapper]

The fees are market driven.   It's like saying is business class too expensive (when it's often 3 times the price of economy class on many flights)?   Of course not, because it is the market price.   The price will come down IF the volume/usage comes down.   

[bakerlisa510]

Right now there will not be much problem in transaction fees because miners are getting coins through mining but once all the coins are finished then the transaction fees will be very high, high enough to people to avoid transaction.

[8270thNinja]

Possible, There will be no active merchant if the Transaction fee is too high and waiting for the confirmation of transaction is too long. It is, It could be the reason of downfall and I think Developers knows what to do on that problem and they will surely give appropriate solutions on that part ,as of now we must trust them and wait for the future developments of Bitcoin, Bitcoin is still on progress and upgrade is really needed to fully utilize Bitcoin and call it a stable cryptocurrency.

[Layonk]

If we talk about fee of bitcoin recently, it is very high.
If this continue, i think it can give negative effect to bitcoin existisme itself.

[ronremsey25]

They are rising the transaction fee so that they can adopted to the rising of the price of Bitcoin. Because when the value of Bitcoin is too high and the transaction is low, many people will withdraw or send immediately and that will be the lost of the trading companies. They might lose their funds and turn to bankrupt.

[olubams]

Its very expensive really that one need to pay $14 for a $134 transaction is surely on the high side which have deviated completely from the bitcoin we knew at some point where with few dollars or even cents, you can get the transaction done in due time. But I don't see it being the cause of the downfall of bitcoin because to me, bitcoin has grown to a point where the disadvantages is being overlooked by many by focusing on the positive sides hoping that things will get better.

[jekjekman]

Taking into consideration the fact that the Bitcoin has the most transaction traffic per day among the cryptocurrencies, servicing a huge amount of transactions will cause congestions to miners in the network and that's still the big problem of Bitcoin as of this time.

The sole purpose of the Segwit2x and Lightning Network proposals is good in lowering the tx's fees but it didn't get through because of the consensus that also didn't met and nothing we can't do about it as of the moment but to trust the Bitcoin developers to find a much more better way for the betterment of Bitcoin itself.

[Swenna]

Transaction fees are increasing because of the surge in bitcoin. It's already expected, plus, the it is more difficult now to mine bitcoin than before. However, most of the transaction fees also depends on what trading platform you use. As of the moment, I a using coinut because of its low transaction fees. Last time I transact, I paid a fee of 0.0001 which is quite low compared to other trading platforms and bitcoin market.

[ludlow47359]

Transaction fees are increasing because of the surge in bitcoin. It's already expected, plus, the it is more difficult now to mine bitcoin than before. However, most of the transaction fees also depends on what trading platform you use. As of the moment, I a using coinut because of its low transaction fees. Last time I transact, I paid a fee of 0.0001 which is quite low compared to other trading platforms and bitcoin market.

Re: Platform. I've been wondering about that. I have a wallet on blockchain.info and usually spend about $2 ($4.00 if I want it sent "express") in fees for transactions less than $200.
I recently opened an account on Coinbase and it cost me $15.60 to send $200 worth of BTC, and several hours later it still has not processed.

Is it a difficulty factor or is Coinable ripping me off?

At this rate it's really not worth it to use BTC for casual day to day use.

[_noname_]

It is as of now causing its destruction, not as a speculation choice but rather as a cash it is as of now flopping wretchedly. Is it extremely worthy to pay $13 expense for a normal exchange? In any case, the really the charges won't influence the speculation idea of BTC as long as BTC keeps with its value individuals will get it, hold it, and exchange it

[hypersonic1]

We need to find a way to deal with this. I'm surprised honestly that it is such a large issue. I just wonder if there is a way without causing drama between mining factions. What if someone made a deal with a poorer country and placed a large mining farm in their country and helped pull them out of a downturn with it.

[Pursuer]

I voted yes but I should explain that it will only have negative effects in the long run. so far the high fee periods never lasted that long, they were mostly because of spam attacks so far. I don't know how much of the current backlog is real, I assume a huge part of it is real though. in which case it will last a lot longer than previous times.

and the reason I voted yes is that because I do believe that the main reason why bitcoin is rising and is being adopted and has all the potential to reach $10k, $50k, $500k, $1 mil,... is because it is a currency. and having high fees like this will eventually kill that part. meaning it will no longer be able to perform as a currency and if that happens, it will be the end of bitcoin. there will be no more potential to rise. there is no reason to buy bitcoin anymore!

[mayidid]

The fees right now may be the thing that holds Bitcoin back as a mainstream coin for use as a currency. I think in the future, this is the reason that Bitcoin may only be used for large transactions and for a store of value. It's possible that small transactions are going to be done with altcoins in the future rather than Bitcoins because the fees may be smaller.

[MisterPrada]

Not really. Bitcoin usage constitutes a very low percentage of the cryptocurrency’s transaction volumes.

[farhaan]

No.it will not lead to the downfall of bitcoin.If bitcoin had been still considered and used only as a currency,most o users would have switched to other altcoins.But now,bitcoin is mostly considered as a digital asset and also,its price is continuously increasing.So,most of the users still continue to use bitcoins and don't give priority to high fee issue.However,very soon when lightning network would get activated,transaction fee would get reduced more.

[ASHLIUSZ]

No.it will not lead to the downfall of bitcoin.

When the price increases, surely to some extent the transaction fee to will increase. Here people find this to be an issue, but we're in an state to think of the miners as well. What we pay makes an earning to the miner, who were the back bone to the entire operational technology. In this regard it won't let the bitcoin fall down in value.

[Arngrim]

The people are getting restless about it.
It could be the reason it will fall down.
If there is nothing that will be done then holders might also go to another coin while the value of bitcoin is still high.
I dont like it but how can we all transact if this is what is happening. What are we? Just all holders?

[Freddy Mercury]

No, it will lead to future innovations.

[BossMacko]

Lightning transaction is a possible solution to prevent this downfall. The implementation of lightning network will therefore mean miners have lesser transactions to process.

Its been the problem of Bitcoin ever since the slow transaction and the high fees that is the reason why there are hard forks. The forks target is to reduce the transaction fee and make the transaction faster but every hard fork fails that, eventually hard forks are being used to make money only not to fix the problem of the current Bitcoin. So as for the High transaction fee yes it might become the downfall of Bitcoin, because it is useless that the price is high if the payment will be half or more than the Bitcoin you are trying to withdraw or deposit.

[pushups44]

Of course the fees are too high and need to be brought down! High fees ruin user experience and deter people from adopting a medium of exchange. Even as a store of value, bitcoin will need reasonable fees to attract the common people.

[Vannie12]

You are saying that with high fees people may stop using bitcoins that will cause it's downfall? If I am not mistaken. At a point, I think it could be one of the factors but merely not because it's not just a one group or one country user. Yes fees are high but I think that is how everything goes with the flow to achieve a homeostasis or balance.
Bitcoins is about to be a global currency, and prices will go extremely high and that high value gives big amount of income to every users.
If I may give an example, you cannot enjoy a luxurious hotel without expensive charges. It's like you pay for a maintenance and service crews to keep your experience worthwhile.  

[ShortCoins]

High fees and unsustainable growth in price are the biggest problems Bitcoin has right now in my opinion

The fees are so massive now that the small investor is getting squeezed out

[ihsanskanzaone]

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.

If the transaction price is too high it will affect the number of bitcoin users to make transactions every day, they will tend to exchange them first to the new fiat money used for the transaction. Imagine if you have a big cost to buy coffee, I think it's excessive and will have an impact on bitcoin prices.

[mevmike]

as of now for me the fee is just tolerable.
but if it continues to go up as the bitcoin price goes up.
then i think there is a great possibility that there are people who will lose interest with bitcoin.
especially those who are newcomers and earning a small amount only.

[ShortCoins]

especially those who are newcomers and earning a small amount only

Great point. High transaction fees are going to ruin things like online tipping, faucets, signature campaigns, and other small BTC transactions

[Swenna]

Transaction fees are increasing because of the surge in bitcoin. It's already expected, plus, the it is more difficult now to mine bitcoin than before. However, most of the transaction fees also depends on what trading platform you use. As of the moment, I a using coinut because of its low transaction fees. Last time I transact, I paid a fee of 0.0001 which is quite low compared to other trading platforms and bitcoin market.

Re: Platform. I've been wondering about that. I have a wallet on blockchain.info and usually spend about $2 ($4.00 if I want it sent "express") in fees for transactions less than $200.
I recently opened an account on Coinbase and it cost me $15.60 to send $200 worth of BTC, and several hours later it still has not processed.

Is it a difficulty factor or is Coinable ripping me off?

At this rate it's really not worth it to use BTC for casual day to day use.

Wow. That is a lot. I mean, the transaction fee is quite high. I have an account in Coinbase, too, and I must say that their transaction fee is really quite high that's why I don't use it too often. As for your question, it could be both. Transaction nowadays is quite difficult that;s why in order for miners and for trading sites to gain profit, they must increase the fees. Anyway, that 0.0001 btc fee I used in coinut, that was the amount I spend for sending an amount of $150.

[ShortCoins]

I don't think coinbase will remain the most popular exchange if their fees stay this higher or get worse

I was very surprised to learn coinbase is the number one downloaded app now

[barontamago]

Yes. There is a possibility but I think people could make a way to evade the fees or the developers could lessen it.

[Markzuckertion]

 I think no, the high fee only make the poor lose their interest in bitcoin. But the investor will don't care about it, they only care about the price, if the price keep rise they will keep invest their money in bitcoin. The high fee will not make bitcoin fall.

[ShortCoins]

the high fee only make the poor lose their interest in bitcoin

The sad part is that a large majority of bitcoin investors are "poor". Bitcoin fees are a scam against the lower class

[ShortCoins]

I agree that it has elements that are similar to a Pyramid Scheme.

Even if the poor are still profiting after fees on bitcoin, they are effectively still losing because the rich are increasing their profits by a much larger percentage. The reason the rich can increase their profits by a greater ROI is because the fee is a smaller % of their overall investment.

[crazycatwoman03]

No.it will not lead to the downfall of bitcoin.If bitcoin had been still considered and used only as a currency,most o users would have switched to other altcoins.But now,bitcoin is mostly considered as a digital asset and also,its price is continuously increasing.So,most of the users still continue to use bitcoins and don't give priority to high fee issue.However,very soon when lightning network would get activated,transaction fee would get reduced more.

True, as long as many people are using and buying bitcoin around the world, bitcoin will not fall. Bitcoin have been a good asset and investment for a long time and when its price start rising and reaching a high price value again, it became the most popular asset and a much better investment than fiat. Many commercial enterprises are interested in integrating digital currency as a payment and of course bitcoin will be the coin on top of the choices. With that, many people will become more interested with bitcoin and I also think that no matter what the price of the fees are, people will still do trading and and will use bitcoin.

As the price increases, the attraction and interest for bitcoin also increases. The downfall of bitcoin is very impossible at this rate because bitcoin will continue to advance and this will result to more uses of bitcoin.

[ShortCoins]

Bitcoin STARTED off as a currency

Since it has failed as a currency due to high fees, scalability, and wait times we have FORCED it to become something else. Since it is convenient to sit and collect such massive ROIs we have changed bitcoin to be an investment tool or a storage of value. Bitcoin also started off with lots of support from developing countries and areas of poverty. Now those fees are squeezing out the very people who have supported, lobbied and invested their small amount of funds into bitcoin. Bitcoin is becoming more for the rich not for people of all incomes.

[alyssa85]

especially those who are newcomers and earning a small amount only

Great point. High transaction fees are going to ruin things like online tipping, faucets, signature campaigns, and other small BTC transactions

Merchants like Steam have already abandoned bitcoin.

I think we have to accept that bitcoin will never scale. Therefore either an alt needs to step up and be the cryptocurrency used by merchants, or we all just give up and let VISA and co dominate the merchant and online payments space.

[ShortCoins]

Therefore either an alt needs to step up and be the cryptocurrency used by merchants, or we all just give up and let VISA and co dominate

I am hearing this more and more. I wonder if bitcoin can remain the top crypto while allowing an alt to fill in its old role as a currency.

[alfstep]

Not really the downfall, but will be very very exclusive because people wont spend to much money transferring it
Only a whale without huge amount of bitcoin wont mind the high fees, for the rest of us make sure to have quite amount before it is getting more expensive and unreachable LOL

[KingScorpio]

Many people have been talking about the fees getting higher

Lets Vote. Do you think the fees are too expensive?



These are current threads discussing bitcoin fees if anyone wants to read a bit on the topic:

✨ Bitcoin Fees
https://bitcointalk.org/index.php?topic=2572989.0

✨ How High Will Bitcoin Fees Get?
https://bitcointalk.org/index.php?topic=2569523.0

✨ Gavin Anderson's Warning: Transaction Fee Crisis
https://bitcointalk.org/index.php?topic=2567344.0

✨ Bitcoin Fees Are Outrageous
https://bitcointalk.org/index.php?topic=2564843.60

✨ Bitcoin Will Be Used By The Wealthy To Move Large Amounts Of Money
https://bitcointalk.org/index.php?topic=2401716.0

✨ Segwit and Other Solutions To High Fees
https://bitcointalk.org/index.php?topic=2561295.0

✨ Is It Possible To Transfer Without Fees?
https://bitcointalk.org/index.php?topic=2510956.0






***Please Vote in the Poll***

thats the problem with a decentral currency, you can just exchange it for a lower tx fee one,

what is very ususall historically in this is if someone extremely rich will volunter to exchange the bitcoins for a lower tx. bitcoin in order to then destroy the old bitcoin

[Swenna]

For me, the answer is no. People are innovative. We were able to create something as big as bitcoin from blockchain technology, therefore, it is only a matter of time before we can also create a platform where the transaction fee of bitcoin will be lower and will also be faster. As of the moment, some of the transaction fees are quite high because of a lot of factors such as hard mining. Of course, they also need to earn, but robbing off people is a different story. There's always a solution to every problem. Look for a platform that has the lowest transaction fees. That's it. Sometimes, it all depends on the market you're transacting from.

[ShortCoins]

Look for a platform that has the lowest transaction fees.

I think even the platforms with the lowest transaction fees are too expensive. And in general, the more well known exchanges like Coinbase have huge fees. Not to mention, if Bitcoin keeps going in the same direction the fees are only going to increase.

[Mike Mayor]

It's getting crazy with fees of like $10-$20 I mean I can go out to a restaurant for that. It's like giving away a really nice free meal Everytime you make a transaction. I could get a few of game with that or pay for Netflix or Hulu or something. When you think of it like that it is crazy. I bought shoes the theeday for 0.005btc and paid 0.001 fee that is 20% the I there thing I bought was 0.014 and was 0.0012 fee. That's crazy that's like 8% off a largish transaction. If you not making transactions of over $250 at least then you losing a lot of money.

[ShortCoins]

Well said Mike. I never thought to look at the fees like that.

There is so much one could buy with just the fee money alone. Oh man. These growing fees are no good at all 

[tickledlicker]

This could possibly happen as the price of bitcoin continues to grow high, of transactions fees also skyrocket then less people would be interested in using them at all.

[BelieveInBTC]

Bitcoin transaction fees are definitely too high. However, if more people used SegWit, this problem would be smaller. We shouldn't increase the blocksize because SegWit adoption would be even slower! Lightning Network is almost there, I hope it will solve the problem of slow and expensive transactions. Right now, people are using Bitcoin despite huge costs. Bitcoin can't die easily.

[melonbtchunter]

Yes, of course it is too much. Even what fee get higher, Because bitcoin is increasingly increasing day by day and the problem is that for Bitcoin Micro transactions. I do not think people are responsible for this. Those who think of Bitcoinon only a little bit of Fake to raise prices.