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

[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.