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

[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.