☠☠☠ 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***

[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.