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Author Topic: Bitcoin transaction cost is too high  (Read 2815 times)
edzleochico6
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August 11, 2018, 06:37:28 AM
 #301

I think the reason is the blockchain fees depend on several factors includingetwork congestion, transaction confirmation times (affected by liquidity providers), and transaction size (as measured in kilobytes; affected when converting bitcoin from multiple inputs such as faucet earnings or other micro-transactions).
In other words, you may need to pay higher blockchain fees if the Bitcoin network is busy or loaded at the moment. Usually, the fee increases during sudden bitcoin rate fluctuations and major world events.
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lubah
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August 11, 2018, 12:58:39 PM
 #302

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise

Production technologies are changing and at the same time the price per transaction can change and possibly become much more expensive. In order not to pay attention to the cost of transactions, you better think about how you can earn bitcoin or altcoins.

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jayveerastrullo
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August 11, 2018, 01:25:38 PM
 #303

Good news, bitcoin transaction cost now is lower than we expected. This good news comes with a bad news. Dropping of transaction cost is caused by bitcoin itself, its value now is 6k so it means lower transaction cost now. Not like last december its price is so high.

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August 11, 2018, 01:30:19 PM
 #304

The cost of bitcoin versus currency is very bitcoin because bitcoin trading is not mediated as well as bitcoin trading attracts investors because of the cost of the turn that makes bitcoin the target for currency trading of the world
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August 11, 2018, 01:31:37 PM
 #305

Last few days i have made few transaction of Bitcoin, I have seen transaction fees are very low compared to the past few months. I think now it is fine.

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August 11, 2018, 04:30:48 PM
 #306

When i heard the rumours about the cost of transaction of bitcoin being too high i never believed it because i thought it was just some FUD being spread around but i guess it is really true. I hope it gets better with time.
Namara
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August 11, 2018, 07:35:31 PM
 #307

I agree with you that it is too high for real time. Maybe in the future it will smaler but I don't think it can be near zero. Free cheese can be only in mousetrap, the same is with a price of transaction for Bitcoin.   
bidadari22_
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August 11, 2018, 09:04:47 PM
 #308

In my opinion,it is only natural that the transaction will also be raised also making price transactions too expensive for just one transaction that must be done.This is something that might support the utility of bitcoin and appropriation to a far more important level and perhaps take care of scale problems that will last a long time.
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August 11, 2018, 09:10:00 PM
 #309

Good news, bitcoin transaction cost now is lower than we expected. This good news comes with a bad news. Dropping of transaction cost is caused by bitcoin itself, its value now is 6k so it means lower transaction cost now. Not like last december its price is so high.

The reason is not just bitcoin price fall. In December the trade volume was much higher than today and the network was so busy.

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August 11, 2018, 10:17:22 PM
 #310

You can convert bitcoins to other coins before you transact or you can simply find a wallets service with reasonable miners fee
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August 13, 2018, 09:37:03 AM
 #311

Yes.  I agree with you.  Bitcoin transaction for the real time being has been very high probably as a result of its popularity and people investing in bitcoin.  I hope perhaps in the near future,  bitcoin transaction cost will be down for investors to participate more in it.
LeadHenry
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August 13, 2018, 09:50:46 AM
 #312

Fewer transactions result in lower transaction fees, which ensures that users merge their bitcoin (BTC) into their SegWit account. Transactions from a SegWit benefit from lower transaction costs.
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August 13, 2018, 09:59:28 AM
 #313

Well, i think they have a reason why the bitcoin transaction become increase because of its value and popularity that it has in many country are increase rapidly. Investors now choose bitcoin i think because of the news stated that the value of bitcoin in a coming years will increase in real.

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people123
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August 13, 2018, 10:09:00 AM
 #314

As of late I read in news that helping system is being tried and an exchange was effectively made upon it. On the off chance that helping system turned out to be effective, at that point yes, there would be a gigantic fall in expenses on the exchanges which will be executed on helping system. This is something which can possibly help bitcoin utility and selection to substantially more noteworthy degree and might take care of the long going scaling issue. At this moment, these moderate exchanges and high charges are restrictions o bitcoin advancement. Things are being done to understand it. Have tolerance!
Shadowblack
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August 13, 2018, 10:16:43 AM
 #315

According to Bitcoin Core developer LukeDashjr, a block size increase probably still won't be necessary for a decade or two.
Finalfantasy2
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August 13, 2018, 10:18:25 AM
 #316

Don't worry. Price will go back down, that'll make fees "cheap" again.

EvaButler512
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August 13, 2018, 10:25:09 AM
 #317

I find the value of Bitcoin pretty high even though Bitcoin is down. Is that contradictory?
MelissaPhillips733
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August 13, 2018, 10:28:04 AM
 #318

I think that the transaction costs is a great problem of Bitcoin expansion, especially over the mainstream. Now it is the most popular crypto but it will not be able to resolve its problem with speed of transaction and fee, it is probably that other currency will take his place.
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August 13, 2018, 10:33:53 AM
 #319

These days there are many new people starting with bitcoin so there is a slightly higher transaction volume than usual. I agree that transaction costs are really high now, but I don't like how long it takes to complete the transaction. I hope this will be solved by the new network of enlightenment they have tested in the last days.
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August 13, 2018, 10:43:01 AM
 #320

Not only that the transaction cost is too high, the transaction confirmation speed is also too low and so insufficient to meet the global e-commerce demand.

This is due to the latency between nodes and its limiting the widespread adoption of blockchain.

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