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Author Topic: bitcoin transaction fees has put me out of business  (Read 924 times)
SunJAB
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August 02, 2018, 09:47:36 PM
 #101

The biggest problem with bitcoin now is the high transaction costs that can not be used to buy coffee, candy and others because the transaction costs are so high that people are lazy to make transactions using bitcoins. The best alternative is to use altcoin because the transaction cost is quite low, but if it continues like this I'm sure there will be altcoin that will be comparable even beat bitcoin in the future due to high transaction costs so this problem should be fixed soon
Higher transaction fees make them more profitable for them. This further demonstrates that market access is too costly for all transaction costs. Need to correct and adapt to the living conditions of the community. Still, things will continue to get lost in the market.

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August 03, 2018, 04:46:09 PM
 #102

Tx fees always tends the increase and miners are the ones always enjoying. Come to think of it, mines are always in profit during bull or bear. Mining bitcoin have become very costly and too many things have to be considered before even trying to attempt it. From cost of electricity to cost of mining hardware. Mining rigs are now too huge this is due to competition in the market. So tx fee increasing is to the benefits of the miners.
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August 06, 2018, 07:38:35 AM
 #103

Bitcoin is the most popular, secure, stable and accepted cryptocurrency at the moment. Accepting cryptos is a risk on its own, any other than bitcoin is not feasible at the moment.

Transaction fees also maligne traders who make numerous trades per day, as it eats unto the potential profits.
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August 06, 2018, 09:24:08 AM
 #104

The only people who are currently benefiting from bitcoin transactions now are the miners,  the transaction fees are insane,,

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..

i usually do paxful an purse stuff buying giftcards and shopping for people in exchange for btc. it usually works just fine but not with the current tx chargers

am also a merchant who buys and sell locally in my country ,,, same thing tx chargers has moved me outa business

i usually shop for people buying them all kinds of stuff but now due tx chargers i charge very hing and no one is willing to deal with again
,
,
,
and the list continues..

my question is why can't merchant website accept at least one other crypto for people to  make their choice. there are other coins out there with very small tx chargers which suits everyone example bcc ltc ,,, if merchant start accepting alts then everyone will start accepting too,, i only deal in bitcoins because that is what everyone around me is willing to accept,,

why do we keep suffering from problems who's solutions are already there??..
Because things are never that simple, the reason the fee in other coins is cheaper is because no one is using them, just a few weeks ago I made a transaction and the fee was very cheap because the mempool was empty now that the price of bitcoin is going up is likely the fees have increased, but something you can do to reduce the fees is to use a segwit address.
Doing too many transactions is not a good idea to do with BTC because the fees are very high, you can use the wallet to adjust the transaction fees like Blockchain to BTC transactions. I think Bitcoin needs to improve its transaction speed and fees to match the current times.
Yes that is right that we can manage and make some strategy for that, but I think that it is also too much important that the increasing transaction problem should be solve, so that more and more investors come to the market and do investment in bitcoin, which will defiantly make bitcoin more stronger and popular.
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August 06, 2018, 12:02:58 PM
 #105

In the year of 2015, I started to do some transactions in the bitcoin community but it is good in that time the fee's in the blockchain tech is very light and very cheap but after the increase of bitcoin a year passes the fee's started to increase too and that's what people are talking about when the value goes up. if they can fix that for sure it will increase again maybe the bull will comeback early Smiley



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August 06, 2018, 07:14:55 PM
 #106

Over years now bitcoin transaction fees has been so high. However, if you send with low gas you will that the transaction may deliver the next day. Besides, if you really main business and you are ready for it trade all you asset in ETH and also use ETH transaction. ETH have a low gas transaction.

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August 06, 2018, 07:34:44 PM
 #107

Bitcoin is the most popular, secure, stable and accepted cryptocurrency at the moment. Accepting cryptos is a risk on its own, any other than bitcoin is not feasible at the moment.

Transaction fees also maligne traders who make numerous trades per day, as it eats unto the potential profits.
Although Bitcoin is one of the most popular coins in the cryptocurrency market, trading with Bitcoin has made trading difficult for many investors. In addition, Bitcoin has a slow pace of transaction, which is two things that Bitcoin needs to update to meet the huge investment needs today.

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bohr
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August 09, 2018, 03:56:48 PM
 #108

In the year of 2015, I started to do some transactions in the bitcoin community but it is good in that time the fee's in the blockchain tech is very light and very cheap but after the increase of bitcoin a year passes the fee's started to increase too and that's what people are talking about when the value goes up. if they can fix that for sure it will increase again maybe the bull will comeback early Smiley
The developers are working precisely on that, they know that the fees need to go down if we are really expecting people to use bitcoin as a currency once again and I am sure they are going to be successful in the implementation of the lightning network and then people will stop complaining about the fees which are not as high as they were one year ago.
WuGong
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August 10, 2018, 10:22:20 AM
 #109

You can't change people's minds. What you see now is the result of people's consensus, just as they only accept gold as the standard for measuring prices, and Bitcoin is their only recognized coin!
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August 19, 2018, 12:14:23 PM
 #110

It is because of this, it is making small businesses to go off.
Question123
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August 19, 2018, 02:05:19 PM
 #111

Transaction fee now is good compared to the december 2017. I experinced before 20 dollars each transaction but it's only cents and that is good because we can save more bitcoin instead of paying high transaction fees. I hope this year and coming few years it will be stable with low fees.

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August 20, 2018, 09:03:29 AM
 #112

This cannot be true, it is a really secured network and you can totally rely on this.
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August 20, 2018, 10:29:16 AM
 #113

It is one of the most secure businesses and if this is putting you out of business then something is wrong.
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August 20, 2018, 01:16:30 PM
 #114

You probably must have not read it clearly and performed smartly.
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August 20, 2018, 04:00:48 PM
 #115

I really suffered last week with the fees and the trasaction time it consumed. Its was ok to accept the high trasaction fees when the bitcoin price was high, but of course now its pethetic. Waiting for this issue to get solved to move further with bitcoin trasactions. I am sure current bitcoin correction and the price increase down the line should really make a positive move with trasaction fees gets reduced. Hope this solves the issues.

But now after the price falls drastically you don't see the mempool full at all at anywhere. If you believe the transaction fee is so hard to you still there is option segwit there for you. Its available on the wallets such as exodus, electrum and green address.

Transaction fee is around the wallet what ever you use will very much cheap so far hence you may utilise it well here.


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August 20, 2018, 06:31:37 PM
 #116


Bitcoin it's been such a trend that should be tried, many are currently using bitcoin, because it is considered more practical and can be used as an investment in the future

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August 21, 2018, 12:34:47 PM
 #117

I know right! The fee is really insane right now, my advice to OP is avoid micro transaction. If you really need to do micro transaction use altcoins like that have a low fee like dogecoin. It's more better than spend much money on the fees. We can't do anything about the fees though.
Although it can be high transaction fees. But it does not belong to any bank. And it's exclusive transactions. Helps users to quickly transact and mitigate risks. That is a good thing for investors and the user community. Just one thing of it is safe and convenient that is the top purpose.

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August 21, 2018, 10:48:19 PM
 #118

I really suffered last week with the fees and the trasaction time it consumed. Its was ok to accept the high trasaction fees when the bitcoin price was high, but of course now its pethetic. Waiting for this issue to get solved to move further with bitcoin trasactions. I am sure current bitcoin correction and the price increase down the line should really make a positive move with trasaction fees gets reduced. Hope this solves the issues.

But now after the price falls drastically you don't see the mempool full at all at anywhere. If you believe the transaction fee is so hard to you still there is option segwit there for you. Its available on the wallets such as exodus, electrum and green address.

Transaction fee is around the wallet what ever you use will very much cheap so far hence you may utilise it well here.
Bitcoin's overly aggressive pricing has led many investors to choose other trading partners such as ETH, USDT, and XRP to reduce transaction costs. Also, slow transaction speed is the reason why I do not use Bitcoin in my transactions.

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August 22, 2018, 02:16:37 PM
 #119

When the fees of the bitcoin is very high when bitcoin become very high Im very angry on that day because every single transaction that I've made cost fee is more than 10-20 dollars and I hope after few months the transaction fee is decreasing slowly and now Im happy now because bitcoin fee is now low.

So it means of the that if the bitcoin transaction fees was low you can send any transaction you want even what ever many pieces transaction that you going to transact.

I hope this fee will be stable to use other bitcoin to other business.

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August 23, 2018, 05:20:31 PM
 #120

I know right! The fee is really insane right now, my advice to OP is avoid micro transaction. If you really need to do micro transaction use altcoins like that have a low fee like dogecoin. It's more better than spend much money on the fees. We can't do anything about the fees though.
Although it can be high transaction fees. But it does not belong to any bank. And it's exclusive transactions. Helps users to quickly transact and mitigate risks. That is a good thing for investors and the user community. Just one thing of it is safe and convenient that is the top purpose.

Due to high transaction fee, I think bitcoin should be used in huge trading. In case of small trading between users, it will be wasted for high fee.
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