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Author Topic: bitcoin transaction fees has put me out of business  (Read 927 times)
serjent05
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January 04, 2018, 08:29:53 PM
#41

This is one of the major problem with Bitcoins, even though we can divide bitcoin into smaller unit, the transaction fee is really insande.  I was sending an amount of around 0.002 BTC as payment for some transaction to a friend when I see the transaction fee is almost half of what I am sending.  I just send several other transaction to maximie that transaction fee at least.  And about merchant accepting other crypto, it depends if someone introduced them to this other crypto and have learned that it is not risky to accept that kind of cryptocurrency.  At the merchants mind, it is not easy to shift currency since it means another expenses for them.

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January 04, 2018, 08:48:59 PM
#42

This is one of the major problem with Bitcoins, even though we can divide bitcoin into smaller unit, the transaction fee is really insande.  I was sending an amount of around 0.002 BTC as payment for some transaction to a friend when I see the transaction fee is almost half of what I am sending.  I just send several other transaction to maximie that transaction fee at least.  And about merchant accepting other crypto, it depends if someone introduced them to this other crypto and have learned that it is not risky to accept that kind of cryptocurrency.  At the merchants mind, it is not easy to shift currency since it means another expenses for them.
Not only an expense but would really be big problem since their profitability would be mainly affected because it would be really eaten up by fees itself. This is why merchants wont really plan to accept bitcoin as a payment for now. Fees would really kill your profitability for sure if you do tend to accept it. It wont really be worth it and how much more on doing microtransactions.

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January 04, 2018, 10:38:47 PM
#43

Going to a business should consider some things including fees and charges. If the fees and charges of bitcoin is putting you out of your business then maybe find other business without using bitcoin because as of now, we do not have a choice but to pay it.
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January 04, 2018, 11:09:26 PM
#44

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??..

yes, at this moment the bitcoin transactions fees are exaggerated and it is not profitable to buy and sell with small quantities.
In this moment perhaps it is better to use other altcoins even if many people only know bitcoin!

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January 04, 2018, 11:28:49 PM
#45

The rapid increase in bitcoin transaction fees is one of the disadvantages of Bitcoin at the moment when the Altcoin co-founders fully overcome the disadvantages. People will invest less Bitcoin. Currently, the technology of the newly released Altcoin has partly solved the problems of Bitcoin exist such as limited quantity, high transaction costs, long confirmation time. If Bitcoin does not improve in the future, I believe people will move on to investing in altcoin instead of Bitcoin as it is now.

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January 05, 2018, 04:36:41 AM
#46

Going to a business should consider some things including fees and charges. If the fees and charges of bitcoin is putting you out of your business then maybe find other business without using bitcoin because as of now, we do not have a choice but to pay it.
The business owner or merchants doesn't really have to shoulder the fees but the problem is that the customers aren't willing to pay recommended fees that are too insane for them so it leads to stop purchasing something that can be bought with bitcoin through their products or services. I know how it feels to be out of business because of it but you have to find some alternative ways for the sake of your customers.

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January 05, 2018, 05:13:19 AM
#47

The rapid increase in bitcoin transaction fees is one of the disadvantages of Bitcoin at the moment when the Altcoin co-founders fully overcome the disadvantages. People will invest less Bitcoin.

You have a point but that痴 too lame an excuse just to jump fences to altcoin from bitcoin because of transaction fees. In many cases, as a holder and doing such transactions minimal in a year then that痴 not a problem. But businesses or even campaign managers might switch to altcoin but not permanent, but on temporary basis. Bitcoin is still the most profitable cryptocurrency and that痴 will hold them to stay.
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January 05, 2018, 03:40:13 PM
#48

In addition to the slow bitcoin trading, the high transaction cost is also a big deterrent to investors not having too much capital. I often collect more deals to reduce fees, I think the commercial site should have ways to keep investors instead of charging higher to make more profit. Hope that next time things will be more stable.
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January 05, 2018, 03:50:17 PM
#49

The rapid increase in bitcoin transaction fees is one of the disadvantages of Bitcoin at the moment when the Altcoin co-founders fully overcome the disadvantages. People will invest less Bitcoin.

You have a point but that痴 too lame an excuse just to jump fences to altcoin from bitcoin because of transaction fees. In many cases, as a holder and doing such transactions minimal in a year then that痴 not a problem. But businesses or even campaign managers might switch to altcoin but not permanent, but on temporary basis. Bitcoin is still the most profitable cryptocurrency and that痴 will hold them to stay.
We cant really deny the fact that bitcoin would really still remain the best among the rest no matter what happen but now seeing on the current situation. I would say things turns out to be different on what we do expect and jumping into altcoin came from bitcoin isn't bad or lame excuse at all since its a good option for us to avoid to add up expense specially to those people who do make tx frequently. No matter how we do put up on our minds on how good bitcoin is but on recent situation we would really make some doubts on making transfers.


In addition to the slow bitcoin trading, the high transaction cost is also a big deterrent to investors not having too much capital. I often collect more deals to reduce fees, I think the commercial site should have ways to keep investors instead of charging higher to make more profit. Hope that next time things will be more stable.
Stability wont really be expected since we do know how bitcoin reacts on sudden price increase because of raising demand.

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January 05, 2018, 04:07:57 PM
#50

I hate this fees. I lost much of dollars for transfer.
In my country i'm paying money for buying , selling and transffering.
So I payed hundreds of dollars. Now i'm using eth to find some coin which one is cheap.
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January 05, 2018, 04:39:55 PM
#51

What I understand from the member in this forum we need to be patience and no need to panic. It all part of the game  to be serious also what I understand also altcoin are not the solution for it we have to find the issue in deep to solve it nothing else we need to do which will be solved as soon as possible and everything will be all right.
Yes, patience is all that is needed as the experience would obviously get better in the long run.

Bitcoin is here to stay and I am sure that once everything is resolved with LN, we will start doing very fine and that is when we are going to start making the best use of the network the more and micro transactions would end up pretty fast and what we will just be looking at next is to see the moon and a lot of people who already have an idea how to run a business for themselves even doing it better.
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January 05, 2018, 09:14:37 PM
#52

Last month of december 2017 the transaction fee of the bitcoin is very high and it takes few days or 1 week before transaction fully confirmed or you can use your bitcoin. Many people compalain because of the slow confirm and high fee. I don't know why the fee is need to be high because if the bitcoin price is high they need to decrease the fee if the bitcoin price become low increase the amount of bitcoin transaction. I hope the fee of the bitcoin in this month will be decrease and it takes only the trsaction to complete in few minutes only or for few hours only not days or week.  Because what if we need our bitcoin in this day and it not complete transaction so they business will be delay because of that.

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January 05, 2018, 09:55:04 PM
#53

I do feel for some merchants, small entrepreneurs who've been forced to rethink their business model based on accepting Bitcoin. I have been able to weather the high costs of transactions for many months now, largely thanks to reserves that have appreciated in value over the past year. Percentage-wise, the amount I lose on every transaction has gone up quite significantly - I try not to see it like this of course, since I still gain a lot more from using Bitcoin as opposed to other payment methods which would have lost me a lot more in fee percentages.

But yes, in November and December itself, I spent or lost quite a bit of fiat as a result of fees - agreeing to share the cost of transactions when I receive payments. Obviously, we're all taking different steps and getting more creative. Opting to receive bulk payments instead of regular individual ones, doing our best to migrate to SW addresses.

This will pass.

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January 05, 2018, 11:30:48 PM
#54

Actually bitcoin transaction fees are the biggest problem that Bitcoin has when there are so many people investing in Bitcoin as well as selling Bitcoin when its exchange rate is high. Actually, it can be seen that the fee between each transaction Bitcoin is very high, the time between each transaction can take several days to complete the transaction. If Bitcoin does not fix the disadvantage, it will be replaced by Altcoin in the future.

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January 06, 2018, 12:24:03 PM
#55

Definitely its a serious issue nowadays. Already Segwit was activated to solve this problem but, most of us still even don't know how to use it. Now, lightning network is expected to get activated soon. So very soon, it would get activated.

But there is very less chance for any other altcoin to get accepted by merchants since no altcoin has got such a trust like bitcoin.


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January 06, 2018, 01:10:55 PM
#56

In addition to the slow bitcoin trading, the high transaction cost is also a big deterrent to investors not having too much capital. I often collect more deals to reduce fees, I think the commercial site should have ways to keep investors instead of charging higher to make more profit. Hope that next time things will be more stable.
I am also quite worried about my property in bitcoin because it is having some transaction problems and the charge is too high. These things hinder me a lot because my transactions are usually not worth too much and the transaction fee has accounted for a considerable part of this money. I hope that commercial sites will have methods to reduce transaction fees to acceptable levels.

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January 06, 2018, 05:14:23 PM
#57

We are aware of bitcoins situation now a days. And we do hope for solutions. Lightning network is the only way provided and I think it is still on the move.
While such high fees and slow transactions, as a business man, you should now impractical using bitcoin today. And you should also know that depending on bitcoin alone or cryptos is very risky. You should have at least another way of mode of payments for your business and not taking chances with fees.
Bitcoins is proven and I think everything will be fine soon. Hang in there and think out of the box this time.
Apparently, all of us are and there is just nothing we can do about it for now unless to just accept what we have, believe in it and just have faith that once the lightening network becomes functional and merchants start integrating it, then we will start our usual business back without issues.

I am so optimistic though and by then, we would just be talking about better and smoother ways forward.

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January 12, 2018, 05:57:20 PM
#58

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??..
Bitcoin is the most secure and widely used crypto currency, so it makes sense for merchants to just have Bitcoin as crypto checkout option. If you look around you, there are payment gateways accepting altcoins as well.

If you look a bit further, then you'll understand that Bitcoin in current times needs lightning network, and with how things go right now, we potentially might be utilizing its much needed features before the end of 2018.

Low fees, no need to worry about confirmations, ability to process an insane number of transactions per second, atomic swaps, better overall scalability, etc. Patience is what we need, but once active, alts will get hit badly.
It is honestly becoming infuriating but I am sure this is something that we cannot avoid for now and at the same time it is something that would end up passing. I am still very optimistic that things would change and it is better to get it done well than to rush and no one could have envisaged that the growth would be this massive, but it is a price we have to pay for now until a solution is found.
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January 12, 2018, 06:30:27 PM
#59

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??..
Bitcoin is the most secure and widely used crypto currency, so it makes sense for merchants to just have Bitcoin as crypto checkout option. If you look around you, there are payment gateways accepting altcoins as well.

If you look a bit further, then you'll understand that Bitcoin in current times needs lightning network, and with how things go right now, we potentially might be utilizing its much needed features before the end of 2018.

Low fees, no need to worry about confirmations, ability to process an insane number of transactions per second, atomic swaps, better overall scalability, etc. Patience is what we need, but once active, alts will get hit badly.
It is honestly becoming infuriating but I am sure this is something that we cannot avoid for now and at the same time it is something that would end up passing. I am still very optimistic that things would change and it is better to get it done well than to rush and no one could have envisaged that the growth would be this massive, but it is a price we have to pay for now until a solution is found.

Any idea what the solution would be? Is it just a case of waiting until the ALTs become as well known/established as bitcoin? Is this even a possibility?
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January 12, 2018, 06:37:09 PM
#60

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??..
Bitcoin is the most secure and widely used crypto currency, so it makes sense for merchants to just have Bitcoin as crypto checkout option. If you look around you, there are payment gateways accepting altcoins as well.

If you look a bit further, then you'll understand that Bitcoin in current times needs lightning network, and with how things go right now, we potentially might be utilizing its much needed features before the end of 2018.

Low fees, no need to worry about confirmations, ability to process an insane number of transactions per second, atomic swaps, better overall scalability, etc. Patience is what we need, but once active, alts will get hit badly.
It is honestly becoming infuriating but I am sure this is something that we cannot avoid for now and at the same time it is something that would end up passing. I am still very optimistic that things would change and it is better to get it done well than to rush and no one could have envisaged that the growth would be this massive, but it is a price we have to pay for now until a solution is found.

Any idea what the solution would be? Is it just a case of waiting until the ALTs become as well known/established as bitcoin? Is this even a possibility?
Possibilities would really be always there which altcoins might able to replace or surpass bitcoins when in terms of low cost fees and faster confirmations on making such transfers. If this scaling issue wont be resolved then i do believe sooner or later we would really able to see such changes regarding on how they will treat bitcoin different which isnt entirely different when it was just starting.

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