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Author Topic: bitcoin transaction fees has put me out of business  (Read 927 times)
el kaka22
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January 13, 2018, 07:34:22 AM
 #61

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 really having a huge effect on micro businesses and I am really hoping that all these would pass once the LN is deployed and we will get a better experience over again. I guess we have had some pretty good time, and until we get the LN in action, it is obvious this is something that is not realistic for now or possibly one can just try to see how to make money from other alts.

In my opinion lighting network is truly needed but it seems it is going to take a little bit of time before it is going to be deployed but at least, this shows there is still hope around the corner. Apparently, sooner or later, we are going to end up having a currency that we can make use of to do micro transactions and I can imagine what that is going to mean for the value as well as the mainstream entrance of bitcoin.


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January 14, 2018, 01:27:26 AM
 #62

I know how you feel because everyone that use btc surely know that too. They will do that in time and don't forget that we are still in an early stage or they say in the experimental stage. All of that will be sorted out very soon.

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January 14, 2018, 07:19:47 AM
 #63

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 really having a huge effect on micro businesses and I am really hoping that all these would pass once the LN is deployed and we will get a better experience over again. I guess we have had some pretty good time, and until we get the LN in action, it is obvious this is something that is not realistic for now or possibly one can just try to see how to make money from other alts.

In my opinion lighting network is truly needed but it seems it is going to take a little bit of time before it is going to be deployed but at least, this shows there is still hope around the corner. Apparently, sooner or later, we are going to end up having a currency that we can make use of to do micro transactions and I can imagine what that is going to mean for the value as well as the mainstream entrance of bitcoin.
As you said we are in need of lightning network as soon as possible because there are lot of small merchants,traders and investors are facing issues with the bitcoin transaction fee.But lightning network maybe implemented at the end of 2018 so we can choose other coins over bitcoins for micro transaction.For me Litecoins is suitable for small payments because the fee is very low and transaction will get confirmed  in no time.So the person who is doing business with crypto needs to support other coins as well for bright future of crypto currency.

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January 14, 2018, 01:58:20 PM
 #64

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
,
,
,he Al
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??..

Yeah all solutions are already there but popularity of bitcoin is their, cryptocurrency is known because of bitcoin so that is why merchant website only knows bitcoin they dont even care for the any alternate cryptocurrencies. We don't know soon maybe all alts will rise also and ignore bitcoin because of high fee's.

Focus on learning...
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January 14, 2018, 02:18:48 PM
 #65

Currently, the high bitcoin transaction fee has caused many traders have less capital to stop their business. I also received a lot of complaints from my friends about the high transaction cost bitcoin, while the time to transfer bitcoin is quite long. I think that in order for bitcoin to come closer to many people, it needs more improvements to be able to improve transaction speed in critical times and reduce transaction fees to the level that investors can afford. receive.

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January 14, 2018, 03:25:41 PM
 #66

I understand your pains because I was also a victim. I think you should start by initiating another good altcoins to your business. Even if your customers still insist on making use of Bitcoin, inform them about the benefits and usefulness of using the altcoins probably they might emulate it that is if they truly need your service. But If likewise, then we should probably conclude that bitcoin can't be use for transaction but for investment only.
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January 14, 2018, 03:47:15 PM
 #67

Currently, the high bitcoin transaction fee has caused many traders have less capital to stop their business. I also received a lot of complaints from my friends about the high transaction cost bitcoin, while the time to transfer bitcoin is quite long. I think that in order for bitcoin to come closer to many people, it needs more improvements to be able to improve transaction speed in critical times and reduce transaction fees to the level that investors can afford. receive.
This is the big problem that bitcoin is facing and if this will be solved those businesses that are already out will be back and will start to be healthy again. But you shouldn't focus with bitcoin only as a payment method / currency that a business can accept. Like the usual business model, they are accepting cash / credit card / gift cards so in a business that's related to bitcoin, you can go with alts too.

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January 14, 2018, 04:01:53 PM
 #68

I never used bitcoin for transaction anymore i compeletly agrree with you that the fee are insane, to address this problem i usually used dogecoin and xlm for transaction, doge's fee is exteremly cheap and it's a good alternative if you want to move your bitcoin from one exchanger to another exchanger. Bitcoin is not suited for small transaction it's kind of like gold.

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January 14, 2018, 04:28:34 PM
 #69

I understand your pains because I was also a victim.
There is no such a thing as being a victim here. We all agree that the fees are too high, but we have been overloaded with so much usage, that the network got severely cluttered. Result is that people thinking their transaction has more priority will bid up the fees like it is an auction, where the top bidders (highest fee transactions) get included in the next block.

But If likewise, then we should probably conclude that bitcoin can't be use for transaction but for investment only.
That not true. If we look at people having adopted to Segwit already, they seem to be on the side where they don't have to pay the fees people pay for regular transactions. Ultimately, it all comes down to who is willing to pay the higher fees to get their transactions inlcuded in the next block, and if we look at how the fees comfortably maintain the 0.001BTC level, it seems that a large group of people are willing to pay that. And yes, a large group of people will not agree to pay these fees, and choose to go with a lower fee and just accept having to wait longer.

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January 14, 2018, 04:29:20 PM
 #70

Most of Bitcoin business  stopped many exchange sites stop accepting bitcoin because of miners.
high fee make every one only make very important transaction only.

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January 14, 2018, 05:17:36 PM
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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??..

I am sure soon in one or two years ETH would be a crypto as you expect. Currently it depends on market.  Bitcoin has set it's standard in values, growth,  profits and etc. This would be the main reason for accepting bitcoin as a payment.

I am sure ETH is on its way setting it's standards like Bitcoin. This crypto would surely be become another crypto currency to be used as a payment amongst merchants.

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January 14, 2018, 06:05:35 PM
 #72

For businesses that were making $15 $30 of profit on whatever they sold it now seems all profits are been diverted towards the miners who are benefiting from these high transaction fees. Bitcoin is now more suited for trading and purchase of high priced items .

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January 14, 2018, 06:16:06 PM
 #73

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 really having a huge effect on micro businesses and I am really hoping that all these would pass once the LN is deployed and we will get a better experience over again. I guess we have had some pretty good time, and until we get the LN in action, it is obvious this is something that is not realistic for now or possibly one can just try to see how to make money from other alts.

In my opinion lighting network is truly needed but it seems it is going to take a little bit of time before it is going to be deployed but at least, this shows there is still hope around the corner. Apparently, sooner or later, we are going to end up having a currency that we can make use of to do micro transactions and I can imagine what that is going to mean for the value as well as the mainstream entrance of bitcoin.
As you said we are in need of lightning network as soon as possible because there are lot of small merchants,traders and investors are facing issues with the bitcoin transaction fee.But lightning network maybe implemented at the end of 2018 so we can choose other coins over bitcoins for micro transaction.For me Litecoins is suitable for small payments because the fee is very low and transaction will get confirmed  in no time.So the person who is doing business with crypto needs to support other coins as well for bright future of crypto currency.
Everyone using Bitcoin is waiting anxiously for the moment to come when lightening network will be activated but in the meanwhile a lot of people suffered and will suffer till that time. The micro businesses dealing Bitcoin are almost bumped, the small scale traders like me who use to earn Bitcoin from signature campaign and invest that amount are to be very honest ruined by the insane transaction fees. It's not possible for me personally to carry on the same trend anymore. So, majority of people are trying to find alternatives close in characteristics to Bitcoin early days i.e. coins with low transaction fees and immediate/fast confirmations. It is one of the major reason of alts pumping hard against Bitcoin.
If the lightening network is failed to activated soon, Bitcoin may not remain to be a mainstream crypto. LTC or ETH may fill that space.

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January 14, 2018, 06:53:37 PM
 #74

I've got to say that fees are the biggest pain right now for me. Yes they come and go, but it seems that they come and stay longer then they go away. I've noticed that again (for the second time) a few online websites have removed the bitcoin donation/payment option.  I can't even send 1$ on 10$ that I've got, it's ridiculous.
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January 15, 2018, 02:31:39 PM
 #75

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.
Obviously Bitcoin's only problem is not high fees, but the confirmation time is also a big problem. I honestly think that these problems will be solved. It's ridiculous to pay $ 20 for a Bitcoin transfer worth $ 100.
Also Bitcoin gave us some promises, it is not free and fast anymore, hopefully there is no problem with anonymity.



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January 15, 2018, 03:05:55 PM
 #76

There is actually a solution. If you accepted bitcoin payments in your wallet directly or you integrated the processing of bitcoin payments through bitcoin core or blockchain.info, you should just look at the multiple coins merchant providers now (like Coinpayments) which allow to accept all of the most popular and traded altcoins during the checkout process, while you as merchant have opportunity to choose which coin or fiat is for your balance with the processing provider. It means you can offer the payment options with over 50 different coins while your balance will be in USD or EURO in order not to lose on the market move of the coins.
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January 17, 2018, 03:03:56 AM
 #77

Basically. It requires a solution regarding solving this issue. suppose you have paid your money through your wallet or by Bitcoin system then you have to pay an amount of fee but this fee should not be a massive amount. that's why the fee should be under control and in this way people will love to make payment through Bitcoin.
But I think in the coming time, the fee of Bitcoin will decrease and this process will be more smooth in the future.

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January 17, 2018, 06:09:51 AM
 #78

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.
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January 17, 2018, 07:56:07 AM
 #79

There is actually a solution. If you accepted bitcoin payments in your wallet directly or you integrated the processing of bitcoin payments through bitcoin core or blockchain.info, you should just look at the multiple coins merchant providers now (like Coinpayments) which allow to accept all of the most popular and traded altcoins during the checkout process, while you as merchant have opportunity to choose which coin or fiat is for your balance with the processing provider. It means you can offer the payment options with over 50 different coins while your balance will be in USD or EURO in order not to lose on the market move of the coins.
Many small investors have complained to me that the cost of each bitcoin deal is so great and they are turning to Ethereum trading to limit transaction fees. I hope that the site and miners should have a longer term view, should not raise so high that it may cause them to lose potential investors, it is very bad. If you are trading with bitcoin then you should make large transactions to limit this fee.

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January 17, 2018, 02:17:33 PM
 #80

In one sense it is true. The Bitcoin transaction fee is too high. If we want to transfer Bitcoin worth 500$ then we need to pay 100$ as transfer fee. It is a huge amount. If Bitcoin doesn't fix this transaction fee that is if the fees remines this high then other crypto currency may overtake Bitcoin. When any big amount of Bitcoin is transferred that is worth of 1000$ then to reduce the transfer fee usually the people use other low crypto currency which needs lowest transaction fee.

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