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Author Topic: bitcoin transaction fees has put me out of business  (Read 927 times)
btcmayumana
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January 17, 2018, 02:40:01 PM
 #81

Actually this has been agreed with LN solution, lightning network. However, the results are disappointing, some exchanges are not fast in implementing this so that only the transactions we do are charged a large fee.
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January 17, 2018, 11:03:23 PM
 #82

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

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January 17, 2018, 11:29:41 PM
 #83

Actually this has been agreed with LN solution, lightning network. However, the results are disappointing, some exchanges are not fast in implementing this so that only the transactions we do are charged a large fee.
Results are disappointing? How is it even possible for exchanges to implement something that isn't even ready for mainnet use? And another thing, lightning network testing has been extremely promising.

What you *probably* are referring to is that exchanges haven't yet utilized SegWit. If really so, then you are indeed right on that. I however have to point out that even if SegWit reaches 50% utilization, Bitcoin has still limits.

That's why we strongly need the lightning network to be available for mainnet use. Yes, there has already been a service accepting lightning payments, but I prefer to see it roll out and gets used when it's ready for real.

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January 20, 2018, 09:48:52 AM
 #84

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.
The high transaction fee of the bitcoin and the tiring transaction process is really creating lot of problems for the ones who are investing their money into bitcoin. It is one of the main reason behind this that the number of people who are investing in bitcoin is not that much great as it really needs to be. This is the issue which really need to be resolved as this will great effect the market of bitcoin.

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January 23, 2018, 04:29:48 PM
 #85

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
I think it is almost impossible that altcoins are capable of being proportional to bitcoin. indeed the cost of altcoin transactions is lower than bitcoin but the higher bitcoin transaction issues are bound to improve and the developers will not take silence, behind the high transaction costs will probably spur the bitcoin price increase so it can become more valuable in the future.

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January 23, 2018, 05:49:25 PM
 #86

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
I think it is almost impossible that altcoins are capable of being proportional to bitcoin. indeed the cost of altcoin transactions is lower than bitcoin but the higher bitcoin transaction issues are bound to improve and the developers will not take silence, behind the high transaction costs will probably spur the bitcoin price increase so it can become more valuable in the future.
Yes, we cannot hold altcoins like how we are saving bitcoins. So, altcoins are not the exact solution for the scalability issue because most of the people who are accepting bitcoin for their business not just businessman but they are bitcoin enthusiasts and want to hold bitcoin which are being collected from their business. Even they are accepting altcoins for their business deal, after that they need to covert back to bitcoins which will be an extra hassle for them.

As of now, segwit supported wallets will do short term solutions for higher BTC transactions. The much awaited lightning networks may bring a permanent solution for scalability of bitcoin network.

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alfs75
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January 23, 2018, 10:16:40 PM
 #87

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 this is true  we always keep everytime suffering a highest payment of transaction pay and my opinion maybe this is due to our system become decentralized and not regulated,every platform or merchants have its own policy to get  the percentage of every transaction,especially in trading investment.I thinks also miners have a same problem situation  of ours traders because they also doing transaction,when changing there asset into traditional currency,but not worst like ours traders.my only perception   in solution about this problem is to regulate bitcoin to each and every country so that government  will impulse a law  what a proper  disposition of processing fee of every transaction.

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January 23, 2018, 10:44:20 PM
 #88

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 this is true  we always keep everytime suffering a highest payment of transaction pay and my opinion maybe this is due to our system become decentralized and not regulated,every platform or merchants have its own policy to get  the percentage of every transaction,especially in trading investment.I thinks also miners have a same problem situation  of ours traders because they also doing transaction,when changing there asset into traditional currency,but not worst like ours traders.my only perception   in solution about this problem is to regulate bitcoin to each and every country so that government  will impulse a law  what a proper  disposition of processing fee of every transaction.

Even I too had to spend more on the last transaction I had with coinbase wallet. Almost .001 bitcoin was taken as transaction fees. I should have held back the bitcoin as the value has come down again. Really waiting for the normal situation to happen in terms of trasaction fees. The more the values has gone, the miners and traders have increased the transaction fees. Hope the fees come down back to normal.

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Silberman
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January 24, 2018, 04:59:46 PM
 #89

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??..
What you are describing is the reality in the ground bitcoin is simple unusable as a currency right now, the only thing I can say to you is that things are not going to change in the next weeks or months so you need to find other ways to make money, once this gets resolved with the eventual activation of the LN then things are going to improve but until then you have no other choice but to suspend your operations and hope all this mess gets resolved soon.
Eleven86
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January 24, 2018, 10:00:53 PM
 #90

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??..
What you are describing is the reality in the ground bitcoin is simple unusable as a currency right now, the only thing I can say to you is that things are not going to change in the next weeks or months so you need to find other ways to make money, once this gets resolved with the eventual activation of the LN then things are going to improve but until then you have no other choice but to suspend your operations and hope all this mess gets resolved soon.

Though the btc value has come down, still we happen to loose money on high transaction fees. The miners and the wallet promoters do not even fluctuate according to the situations being around? Earlier the fees was so genuine and we were in a situation to spend the decent amount for transactions. Any team out there to set a control on it though we spend only the transaction fees? Just not sure about it, hence posting doubts here not to harm anyone. At times the traffic delays the transactions and we need to wait. Hope the situation gets changed.
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April 30, 2018, 12:08:24 AM
 #91

Try to minimize the number of transactions, because they will cause you to lose a large amount of your money through the assignment activities. Only conduct compulsory transactions. Currently, transaction fees will never decrease, but the value of the coin is still not really strong growth. Buying and selling coin on the exchange for real profits is no longer effective. The difference you make from the sale process will be paid to the broker. Sometimes you have capital losses.
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April 30, 2018, 03:45:15 PM
 #92

Restricting too many transactions will cost you a lot of money. You can also opt for low-cost exchanges such as Binance and Kucoin for trading purposes to reduce transaction costs because these exchanges have very low fees. The transaction fee is huge if you do not have a way to reduce this amount, it will greatly affect the profit you make when trading.

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April 30, 2018, 07:05:06 PM
 #93

Restricting too many transactions will cost you a lot of money. You can also opt for low-cost exchanges such as Binance and Kucoin for trading purposes to reduce transaction costs because these exchanges have very low fees. The transaction fee is huge if you do not have a way to reduce this amount, it will greatly affect the profit you make when trading.

What do you mean opt on low-cost exchanges? The OP is a merchant, not a trader.
Moreover, the OP posted this at the time the network fees are too high. I'd think he/she's back on business.

As for the future, I believe that the core team is still trying to work on scaling using the lightning network.
Let's just wait on the result, either they push it or transferring to another plan.
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July 23, 2018, 10:33:10 PM
 #94

Having too many transactions will cost you a lot of money. You can also opt for low cost transactions like Binance and Kucoin for business purposes to reduce transaction costs because these exchanges have very low fees.
Transaction fees are huge if you have no way to reduce this amount, it will greatly affect the profits you make when trading. We need to thoroughly investigate the floor or the community consulting to reduce the cost of errands should not have.
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July 25, 2018, 09:24:40 PM
 #95

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.
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July 25, 2018, 09:41:10 PM
 #96

Try to find an exchange with lowest transaction fee. There are exchange that has a fixed transaction rate even you withdraw or transfer big amount of bitcoin. And avoid doing multiple transaction if you want to save transaction fee.
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July 25, 2018, 09:52:52 PM
 #97

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.

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July 31, 2018, 09:44:21 PM
 #98

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.
Compared to the prices some time ago the fees are still very good, and about improving the transaction speed and the fees that is something the bitcoin developers are already working in the solution and in fact they are already testing it, once it is ready it is possible the problems with the fees in bitcoin are going to be solved forever and with some luck people will stop complaining about it all the time like they do now.
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August 01, 2018, 02:21:52 PM
 #99

I think etherum transactions fee is somehow bad than btc transactions fee. If their is poor network etherum will be deducted from your asset and fail in transaction this not suppose to be done
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August 02, 2018, 04:43:23 PM
 #100

Bitcoin transaction fees can be abit on the high side, but it all depends on the exchange being used, the movement of BTC from wallet to wallet requires mining which means mining or transaction fees for the miners, so it is inevitable not to have tx fees.
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