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Author Topic: bitcoin transaction fees has put me out of business  (Read 924 times)
asonganyi
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December 23, 2017, 01:04:10 AM
 #1

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??..

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December 23, 2017, 02:09:34 AM
 #2

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.

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December 23, 2017, 06:55:26 AM
 #3

yes it seems bitcoin has reached a stage where ur paying the same amount of transaction fee as the amount u are sending for small amounts, its better to move on to litecoin or bitcoincash where fee is relatively less

yes and this is making small businesses to go off,,

i would have love to switch to ltc or bch or any other alt which solves the present situation but merchant websites and people around me are not willing to change,,
i guess i just have to off business for now and wait till the lightening network is built..

asonganyi
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December 23, 2017, 07:02:25 AM
 #4

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.

Thanks for the info sir!
is there any site where i can monitor the progress of the lightening network?

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December 23, 2017, 07:16:38 AM
 #5

so many businesses which use to depend on bitcoin have close down because tx fee is eating all profits and putting people at loss..
The issue is, a business (of any kind) shouldn't rely on a single way in order to have a profit (should have solutions prior to possible issues).

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
Perhaps you should look for a more flexible way (long term solution with less profit), something like buying those in bulk (based on their popularity) and hope you would sell everything in return.

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
Here's some options since you mentioned all kinds of stuff:
https://www.overstock.com/ (accepts BTCitcoin and a lot of altcoins) http://fortune.com/2017/08/08/overstock-digital-currency/
https://bitify.com/ (accepts BTCitcoin and litecoin)

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,,
In general, most merchants are biased when it comes to cryptocurrencies and takes a lot of time before they realize what their missing on.

why do we keep suffering from problems who's solutions are already there??..
Because the world we live in, isn't perfect.

yes it seems bitcoin has reached a stage where ur paying the same amount of transaction fee as the amount u are sending for small amounts, its better to move on to litecoin or bitcoincash where fee is relatively less
It's just a temporary phase...

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December 23, 2017, 07:20:45 AM
 #6

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.
I also agree that Bitcoin needs a lightning network to solve the current problem because confirmation of transactions can take days and High fees is very disturbing Bitcoin as a payment instrument


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December 23, 2017, 08:05:01 AM
 #7


Sorry for the inconvenience and disruption of your business but we can't help on that thing, all of us are in the same situation of our lives that we want something better.

And as you mentioned about merchants about acceptance of other alt coins, you can do it but it all depends on the terms that you will use through your service.

why do we keep suffering from problems who's solutions are already there??..

Lightning network is the solution for this, before success we need to experience struggling.

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December 23, 2017, 08:08:14 AM
 #8

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.

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December 23, 2017, 08:46:36 AM
 #9

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.

i beg to differ with you there are so many situations that can not be addressed in bitcoin, thus the existence of alts is inevitable,

if btc is slow in solving some issues then why not use alts which have already solve them then we can letter come back to btc when it catches up if need be,,

we as users of tech should not be stagnant if something is not the best atm we move on to the best,, this puts dev to work and ensure quick developments


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December 23, 2017, 11:11:53 AM
 #10

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.
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December 23, 2017, 11:35:38 AM
 #11

Most of altcoins starting last three years "ETH, bitcoincash"  only litecoin is old.

so that you will find only sites accept bitcoin or litecoin less is ETH.

in future will find more accept it.
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December 23, 2017, 12:37:04 PM
 #12

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

No offense but your "business" barely deserves this title.
What you did was being an intermediary for small purchases, nothing more and you closing down won't bring the gdp of your country down too.


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??..

Funny how you are requesting something that would actually terminate your business model.
Asking merchants to accept more coins would trigger an effect of them accepting all kinds of payments, making your "service" useless.

Sorry, but when I read the title I thought it was something really severe, not a home run one man operation like this.




asonganyi
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December 24, 2017, 12:01:32 AM
 #13

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

No offense but your "business" barely deserves this title.
What you did was being an intermediary for small purchases, nothing more and you closing down won't bring the gdp of your country down too.


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??..

Funny how you are requesting something that would actually terminate your business model.
Asking merchants to accept more coins would trigger an effect of them accepting all kinds of payments, making your "service" useless.

Sorry, but when I read the title I thought it was something really severe, not a home run one man operation like this.

Sorry 'bad man'! i see your a tycoon only interested in things which affects a whole nation or involves billions in dollars. that is how you neglect the pecks and miss the logs,, you will be surprise to see how many people are in same situation just that they don't time to do this,,,

If this was not what you were expecting from the topic you should not have replied,
regards 

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December 27, 2017, 03:20:23 PM
 #14

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

No offense but your "business" barely deserves this title.
What you did was being an intermediary for small purchases, nothing more and you closing down won't bring the gdp of your country down too.


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??..

Funny how you are requesting something that would actually terminate your business model.
Asking merchants to accept more coins would trigger an effect of them accepting all kinds of payments, making your "service" useless.

Sorry, but when I read the title I thought it was something really severe, not a home run one man operation like this.

Sorry 'bad man'! i see your a tycoon only interested in things which affects a whole nation or involves billions in dollars. that is how you neglect the pecks and miss the logs,, you will be surprise to see how many people are in same situation just that they don't time to do this,,,

If this was not what you were expecting from the topic you should not have replied,
regards 
There are times when you misinterpret the things and take it in other way. It is not a big deal and it happens to almost every one of us. The high amount of transaction fee is no doubt something which is irritating the ones who are having bitcoin as they have to pay a huge amount of money along with tiring transaction process. I am hopeful that things will be in much favor of the ones who are having bitcoin in the coming days and they will be happily investing in bitcoin without any worries.
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December 27, 2017, 03:56:15 PM
 #15

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??..

They can, but for some reason they don't want or don't think it's important... It's surely disturbing to pay expensive fees and lose part or almost all the profit because of it, but that is how Bitcoin works now. The good part is that when situation reaches to this point, many people will stop transacting for a while with their BTCs, so the number of transactions will decrease and the fee will decrease as well.

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December 27, 2017, 04:44:56 PM
 #16

I think that is a good point -- that when people transact less with Bitcoins, the Bitcoin transaction fees will likewise decrease because it is only then that these miners will have less bargaining power over Bitcoin investors. With this, the latter will have strong bargaining power as against Bitcoin miners forcing them to lower their fees or transaction costs. Even so, I doubt when this situation will be possible to think that a number of Bitcoin investors feel the need to transact with their Bitcoins on a daily basis. I just hope there are better ways to address this going concern as this affects Bitcoin and its community.
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December 27, 2017, 04:58:04 PM
 #17

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??..

They can, but for some reason they don't want or don't think it's important... It's surely disturbing to pay expensive fees and lose part or almost all the profit because of it, but that is how Bitcoin works now. The good part is that when situation reaches to this point, many people will stop transacting for a while with their BTCs, so the number of transactions will decrease and the fee will decrease as well.
We are really now on the waiting game which we do all know that fees wont really be stable like this high because it would really eventually go down if the storm had calm down. We do see recent price increase of bitcoin and for the reason it did clogged the network and we have seen it already in the past on when these situations happen miners fees do eventually go with the flow. Bitcoins price do go up then so as on fees too which isn't really surprising but I would say regarding on business related concerns then this would really be out on the game.


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December 27, 2017, 05:28:24 PM
 #18

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??..

Sorry for your losses. We all know the problem right now is indeed the rising cost of the transaction fees. Right now it is so expensive to move bitcoins and I agree that it is ridiculous to the point that it will really put small businesses out of business. As users, we can't really do anything about it unless people stop using bitcoins for a while and the memory pool clears up, but that is not gonna happen.

About the altcoins, the problem there is that there is little trust people place on alts compared to bitcoins. It is like trusting the USD than the Vietnamese Dong, people would prefer USD than receiving some other currency.

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maarx
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December 27, 2017, 05:56:02 PM
 #19

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.

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December 27, 2017, 06:22:07 PM
 #20

long time ago people choose transactions use bitcoin because low fees transactions is one of the main feature from bitcoin and indeed currently the fees are being the most annoying things use bitcoin because if we send small amount of bitcoin then possibly the fees will higher than the transactions itself and yes i think merchant stores have to pay attention their costumer and considering use altcoin instead of bitcoin
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