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Author Topic: bitcoin transaction fees has put me out of business  (Read 927 times)
bitcoi
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December 28, 2017, 11:33:49 AM
 #21

I think that BTC transaction fees are very high and destroy bitcoin's value for small payments. I sent $100 worth of bitcoin from a wallet to a Ledger Nano S wallet and the fee was  $15.
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December 29, 2017, 05:40:43 AM
 #22

Current fees are insane, I agree!
And that's also the reason that the gaming giant Steam has stopped accepting bitcoins, the fees that BitPay(steam's bitcoin payments operator) charged them were very large and they actually ended up losing money from bitcoin purchases.

I believe that the Litecoin Network that is schedulded to go live at the beginning of the next year, may significently reduce the fees.
Also don't forget that once Segwit address will enter mass adoption,the fees are also going to be decreased.

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Oliver Mandy
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December 29, 2017, 06:05:25 AM
 #23

I'm new on this. I was so surprise about the transaction fee for my first investment. It's so high. I had asked my friend how can cryptocurencies can be use widely while the transaction fee is so high. He answered me, everyone didn't care because the profit it brings to them. I'm still confused.
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December 29, 2017, 09:06:31 PM
 #24

First time Bitcoin offers a low fee for transferring a certain amount, but now the fee is actually larger. Faster transfer, but now many people are complaining about transaction delay. What happens with Bitcoin in the future if it happens like this continuously Huh Huh
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December 29, 2017, 09:27:54 PM
 #25

It is obvious the tx charge has been insane and increasingly high lately, i really wish something can be down to stem this tide. The hih tx charge makes me think twice before transacting in bitcoin.

On the other hand, its high time we become to use the other altcoins like litecoin, ethereum, NEO as much as we use bitcoin. Maybe this will in turn force the tx charge to be reviewed downwards.
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December 29, 2017, 09:55:12 PM
 #26

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 see a good point there, every business at some point experience certain challenges that go with time.

https://bitcointalk.org/index.php?topic=4905709.msg44176665#msg44176665
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December 30, 2017, 07:55:04 AM
 #27

Yes you are right, the cost of bitcoin transactions is so expensive.And very heavy for players who have little capital.Because the transaction costs in large and small amounts the same.

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December 30, 2017, 08:53:15 AM
 #28

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
This is the sad truth on whats happening into bitcoin as of now fees are high and too slow to confirm which isn't really a good thing for merchants that do have businesses which it would really make a big effect. Why would they bother to use up BTC as of now if they can able to avoid trouble and headaches on using btc? This is why I don't see that merchants can easily adopt bitcoin.
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December 30, 2017, 10:17:28 AM
 #29

Sorry about that and it's sad to hear that you are getting out of business because of bitcoin's transaction fee. However you can have some other payment method that can give your customers cheaper fee and faster transactions. And if you notice the use of segwit enabled wallets will bring you back again in business. I'm hoping that you will recover on this tragedy since having your own business is one of the best way to earn and it's convenient.
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December 30, 2017, 06:06:01 PM
 #30

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  

No, I'm not a tycoon, whatever you think this means.
And I'm not interested only in things that involve billions.
What I'm interested in is Bitcoin, the reasons why bitcoin was born and what was supposed to achieve.One of those things was to get rid of the 3rd party used in transactions, the middleman.

Guess what, you're a middle man. This is what you do, you accept one form of payment and buy the merchandise with another form of $.
Face the truth!!!!!! Bitcoin was supposed to get rid of this!!!!

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December 30, 2017, 06:50:35 PM
 #31

Not all altcoins would become bitcoin and not all altcoins would be able to achieve the trust from people which bitcoin has achieved.Its not an easy task for a decentralized currency not backed by any government to get such a trust of people all over the world.

That's the reason for which the merchants even get ready to stop their business but do not come forward to accept any other crypto currency.
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January 02, 2018, 01:20:02 PM
 #32

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??..
For me too bitcoin transaction fee is a very great problem now as in recent days it has increased too much like 10$+ which is not affordable for low transactions and this has made the life of many people difficult. Many people cannot do their daily transactions. some people use bitcoin as their daily income or primary income so this made it more difficult for them to convert their income to their fiat currency.
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January 02, 2018, 07:36:43 PM
 #33

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 totally agree, don't really know the reason why bitcoin transaction fee has become so huge, I once transfer my funds from blockchain.info to my local wallet and it charged me almost 100 USD just so my funds can be approved and transferred, Hope that there would be an immediate solution to this problem because transaction fees are killing me lol.

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January 02, 2018, 08:05:31 PM
 #34

I totally agree, don't really know the reason why bitcoin transaction fee has become so huge

It's very simple. The demand for block space has grown so large, that people are "fighting" with each other to get their transaction in the first next block. And to make this happen, you have to outbid others like it is an auction. It's basically a bidding war that we have seen happen in the last weeks, which resulted in the massive fee spike to over 0.002BTC. Currently you can pretty easily attain first block confirmations with around 0.001BTC per transaction, of course, assuming that your transaction has the average byte size. It's a 50% decrease in fees, which is a pretty welcome change. Smiley

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January 02, 2018, 09:38:16 PM
 #35

I totally agree, don't really know the reason why bitcoin transaction fee has become so huge

Check it out now, before I've seen it at 980+sats / byte and now they are good on 470 sats / byte. And also unconfirmed transactions were already good and reduced due to these miners. And as for OP, I'm sorry about that but I hope you can come back again since I guess everything is good already.



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January 02, 2018, 11:36:49 PM
 #36

Transaction fee as well confirmation time is an important factor that's required for a bigger growth to take place. Also these things play major role on bitcoin into business acceptance. In the past several transaction related issues has got arise and the same gets sought at some time period, haven't got a permanent solution which is required for large level of adoption from business community.

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January 02, 2018, 11:50:51 PM
 #37

In the past several transaction related issues has got arise and the same gets sought at some time period, haven't got a permanent solution which is required for large level of adoption from business community.

At this point there isn't such a thing as a permanent solution, but certainly a temporary one. If the major part of the services start adopting SegWit, it will motivate the users to make the shift to SegWit as well. I am sure that the general transaction fees will drop another easy 50% if at least 50-75% of the market utilizes SegWit. Services are market movers, so if they make a first step, the rest will follow, but if they continue to ignore SegWit, how can you expect from the rest to hop over? SegWit allows Bitcoin to deal with the increased network usage a whole lot better than how everything is going right now. After that, lightning network should do its work to make Bitcoin's adoption boom even further.
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January 03, 2018, 02:13:22 PM
 #38

Your not alone in this situation and hoping that bitcoin developers do a concrete solution to this situation that we have in transaction, great to know their is a plan but found it not that good enough
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January 04, 2018, 12:14:40 PM
 #39

Your not alone in this situation and hoping that bitcoin developers do a concrete solution to this situation that we have in transaction, great to know their is a plan but found it not that good enough

By the help segwit2x activation this time, everyone expected the bitcoin transaction fees will be reduced and block size increased with the faster confirmation time. But unfortunately nothing happened this time.
Everyone holding bitcoin waiting for the right price bumps and fees reduction with the increase of blocks.
I expect this has been changed with in some weeks for sure.

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January 04, 2018, 02:57:00 PM
 #40

By the help segwit2x activation this time, everyone expected the bitcoin transaction fees will be reduced and block size increased with the faster confirmation time. But unfortunately nothing happened this time.
First of all, SegWit2X isn't activated, it's just SegWit. Second of all, confirmation times were never said to become faster. SegWit needs to be adopted in order to make a sizeable impact on the transaction fees.

Realistically, with SegWit Bitcoin should be able to fit much more transactions into one single block, and that without needing to actually increase the block size, which is a pretty solid characteristic.

It basically means that it will not result in the blockchain to unnecessarily grow larger when it isn't needed. But for that to happen we need services to set the first step, otherwise we'll see things progress extremely slow, which is bad.

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