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Author Topic: bitcoin transaction fees has put me out of business  (Read 924 times)
carlfebz2
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August 23, 2018, 06:56:22 PM
 #121

When the fees of the bitcoin is very high when bitcoin become very high Im very angry on that day because every single transaction that I've made cost fee is more than 10-20 dollars and I hope after few months the transaction fee is decreasing slowly and now Im happy now because bitcoin fee is now low.

So it means of the that if the bitcoin transaction fees was low you can send any transaction you want even what ever many pieces transaction that you going to transact.

I hope this fee will be stable to use other bitcoin to other business.
If the fee would able to sustain when bitcoins price is on the peak then this would be good but this wont be possible as long the LN  isn't there yet. Similar situations would really happen if bitcoins price tends to rise up just like what happened on December last years.


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.
Although it can be high transaction fees. But it does not belong to any bank. And it's exclusive transactions. Helps users to quickly transact and mitigate risks. That is a good thing for investors and the user community. Just one thing of it is safe and convenient that is the top purpose.

Due to high transaction fee, I think bitcoin should be used in huge trading. In case of small trading between users, it will be wasted for high fee.
Completely nonsense.
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August 24, 2018, 03:49:15 PM
 #122

I am finding it very hard to believe in this as this cannot be true.
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August 24, 2018, 05:41:29 PM
 #123

    You know it is difficult to fight the bitcoin transaction fees. What i mean is we have nothing to do about transaction fees because if you don't want to pay it simply don't make a transaction.We are still thankful that we can trade and earn money out of bitcoin even transaction fees is too high even we are against it.

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August 24, 2018, 06:08:57 PM
 #124

 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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August 24, 2018, 08:30:36 PM
 #125

Maybe on the business side the transaction fee is high, but for a normal transaction what we provide as a fee is not that big. Also the transactions were getting confirmed much faster, and very rarely it gets stuck to the network when there is a large number of transactions stuck to the network.

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August 27, 2018, 11:17:32 PM
 #126

Transaction fees apply to debit and credit card payments as well, you have to allow for and build into your selling price the cost of the transaction fees. The fees for card payments can be very steep and there is a big disadvantage with them in that they can be disputed and your money withheld by card companies. So just build in a margin for transaction fees. 

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August 29, 2018, 06:51:11 AM
 #127

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??..
Everything has gotten back to being alright this time around cause the transaction fees are low now unlike it was around December 2017. Many people really went crazy because of the high transaction fees then, and I was really angry about that cause I can remember that I had to pay almost $50 for a transaction of my monthly $200. I’m just happy that everything is okay right now.

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August 29, 2018, 03:42:00 PM
 #128

I think bitcoin transactions have shipping costs that are usually requested by several markets and are used to pay in the blockchhain system for shipping.

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August 29, 2018, 05:45:51 PM
 #129

As a modern business person, there is now nothing more practical than using Bitcoin. For you to face high fees and slow transactions, trading solely on Bitcoin or Crypto is very risky. So there should be another payment method that will not cost you money.

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August 29, 2018, 05:49:49 PM
 #130

When the fees of the bitcoin is very high when bitcoin become very high Im very angry on that day because every single transaction that I've made cost fee is more than 10-20 dollars and I hope after few months the transaction fee is decreasing slowly and now Im happy now because bitcoin fee is now low.

So it means of the that if the bitcoin transaction fees was low you can send any transaction you want even what ever many pieces transaction that you going to transact.

I hope this fee will be stable to use other bitcoin to other business.
If the fee would able to sustain when bitcoins price is on the peak then this would be good but this wont be possible as long the LN  isn't there yet. Similar situations would really happen if bitcoins price tends to rise up just like what happened on December last years.


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.
Although it can be high transaction fees. But it does not belong to any bank. And it's exclusive transactions. Helps users to quickly transact and mitigate risks. That is a good thing for investors and the user community. Just one thing of it is safe and convenient that is the top purpose.

Due to high transaction fee, I think bitcoin should be used in huge trading. In case of small trading between users, it will be wasted for high fee.
Completely nonsense.

It is the biggest issue of BTC this time, obviously somebody believes in another coin with faster and lower fee, like ETH.
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August 30, 2018, 07:25:57 AM
 #131

If you real want to do business or want to be good invest do not be discouraged by btc transaction fees. However, you can trade in ETH. The transaction fees of ETH is very low. Also, by trading in ETH you will get the same result or amount but low transaction Fees.

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August 30, 2018, 07:43:05 AM
 #132

But if you don't give such a transaction fee then your trade will become dangerous, and those merchants believe Bitcoin is because it is a freely generated coin from the Internet, not artificially produced, it is free!
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August 30, 2018, 10:03:40 AM
 #133

Many people have complained about bitcoin's transaction fees. Actually, it is the cost needed to provide the miners. They have invested and spent a lot of money on the operation (including the huge cost of power consumption). Compared to the construction process from the mining. I think they also have difficulties.
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September 04, 2018, 05:28:51 PM
 #134

Many people have complained about bitcoin's transaction fees. Actually, it is the cost needed to provide the miners. They have invested and spent a lot of money on the operation (including the huge cost of power consumption). Compared to the construction process from the mining. I think they also have difficulties.


But do you think when it's too high, everyone will not want to make transaction with BTC?
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September 04, 2018, 05:48:44 PM
 #135

Condolence for your loss. Actually Bitcoin transaction fees are very expensive, we can not do anything about it unless people do not use Bitcoin anymore. This makes the business do not want to do business with Bitcoin.

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September 04, 2018, 07:42:12 PM
 #136

Currently the fees seems to  be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.

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September 06, 2018, 08:36:15 AM
 #137

Many people have complained about bitcoin's transaction fees. Actually, it is the cost needed to provide the miners. They have invested and spent a lot of money on the operation (including the huge cost of power consumption). Compared to the construction process from the mining. I think they also have difficulties.


But do you think when it's too high, everyone will not want to make transaction with BTC?
It cannot be too high and this is the reason why the scaling debate has been a heated and ongoing one for a very long time now.
At least, during the time when the transactions fees peaked, a lot of people were still making use of it and even despite the complaints.

The thing is when there are a huge number of transactions; this is bound to happen, so the only thing we can hope for is to find a proper scaling solution. I believe even during this period of high fees, it is still a lot better than other methods of payment. except that at some point, for business sake, I had to switch to LTC and ETH.

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September 06, 2018, 01:38:33 PM
 #138

Many people have complained about bitcoin's transaction fees. Actually, it is the cost needed to provide the miners. They have invested and spent a lot of money on the operation (including the huge cost of power consumption). Compared to the construction process from the mining. I think they also have difficulties.


But do you think when it's too high, everyone will not want to make transaction with BTC?
It cannot be too high and this is the reason why the scaling debate has been a heated and ongoing one for a very long time now.
At least, during the time when the transactions fees peaked, a lot of people were still making use of it and even despite the complaints.

The thing is when there are a huge number of transactions; this is bound to happen, so the only thing we can hope for is to find a proper scaling solution. I believe even during this period of high fees, it is still a lot better than other methods of payment. except that at some point, for business sake, I had to switch to LTC and ETH.
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.
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September 06, 2018, 03:11:15 PM
 #139

Currently the fees seems to  be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.
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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September 06, 2018, 03:30:35 PM
 #140

Currently the fees seems to  be normal compared to earlier days when the price was too high. We were even charged .001 bitcoin as transaction fees alone.
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.

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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