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Author Topic: What is your ideal transaction fee for Bitcoin transactions?  (Read 776 times)
Kprawn
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June 01, 2018, 03:26:27 PM
 #1

Has anybody considered what the Bitcoin users want for transaction fees for their transactions? Yes, we can set the transaction

fees for our transactions in some wallets, but if you were given one set percentage of what you want to pay for transactions,

what would you choose? Let's say, this is based on the amount of bitcoins you are sending and not the transaction packet

size.  Roll Eyes

In the tax system, people with more money pay higher taxes and people with less money pay little or no taxes, so it would

make sense to apply this to Bitcoin too. {I am just playing Devils Advocate, because I know people will split tx's if this was

done.} Let's say they increase the amount, if it comes from the same Bitcoin address.... forcing people to use new Bitcoin

addresses and increasing pseudo anonymity.  Tongue

What percentage of your total transaction, would you be willing to pay for transaction fees, if this was done? {We might see

this with the future Bank Coins, because they like to do that.}  Cheesy


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June 01, 2018, 03:31:46 PM
 #2

Has anybody considered what the Bitcoin users want for transaction fees for their transactions? Yes, we can set the transaction

fees for our transactions in some wallets, but if you were given one set percentage of what you want to pay for transactions,

what would you choose? Let's say, this is based on the amount of bitcoins you are sending and not the transaction packet

size.  Roll Eyes

In the tax system, people with more money pay higher taxes and people with less money pay little or no taxes, so it would

make sense to apply this to Bitcoin too. {I am just playing Devils Advocate, because I know people will split tx's if this was

done.} Let's say they increase the amount, if it comes from the same Bitcoin address.... forcing people to use new Bitcoin

addresses and increasing pseudo anonymity.  Tongue

What percentage of your total transaction, would you be willing to pay for transaction fees, if this was done? {We might see

this with the future Bank Coins, because they like to do that.}  Cheesy




high fee / fast transaction
low fee/ slow transaction
Kprawn
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June 01, 2018, 04:11:30 PM
 #3

Has anybody considered what the Bitcoin users want for transaction fees for their transactions? Yes, we can set the transaction

fees for our transactions in some wallets, but if you were given one set percentage of what you want to pay for transactions,

what would you choose? Let's say, this is based on the amount of bitcoins you are sending and not the transaction packet

size.  Roll Eyes

In the tax system, people with more money pay higher taxes and people with less money pay little or no taxes, so it would

make sense to apply this to Bitcoin too. {I am just playing Devils Advocate, because I know people will split tx's if this was

done.} Let's say they increase the amount, if it comes from the same Bitcoin address.... forcing people to use new Bitcoin

addresses and increasing pseudo anonymity.  Tongue

What percentage of your total transaction, would you be willing to pay for transaction fees, if this was done? {We might see

this with the future Bank Coins, because they like to do that.}  Cheesy




high fee / fast transaction
low fee/ slow transaction

Think outside of the box for this for a moment.  Wink The Lightning Network is going to revolutionize the fees that are going to

be paid, because most micro transactions are going to be done off-chain in any way, so this whole discussion will be null and

void when this happens. We will still pay on-chain transactions to settle the balance when we close the channels and this is

where this might be applicable. Remember, transaction fees are still very important.... because it has to sustain the miners

when the miner rewards are gone. {They will only mine for the miners fees, when this is done}

high fees and low fees will differ from country to country... based on the strength of their currency. 1 US Dollar might be

nothing for the average American... but it is a lot for the average Zimbabwean.  Wink


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June 01, 2018, 05:22:12 PM
 #4

It shouldn't be based on a percentage of the transaction amount but a fixed value or something that the majority of the community members would agree on. The transaction fees should also be enough to be profitable for miners. And if you ask me then 10 cents should be the ideal transaction fees.

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June 01, 2018, 05:25:35 PM
 #5

The ideal transaction fee for bitcoin transaction will be a fiat fee of $1 or 0.05%, which ever is smaller. So it really encourage large and small volume of trading.

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Liternyy
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June 01, 2018, 05:30:47 PM
 #6

The fees are now per trade on the average in the range of $ 0.20 to $ 1.00 per transaction you represent .... 83 cents per transaction on average ...
You say: "Is it too expensive?"For whom it is expensive, but for whom it is normal,it all depends on what you're using Bitcoin for.If you use Bitcoin to move "normal" (impressive) amounts of money, then the board seems almost miserable.
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June 01, 2018, 05:37:02 PM
 #7

i don't think about fees anymore. if he wanna take 50 dolar for my transactions, he can take, i don't care Cheesy
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June 01, 2018, 06:17:43 PM
 #8

Maybe 0.1% would be reasonable to send funds, but then I don't think you should be punished for sending more. There should be 0.1% charge with a cap up to $25-50 dollars or something.

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June 02, 2018, 08:50:10 PM
 #9

i believe ideal transaction fee for bitcoin transaction should be $1. it will be much more helpful for traders in my eyes. though people has different opinion.
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June 03, 2018, 01:19:40 AM
 #10

I think it should be based on the whole number of transactions. And I don't think it should be above a limit percentage plus I think that the percentage must grow in a logarithmic way based on the value of transaction.

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June 03, 2018, 01:22:38 AM
 #11

Basically the transaction fee of bitcoin is totally depends on the volume of your transaction. Means it depends on how much bitcoin you are transacting. And I think that the ideal fee must be 10 cent.

If Bitcoin were to be used as a global payment system, a 10 cent fee for every transaction would not be good. I'd argue the ideal fee would needs to around be .01 cent to .05 cents. Now of course this is on the base layer. The lightning network would solve any fee issue.
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June 03, 2018, 02:27:38 AM
 #12

Yes, this fee issue need to be addressed rather than left as the elephant in the room.
Me, personally think $0.6-$1 is fair for normal network congestion, raising up to 100% for high traffic still acceptable.

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June 03, 2018, 03:12:13 AM
 #13

obviously nothing or zero. i am surprised nobody has said this yet. people don't like or want to pay fees and if you let them they will choose the lowest fee possible specially when you are talking about bitcoin where a fee you pay can be worth a lot in a couple of years, for example at some point bitcoin fees were something like 0.01 or 0.001BTC if i can recall correctly.

What percentage of your total transaction, would you be willing to pay for transaction fees, if this was done? {We might see this with the future Bank Coins, because they like to do that.}  Cheesy

here comes the spam attack Cheesy
dust threshold is somewhere around 5000 satoshi. you can make a transaction with 100 inputs and 100 outputs (lets use multisig for bigger size) and get a 42610 bytes transaction. 100*5000 sat = 500,000 lets say fee is 0.1% => you pay 500 satoshi fee to fill the blocks with 42.6 kB transactions.

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June 03, 2018, 03:18:28 AM
 #14

The fee will be as high as people are willing to pay, and as low as miners are willing to accept. That's how a market works. But the ideal fee must be high enough to ensure the security of the system.

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June 03, 2018, 04:23:53 AM
 #15

This question is way too hypothetical, as fee market is one of the important parts of Bitcoin protocol. The reason why we have fees in the first place is because block space is limited, in fact it's extremely limited, and fees represent the price of that space. If you'd try to install some socialist-style fees that take into account the transacted amount, miners will have zero reason to include small transactions, they will keep including highest fee transactions as usual, so nothing will change, maybe aside from tx fee increasing for the rich. If you'd try to make some rule that miners have to include some amount of smaller transactions, it will be just a random lottery, which will be quite frustrating for users. They'll have to wait for weeks or months to get their small transaction get included randomly.

Lightning Network is the most optimal solution for transaction fees, there's no point in trying to invent some rules, the best way to improve something is to make its technology better.

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June 03, 2018, 06:08:25 PM
 #16

In real life we do many transactions and if we transacted lots of money then we have to pay more vat also if we transacted less amount of money then we have to pay less amount of money based on this bitcoin has also this types of system and you can set and do transaction with fees this way if you do big transaction the price will be high and if you do little price will be low.
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June 03, 2018, 06:48:54 PM
 #17

Here in EU, standard fee for SEPA bank transfer is around $0.40 so I would like to see BTC transaction fee lower than that. With Lightening Network it is possible.
However if this would mean that mining is not profitable anymore and common people stop mining and the entire hashing power is in control of few big mining farms in China, then I prefer bigger tx fees because no one wants too centralized hashing power - it would become vulnerable for attacks.
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June 03, 2018, 08:23:34 PM
 #18

Fee should be like exponential increasing/decreasing with transaction amount. same fee for any type of transaction is not expected.
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June 04, 2018, 03:42:36 AM
 #19

For me if the transaction fee of bitcoin below or equal $1, it is okay. But above than that, i think it should be not effective anymore.
because there are many altcoins have transaction fee below $1. I just using that altcoins to avoid high fee in bitcoin.

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June 04, 2018, 05:31:28 AM
 #20

The transaction are to be set in such a way that the miners get satisfied with their profit. However, i don't want to make it too high neither too low. 12 cents per transaction is fine to me.
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