Lowering transaction fees will promote the use of bitcoin and adaptability?

[manfredmann]

I know that the topic I made is very common and I just want to revive it here with new discussions since time flies so fast and we should adapt the new trend especially with the crypto market. Now, it seems that investors had gone for a while for not playing trading with bitcoin and it made at some point where bitcoin stabilizes in terms of its market price. We know that many are expecting it that somehow bitcoin market may gone good. Yet, only few are using bitcoin and promoting its purpose to eradicate high transaction fee through Peer to peer transactions. Probably only few are using bitcoin for this purpose because instead it can lower transaction fees done by the banks it made even more gone expensive because after bitcoin exchange it will undergo fiat exchange to which it will cost another transaction fee. Is there anything that this will be minimized and promote the use of bitcoin? Lowering transaction fee may do I suggest.

[dothebeats]

Transaction fees are already low enough and that didn't attract potential users and services to use bitcoin still, so perhaps the problem doesn't lie on transaction fees alone and there may be an even greater cause that we don't know of. One thing I see is probably the volatility of bitcoin that makes it an uninteresting asset to hold and payment to accept knowing that it could always go down or up at any given time. Another is the lack of services/platforms to use bitcoin on, and the first reason I see is connected to this one so idk how would we be moving from there.

[bitmover]

Scalability and fees are not a problem in bitcoin
This whole idea became a market to fool people and make them buy vaporware such as bch and nano.

As mentioned above , fees already low. Just made a transaction with 1 Satoshi per byte yesterday,and it was confirmed in less than 20 minutes

[DeathAngel]

Fees are low at the moment, currently 8 sats. You can check the best set fee here - https://btc.com/stats/unconfirmed-tx

Hopefully we don’t have a return to what it was like during the peak of the last bull run.

[NeuroticFish]

I guess that you are badly misinformed (let's say so). Bitcoin fees are extremely low for about a year. Normally a few cents / transaction.
And as you can see, there are much less buyers for Bitcoin than in the "bad" days, when the fees were indeed very high.
So.. what are you talking about?

[LeGaulois]

2/3 of the Bitcoin's transactions were related to trading activities and not for its real uses. People aren't really spending bitcoins because it has lower Tx fees because, as mentioned by the dudes above, the TXs fees are already low and it's difficult to make lower fees than banks since (for example SEPA) it costs zero.
"Investors" is a broad word, real investors aren't (much) into Bitcoin.

[jerrison]

lowering the price of fees charged in bitcoin transactions will further increase and promote the use of bitcoin but the miners who validate the transactions that are being originated from different locations are to be rewarded for the mathematical algorithm that they compete to solve and hence deserves rewards for such.

[Indrawan77]

It could be, but the fee for transaction is already low, so it doesn't need to be decrease again, to increase the bitcoin usage and adoption we need to make it more stable and need to have the permit from the government, the speed and the fee now is not an issue for the bitcoin anymore

[Dreamchaser21]

The fees are very low, especially if you are dealing with the large numbers and I don’t think it can attract more investors. We need a real development and the fees is just a small part of it, we need to educate more people so they can know bitcoin better, and lastly we need to stop from spreading the fake news and be more subjective.

[BitMaxz]

I think the transaction fees right now are too cheap if you use segwit address compared to a legacy wallet and we don't need to push the miners fee down because it might affect the reward incentivize miners that may cause to miners to stop mining bitcoin. And honestly, it won't help bitcoin to increase its value.

What we need right now is wider adoption of bitcoin which will help to maximize the number of users. If more user will use bitcoin as another payment method in many stores online or locally bitcoin could eventually increase in price.

[squatter]

Low fees aren't characteristic of secure blockchains that have strong transaction demand. Low fees indicate either weak security -- because of lacking miner incentives -- or weak transaction demand.

Rational miner incentives are required to prevent dishonest mining, which can result in insecure transactions. We can either incentivize miners with transaction fees, or we can do so with inflation -- paid by users as a periodic dilution on their holdings.

Bitcoin's block rewards are a combination of both fees and inflation right now. The inflation rate is dropping over time, so we should actually expect fees to rise to replace the lost miner incentives. If not, we should expect a decline in security.

[plagueperihelion]

I wanted to know one thing, since I don't have any BTC in my wallet. Is it true that the higher the amount of btc the lower the transaction fee and vice-versa?

[pooya87]

it is true that lower transaction fees are more desirable but it is not like having transaction fees are something that is preventing people from adopting bitcoin. of course if they were ridiculously high (like the short period during 2017 which they went extremely high due to spam attack) then they can act against adoption and prevent people from using bitcoin but it is not as you said, lower fees aren't going to "promote the use of bitcoin".

[figmentofmyass]

it is true that lower transaction fees are more desirable but it is not like having transaction fees are something that is preventing people from adopting bitcoin. of course if they were ridiculously high (like the short period during 2017 which they went extremely high due to spam attack) then they can act against adoption and prevent people from using bitcoin

well, what's the solution? despite the block size debate resolving in 2017, i feel like people are still neglecting to discuss expectations about future transaction fees.

i still see people complaining that fees in december 2017 were "high". people are also still promoting the idea that fees in bitcoin should be "cheap" vs other systems like banks and paypal. i don't know if i agree with either of those positions since fees are so integral to guaranteeing mining security in the future.

the block reward started at 50 BTC. what should we expect the block reward to be in 100 years? i sure hope it's higher than the inflation rate!

[Kakmakr]

Transaction fees has not been a issue for more than a year now, so I do not see why this is such a burning issue now. You can transfer any amount of money on-chain for a few cents these days and if you want to pay even less for micro transactions, then you can use the Lightning Network. <Cheaper & faster than on-chain transactions> 

I think a lot of people are still stuck in the past, when they heard about expensive transaction fees prior to 2017 and they have never re-visited the scene to determine if it was still the same or if something was introduced to solve those problems. 

A lot have changed since then, with the introduction of SegWit and the Lightning Network. 

[franky1]

many people above are just saying "not a problem" but yet they are not showing the stats or who the problem concerns.

firstly from 2015-2016 fee's per block were BELOW $26k
in 2018 fee's per block are 4x

i know many western countries will keep on being narrow vision to say its all good for western richguys, but again those saying its all good are ignoring BILLIONS of people that have issues with money and want alternative solutions to banks.

when a TX fee costs more than an hourly wage you cant just say "its fine"

wake up people, look outside your own personal circumstance and think about the whole purpose of bitcoin
and no,this aint a time to advertise other networks.

[Rossy Akbar]

It does clearly impact the promotion the use of bitcoin, many people still think a lot to use bitcoin or adapting bitcoin because the transaction fee was sometimes high. The first time I came here it was no problem but when you going quite longer in bitcoin you really need a low fees of transaction, obviously.

[avikz]

I know that the topic I made is very common and I just want to revive it here with new discussions since time flies so fast and we should adapt the new trend especially with the crypto market. Now, it seems that investors had gone for a while for not playing trading with bitcoin and it made at some point where bitcoin stabilizes in terms of its market price. We know that many are expecting it that somehow bitcoin market may gone good. Yet, only few are using bitcoin and promoting its purpose to eradicate high transaction fee through Peer to peer transactions. Probably only few are using bitcoin for this purpose because instead it can lower transaction fees done by the banks it made even more gone expensive because after bitcoin exchange it will undergo fiat exchange to which it will cost another transaction fee. Is there anything that this will be minimized and promote the use of bitcoin? Lowering transaction fee may do I suggest.

I don't think the transaction fees is creating any roadblock in the progress of bitcoin. Please visit the below website to know how much fees we need to pay per transaction,

https://bitcoinfees.info/

It shows that the average transaction fees for 3 blocks confirmation is around $0.15 which is pretty normal and don't really make the transactions expensive. It's pretty lower than what bank charges for each transaction. The argument is itself invalid because the transaction fees has not yet reached that peak to discourage its users from using bitcoin.

[joniboini]

I wanted to know one thing, since I don't have any BTC in my wallet. Is it true that the higher the amount of btc the lower the transaction fee and vice-versa?

Not really. Transaction fees are more or less linear to your input size and how much you want to pay for each byte, or in other words the bigger your input (more Bitcoin) the bigger your fees would be. However, you can choose at what price per byte you'd pay for your transaction. Assume that your transaction is 1000 byte, and you choose to pay 1 sat/byte, the fees would be equal with if you send 500 bytes with 2 sat/byte fee. CMIIW.

[Wind_FURY]

many people above are just saying "not a problem" but yet they are not showing the stats or who the problem concerns.

firstly from 2015-2016 fee's per block were BELOW $26k
in 2018 fee's per block are 4x

i know many western countries will keep on being narrow vision to say its all good for western richguys, but again those saying its all good are ignoring BILLIONS of people that have issues with money and want alternative solutions to banks.

when a TX fee costs more than an hourly wage you cant just say "its fine"

wake up people, look outside your own personal circumstance and think about the whole purpose of bitcoin
and no,this aint a time to advertise other networks.

But you concentrate the debate too much on "but Bitcoin is peer to peer electronic cash", and how the Core developers are preventing that from happening. There are trade-offs, and the solution isn't as easy as increasing the block size.

There network needs to scale out.