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Author Topic: Cryptocurrencies now days are more than money! very high cost and fees high now!  (Read 437 times)
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May 19, 2019, 08:27:41 PM
 #1

Cryptocurrencies now days are more than money! very high cost and fees high now!

I thought that it going to be easier and faster then banks in the old days and fees were reasonable, but now days are getting very high fees and takes mostly 30 mins...

Not only CryptoCurrencies the only digital money the only available, back then used to use liberty reserve and e-gold which was good and you send USD and keep the money which stays the same amount you pay for, and sometimes worth even more...

E-gold was a digital gold currency, back in 2000 and 2014 was much famous and usable at the time, you log in they send you to email confirmation, and you get number in email and you copy and paste on website to be able to log in, that's besides password of course that was better then 2 Factor authorization now days.

then it was closed for some time and lost it famous and everyone goes to use liberty reserve, which was also good at a time, I know it might be good for money transfer and may be used in illegal transaction, I do not know, I didn't use it illegally, used it for normal transaction and buy online usually, and keep transaction anonymous, which I do not think it's anonymous much.

Then I stumble upon the CryptoCurrencies and was a hit back then, I do not know what is happening nowadays, which makes fees very high and not as same as US dollars, which makes it unclear to know the item price that you are buying or if you merchant it's hard to know how much US dollar equivalent you have to get in order to ship item or even if it's digital item to calculate the fees to keep the fees out of the profit.

It's really good to have CryptoCurrencies, but it will be good if it's stable more, then it's now. or at least US dollar equivalent as the same as static currency, it's now more dynamic.

Some people think it's good to invest in CryptoCurrencies, but I do not think so.

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May 19, 2019, 11:14:01 PM
 #2

Everyone has a different analysis, and I like your analysis of crypto fees.
If the fee is expensive, there is actually a good solution trying to use another coin that has a cheaper fee. XLM / stelar applies a low fee on every transaction. I think it's worth a try.

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May 20, 2019, 12:50:21 AM
 #3

what crypto you're talking about?
xlm transaction fees are cheap, xrp too. you can use eth and will pay less than $1 in extreme case, for quick confirmations you should pay less than $0.1.

saying crypto is not worth investing just because 1-2 crypto tx fees are quite high is unjustifiable imo, you're generalizing way too much. you already have stable coins as well if you want more predictable fees (usdc, usdt and most stable coins fees are around $1 from exchange to exchange).

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May 20, 2019, 02:28:27 AM
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 #4

Some people think it's good to invest in CryptoCurrencies, but I do not think so.
Aren't you saying you don't think crypto is useful as a currency as opposed to an investment?  They're two different things, you know. 

Network fees and confirmation times are definitely a pain in the ass when it comes to bitcoin (usually).  Altcoins generally don't produce the same frustration, but I digress.  But those negative aspects affect bitcoin's utility as a currency.  People who want to buy bitcoin as an investment probably don't really care if it takes a while to get their transaction(s) confirmed, and if that's the case then large fees don't need to be included for transactions anyway.

I agree with most of your points, OP.  I've always been skeptical about bitcoin being a fiat competitor for exactly the reasons you mentioned.  Joe Blow on the street has no reason to figure out a way to buy bitcoin (not always an easy task) in order to buy something that he could just as easily pay for with cash--and that's if the merchant who's selling what Joe Blow wants to buy accepts bitcoin anyway.  This is why most people haven't adopted bitcoin.

But I've always supported bitcoin as an investment.  And it is also useful when you want to buy something online from a merchant that can't accept credit cards (try buying marijuana seeds or kratom or other gray market items with a credit card), and it obviously has been used on the dark markets.  Anyway, looking at the current market price right now it's obvious that investors are looking past all the drawbacks and are seeing bitcoin as an excellent investment.  I'm definitely happy about that.

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May 20, 2019, 03:13:04 AM
 #5

Cryptocurrencies now days are more than money! very high cost and fees high now!

I thought that it going to be easier and faster then banks in the old days and fees were reasonable, but now days are getting very high fees and takes mostly 30 mins...

It's still faster than any cross border banking transaction, and cheaper as well. I agree bitcoin's transaction fees have gone up recently due to higher number of transactions and price, but it's still cheaper than banking wire transaction.

Quote
Not only CryptoCurrencies the only digital money the only available, back then used to use liberty reserve and e-gold which was good and you send USD and keep the money which stays the same amount you pay for, and sometimes worth even more...

Liberty Reserve, Alertpay, Payeer - these are all payment processors, not a coin! So don't compare these two as it makes no sense at all! Try comparing Apple to Apple, not Apple to Jackfruit!

Quote
It's really good to have CryptoCurrencies, but it will be good if it's stable more, then it's now. or at least US dollar equivalent as the same as static currency, it's now more dynamic.

Some people think it's good to invest in CryptoCurrencies, but I do not think so.

That's your call! If the price of cryptocurrency becomes stable, it will not be considered as an investment. It will then be used as a currency only and we don't have many places where we will be able to use it. In longer term, I would definitely want it to be stable as the adoption grows, but for now, it looks great as an investment with fluctuative price!

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May 20, 2019, 06:36:31 AM
 #6

The higher the demand, the higher the price, the higher the tx fees because of high demand which automatically leads to increased amount of transactions, peoplr want to get confirns as soon as possible, because of increased competing, fees rise overally.
There is ine solution for you to use bitcoin tx accelerators (viabtc for example) or convert your bitcoins and use another coin, a lot of altcoins have ultra low tx fees.
Current period is nothing, situation was insane when price hit to 20k.

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May 20, 2019, 06:48:46 AM
 #7

Cryptocurrencies now days are more than money! very high cost and fees high now!

I thought that it going to be easier and faster then banks in the old days and fees were reasonable, but now days are getting very high fees and takes mostly 30 mins...

Not only CryptoCurrencies the only digital money the only available, back then used to use liberty reserve and e-gold which was good and you send USD and keep the money which stays the same amount you pay for, and sometimes worth even more...

E-gold was a digital gold currency, back in 2000 and 2014 was much famous and usable at the time, you log in they send you to email confirmation, and you get number in email and you copy and paste on website to be able to log in, that's besides password of course that was better then 2 Factor authorization now days.

then it was closed for some time and lost it famous and everyone goes to use liberty reserve, which was also good at a time, I know it might be good for money transfer and may be used in illegal transaction, I do not know, I didn't use it illegally, used it for normal transaction and buy online usually, and keep transaction anonymous, which I do not think it's anonymous much.

Then I stumble upon the CryptoCurrencies and was a hit back then, I do not know what is happening nowadays, which makes fees very high and not as same as US dollars, which makes it unclear to know the item price that you are buying or if you merchant it's hard to know how much US dollar equivalent you have to get in order to ship item or even if it's digital item to calculate the fees to keep the fees out of the profit.

It's really good to have CryptoCurrencies, but it will be good if it's stable more, then it's now. or at least US dollar equivalent as the same as static currency, it's now more dynamic.

Some people think it's good to invest in CryptoCurrencies, but I do not think so.
US dollar never have stable value,it also keep changing and mostly decreasing due to the inflation so how can we call it as stable and looking for a decentralized crypto to have stable value.For now the transaction fee is slightly higher but no too much and also 30 minutes of time also reasonable,there are other coins also available for making instant transactions.

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May 20, 2019, 07:01:06 AM
 #8

yea, it is still a currency however and how you rate it depends on the part of the world where you are.one of the most active reason for creating bitcoin is to help distribute wealth. and to achieve this the value must actually worth it. for cryptocurerncy to emerge the world currency, its value must be attractive enough.

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May 20, 2019, 09:30:32 AM
 #9

what crypto you're talking about?
xlm transaction fees are cheap, xrp too. you can use eth and will pay less than $1 in extreme case, for quick confirmations you should pay less than $0.1.

saying crypto is not worth investing just because 1-2 crypto tx fees are quite high is unjustifiable imo, you're generalizing way too much. you already have stable coins as well if you want more predictable fees (usdc, usdt and most stable coins fees are around $1 from exchange to exchange).
I agree it is as simple as that you should just try other crypto and for me the best one to use would be ETH,
And why would you be sending your crypto if you are going to trade it then it is better to keep it on a good and trusted site since you worry too much about the transaction fee.
But if it is nothing important then why would you even bother sending it?

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May 20, 2019, 09:33:35 AM
 #10

Where you get this analysis? I have recently traded some bitcoins with very low transaction fees and this exchange also provide a secure wallet.
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May 20, 2019, 10:53:28 AM
 #11

I made a bitcoin transaction not quite long from now and the fee is still within limit, nothing have changed that I can obviously observe. Not withstanding that, we can't compare the fees charged  on crypto transactions to what it is in fiat especially with huge amount. Fiat is more and causes delay.

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May 20, 2019, 04:06:21 PM
 #12



I remember those days when eGold was still so popular especially with online programs but that can be categorized akin to stablecoins we have now as the value is not deflationary like bitcoin and the rest of the gang. Now, we have cryptocurrencies taking the marketplace by storm. Aside from its use as a currency or money, bitcoin can also be a store of value that can rise depending on the market dynamics. Yes, the problem sometimes is that the transfer fees can go astronomical depending on the volume of transactions clogging the network. There must be something that can be done to solve this problem. There are still many things we should do about this platform and I am sure we will eventually get there.

 
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May 20, 2019, 05:33:55 PM
 #13

yea, it is still a currency however and how you rate it depends on the part of the world where you are.one of the most active reason for creating bitcoin is to help distribute wealth. and to achieve this the value must actually worth it. for cryptocurerncy to emerge the world currency, its value must be attractive enough.
Bitcoin is already got enough attention from the common people but the problem is they are considered as investment more than currency.

But the fee is not too high when compared to the year 2017 and its because of segwit implementation on most of the wallets.And soon the mainnet also might increase the transactions speed so the speed will not be a problem in future.

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May 20, 2019, 07:04:10 PM
 #14

Some people think it's good to invest in CryptoCurrencies, but I do not think so.
Aren't you saying you don't think crypto is useful as a currency as opposed to an investment?  They're two different things, you know. 

Network fees and confirmation times are definitely a pain in the ass when it comes to bitcoin (usually).  Altcoins generally don't produce the same frustration, but I digress.  But those negative aspects affect bitcoin's utility as a currency.  People who want to buy bitcoin as an investment probably don't really care if it takes a while to get their transaction(s) confirmed, and if that's the case then large fees don't need to be included for transactions anyway.

I agree with most of your points, OP.  I've always been skeptical about bitcoin being a fiat competitor for exactly the reasons you mentioned.  Joe Blow on the street has no reason to figure out a way to buy bitcoin (not always an easy task) in order to buy something that he could just as easily pay for with cash--and that's if the merchant who's selling what Joe Blow wants to buy accepts bitcoin anyway.  This is why most people haven't adopted bitcoin.

But I've always supported bitcoin as an investment.  And it is also useful when you want to buy something online from a merchant that can't accept credit cards (try buying marijuana seeds or kratom or other gray market items with a credit card), and it obviously has been used on the dark markets.  Anyway, looking at the current market price right now it's obvious that investors are looking past all the drawbacks and are seeing bitcoin as an excellent investment.  I'm definitely happy about that.
This is actually the drawback of Bitcoin where prices do tend to rise up and so as with the tx fees due to bloated transaction numbers happening which isnt really a new thing and we have seen this for how many times.
When price surges and so as with that fees so this alone wont really be possible for btc to be a candidate to par up with fiat and i dont know why some people do really pusher with this kind of belief which it isnt really even possible.It do have its own corresponding usage but to think overboard wont really fitted out.

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May 20, 2019, 10:23:52 PM
 #15

Everyone has their own goals of using cryptocurrencies. Someone wants to use them in real life, then this situation in the market as it is now is not suitable for them. Others use crypto for earnings and they do not need stability, they get money from sharp price changes.

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May 20, 2019, 11:41:19 PM
 #16

That's the risk of bitcoins price increase, the fees are even getting higher. As for me, we have our own views and perspective in cryptocurrency and yes, fees are making things hard but I still see the bright side of cryptocurrency there. Transaction fees aren't new so we should just deal with it.

 
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May 21, 2019, 01:58:48 AM
 #17

I don't see it as a negative thing because that's the only way where exchanges could profit from our transactions. I don't see a negative thing out of it because we are not even paying taxes from our crypto transactions so we shouldn't complain since they are providing us a good service.

 
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May 21, 2019, 02:50:46 AM
 #18

That's the risk of bitcoins price increase, the fees are even getting higher. As for me, we have our own views and perspective in cryptocurrency and yes, fees are making things hard but I still see the bright side of cryptocurrency there. Transaction fees aren't new so we should just deal with it.
Ya it is already happen before and it is more than now, we people must remember when bitcoin price on it's peak, it fees for sure is higher than now. But in other side, our assets value grow too. I think it is consequency in crypto and people who join in it don't have any choice right?

 
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May 21, 2019, 09:19:05 AM
 #19

You can consider bitcoin like that and I can understand it, bitcoin has been getting much more attention than it anticipated however right now since the transaction counts are higher than anyone ever hoped for we are getting a bit slower and even more expensive. It is still cheaper than anything in big bulk payments, you can send a million dollars in bitcoin with less time and less fee's, in regular bank deals you need to fill paper works for that much money and you need to wait and you pay a lot of money for it, this is why bitcoin is better.

Obviously, on smaller amount it is getting worse but that is only for bitcoin. If you are going to send a million dollars to someone via bitcoin that is great, but if you want to send 5 bucks to someone you can either use ethereum or any other smaller altcoin.
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May 21, 2019, 12:08:39 PM
 #20

This problems you mentioned are not common with all the blockchain service provider, the only one I know that is a bit common is that issue of high fees they charge but at the same time, that is why the industry is not a monopolistic one, we have too many options to choose from to get a desirable result.

For the issue of slow transaction, I think it is common with Ethereum, but many people believe that this solution is what Binance has brought and for the issue of transaction fee, I am sure we have some competitor of the project given such challenge that will be able to resolve all these in future, we just have to give the blockchain time to fully develop and I am sure all these will be sorted out.

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