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  • Bitcoin Transaction Fees Increasing?

    I was reading a post recently, and observed that the Transaction Fees for bitcoins are increasing.
    The average bitcoin transaction fee grown and rose over the past few years, which may not be a good sign.

    The biggest advantage of using Bitcoin is low transaction fees. And, if it increase slowly, it may hurt the network.

    What are your views about the same?

  • #2
    I am not any master out here, but if I read it right then this was meant to happen and it will continue. According to Bitcoin plan, it will increase the fees slowly once the 21 million cap is reached, so perhaps it’s going that way only. Like I mentioned, I am no master so this is just my guess work that it is happening due to that reason, as that seems likely case.

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    • #3
      Yeah, this is no good! I love Bitcoin due to the low fees that are there, if they also increase the fees then what will be the benefit for small dealers like me?

      It will be too expensive and then I might have to again look for alternative. I really hope they don’t go on this direction of increasing the fees, as that is no good deal and will only make it less popular amongst newbies!

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      • #4
        As much as I hate paying fees, I can’t turn face from reality. Bitcoin is often used for lower transactions as mentioned by person above, but the thing is that Bitcoin is not just a way of payment, but it is also a sort of investment and that’s why role of fees is very crucial. I believe it is going to increase as we go ahead in time and sorry, but you will not be accepting reality if you accept this not to happen, as it’s meant to happen as someone above already said!

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        • #5
          This is the problem that has been highlighted by many here already.

          I think this is something one got to feel frustrated over, as I personally like to save every penny and I believe many people feel same way which is why they use BTC where fees is very low, but this is changing in recent times with the increase! I really hope this stop and we don’t see any further rise at all!

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          • #6
            It definitely creates some sort of negative impact, but overall we need to adapt to it. If I pay something like 0.0001 fees then I am okay, I will be okay even at 0.0002/3 but above these numbers, it is going to be very frustrating. I think eventually people will get use to paying higher fees, but these are ones who already have enough of it to pay without worry. But, the higher fees are what will stop new comers to take interest which is never good!

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            • #7
              Big investors are really not going to mind much with the increase, but it’s the low grade workers which will have difficulty with the increasing fees. It is extremely hard to manage because we all are using it for smaller transactions and that is the reason this fees increasing hurts most.

              If anyone is going bigger transactions once in a while then I don’t think it means much at all for the fees factor but it means so much for low workers.

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              • #8
                This was something I figured out once I read the Bitcoin model, as they have it clear that ultimately the only way Bitcoin is going to survive in years to come is through increasing in fees, so this is just the start guys. I think many newbies will be upset with this but this is not going to make any difference. This is going to continue and we will see the fees going high and high only with time.

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                • #9
                  It is obvious that no one likes fees, but there is no running away from it either, so we need to accept it or just not use it. But not using is not the sensible option either with it been so much high in popularity, so we need to use it that’s the reality.

                  The fees are not good but no one is going to change it, as the more Bitcoin grows, the bigger fees are going to get, so all this needs to be watched extremely closely.

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                  • #10
                    Yep increasing fees would be concern especially for those who deal in Bitcoins often and want to use for a long period of time. Such people would really love lower fees as it keeps the cost of transactions lower and one can earn good profits by keeping the overhead charges low. BTW, the lower fees of the Bitcoins are the main positive point without which it would not be in competition with other payment or investment systems.

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                    • #11
                      Increasing transaction fees for Bitcoin is not good as the only good thing about Bitcoin is its lower transaction fees.

                      Now even if it is not there then there would be no difference between it and other payment systems which would mean people/organizations have no advantage to use Bitcoin and they might just stick to existing payment systems. So this is real because for concern and one only hope that such thing does not happen often!

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                      • #12
                        Agree with you Francis Fabrizi. The distinct advantage of Bitcoin over others was the lowest fee and if it is not there then it does not evokes confidence amongst its users as there is no shortage of alternatives. People can use the existing other crypto currency or make their own with little to no fees. So Bitcoin needs to iron out this issue for its continued patronage amongst users. In this age & day, people won’t stick to something forever, more so if it is not giving any advantage to them!

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                        • #13
                          Yes if the transaction fees for Bitcoin keeps increasing then there is no real advantage of it against any rival. Why would anyone pay more for something?

                          Bitcoin though can be used as investment tool or as trading asset in the financial market. So people can look beyond fees too! But if the fees becomes too much then there is real cause for concern! I would not select any payment system whose fees are high so Bitcoin is no exception

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                          • #14
                            The transaction fees are not fair. I could remember those days when transactions got confirmed very quickly with very low fee.I used to send my earnings from abroad with very low transaction fee. But now, recently i sent btc from my wallet to my local bitcoins account to sell. I didn't change the fee manually in my wallet. That’s the greatest mistake i done. It took around two weeks for me to receive btc. That was ridiculous.

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                            • #15
                              I don’t think it’s our choice, as the fees are obviously going to increase with the value so high. Slowly, I believe BTC is becoming for Rich only thing, as who will be able to get even 1 BTC at such high rates.

                              I don’t think I am quite capable of doing this, so that’s why I think it is a massive problem and something that’s required to be figured out very carefully or else we could suffer a lot.

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