Post
Topic
Board Bitcoin Discussion
Re: Is bitcoin transaction fees fair?
by
stompix
on 30/05/2017, 15:51:39 UTC
Nope. I'm out here sometimes paying a $20 fee for a $200 transaction Angry

If you have to pay a 20$ fee it means you have at least 15 inputs at the current average fee.

Check how much dust you have in your wallet.
Nowadays it's worse to have a few addresses with 1-2 $ worth of bitcoin than having none.

Transaction fee is fair, because when the price increases along with the same the transaction fee value increases. Expecting a price increase and decrease in transaction fee doesn't make sense. In my view most users get the fastest confirmation but very few transaction get stuck to the lagging network making it unfair

So which one is it?
Transaction fee is fair/making it unfair.

it's fair in the technical sense, since the users are the ones to set it up when observing how congested the network is, allot prefer to pay up to $0.50 more cents to get it confirmed instantly rather than waiting for days..

But we are forced to pay more because if we don't our transaction will be stuck. It is like we do not have a choice but to pay high fees just to make our transaction confirmed.
I see it more as adapting to the situation since you are not forced to do anything. It is possible to include a lower than average fee (not too far on the lower side of course) with your transactions.

The result is that your transaction will take much longer to confirm (likely in the 5-10 hour range). If you are okay with that, then it's all fine, but the hours of waiting aren't worth the few satoshis that you save.

More like 24h - 2 days.
I had to wait for a confirmation almost a day because of a sudden wave of transactions with more than 260s/b.
And there was nothing I could do since I wasn't the sender.