Quote from: Hoganye on August 20, 2017, 07:31:19 PM

Quote from: Pinkris128 on July 19, 2017, 03:31:09 PM

Quote from: loiterin9 on May 14, 2017, 08:23:32 AM

Quote from: GGBTC.NL on May 14, 2017, 08:16:07 AM

indeed. The low transaction fee's are a lie now. better to buy your pizza with real money or pay more with BTC.

Can anyone tell me for whom those fee's are, and why they are rising?

The fees are being paid to miners to process transactions. The higher the volume of transactions the more effort is required to process, minres are motivated to process transactions that carry a higher fee first. This triggers a cascading effect, if a user what a transaction to be processed sooner he has to pay more.

In the traditional processing model, processing fees go down with volume. Users and acquirers work with a predictable pricing structure. Acquirers compete with each other driving making fees more competitive for merchants. Bitcoin turned this upside down and made users compete with each other. I believe this is not sustainable.

Exactly its because miners also need to earn porfit on their job. The higher the fee that you have paid the fastest its transaction will be. So if you paid for a low transaction fee then it may take long time or even day before it process.

This is reason make me worry about the future of Bitcoin, because if we want have a currency community fair and not corrupt, the issue high fees need solve soon. It look like as we spend our money for bribery miner helps our transaction confirm earlier than other transaction hash on network.

i am hopeful that all the issues related to bitcoin will be solve very soon. in fact bitcoin is not going to be useless so soon. but i am sure that people will continue using bitcoin for a number of reasons, currency people are using bitcoin for investment and for trading, while in futures it is expected that people will continue using it for shopping not only for online shopping but will also use it for shopping in their local shops but i think that it will take some more time.