Effect of transaction fees on Bitcoin

reebrilliant
Posts: 208
Joined: Wed Apr 26, 2017 8:37 am

Effect of transaction fees on Bitcoin

Wed Apr 26, 2017 10:42 am

What if the transaction fees are increased - will it have any effect on bitcoin being used for money transfer?
natasha
Posts: 143
Joined: Thu Apr 06, 2017 7:46 am

Re: Effect of transaction fees on Bitcoin

Thu Apr 27, 2017 5:41 am

It won't reduce the usage, but we will have fewer daytraders, resulting in stable prices. Moreover, these fees are essential for the blockchain network to keep working and verify the new transactions on the network. So I don't think they will be planning to increase them anytime soon.
paranoidGlitch
Posts: 256
Joined: Wed May 03, 2017 7:38 am

Re: Effect of transaction fees on Bitcoin

Fri Sep 22, 2017 7:47 am

I second what natasha said.
pual
Posts: 116
Joined: Tue Sep 05, 2017 5:59 am

Re: Effect of transaction fees on Bitcoin

Fri Sep 22, 2017 7:47 am

I think alike, there is no effect of transaction fees on bitcoins.
phil
Posts: 168
Joined: Thu Apr 06, 2017 8:52 am

Re: Effect of transaction fees on Bitcoin

Fri Sep 22, 2017 7:48 am

well I think that transaction fees are effected by bitcoin's price and vice versa.
Ray
Posts: 147
Joined: Sat Apr 08, 2017 8:23 am

Re: Effect of transaction fees on Bitcoin

Fri Sep 22, 2017 7:48 am

transaction fees and bitcoin's price are directly proportional to each other.
jamy
Posts: 206
Joined: Mon Apr 10, 2017 10:42 am

Re: Effect of transaction fees on Bitcoin

Fri Sep 22, 2017 7:49 am

transaction fees is paid in bitcoins, so if bitcoin value increases the transaction value is indirectly increasing even if it said that transaction fee is 1%.
Reyes
Posts: 131
Joined: Sat Apr 08, 2017 6:13 am

Re: Effect of transaction fees on Bitcoin

Fri Sep 22, 2017 7:49 am

transaction fee is exactly a payment for miner, and the amount of this fee decides the speed of your process.
Reynolds
Posts: 129
Joined: Fri Apr 07, 2017 10:44 am

Re: Effect of transaction fees on Bitcoin

Fri Sep 22, 2017 7:49 am

the transaction fee effects the priority of your transaction instead of bitcoin.
richardson
Posts: 108
Joined: Fri Apr 07, 2017 5:54 am

Re: Effect of transaction fees on Bitcoin

Fri Sep 22, 2017 7:49 am

the bitcoin protocol or network doesn’t require fees, so there is no effect of transaction fee on bitcoin.
rivera
Posts: 140
Joined: Fri Apr 07, 2017 5:45 am

Re: Effect of transaction fees on Bitcoin

Fri Sep 22, 2017 7:50 am

it won't effect bitcoin.
robb
Posts: 110
Joined: Sat Apr 08, 2017 11:25 am

Re: Effect of transaction fees on Bitcoin

Fri Sep 22, 2017 7:50 am

I don't think bitcoin's transactions will not be reduced by increase in transaction fees.

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