Community post
Network Fees Should Be Scaled
A word about network fees. I remember back in 2014 when I first got into Bitcoin that network fees were not so high that anyone noticed.
Yesterday I created a wallet on my phone for Doge (don't laugh). In the process of getting familiar with the wallet I did 3 in-bound transfers for 461, 5,000 and 14,001. I received (after 1 Doge fee) 460, 4,999 and 14,000. Next I did a transfer of 8,001 Doge (exchanged) for a Btc wallet. The 8,000 Doge was worth about 74.97 (not counting the 1 Doge fee). What the Btc wallet received was worth 30 Btc network fee.
After thinking about it I realized that the 1 Doge transfer fee, today worth about 10+ as the price of Doge grows to 0.01, 0.1 then 1.0 and 10.0. So, in my opinion network transfer fees should be scaled so as not to punish coin holders as the price goes to the moon. Almost like the difficulty factor.
Replies (8)
Its counterproductive to send money using bitcoin then having to pay more fees. The late entrants to the bitcoin and low wallet holders will shy away from transacting bitcoin. It will defeat the purpose, that is to serve as vehicle for future commerce.
Do you agree?
"Vehicle for future commerce" I would agree with, yes. But to set a transfer fee as x number of coin then not change the number while the coin value (by any measure) has increased by 10s of thousands of percent is wrong and a drag on that future commerce.
Maybe a fork on the blockchain should be focused on these fees.
It will need more than a single voice asking/talking about it, thats for sure.
Helpful post..
Thanks, just trying increase awareness.
You’re right, but we are vigilant and waiting.
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