Monero is not a solution to high transaction fees

Look at this chart: https://bitinfocharts.com/comparison/transactionfees-btc-xmr.html#3m

The average transaction fee using Monero is already over $10USD (shooting up from $7USD just yesterday), and this is with a fraction of the transactions occurring on the bitcoin network. If customers, markets and vendors stampede over to XMR, then fees will end up just as high or even higher than BTC in the medium term.


Comments


[44 Points] StanBowmanOfficial:

hey man you can't just come in here and talk bad about monero in the middle of the circlejerk


[15 Points] HODLLLLLLLLLL:

LOL @ YOUR POST HISTORY.

talking in bible subs ALOT and posting in darknet markets.

HAHAHA

Awesome


[15 Points] plsbi:

Nobody claimed it was. Monero is a solution to the low privacy of other currencies.


[13 Points] snushomie:

Inflated numbers from exchanges and newer users that are using the default fees that are far higher than necessary. Low fee transactions are still confirming in 15-30 minutes, like less than 40-50 cent transaction fees.

Stop spreading nonsense.


[11 Points] DarkNetSoftwareEng:

set priority 0 - cheap fees for all.


[5 Points] swiftfooth:

Monero's fees are inversely proportional to transaction count. It means that fees will go down (at least in XMR units) when more folks start using it.

Current situation with fees is caused by huge spike in coin's price (without correspondingly large increase in usage) and bulky transaction size: ~ 13kb on average. The upgrade called "Bulletproofs" will reduce the size to ~ 2.5kb, it is already live on the testnet and scheduled for deployment in March. However, there's a chance that developers will decide that Bulletproofs need more testing (as the bug in this particular feature can lead to attacker printing infinite amount of moneroj) and delay the deployment on mainnet until September.

For a detailed review of Monero's dynamic fee algorithm, please read: https://getmonero.org/2017/12/11/A-note-on-fees.html


[3 Points] DOXX_R_US:

that's beacuse people don't know how to use the GUI. Low priority XMR transactions are still confirmed faster than bitcoin transactions and the fees are like less than a couple dollars.


[2 Points] throwaway12-ffs:

Not like monero isn't working WAY harder then Bitcoin on lowering transaction fees (And also has already got a solid plan in action to drastically lower transaction fees in the next year.)


[1 Points] manginahunter:

Raise the blocksiizee !!!!!


[1 Points] isrly_eder:

bulletproofs are coming – they will reduce fee weight by a factor of roughly 5. should be a nice improvement. and also set low priority on the GUI.


[-1 Points] VibinInTheDNMs:

I saw some one mention that NAV coin has advantages to privacy similar to XMR, if that's true why don't we all just jump to using NAV? It's at a very low price and still rather unknown so I'd assume fees are rather low still..


[-1 Points] ghostbtc:

Y’all are stupid. XVG is the way to go...1$ in the near future:)