Topic: Are heavy fees and transaction delays in BTC causing crypto market to fail? (Read 373 times)

ETH does 15 transactions per second and BTC can manage 7 however $1.50 on ETH is still much too high
in fees but at least the miners are kept in check by the development team and did not hold a knife to
peoples throats and start charging $55 per transaction and this will never be forgotten

Many coins only cost $0.001 per transaction to put things in perspective and a year ago with Bitcoin
we were only talking cents and it was not "We" that changed the rules of game.

Yes Ether is much more faster than Bitcoin when it comes to transacting payments from peer to peer.think about it this way. you're sending money to an trading site with fee on it just to send Bitcoin(s) to still you're paying the exchange and the miner their selves . still the same i think would happend when you transact and convert it to Bitcoin.

Many of the new altcoins are trying to address the problems you mentioned. There is certainly a disadvantage right now as more people buy and sell or pay, but that is the purpose of updates to the system as well as new networks launched. Many in my country currently use p2p because of the high fees and slow transaction times when the networks are busy. But I know these will be addressed because devs know the survival and dominance of their crypto depends on these issues being solved.

Wow the solution is already here...!!! its not implemented? or who is stopping this? I really don't know how it works if there is consensus they should for lightning network.

But really can someone tell how this decision making thing works? like who decides what technology should be implemented or rejected specially in case of Bitcoin issues?

I am going to throw a spanner into the works here, by saying that the high fees are cancelled out by the huge profit you make, when the price skyrockets. Last year a lot of us made more than 800% profit in one year.
Ok, the concept is flawed if you were late to the party, but future profits might cancel out the high fees that you are paying now. Just throwing it out there, but I know it will trigger some anger and counter arguments.  

Thank you so much, really I never thought of this instead of sending BTC directly we can covert to any other coin and send it and later convert back to BTC to cash it, it makes transactions faster. Thank you so much. I like the idea.

We are the one going to set the fee for the crypto currency transaction so you can set low fee for the bitcoin transactions too,the confirmation time will be based on how much your fee is going to be,the higher is the fee then more quicker your transaction will be confirmed.ETH transactions are also same the transaction priority will be based on gas you going to set.

So the fee is the key thing which can decide that your transaction will be faster or slower.But now the tranffic in the blockchain much got cleared and people started to use SegWit address too which can perform the transaction quicker than the legacy one.

It depends upon how much the gas to generate you to pay, transaction fee is needed in every transactions to pay miners the more amount you to pay the fee the faster transaction you have. But if you want cheaper transaction you must wait for it 1 to 3 hours is not bad for me to wait.
But i heard there's other network who hold the transaction of all crypto currencies more faster than regular transaction and it is called
the lightning networks.
~ less traffic overload transaction in blockchain.

BTC ETH is the currency of the future

Please correct me if I am wrong but isnt Eth cheaper to send than bitcoin and faster?

Bitcoin fees? well the decision is still up to you depends on what and how long nor fast your transaction wanted to be confirmed.
take note you're paying miners to confirm your transaction

Buying crypto  with fiat may cost some charges depends on what and where you're buying from and the fees included with the transaction.

On Kraken, you can buy quite a lot of major crypto directly with fiat.  So I don't think that this matters.  Moreover, if you buy "BTC" on an exchange, you are actually only buying an exchange IOU.  Nothing happens on the block chain, and no miner fees are paid for.  The fee is only paid when you "withdraw" your coins, that is, when you nicely demand your exchange, to send you real BTC or other when you try to redeem their promise (the IOU).  Until then, no real crypto coins are handled, all this is just on the web site of your exchange. 
So if you buy a BTC IOU, and you then exchange that BTC IOU for Zombie Coin IOU on the same exchange, I don't see how the high fees on the BTC block chain that has nothing to do with this, has anything to do with what you're doing.

Of course, if you want to buy BTC on exchange 1 and send it to exchange 2, you have to pay twice a block chain fee.  This is why it is a bad idea to use BTC for that.  Use something like LTC or BCH or another cheap fee coin, it is much cheaper.  The actual price of LTC doesn't matter.  The only thing that might matter is the volatility between you exchanging your BTC IOU into a LTC IOU, withdrawing them, receiving your LTC from exchange 1, and you depositing your LTC on exchange 2, and exchanging the LTC IOU into a BTC IOU.  LTC being a very fast chain, the price change (the volatility risk) should be small.   You are only exposed for about 10 minutes or so to LTC volatility.  Whether LTC trades at $1 or at $1000, doesn't matter at all.  The amount of BTC you had on exchange 1 will be close to the amount of BTC on exchange 2 ; if the two trade fees on the exchange are small compared to the BTC block fee, you win on fees, it is faster and smoother.

I am useless at ten to the power of eight type maths so let have these numbers in English please so we can all
understand them please.

$10 per 250 bytes I make it https://bitinfocharts.com/comparison/bitcoin-transactionfees.html
so my 750mb copy of the batman movie must be worth a few hundred billion USD !

This $10 is about seven times the transaction cost of ETH that is mega high IMHO and about 10,000
times more than Bitcoin Gold but like I said I am useless at maths when I see small numbers like
$0.005 so i might have my numbers wrong

Yes fees hitting a peek of $55 is preventing most newbies from risking a leap of faith by buying in to
Bitcoin and half the regulars are divided due to the Lightning Network introducing a system of hub
banking to Bitcoin.

Money going walk about as unconfirmed transactions is not helping matters and as for going "Off-Block"
kind of begs the question if we ever needed the magical block-chain in the first place.

What really crashing the markets is not what the BBC is reporting or what we are being feed here
about South Korea, France, India and tim-book-two closing miners down or trying to outlaw crypto-coins
because during prohibition the price of booze went up.

The real reason is that USDT is fake money, printed for nothing and therefore is not backed by real
$USD even if it's pegged at 1:1 and this counterfeit has been used to pump the price of Bitcoin up so before I get
attached for this by members of the faith for the second time today may I suggest that you listen to
this guy https://www.youtube.com/watch?v=MwKYbT9MoPE

We effectually have fake coins in our Bitcoin slot machine and could be looking at Bernard Madoff 2.0

Thank you  

I wholeheartedly agree with your viewpoint. It is beneficial for the future development of Bitcoin
if people continue to look for unconventional solutions to problems.

I concede that the concept of probabilistic payments probably has been "on the shelf" for a while and not much has happened.
However, the concept has recently resurfaced in conjunction with the Lightning Network.

Take a look at the following paper:
https://courses.csail.mit.edu/6.857/2017/project/7.pdf


I happily admit that I´m probably not particularly impartial about the whole concept,
because I fell in love with the idea the first time I read about it.

I also have to admit that the solution mentioned by you in your earlier post has a
few other advantages:

Especially in terms of security scaling on a different protocol layer is a brilliant solution. Instead
of putting the main layer at risk by trying out new scaling solutions you also abstract the risk
away by making use of a different protocol layer.

This is also the reason why the Bitcoin Cash
roadmap is so dangerous. Let´s assume that they actually use 1GB blocks in the future
and encounter unforeseen issues. In this scenario they would have to roll back a change
like this on the main blockchain, which would be dangerous as well as a huge loss of trust.
If we assume that the Lightning Network of the real Bitcoin will encounter unforeseen issues
down the road, this doesn´t jeopardize the main layer at all.

This is basically the beauty of abstracting features away into different protocol layers in a nutshell.

But still, it doesn't remove the fee part. Even exchanges charge you something and the one who is selling Bitcoins is sure to pay the fee.
If you are buyer today, won't you sell your coins some day ahead?

---

Are you trying to remove the problem or give it more air?

OP, once these exchanges start using SegWit addresses to let sellers use it to receive their coins there, I believe there might be a huge cut in the fee levels probably, but the condition is that - they need to switch it 100%.

I think that's the reason why Atomic Swap will be taking place in future.

I think it goes beyond this... ..for me one major challenge we are having if FUD......if most investors can be firm then that will go a long way in making the market stable

If there are more solutions proposed than I was aware of, then you get a merit

Sounds interesting, although I'm wondering if this is one of this proposals that's been "on the shelf" for a while? Alot of that sort of stuff on the Bitcoin wiki site was written several years ago.


Still, we should encourage the lateral-thinking spirit: coming up with unexpected innovations often results from trying to look at a problem a different way, and that means not accepting the established assumptions about the nature of that problem. There's be no Bitcoin if Satoshi had given up if he'd assumed the Byzantine general's problem was unsolvable.

The fees are massively lower lately, increases in segwit adoption and clearance of the mempool have drastically reduce the fees. The reason the market is falling is due to the news outlining potential regulatory changes in India and China, the crash is definitely transient, and will probably clear up within a couple of days.

What I like about Bitcoin is the fact that the amount makes no difference to the size of the fee. Some Banks have sliding scales

for transfers that are done. {Example : For every $100 increment, you pay slightly higher fees} The same is applicable to

some payment networks like M-Pesa. In Bitcoin you can send $10,000,000 for the same miners fee as say $1000.