Topic: are transaction delays crashing Bitcoin prices? (Read 2057 times)
Who should we blame miners or users? if price going up causes fees to go up as well and makes the transactions stuck then causing the price to go under then maybe it's a good thing? miners could activate SW and stay as a miner after doing so, it's not like if they activate it they get booted out of the mining process, they only need some body to tell them that.
I've noticed that whenever BTC gets near to $3000, transaction costs go up and payments start getting stuck. The next day it seems to crash down again. Is this a coincidence?
Bitcoin has only been near $3000 once, and this was fairly recent. So it's quite an isolated case.
Transaction fee issues have existed long before this pump was even initiated. In fact a major contributor to the transaction fees is the pump itself - when bitcoin transaction fees go up, and bitcoin value goes up, it equates to an exponential growth in transaction fees in fiat terms. There is really no correlation between bitcoin price and bitcoin transaction fees measured in btc.
$3000 is a psychological barrier for traders. It is a round number, much like $1000 and $2000. And this is the reason why we are failing to break it. If we were extremely worried about transaction fees then bitcoin would have never been pumped in the first place.
I've noticed that whenever BTC gets near to $3000, transaction costs go up and payments start getting stuck. The next day it seems to crash down again. Is this a coincidence?
I guess it is really I also have a lot of transaction in the blockchain that getting stack there almost a week before it confirmed in my bitcoin wallet so but till I don't think that can be a reason but I guess it is just a small percentage in lost of price of bitcoin but still not something to worry about I guess.
You are right and it is really odd but it started happening before bitcoin was at $3000. For some strange reason the one day all of a sudden everyone's transactions started going through after waiting 10 days. Now I an spend 0.001 and it goes within an hour or so and that for me is fine.
Transaction delays is because of the too many transactions in the blockchain that can't be processed at the same time, this delays of transactions is not affecting the bitcoin's price. But the fluctuation of the bitcoin's price is the one affecting the transaction fee, the more the bitcoin's price is increasing the more the transaction fee is increasing also, and yeah, in the near future, the transaction fee would be higher more than what it is right now, but it is not that expensive since the bitcoin's price will also increase.
Yes they all got clogged up like a blocked drain.
Transaction delays does make a person want to sell or purchase Bitcoin though with Bitcoin transactions having a negative impact on the price, the price of bitcoin will only affect the price short-term. There is a general view that Bitcoin will have a very expensive price in the near future and the cost for the transactions are nothing compared to it right now.
Transaction delays is because of the too many transactions in the blockchain that can't be processed at the same time, this delays of transactions is not affecting the bitcoin's price. But the fluctuation of the bitcoin's price is the one affecting the transaction fee, the more the bitcoin's price is increasing the more the transaction fee is increasing also, and yeah, in the near future, the transaction fee would be higher more than what it is right now, but it is not that expensive since the bitcoin's price will also increase.
Yes they all got clogged up like a blocked drain.
Transaction delays does make a person want to sell or purchase Bitcoin though with Bitcoin transactions having a negative impact on the price, the price of bitcoin will only affect the price short-term. There is a general view that Bitcoin will have a very expensive price in the near future and the cost for the transactions are nothing compared to it right now.
Transaction delays is because of the too many transactions in the blockchain that can't be processed at the same time, this delays of transactions is not affecting the bitcoin's price. But the fluctuation of the bitcoin's price is the one affecting the transaction fee, the more the bitcoin's price is increasing the more the transaction fee is increasing also, and yeah, in the near future, the transaction fee would be higher more than what it is right now, but it is not that expensive since the bitcoin's price will also increase.
not sure why people are putting up with BTC when more coins are better and faster.. if this continues.. BTC will be just another ALT
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I've noticed that whenever BTC gets near to $3000, transaction costs go up and payments start getting stuck. The next day it seems to crash down again. Is this a coincidence?
Guess what, the increase of fee caused by the increase of transaction which you can simply make a conclusion from this that when the price just hits $3000, people are in hurry of selling their Bitcoin, they'll pay higher fee than usual expecting their transaction to be arrived very soon which cause the significant increase of the fee, If you're wondering why the price keeps on crashing at this time, it's because of the dump caused by those kinds of people.
Acually the transaction delay and the high fees suprisingly making the price of the bitcoin go up even more and the reson for that i think that everyone who owns bitcoin right now is just saving it, which is creating a high demand in the market and with high demand come high prices, and this might go on for quite some time until the whole network gets uptdated to support the massive transactions.
I've noticed that whenever BTC gets near to $3000, transaction costs go up and payments start getting stuck. The next day it seems to crash down again. Is this a coincidence?
Bitcoin has only been near $3000 once, and this was fairly recent. So it's quite an isolated case.
Transaction fee issues have existed long before this pump was even initiated. In fact a major contributor to the transaction fees is the pump itself - when bitcoin transaction fees go up, and bitcoin value goes up, it equates to an exponential growth in transaction fees in fiat terms. There is really no correlation between bitcoin price and bitcoin transaction fees measured in btc.
$3000 is a psychological barrier for traders. It is a round number, much like $1000 and $2000. And this is the reason why we are failing to break it. If we were extremely worried about transaction fees then bitcoin would have never been pumped in the first place.
I've noticed that whenever BTC gets near to $3000, transaction costs go up and payments start getting stuck. The next day it seems to crash down again. Is this a coincidence?
I guess it is really I also have a lot of transaction in the blockchain that getting stack there almost a week before it confirmed in my bitcoin wallet so but till I don't think that can be a reason but I guess it is just a small percentage in lost of price of bitcoin but still not something to worry about I guess.Yes, it's a relatively small amount of bitcoins that is lost.
For example i use the Copay/Bitpay wallet, and it conveniently tells me what percentage of the total transaction size is taken up in fees. If I send more than 0.1 BTC, then right now i only need to pay around 0.5-0.8% of my actual transaction size, meaning that it is still significantly cheaper than Paypal and Skrill(closer to 2% i think).
As the amount transacted increases the amount that miners charge do not increase, because what matters is not size but rather the bytes that a transaction takes up in a block. Therefore, traders and speculators(who are the main players in moving the bitcoin markets atm) don't really worry about bitcoin fees. This is proven by bitcoin going up more than 2x whilst it's having high transaction fees.
As you might have noticed miners are pushing their lucks too much to process and include transactions in blocks as fast as possible then you'll
See block times in less than 10 minutes which ironically increases the difficulty exponentially every time they mine too many blocks in an hour
Which normally they were supposed to mine then every 10 minutes, while the same miners are the ones refusing to activate the yet best
Proposals available which has been known as SegWit, they are using a stall tactic to collect and earn as much money(BTC) in fees as they can
Before others activate the one thing that first will limit their ability to use the boost function if they were using Antminers and second to
Practically limits their control over causing stupid high fees, they don't realize that others are looking up to them while they are looking
And waiting for others, they're not idiots but they act like it.
You're right though you're also wrong. It is pretty easy to notice that there is a bunch of miners that are manipulating the mining process of Bitcoin though there is a group of miners that are really trying to keep up with the competition due to Bitcoins difficulty percentage rising up. See block times in less than 10 minutes which ironically increases the difficulty exponentially every time they mine too many blocks in an hour
Which normally they were supposed to mine then every 10 minutes, while the same miners are the ones refusing to activate the yet best
Proposals available which has been known as SegWit, they are using a stall tactic to collect and earn as much money(BTC) in fees as they can
Before others activate the one thing that first will limit their ability to use the boost function if they were using Antminers and second to
Practically limits their control over causing stupid high fees, they don't realize that others are looking up to them while they are looking
And waiting for others, they're not idiots but they act like it.
As you might have noticed miners are pushing their lucks too much to process and include transactions in blocks as fast as possible then you'll
See block times in less than 10 minutes which ironically increases the difficulty exponentially every time they mine too many blocks in an hour
Which normally they were supposed to mine then every 10 minutes, while the same miners are the ones refusing to activate the yet best
Proposals available which has been known as SegWit, they are using a stall tactic to collect and earn as much money(BTC) in fees as they can
Before others activate the one thing that first will limit their ability to use the boost function if they were using Antminers and second to
Practically limits their control over causing stupid high fees, they don't realize that others are looking up to them while they are looking
And waiting for others, they're not idiots but they act like it.
See block times in less than 10 minutes which ironically increases the difficulty exponentially every time they mine too many blocks in an hour
Which normally they were supposed to mine then every 10 minutes, while the same miners are the ones refusing to activate the yet best
Proposals available which has been known as SegWit, they are using a stall tactic to collect and earn as much money(BTC) in fees as they can
Before others activate the one thing that first will limit their ability to use the boost function if they were using Antminers and second to
Practically limits their control over causing stupid high fees, they don't realize that others are looking up to them while they are looking
And waiting for others, they're not idiots but they act like it.
I've noticed that whenever BTC gets near to $3000, transaction costs go up and payments start getting stuck. The next day it seems to crash down again. Is this a coincidence?
I guess it is really I also have a lot of transaction in the blockchain that getting stack there almost a week before it confirmed in my bitcoin wallet so but till I don't think that can be a reason but I guess it is just a small percentage in lost of price of bitcoin but still not something to worry about I guess.
I never created a link between transaction delays and bitcoin market prices. To me, the market prices are totally speculative not depending real facts.
I've noticed that whenever BTC gets near to $3000, transaction costs go up and payments start getting stuck. The next day it seems to crash down again. Is this a coincidence?
When ever the price of bitcoin touches $3000 people will be using that to either trade them or sell them off and so is the reason you are seeing more transactions on those days and it has nothing to do with the crash solely because of the increased transactions,if all the people transacting are selling off their coins then the price comes down,so that is the case.
This will usually only happen if there is a large amount of movement, for example when the most recent crash happened so many people where selling it was just too much!
I've noticed that whenever BTC gets near to $3000, transaction costs go up and payments start getting stuck. The next day it seems to crash down again. Is this a coincidence?
This is not a coincidence but their are some sellers who are selling their coins as soon as bitcoin reach nearby $3k price and it may be due to transaction getting delay in confirmation and high transaction fees.
I am not sure if the delaying of transactions are one of the reason causing bitcoin prices to drop, but if bitcoin does not solve the block size problem soon, I believe there might be a time when some of the users that are frustrated with the long waiting time for confirmations in the blockchain might be switching to altcoins, and this might cause the value of bitcoin to drop.
We are having scaling agreement and don't worry. At least if that will not be splitting the bitcoin chain and there will be a clone for Bitcoin such as Bitcoin Unlimited coin. That will healthy. The dump in bitcoin trade caused by the more traders tries to take an opportunity to another place.
But the scaling problem of bitcoin included on the long-term. Just remember it, there will be a scaling solution activation in august. Take your popcorn.
This should have been posted in speculation, but I’ll answer your question anyway
I don’t think that is the reason why bitcoin isn’t reaching 3k yet. Transactions fees won’t kill a cryptocurrency. If the transactions fees were high, people would be holding bitcoin since they would not want to play a hefty transaction fee every time they buy something or move bitcoin. Since people would not be selling bitcoin, the supply would have decreased, and the people who would want to buy bitcoin would come to realise that there wouldn’t be as much people selling it due to the high transaction fees. These factors should actually raise the price of bitcoin, not drop it.
If the transaction fees are too high for you, just wait for August the first, where segwit will get activated which should in turn lower transaction fees, since the miners won't pay that big of a transaction fee.
I don’t think that is the reason why bitcoin isn’t reaching 3k yet. Transactions fees won’t kill a cryptocurrency. If the transactions fees were high, people would be holding bitcoin since they would not want to play a hefty transaction fee every time they buy something or move bitcoin. Since people would not be selling bitcoin, the supply would have decreased, and the people who would want to buy bitcoin would come to realise that there wouldn’t be as much people selling it due to the high transaction fees. These factors should actually raise the price of bitcoin, not drop it.
If the transaction fees are too high for you, just wait for August the first, where segwit will get activated which should in turn lower transaction fees, since the miners won't pay that big of a transaction fee.
Good question. Well, I don't think it is affecting the current bitcoin price as I believe that there are many institutional investors entered into the Bitcoin and they booked their profits when Bitcoin touched $3K so transaction delays are not affecting the current price but yes, it is something that is restricting the further growth. There are many businesses out there who are willing to give a try to the bitcoin for their financial fund transfers but since there are the aspects like price volatility and fluctuating transaction fees, they are currently preferring to stay on wait & watch mode and hence it is affecting further growth.
we have different opinion. mine is transaction delays and transaction fees are some of the factors that can be consider to have an effect on bitcoin prices. the logic is simple, if the investors or the business is affected with the delay, probably you will look for something that offers the same service with faster transaction and lower fees. maybe the investors switched from bitcoin to other altcoins.
Yes, it is possible but to be honest, I don't think that businesses with a large market share (other than Bitcoin companies) are involved with the Bitcoin for the fund transfer as the main option. The main reason for the price drop is the actions of individual holders. There are institutional investors too but there is no mechanism to produce the accurate data of the users so we have to rely on the assumptions which differ from person to person.
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