Topic: big transactions fees are a problem for bitcoin!!? - page 2. (Read 220 times)

This article was published last year when Bitcoin network are experiencing congestion with unconfirmed transactions (spam transactions), but have you tried sending Bitcoin this past few weeks or month? I can even send a Bitcoin right now and pay less than $1 and gets confirmed faster than before, it might not be the fastest cryptocurrency to transact but it is still faster than sending money overseas. What do you mean that Bitcoin is not secure anymore? is there any instances that the network gets hacked? lol. and owning a Bitcoin will not give you completely anonymous from the very start.

You can always use international wire transfer instead. Your money will get to its destination in 3-5 business days, cost $50 to send, be tracked by multiple governments and might accidentally get lost. Enjoy the wonder that is modern banking. 

Bitcoin could be used if the price and Blockchain is functioning normally. There is a lot of coins that have same issue.

From the past years those are the advantages and the main reason why bittcoin is on top but today's it change lot from the fast transaction to security issues,

1. Today Slow transaction it will need 6 confirmation
2. High transaction fees this transaction is set by the platform owner.
3. I think security will never change from the past month i did not heard news about this.
$. Being anonymous kind of issues right now because of the kyc.

1. transactions are still fast. in fact they are nearly instant. it takes only 3-5 seconds on average to have a transaction propagated throughout the whole bitcoin network of thousands of nodes. it is the confirmation that takes time.
2. the fees are low. they only went high for a short time and that is what happens when bitcoin is under heavy spam attack and there is nothing anybody can do about that.
3. nothing about security of bitcoin has changed, i don't know why you are listing this here!
4. it was never supposed to be fully anonymous. if someone said otherwise they were confused. read the whitepaper.


that just means you don't understand what a decentralized currency means.

My takes:

1) Definitely faster than a bank transferring funds from one country to another.. it takes days or even over a week to do this.
2) Fees are still low compared to banks transferring money again in the same manner.. it will cost you a LOT more than 50 bucks a bitcoin to send money in this manner from one country to another. 
3) Security I think is fine.. Bitcoin seems really secure to me and I have no issues in this regard.. Theres lots of scammers and people trying to steal your funds in this space, but nothing directly involved with bitcoin or bitcoin tech.. just the amount of money in this space attracts the biggest and best scammers.
4) Anonymous I can agree with is a fault.. it doesn't personally affect my feelings on bitcoin but this one I can certainly see why some would want to look at other privacy coins depending on their concerns with anonymity or not wanting to make it public where their coins are going and how much and who to.

I still don't think any of the coins available today can be used as a currency for day to day transactions very seriously.. the volatility along with high fees and limitations of slower networks to remain decentralized remain an inhibiting factor.. I think BTC as a store of value like digital gold and a liquidity factor between USD and alt coin exchanges is enough of a use case to justify its value... Even if bitcoin did thousands of transactions a second, it would still suck as a currency because of the volatility... even something like Gold.. its not a currency.. you can't just carry around bars of gold and easily exchange them for goods. I feel like this is outside the scope of its design.. the same way I feel about bitcoin for everyday transactions.

Are transaction fees for bitcoin really 'high'. If we assess this against previous bitcoin transaction fees, sure they are high, although they have come down a bit since the backlog of transactions has been worked through.
However if we assess the transaction fee against other fee payment methods, not only does it open up a grey area due to not being able to place in a specific category, but the fees can seem pretty good.

Against swift or money transfers, bitcoin transaction fees are great. If I want to send $100 to a UK i can pay the bank up to $30 to do that, or i can put money into bitcoin, send it and sell it for a fraction of the cost (including the exchange fees). So if you see bitcoin as a store of wealth and only use it for big transaction the fee is great. Imagine the shipping and insurance on sending $10,000 of gold across the world.

If you see bitcoin as an every day, buying some milk and cookies tool, then the fees are insane because you dont pay the fees for visa cards (at least not up front because your bank/the shop does, but that is just passed on to you in the back).

Segwit wallets make transactions pretty fast and cheap already. The last one I made was like 2 USD.

Either way, if price is below 5 USD i think it´s ok. Bitcoin is not going to be used to buy bread. To buy bread you can use a fiat altcoin. For internacional transactions bitcoin is already cheaper than SWIFT or a credit card (most times)

bitcoin at the early indeed fast, it is because the network still not crowded.
the demands still low. but now, the demands of bitcoin is far increased from that time.
so the transaction time, fees are require more.

One of the early edge/advantage of bitcoin are the following;
1. Fast Transaction
2. Low Transaction fees
3. Secure
4. Being Anonymous 

Now I don't think that bitcoin still has this advantage over the current monetary system. what do you think?

Read this article: https://www.cnbc.com/2017/12/19/big-transactions-fees-are-a-problem-for-bitcoin.html