Bitcoin commission | Bitcointalksearch.org

BrewMaster

legendary

Activity: 2114

Merit: 1292

There is trouble abrewing

Quote from: NuttyOrange on January 26, 2018, 10:13:30 AM

I have been asking this all the time. Let's say LN had finished its testing phase and ready for implementation, would the public adapt to it? I mean the mining pools, common investors, trading platforms.

it is a cool technology with a lot of benefits, so yes they will adopt it and adapt their setups to match LN requirements.

i don't think mining pools need it.
the common investors, specially traders, and also gamblers, and generally those who make a lot of transactions too often will be the biggest fans of Lightning Network.
for example one of the obstacles a trader faces is that they can't leave their coins on exchanges because of risks but also transferring bitcoin to an exchange takes time so you can miss a lot of opportunity. with LN this will be instant and with nearly no fee.

and by the way it is already being adopted! there are nearly 250 LN nodes which started nearly a week ago

barabut

full member

Activity: 224

Merit: 100

In the coming years we will see for sure the underlying bitcoin technology, high speed and high volume transactions with fewer fees by the LN start implementation. Currently the bitcoin price vs. the fees are expensive and this comes out of its scope.

NuttyOrange

newbie

Activity: 65

Merit: 0

I have been asking this all the time. Let's say LN had finished its testing phase and ready for implementation, would the public adapt to it? I mean the mining pools, common investors, trading platforms.

Jating

hero member

Activity: 2842

Merit: 772

Quote from: signalbitbot on January 24, 2018, 03:35:25 PM

Hello everybody! I heard that soon the bitcoin commission will be lower, did anybody hear about it? It's true?

Yes, soon the high cost of transaction fee with be reduced. Its gonna be cheap, actually with Segwit address its already quite cheap already but when Lightning Network goes into effect, we will see drastic changes in terms of speed as well.

I suggest you read about Segwit and Lightning Network (LN) so that you will have a better idea on how this new scaling solution could potentially affect bitcoin's price in the next coming months.

Vinarianty05

newbie

Activity: 43

Merit: 0

I think you are referring to Lightning Network which is a technology that allows bitcoin transactions to be confirmed faster at a much lower price (they say 0.5 $ for each transaction)

TooDumbForBitcoin

legendary

Activity: 1638

Merit: 1001

Bitcoin protocol will be also improved by Schnorr signatures method to cut size of transactions https://medium.com/@SDWouters/why-schnorr-signatures-will-help-solve-2-of-bitcoins-biggest-problems-today-9b7718e7861c

jossiel

hero member

Activity: 2842

Merit: 625

Quote from: bitart on January 24, 2018, 05:34:16 PM

Quote from: jossiel on January 24, 2018, 04:04:40 PM

Quote from: signalbitbot on January 24, 2018, 03:35:25 PM

Hello everybody! I heard that soon the bitcoin commission will be lower, did anybody hear about it? It's true?

Do you mean the transaction fees?

Soon it will be lowered when Lightning Network is already implemented. It's on test and we'll definitely going to have lower fees in the future.

https://lightning.network/

There are some LN nodes and channels already on the mainnet also. The number of the nodes and the payment channels between nodes are growing day after day, but they're only testing (but with real bitcoins). This needs time to get implemented and to get widespread, so it's not weeks or two weeks.
If we don't count on LN yet, there's another possible short term solution to cut down the fees on the transactions. Using the SegWit type of addresses can help blocks to contain more transactions and this can cause the fees to decrease, but people needs to make their homework and switch to SegWit to get lower fees at the end.

Appreciated your addition to the info.

Regarding with Segwit, it's starting to gain popularity throughout the forum and it's a good alternative to cut off fees while waiting for the LN result.

There must be some sticky thread or someone who's more knowledgeable will create a thread that's more info about Segwit.

Vladv26

full member

Activity: 321

Merit: 102

Yes, it is true but we dont know when it is going to happen. I think you are referring at Lightning Network wich is a technology that allows bitcoin transactions to be confirmed faster at a much lower price(they say 0.5$ for every transaction). The developers are working at this project since last year but there is no date announced when it will be launched because they dont know how much it will take. It could take a week or a year until it is going to be released. So for the moment we have to stick with this huge commission. We cant do anything

Cryp2

newbie

Activity: 31

Merit: 0

I've just read an article in reddit about that issue ,a reply of someone claims that segwit & Ligntning Network will really make transaction less expensive .
to read the full article : reddit
PS : I assume u're reffering to transaction fees

bitart

hero member

Activity: 1442

Merit: 629

Vires in Numeris

Quote from: jossiel on January 24, 2018, 04:04:40 PM

Quote from: signalbitbot on January 24, 2018, 03:35:25 PM

Hello everybody! I heard that soon the bitcoin commission will be lower, did anybody hear about it? It's true?

Do you mean the transaction fees?

Soon it will be lowered when Lightning Network is already implemented. It's on test and we'll definitely going to have lower fees in the future.

https://lightning.network/

There are some LN nodes and channels already on the mainnet also. The number of the nodes and the payment channels between nodes are growing day after day, but they're only testing (but with real bitcoins). This needs time to get implemented and to get widespread, so it's not weeks or two weeks.
If we don't count on LN yet, there's another possible short term solution to cut down the fees on the transactions. Using the SegWit type of addresses can help blocks to contain more transactions and this can cause the fees to decrease, but people needs to make their homework and switch to SegWit to get lower fees at the end.

jossiel

hero member

Activity: 2842

Merit: 625

Quote from: signalbitbot on January 24, 2018, 03:35:25 PM

Hello everybody! I heard that soon the bitcoin commission will be lower, did anybody hear about it? It's true?

Do you mean the transaction fees?

Soon it will be lowered when Lightning Network is already implemented. It's on test and we'll definitely going to have lower fees in the future.

https://lightning.network/

signalbitbot

jr. member

Activity: 126

Merit: 1

Hello everybody! I heard that soon the bitcoin commission will be lower, did anybody hear about it? It's true?

Topic: Bitcoin commission (Read 156 times)