Bitcoin is 'capped' at 20k maximum now, because of high Fees (till when?) - page 2.

newinbtc

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Quote from: Roccker on August 18, 2018, 07:23:25 AM

Hi there!

So if Bitcoin would go to 20k in eg december 2018 -
then fees would go cracy high like 50usd again, wouldn't it?
Is that right?

No its not true , there are lot of development happens in last 6 months and bitcoin is spited into further currency like bitcoin gold and swigget.
First its impossible to reach 20k$ by 2018 December. It may happen in upcoming 3 years by 2021 year.
its good if it reach 20k$ again I may become rich by investing now and sell later.

fees only increasing according to demand on mined blocked , Lots of pending tranx , High electricity Rate , many other factors such as High amount of fund transferring from one country to another country with help of bitcoins. The fees go to the miners to incentivise them to keep mining, which in turn keeps the Bitcoin network secure.

Febo

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Quote from: Roccker on August 18, 2018, 07:23:25 AM

Hi there!

So if Bitcoin would go to 20k in eg december 2018 -
then fees would go cracy high like 50usd again, wouldn't it?
Is that right?

No. with no spam fees could be few $. By the time we will see $20k Bitcoins I am sure there will be some technical solutions to reduce price of transactions more.

BrewMaster

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There is trouble abrewing

what you are mistaking is that fees don't go up because of high price. fees go up because of only one things: more transactions

now the question is what increases the number of transactions.
well there are multiple things. the major ones are these:
- people using bitcoin as a currency for purchases, transferring money,...
- traders moving funds to and from exchanges selling/buying bitcoin and also altcoins
- spam attacks
1 and 2 increase during price rises but the second one also increases during price drops. for example today price is not changing that much but 2 days ago when price was playing with $6000 and $5900 there were a lot of transactions from people panic selling and others who were accumulating cheap coins.
and spam attacks can happen at any time.

now to answer your main question, it doesn't matter if bitcoin is worth $1 or $1000000. what matters is how we got there. if for instance price slowly creeps up to that high price we won't see that much of an increase in number of transactions. but if it shoots up there, then we will see a huge rise in the number of transactions because obviously people seeing the rise (like last year from $9k to $20k in less than a month) are selling their coins and others are buying coins and that means tx on the chain.

1Referee

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Quote from: gentlemand on August 18, 2018, 07:31:13 AM

Segwit is now regularly delivering blocks far above 1mb compared to back then but the more important one is the increased amount of batching used by services with a lot of on chain throughput. That's what'll deliver consistently lower fees.

The stipped size of blocks is still capped at 1MB and that's exactly what the blockchain absorbs, regardless of the increased virtual block size due to Segwit.

Segwit only makes sure that more transactions can fit within that fundamentally capped 1MB block, which is its biggest advantage in terms of providing a temporary scaling solution.

It's a shame that till this day Segwit isn't being utilized by more than 50% of the network. It's clearly a big block attack to not devalue their asic boost technology. Assholes that they are.

A fully deployed Segwit network could fit like 6000-7000 transactions within 1MB block, which is insane. It will last us a year or two, easily.

Roccker

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Great stuff, thanks

Ok, eg coinbase, bitfinex, binance, kraken, nanex since about 03 2018 (https://cryptoslate.com/top-exchanges-slash-bitcoin-transaction-fees-segwit-adoption-spreads/)

Segwit adoption: https://p2sh.info/dashboard/db/segwit-usage?orgId%3D1%26from%3Dnow%252Fy%26to%3Dnow&orgId=1&from=now-1y&to=now

Ok, now 40% of transactions are segwit, it started 1 year ago, 08 2017

----

Does Bitcoin become unusable again at 20k like December 2017, with 50usd fees?

No, now it’s better:
- More Segwit Adoption since last time (eg coinbase, bitfinex, binance, kraken, nanex since about march 2018 (https://cryptoslate.com/top-exchanges-slash-bitcoin-transaction-fees-segwit-adoption-spreads/), this will help. Now (08 2018 40% of transactions are segwit, it started 1 year ago at 08 2017 with 0%)

- More Exchanges now Batch their transactions, this also helps.
(https://www.ccn.com/after-last-years-mempool-drama-batched-bitcoin-transactions-finally-on-the-rise/)

- Perhaps: Bitmain spamming the bitcoin network (?) – if they stop doing that, it also helps.

- Also: it’s not about price, it’s about number of transactions. A slow steady upcrawl is possible (but not parabolic bubble)

- Lightning (in next 3 years?)
- Schnorr Signatures (in next 3 years?)

Number of transactions waiting to be confirmed: from 120k at top of bubble to 4k or less since 03 2018
https://www.blockchain.com/charts/mempool-count?timespan=1year&daysAverageString=7&showDataPoints=true

Tytanowy Janusz

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Top-tier crypto casino and sportsbook

During december bitcoin was under spam attack - that overload network and create those high fees. Of cours there was also increased number of transfers but mostly due to extremly high volatility rather than high prices(lots of transfer from wallet to exchange to sell bitcoin which is now 20k and week ago was 10k and from exchanges/kantors to wallets made by newbies buying in fomo- it wont happend if we will slowly go to 20k)

Massive volume is made by exchanges. If only they will add segwit network wont suffer that much. We dont need every user to use lightning to unload network.

edit:

Quote from: gentlemand on August 18, 2018, 07:31:13 AM

agreed

gentlemand

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Welt Am Draht

Segwit is now regularly delivering blocks far above 1mb compared to back then but the more important one is the increased amount of batching used by services with a lot of on chain throughput. That's what'll deliver consistently lower fees.

When Coinbase went down for a bit it appeared they were responsible for a vast percentage of Bitcoin transactions. https://bitcoinist.com/mempool-coinbase-spamming-bitcoin/
they're working on batching too which will release a huge amount of space.

Many have theorised that those super high fees were created by miners, probably Bitmain, spamming the blockchain to drive up fees to draw attention to scaling and Bcash. As they collect most of the fees they can afford to recirculate them.

And price doesn't necessarily indicate fees. It's hype and frenzy. If there was a monster crash it's possible fees would spike heavily as people rushed to buy and sell. If it got to 20 grand slowly over a few years without excitement fees might still remain in the cents.

Roccker

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Hi there!

So if Bitcoin would go to 20k in eg december 2018 -
then fees would go cracy high like 50usd again, wouldn't it?
Is that right?

I mean, what do we have, a few more % adoption of segwit, which does.. not do anything much, does it?
Anything we have now that we don't had in last december 2017?

So basically bitcoin is capped at eg 15k (when did fee's become cracy?) - until lightning is mass adopted?
What is a guess of timeframe for lightning mass adoption - 3 years?

Topic: Bitcoin is 'capped' at 20k maximum now, because of high Fees (till when?) - page 2. (Read 408 times)