Bitcoin is useless or is it? - page 9.

stompix

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Blackjack.fun

Quote from: kidmodo on June 05, 2017, 10:00:08 AM

I think high transaction fees are not a reason to call bitcoin is useless. Transaction fees from the past until now are the same, nothing has changed. Indeed increases if we measure with the dollar but if we measure with bitcoin will remain the same. Bitcoin gives us a lot of benefits and uses, even many who become rich with bitcoin

No , the fees have increased in terms of satoshis also not just usd..

Quote from: BCTBF on June 05, 2017, 10:19:14 AM

The increase in transaction costs is the effect of rising bitcoin prices and I think that's something normal and bitcoin still useful to me, if bitcoin prices go up then transaction costs go up and vice versa if bitcoin price down transaction costs down I think it will be fine and not a major issue to be debated.

No it is no related to the price of btc it's related to the amount of transactions made every day
As I was telling a lost cause about this earlier

July 2013 btc price ~90 fee ~ 8 cents
January 2014 btc price ~800 fee ~ 20 cents
July 2015 btc price ~250 fee ~ 3 cents
January 2016 btc price ~450 fee ~ 8 cents
January 2017 btc price ~800 fee ~ 40 cents

Xester

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Quote from: MetalGear on June 05, 2017, 10:35:15 AM

No bitcoin is definitely not useless. Bitcoin is a very useful thing, through bitcoin we can earn money as much as we can. If we are working hard to answer surveys and everything we can earn a lot of money through bitcoin so it is not useless.

Certainly! It never and never ever will it become useless. All of us here were earning a good money through bitcoin. All of us here have the same goals which became possible all because of bitcoins. So there never came a time that it was useless. It is fun to have a sideline job and earn just like what regular jobs would pay you.

MetalGear

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No bitcoin is definitely not useless. Bitcoin is a very useful thing, through bitcoin we can earn money as much as we can. If we are working hard to answer surveys and everything we can earn a lot of money through bitcoin so it is not useless.

dihari

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The high transaction fees is now trending in everywhere and many complain threads are born in these weeks. No doubt, it really make bitcoin useless but not at all. It's just affecting to small (micro)transactions, and for the big one it is no problem.

Humanxlemming

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Quote from: BCTBF on June 05, 2017, 10:19:14 AM

The increase in transaction costs is the effect of rising bitcoin prices and I think that's something normal and bitcoin still useful to me, if bitcoin prices go up then transaction costs go up and vice versa if bitcoin price down transaction costs down I think it will be fine and not a major issue to be debated.

Yeah nothing else needed that debate as what we see now still bitcoin community or still many of peoples now using bitcoin and it's a reflect of it in our blockchain that having many transactions in a day thay we can sustain it becuase of what nitcoin price rise snd effect our blockchain.

BCTBF

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The increase in transaction costs is the effect of rising bitcoin prices and I think that's something normal and bitcoin still useful to me, if bitcoin prices go up then transaction costs go up and vice versa if bitcoin price down transaction costs down I think it will be fine and not a major issue to be debated.

nejibens

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Well Bitcoin is losing one of his best features (the lowest fees) as the fee's value increased recently for many reasons. But we can't say that Bitcoin is useless because only this reason. Bitcoin still valuable and having very strong potential

kidmodo

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I think high transaction fees are not a reason to call bitcoin is useless. Transaction fees from the past until now are the same, nothing has changed. Indeed increases if we measure with the dollar but if we measure with bitcoin will remain the same. Bitcoin gives us a lot of benefits and uses, even many who become rich with bitcoin

Prodigan786

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Yes exactly I agree your point of high transaction fees because of that you can check recent ect grow in last 2 months if bitcoin devs not solve the issue then altcoins will make the move and beat bitcoin one day for sure . But even if you want send money in very less timeline within an hour from one country to another then bitcoin only the option even though fees is bit high

ViceOfBTC21

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Don't be scared, it will end as soon when we will hard fork bitcoin. Ethereum and litecoin was hardforked easily because they has low amount of users. Bitcoin is hard to hardfork as of computational power. SegWit is horrible way to solve it.

Janation

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Quote from: saenko on June 05, 2017, 06:22:44 AM

Quote from: Ayiranorea on June 05, 2017, 05:13:07 AM

Quote from: PacePay on June 05, 2017, 03:39:30 AM

For some services it is ok and they are agree to pay that fees for their transactions but for some services for which we do not pay a high amount for example for recharging our mobile it is a very high fees.

Confirmation seems to be an issue with the bitcoin network. This too is a solvable problem, but some sort of blocksize and other scaling need this has been kept as it is. When the usage increases further a final decision will be made to make a solution. These days the shopping too has got avoided just because of confirmation delay, for which we cannot indicate it as an useles.

I really do not like the fact that the problem of long transactions has not been solved until now. This makes it hard for some people to use bitcoin. I'm bothering, as soon as this problem is resolved, many stores will accept this payment system

The problem here, I think is not the transaction but the way you paid the miners to confirm your transaction, as we all know, there are right fees to confirm your transaction, we just need to follow that fees or else we will be waiting for our transaction for weeks, the most for months.

boyptc

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Quote from: PacePay on June 05, 2017, 03:39:30 AM

For some services it is ok and they are agree to pay that fees for their transactions but for some services for which we do not pay a high amount for example for recharging our mobile it is a very high fees.

It's fine to me even if I will pay the fee for my transaction higher just for it to be confirmed. Well there's no more cheap thing in this world and even in bitcoin that is known for anonymity and cheap fee well needs to be adjusted the way it is. And don't say that bitcoin is useless as your title, instead change it to fee related title.

saenko

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Quote from: Ayiranorea on June 05, 2017, 05:13:07 AM

Quote from: PacePay on June 05, 2017, 03:39:30 AM

For some services it is ok and they are agree to pay that fees for their transactions but for some services for which we do not pay a high amount for example for recharging our mobile it is a very high fees.

Confirmation seems to be an issue with the bitcoin network. This too is a solvable problem, but some sort of blocksize and other scaling need this has been kept as it is. When the usage increases further a final decision will be made to make a solution. These days the shopping too has got avoided just because of confirmation delay, for which we cannot indicate it as an useles.

I really do not like the fact that the problem of long transactions has not been solved until now. This makes it hard for some people to use bitcoin. I'm bothering, as soon as this problem is resolved, many stores will accept this payment system

bncbnc

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Quote from: Ayiranorea on June 05, 2017, 05:13:07 AM

Quote from: PacePay on June 05, 2017, 03:39:30 AM

For some services it is ok and they are agree to pay that fees for their transactions but for some services for which we do not pay a high amount for example for recharging our mobile it is a very high fees.

Confirmation seems to be an issue with the bitcoin network. This too is a solvable problem, but some sort of blocksize and other scaling need this has been kept as it is. When the usage increases further a final decision will be made to make a solution. These days the shopping too has got avoided just because of confirmation delay, for which we cannot indicate it as an useles.

yes that issue can be solve, and people are not going to shop not because of the conformation issues, but very one is in investment mood and therefoe they are gong to hold their bitcoin for future. they are confident that the price of bitcoin is going to increase more in near future therefore they are not going to spend their bitcoin or to invest it anywhere else.s they want their bitcoin to hold for a good time and therefore then are not even ready to invest in any other altcoin.

Ayiranorea

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Quote from: PacePay on June 05, 2017, 03:39:30 AM

For some services it is ok and they are agree to pay that fees for their transactions but for some services for which we do not pay a high amount for example for recharging our mobile it is a very high fees.

Confirmation seems to be an issue with the bitcoin network. This too is a solvable problem, but some sort of blocksize and other scaling need this has been kept as it is. When the usage increases further a final decision will be made to make a solution. These days the shopping too has got avoided just because of confirmation delay, for which we cannot indicate it as an useles.

magneto

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Quote from: loiterin9 on May 14, 2017, 03:06:01 AM

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

I would like to debate this and gauge the community's response to Bitcoin experiment.

Cheap remittance of money globally is still here. I wouldn't mind paying $1 for a $50,000 transaction to be sent half way across the globe that would have otherwise resulted in a $500 or probably even more fee.

It is a hassle to see that bitcoin fees are going up every day, and that even Coinbase has to put a fee on their customers because they cannot afford to process so many microtranscations every day.

If you really want microtransactions, use dogecoin for now. When bitcoin scales everything will be back to normal/at least close to normal low fees that we were used to paying. Bitcoin is definitely not useless though, otherwise nobody would be on this forum. And it's got a bright future. Speculation isn't everything, Japan and Australia legalized bitcoin just a few weeks ago.

Slark

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Stop complaining already. Scaling solution is upon us, just wait patiently 3 more moths to see what it will bring.
It is said that almost 80% of the Bitcoin hashrate support SegWit and 2MB blocks, UASF will happen in August.
It is hard to speculate how protocol upgrade will lower transaction fees exactly, but they should be significantly cheaper.

Dudeperfect

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At this stage I don't think that bitcoin is useless because the transaction cost is still less than that of other fiat services. I am worried about the situation after 5 or 10 years if we didn't find any solution for this issue. There are many businesses out there who are willing to use bitcoins for their fund transfer processes but since the fees are increasing, they are skeptical about it. At this moment the fees are not much higher but unless we find any viable solution, I don't think the situation will remain the same.

PacePay

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For some services it is ok and they are agree to pay that fees for their transactions but for some services for which we do not pay a high amount for example for recharging our mobile it is a very high fees.

dillpicklechips

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Quote from: Anegg on June 05, 2017, 03:20:41 AM

Quote from: loiterin9 on May 14, 2017, 03:06:01 AM

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

I would like to debate this and gauge the community's response to Bitcoin experiment.

How is Bitcoin useless? People are using it every single day and they aren't complaining. The transaction costs are also over 1 dollar and Bitcoin is definitely not dead. Just look at the price and you will see that.

You can say that Bitcoin is useless if it has loss its value. Bitcoin has been abundantly used throughout the world with many users which can be reflected as how high the price, demand, and volume. The transaction fee might be high and not suitable for micro-transactions but still Bitcoin is used by many. Though we can always used an alternative to send money then store it in Bitcoin.

Topic: Bitcoin is useless or is it? - page 9. (Read 12826 times)