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Topic: Bitcoin Transaction Fees Sustainable? - page 2. (Read 505 times)

full member
Activity: 154
Merit: 100
October 19, 2017, 04:55:59 PM
#6
Fees will keep going down slowly. For microtransactions there are other coins you can use.

I never heard that BTC can be used only for big transactions. What can I do if network is congested and I have only BTCs?
It's a big problem because BTC was originally thought for buy an icecream or a newspaper (alternatively you can pay less fees but you must wait for hours: it's an undeniable limit).
Maybe next forks will not be so useless...

You need to start learning about the Lightning Network and offchain scaling. In the future very few people will transact with Bitcoin on-chain.

I think It could be a very good idea!  Grin
full member
Activity: 434
Merit: 100
October 19, 2017, 04:39:43 PM
#5
I will say that tx charges of bitcoin is a killer. Way too much for small time business owners to cope. If Bitcoin really wants to compete with FIAT then some things really needs to be worked on.
sr. member
Activity: 503
Merit: 286
October 19, 2017, 03:46:13 PM
#4
You need to start learning about the Lightning Network and offchain scaling. In the future very few people will transact with Bitcoin on-chain.

https://lightning.network/

Edit:
Here's a more readable article on one vision for scaling Bitcoin from a significant player: https://coinjournal.net/blockstream-president-adam-back-shares-roadmap-scaling-bitcoin/

PS: You can still get TX thru almost for free (a few cents) if you time it right or are patient. Segwit is increasing effective capacity daily.


My understanding of the lightning network was that it would allow multiple exchanges between 2 parties, which would then be represented by a single on-chain transaction. But for a merchant with lots of individual one-time customers, it would not work?
sr. member
Activity: 485
Merit: 250
October 19, 2017, 01:47:25 PM
#3
Fees will keep going down slowly. For microtransactions there are other coins you can use.
legendary
Activity: 1708
Merit: 1036
October 19, 2017, 01:47:07 PM
#2
You need to start learning about the Lightning Network and offchain scaling. In the future very few people will transact with Bitcoin on-chain.

https://lightning.network/

Edit:
Here's a more readable article on one vision for scaling Bitcoin from a significant player: https://coinjournal.net/blockstream-president-adam-back-shares-roadmap-scaling-bitcoin/

PS: You can still get TX thru almost for free (a few cents) if you time it right or are patient. Segwit is increasing effective capacity daily.
sr. member
Activity: 503
Merit: 286
October 19, 2017, 01:34:17 PM
#1
Right now the average transaction fee is ~ $3 USD. For any businesses operating in small amounts that want to accept bitcoin, it is not feasible. The 3-5% that a credit card company charges will be much lower per transaction.

Let's say the increases in the blocksize cause fees to go down. Will it ever be able to compete with the credit card companies in terms of number of transactions, time of confirmation, and transaction fees? Surely the architecture at visa or mastercard are more efficiently designed for a large number of transactions, and why would bitcoin ever be able to compete with this? Is it inevitable that bitcoin will not be able to compete in terms of what credit cards can do?
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