Bitcoin's problems are visible as never before

coolcoinz

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Quote from: summonerrk on May 09, 2023, 04:57:18 AM

Has the era of bitcoin passed as the number 1 cryptocurrency?

By this very sentence I can see that you aren't a large investor, nor a bitcoin maxi. Nothing wrong about it, but it shouldn't be your first rodeo.
Were you scared when we fell at the start of the covid pandemic? Were you scared when Roger Ver proclaimed BCH the new king?

I don't think these are "bitcoin's problems". Every network and any computer system can be attacked. Every network can suffer a DOS attack, but each attack tests the network and makes it stronger, just as every attack cost the attacker money. If someone is willing to pay $1k (yes there was 1k USD fee paid in the last few days!) to send a transaction, let them! Bitcoin wasn't design to forbid that.

The Sceptical Chymist

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Quote from: Tytanowy Janusz on May 09, 2023, 07:47:11 AM

Every chain that have active users and is not centralized was congested at least once. its normal.

That's true, but damn is the network congested as all hell right now!

I've been around long enough to have seen periods like this before, and even though I know it's going to get better I still understand people's frustration with the massive network fees at the moment. Even if you wanted to use bitcoin to buy something today (which was the whole point initially, right?) you wouldn't be able to in a timely fashion, or a cheap one.

But bitcoin isn't dead, and that isn't what OP is saying. What he is saying is that this is a great example of why bitcoin isn't an ideal currency--and I'm not trying to put words in your mouth, OP, but this crap is a problem and always has been from time to time. However, there's no other coin that has anywhere near the support, community, or even mainstream media coverage than bitcoin. It's spot as the #1 crypto isn't in jeopardy.

That sort of talk will die off as soon as the congestion is relieved.

WeThePe0ple

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Quote from: Helena Yu on May 09, 2023, 08:13:06 AM

I think high fee in Bitcoin is inevitable, we're on a way to see the circulating supply will hit the maximum supply, currently there are around 19.3 Million Bitcoins have been mined, it's already 91% from the max supply. Although the recent high fee isn't caused by Bitcoin itself, but we will fight against of high fee, it's only depends on the time. Currently, you have an option to use other network or create a fork to stop the BRC-20 tokens.

Can you explain this to a beginner?
When you mention the high fee, is that a high fee for mining additional BTC or a high fee for transfering BTC and converting to currency?

I do not believe that a high fee for mining the remaining 10% of coins is a problem. I don't even see why they have to be mined. Neither do I think that lost coins that nobody has access to, are a problem. It just makes the coins held by active users more valuable.

avikz

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Quote from: summonerrk on May 09, 2023, 04:57:18 AM

Has the era of bitcoin passed as the number 1 cryptocurrency?
Or is it a move to strangle his price?

Nope! That day will never come! Bitcoin will remain as the number one cryptocurrency even if some people prefer otherwise. This fees issue is happening due to the introduction of the BRC20 shit which is keeping the network busy. Bitcoin blockchain is simply not capable enough to handle such volume of transactions. That's why bitcoin is more lucrative as an investment and not as a method of transferring value.

It is indeed a drawback of bitcoin network but it wasn't built for BRC-20 madness. Hopefully it will stablize within a short period of time.

ajiz138

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Quote from: KiaKia on May 09, 2023, 10:33:13 AM

You don't have to pay that 27$ though, you can adjust the fee yourself, what type of wallet are you using? I am using trust wallet and I can adjust the fee, it will take time for the transaction to go through but it will, make sure you don't use a too low fee, I was asked to pay 25$ on my wallet and I adjust to 9$ and it went through in a few minutes later, maybe it's luck? But you can give it a try.

This crazy ordinal move on Bitcoin could have a big benefit, even Binance CEO is said to be ready to support Bitcoin ordinals but I do hope that this transaction connection won't have a negative consequence on Bitcoin in near future, since Ordinals look like something that's here to stay this congestion could be something that all Bitcoin investors will have to get used to.

I see in terms of appearance it looks like the OP is using the Truswallet type of wallet (correct me if I'm wrong) indeed the fee can be adjusted even for me with a fee of 50 sat/vB it still can't be confirmed because network fees continue to be high but if you set a fee of 150 sat/vB to the top may be above the same thing right now it's going down a little but it can go up again.

But this could lead to even worse bottlenecks, even if the CEO of Binance supports it, it will likely make things worse, don't know what the solution will be, whether it will return to normal once in a while where you can pay under $1 again.

uneng

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Where some see an issue, others see an opportunity. Bitcoin works in a free market system where autonomous miners can take advantage of the currently expensive fees of the network to put their machines to work. If I had the required equipments and structure, I would be already profiting by confirming transactions on the blockchain and earning a pretty decent reward for that. Anyway, of course others are thinking the same and will put this idea in practice, so you can expect fees to go down soon.

Victorik

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You can't jump into conclusion that BTC is no longer number crypto currency just because it is currently have some challenges. I am sure that this challenge is only temporary and will soon be a thing of the past. So, don't conclude yet, BTC is still king.

KiaKia

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You don't have to pay that 27$ though, you can adjust the fee yourself, what type of wallet are you using? I am using trust wallet and I can adjust the fee, it will take time for the transaction to go through but it will, make sure you don't use a too low fee, I was asked to pay 25$ on my wallet and I adjust to 9$ and it went through in a few minutes later, maybe it's luck? But you can give it a try.

This crazy ordinal move on Bitcoin could have a big benefit, even Binance CEO is said to be ready to support Bitcoin ordinals but I do hope that this transaction connection won't have a negative consequence on Bitcoin in near future, since Ordinals look like something that's here to stay this congestion could be something that all Bitcoin investors will have to get used to.

tranthidung

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Quote from: summonerrk on May 09, 2023, 04:57:18 AM

The number of unconfirmed transactions is again high, as it was in 2017 and not only.
Has the era of bitcoin passed as the number 1 cryptocurrency?
Or is it a move to strangle his price?

Reading your topic title and your total activity point, I guessed you are a new member in last few years, one or two years after 2017. When I checked your profile, I found that you are from a 2016-cohort and you are surely knew about what happened in 2017 (with the quoted content too).

I don't understand why you tried to say it is a first ever Bitcoin has problems to be seen. This time, what is happening is significantly better than what happened in 2017 or 2021.

Mempools: https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),all,weight
Average transaction fee: https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#alltime
Fee in reward: https://bitinfocharts.com/comparison/bitcoin-fee_to_reward.html#alltime

DeathAngel

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It happened with the block size wars back in the day. BCH was forked, we were told it’d become the number one coin & here we are years later, it’s a shitcoin that hardly anybody used. These ordinals are an attack designed to make bitcoin require higher fees. It'll pass though, every time somebody decides to test bitcoin they fail.

crwth

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It is just more like a thing to overcome. For other people, it probably is a game changer for them, but for members of the forum, it probably will not affect us. There are a lot of people who believe that it's still the number 1 crypto. It might be because of the price as well, but right now, it's just not ideal.

Wend

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Quote from: summonerrk on May 09, 2023, 04:57:18 AM

Has the era of bitcoin passed as the number 1 cryptocurrency?

You need to know that nothing in this world is 100% perfect and bitcoin is no exception. You can't just because a small problem has appeared for a few days and quickly conclude that bitcoin is out of date.
The benefits that bitcoin has brought to us are immense, and it can be said that no other asset class can do that. But with just a small matter of transaction fees, you will be suspicious of bitcoin. It's disappointing that this doubt comes from a hero member of the forum.

Cuenta Alternativa

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The demand for the bitcoin blockchain is more visible than ever, even if blind people like you don't want to see it.

If all those spammers choose the bitcoin blockchain instead of the shitcoins you posted, there is a reason. You can still send transactions anywhere in the world without needing anyone's permission and without being censored by a centralised entity. Is it more expensive now than it was a few months ago? Yes, a sign that there is a huge demand for the bitcoin blockchain.

livingfree

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Quote from: summonerrk on May 09, 2023, 04:57:18 AM

Has the era of bitcoin passed as the number 1 cryptocurrency?

Nope.

If it has passed already then it's no longer #1 in all of these crypto tracking websites. These sort of problems are still going to calm down soon, we're not just anticipating it to happen.

Quote from: summonerrk on May 09, 2023, 04:57:18 AM

Or is it a move to strangle his price?

Every move and even fake news are made to move the price but this probably has never been anticipated to happen. But then, it's there and moved the price of it all of a sudden.

Helena Yu

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I think high fee in Bitcoin is inevitable, we're on a way to see the circulating supply will hit the maximum supply, currently there are around 19.3 Million Bitcoins have been mined, it's already 91% from the max supply. Although the recent high fee isn't caused by Bitcoin itself, but we will fight against of high fee, it's only depends on the time. Currently, you have an option to use other network or create a fork to stop the BRC-20 tokens.

thecodebear

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lol. OP, first off Bitcoin has always taken longer to confirm and had higher fees than altcoins because it is decentralized and much more popular.

And yeah fees are high but that's because there's an attack on Bitcoin right now. In fact today the fees are already much lower than the past couple days. Cuz attacks can't last very long since they are very wasteful for the attackers. Maybe yesterday you had to pay $20-something for a transaction but now its back to like $6-$8 where it was for the past week, and before that is was like $2-$3 the past few months so hopefully it goes back down to that soon.

tldr: Bitcoin is fine.

Tytanowy Janusz

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Quote from: summonerrk on May 09, 2023, 04:57:18 AM

Has the era of bitcoin passed as the number 1 cryptocurrency?
Or is it a move to strangle his price?

"Bitcoin has died 474 times"

Every chain that have active users and is not centralized was congested at least once. its normal. Either we will fix it with a fork, or people who are currently spamming the network will run out of cash and everything will go back to normal. Ether was stuck because of crypto cats, defi bubble, nft bubble, even 1inch airdrop affected in spike in fees.

Nothing to see here, its just another "bitcoin is dead" event.

darkv0rt3x

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There are already enough threads created about Ordinals and BRC-20 and etc. Why to create another one? Why not discussing it in the already existing threads?

Aanuoluwatofunmi

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Quote from: summonerrk on May 09, 2023, 04:57:18 AM

Has the era of bitcoin passed as the number 1 cryptocurrency?
Or is it a move to strangle his price?

We cannot because of little challenges like this which are not permanent assume a second thought on bitcoin from being the most reliable cryptocurrency, if am mistaken this isn't the first time there will be a rise in bitcoin transaction fee even though it has never been like this before, this is rather a time for us to know those who will maintain their stay with bitcoin amidst the challenges, i believe in one thing, that after every crisis comes in peace and serenity, who knows maybe this could only be an unveiling avenue for bitcoin to rise soon while some might have loosed hope and sell off their holdings.

summonerrk

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Bitcoin has always been the number one digital cryptocurrency. And let the solutions appear faster, he was an icon, a kind of Gold in the world of cryptocurrencies. You all see what is happening with transaction prices now, because of the brc-20. The number of unconfirmed transactions is again high, as it was in 2017 and not only.
Has the era of bitcoin passed as the number 1 cryptocurrency?
Or is it a move to strangle his price?

Topic: Bitcoin's problems are visible as never before (Read 175 times)