BTC fees exploding and BTC will crash down - page 2.

joshy23

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Quote from: Emoclaw on August 28, 2017, 06:44:03 PM

Quote from: TrumpD on August 28, 2017, 11:58:57 AM

The fees are not ideal, but to say it will crash is overstating things. You can wait until the network is less busy, which is when transaction fees will go down.

The network is busy due to spam attacks, this was also the case before Segwit2X was announced.
You can't really 'wait them out' unless miners stop doing them.
The swiftest solution would be a PoW upgrade.

The spam has stop about a month ago, then we wonder what happened? But then 'they' are back spamming and clogging the network. We can also speculate as to is behind all of this by asking who are going to benefit from it? Your answer is as good as mine.

Quote from: Filmmmakerr on August 28, 2017, 06:47:46 PM

Guys stop complaining, the prices will not affect bitcoins future. However, I feel that segwit will help lets just give it sometime.

You can't stop them from complaining about the fees. However, why are they still in the bitcoin ecosystem and then complain? They totally contradict themselves. LOL. What don't you go to other altcoins that is has a very quick confirmation time? I guess we are all here because bitcoin price is going some places now and the possible profit is really huge in the future for just hodling into it. So I'm not complaining.

Filmmmakerr

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Hello. Bye.

Guys stop complaining, the prices will not affect bitcoins future. However, I feel that segwit will help lets just give it sometime.

Emoclaw

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Quote from: TrumpD on August 28, 2017, 11:58:57 AM

The fees are not ideal, but to say it will crash is overstating things. You can wait until the network is less busy, which is when transaction fees will go down.

The network is busy due to spam attacks, this was also the case before Segwit2X was announced.
You can't really 'wait them out' unless miners stop doing them.
The swiftest solution would be a PoW upgrade.

manchester93

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Quote from: Skol600ml on August 28, 2017, 02:41:01 PM

Quote from: TrumpD on August 28, 2017, 11:58:57 AM

The fees are not ideal, but to say it will crash is overstating things. You can wait until the network is less busy, which is when transaction fees will go down.

People want to more business to adopt BTC. People wants to buy things on the street with BTC. People wants to BTC to became popular. Easy like a pre-paid or post-paid card, even easier than paper.

Do you will pay low fee and wait 8 hs to pay for you meal so you can leave the restaurant? You will check the network to see if it's a good day to eat with BTC? Or you will pay a tax that would be 25% of the total bill?

They all looks bad.

Paying a restaurant or any merchant for a relatively small amount isn't ideal. It might look bad now, but with payment channels, we won't need to wait for confirmations; payments will be instant. The first step towards getting there (at least regarding a scalable Lightning Network) was fixing transaction malleability with Segwit. Hopefully by the end of the year, we will start seeing LN transactions.

digaran

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You don't get to give ultimatum to the people working hard just to make sure everything will go as smooth as possible, for now we haven't yet increased the block size so it's natural to see the fees rising as the price does the same so as the traffic of unconfirmed transactions.
Many of the members of this forum believed that Bitcoin will soon die due to high fees and slow network but all we have seen since was the exact opposite.
BTC is here to stay it's up to us if we want to keep using it then we should deal with it.

samuraijin

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Quote from: ABCbits on August 26, 2017, 10:34:56 AM

Even though the fees is high, i'm sure there won't be any problem if you want to sell your bitcoin if you have lots of bitcoin or use low fees. But let's hope SegWit2x works well without bug so we can enjoy segwit & bigger block.

Agree with what you say But the important thing is we hope with SegWit2x work well without bug so we can feel and enjoy Segwit & bigger block.

Skol600ml

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Quote from: TrumpD on August 28, 2017, 11:58:57 AM

The fees are not ideal, but to say it will crash is overstating things. You can wait until the network is less busy, which is when transaction fees will go down.

People want to more business to adopt BTC. People wants to buy things on the street with BTC. People wants to BTC to became popular. Easy like a pre-paid or post-paid card, even easier than paper.

Do you will pay low fee and wait 8 hs to pay for you meal so you can leave the restaurant? You will check the network to see if it's a good day to eat with BTC? Or you will pay a tax that would be 25% of the total bill?

They all looks bad.

TrumpD

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The fees are not ideal, but to say it will crash is overstating things. You can wait until the network is less busy, which is when transaction fees will go down.

redhopper

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i think the other way around. as bitcoin network clogs , pumpers take advantage to situation and pump it.

Mtoo

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Yes fees is too high we're not going on that and we have to do something for reduced fees by Daily writing we are not satisfied .

stevebc

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Quote from: Netnox on August 27, 2017, 01:02:17 PM

Quote from: stevebc on August 27, 2017, 12:42:32 PM

Quote from: helloeverybody on August 26, 2017, 04:55:49 PM

The higher the fees climb the less use cases bitcoin will have. Im sure already a lot of people dont even want to move bitcoin about due to the fees. To get around it any trades ive wanted to do ive had to do with alts and then change back to btc, not the best work around. Is this what bitcoin was destined to be?

I've not dabbled in alts....is there no fee to buy BTC with an alt?

If you convert BTC to alt, the maximum fee may be 0.1% or 0.2%, depending on the exchange. So many of the users are converting their BTC to alts such as BCH and ETH, and withdrawing these alts to another exchange using a low fee. Once the coins are deposited in the second exchange, they convert the alts back to BTC. The overall fee may be 1%, which is better than 4% or 5% which we need to pay while exclusively using BTC.

Interesting, I guess that makes some good sense for smallish transfers - with the bigger transfers $5 bucks not being much percentage wise.
So people are unofficially doing off chain transactions - they don't want to wait for Lightning to make things cheap!

trecore4

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Quote from: maeusi on August 26, 2017, 10:08:43 AM

As soon as possible, if fees will go down for a short time, I will sell Bitcoin and hold other cryptocurrencies and hope others will also do so until fees go down.

You should wait for sometime as there might be some chances to earn profits in this current scenario. For example there are chances that due to high fees no transaction will occur which means no one is buying and selling the bitcoins, the end result would be low market cap for temporary period of time leading to downfall of bitcoin and the price coming to lowest. This opportunity can be grabbed to buy bitcoins and full the wallets with cheap bits. Later of course price will go up and you can easily make profits. :-)

Skol600ml

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BTC fee is expensive because can't handle the number of transitions per seconds because it's flawed, it's a bottleneck. SIMPLE LIKE THAT

Stop this all the bullshit about BTC price, "Asset", "That's is good".

robelneo

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Quote from: Welds1977 on August 26, 2017, 10:36:15 AM

Quote from: Yoandy10 on August 26, 2017, 10:29:54 AM

Yeah, fees are getting out of hand. I think this might be the downfall of BTC - if fees keep rising and transactions get slower.

115000 satoshis on bitcoinfees21.co right now. its just insane , 5 dollars for say for a transaction. Shocked

Other site charges more, so if you are going to transfer make it big amount it is insane to transfer small amount with a big fee
I had one transaction that need to be confirmed asap that I picked $12 transaction fee because I have no choice

mornabo

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Quote from: unbotak on August 27, 2017, 06:04:46 PM

Quote from: Superzpay on August 27, 2017, 05:43:15 PM

Quote from: joseafonso123az on August 27, 2017, 05:12:51 AM

This is something that might happen. If the value continues rising like this, and if it's for the profit of the miners, we will start seeing transaction fees of $100. One of the advantages BTC had were the low fees, now this looks like a disadvantage against fiat. And if the transaction fees continue growing, it will become difficult to move coins around.

Miners would have make this high and there may be a strong part of whales in here. I think you are right, this will be a bad effect on the usage of bitcoins if only the transaction fees are going high. There should be an average fee rate for all the coins but what is trending, it is not good for bitcoin.

I object to the transaction fee increase, if the higher it will appear minimal transaction patterns and will damage the passion of users who are accustomed to bitcoin transactions in small quantities. This is a serious problem that will happen when bitcoin is full mined and will bring a lot of game and speculation from the miners.

I think it has made many users to be reluctant to make transactions using bitcoin. Of course users will increasingly rarely use bitcoin to spend because they see a very high fee from bitcoin. imagine it takes $ 1 for each transaction, it is very expensive

DoublerHunter

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Quote from: Ultegra134 on August 27, 2017, 07:25:28 PM

Quote from: BigBoy89 on August 27, 2017, 04:44:41 PM

People need to learn - BTC is for saving values, not for paying your coffee. Other coins are for fast and small transactions.

Many are comparing BTC and Gold. DO you pay your daily expenses with gold? It's the same here.

I agree, Bitcoin is mostly an investment opportunity, same concept with gold. Many people still believe that Bitcoin or any other cryptocurrency can take over the world and bla bla bla. It's just not possible. I don't think that any cryptocurrency can be used for daily usage, at least currently.

Bitcoin and any other cryptocurrencies are now starting to be recognized by the world and a lot of people are now interested in bitcoin and other cryptocurrency so if there will be an adoption from a certain country and if the country have a lot of bitcoin supporters then there will be a high possibility that they will treat bitcoin as a money and because of that their stores will accept bitcoin and they can use it on a daily basis.

Ultegra134

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Quote from: BigBoy89 on August 27, 2017, 04:44:41 PM

People need to learn - BTC is for saving values, not for paying your coffee. Other coins are for fast and small transactions.

Many are comparing BTC and Gold. DO you pay your daily expenses with gold? It's the same here.

I agree, Bitcoin is mostly an investment opportunity, same concept with gold. Many people still believe that Bitcoin or any other cryptocurrency can take over the world and bla bla bla. It's just not possible. I don't think that any cryptocurrency can be used for daily usage, at least currently.

unbotak

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Quote from: Superzpay on August 27, 2017, 05:43:15 PM

Quote from: joseafonso123az on August 27, 2017, 05:12:51 AM

This is something that might happen. If the value continues rising like this, and if it's for the profit of the miners, we will start seeing transaction fees of $100. One of the advantages BTC had were the low fees, now this looks like a disadvantage against fiat. And if the transaction fees continue growing, it will become difficult to move coins around.

Miners would have make this high and there may be a strong part of whales in here. I think you are right, this will be a bad effect on the usage of bitcoins if only the transaction fees are going high. There should be an average fee rate for all the coins but what is trending, it is not good for bitcoin.

I object to the transaction fee increase, if the higher it will appear minimal transaction patterns and will damage the passion of users who are accustomed to bitcoin transactions in small quantities. This is a serious problem that will happen when bitcoin is full mined and will bring a lot of game and speculation from the miners.

FasTroy

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Quote from: Superzpay on August 27, 2017, 05:43:15 PM

Quote from: joseafonso123az on August 27, 2017, 05:12:51 AM

This is something that might happen. If the value continues rising like this, and if it's for the profit of the miners, we will start seeing transaction fees of $100. One of the advantages BTC had were the low fees, now this looks like a disadvantage against fiat. And if the transaction fees continue growing, it will become difficult to move coins around.

Miners would have make this high and there may be a strong part of whales in here. I think you are right, this will be a bad effect on the usage of bitcoins if only the transaction fees are going high. There should be an average fee rate for all the coins but what is trending, it is not good for bitcoin.

I don't know the fees are incredible like that, Now, according to bitcoinfees.21.co , they said that the transaction fee is currently 420 satoshis/byte, which it's too high. It's around 95k satoshis. I think because of the high use of bitcoin, I mean the number of transactions in 1 seconde increased.

I hope that this high fees will be fixed one day.

Superzpay

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Quote from: joseafonso123az on August 27, 2017, 05:12:51 AM

This is something that might happen. If the value continues rising like this, and if it's for the profit of the miners, we will start seeing transaction fees of $100. One of the advantages BTC had were the low fees, now this looks like a disadvantage against fiat. And if the transaction fees continue growing, it will become difficult to move coins around.

Miners would have make this high and there may be a strong part of whales in here. I think you are right, this will be a bad effect on the usage of bitcoins if only the transaction fees are going high. There should be an average fee rate for all the coins but what is trending, it is not good for bitcoin.

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