Topic: btc transaction fee is way too much and btc transactions are way too slow (Read 536 times)
November 24, 2020, 02:12:57 AM
Bitcoin blockchain can be thought of as a base layer for final settlements, international wire transfers, and other transactions where huge amounts of money are involved. First of all, when transacting in bitcoin, there are no any third-party risks; both payer and payee don't necessarily have to trust each other; transactions are irreversible, cannot be hacked or altered. Given that everything is happening within a decentralized, borderless, neutral, apolitical blockchain, there are also no additional fees besides mining fees. Mining fees are relatively low when compared to those of traditional money transfers. Transactions are not slow either, it takes 10-60 minutes to confirm, which is very fast when we are talkng about international transfers and final settlements between entities.
November 24, 2020, 12:25:01 AM
BTC has the benefit over fiat of having unreversible and uncensorable transactions, but if you're looking for less fees you could try BCH or XRP.
XRP? Seriously? Who is even using that shitcoin? It is not even decentralized and therefore it can't be used for "undetectable" and "irreversible" transactions. If you are bothered about the high transaction fee of Bitcoin, then there are tons of other coins that can be considered. But make sure that they have good liquidity. I would prefer coins such as BCH, LTC, ETH and ADA.
November 23, 2020, 11:57:53 PM
The purpose of Bitcoin is to have cash that can't be seized by some outsider out of the blue, thus those brought together organizations won't have the option to sell or share all your exchange history to whoever asks them. In the event that these things don't concern you, or in the event that you feel that it merits exchanging them for less expensive exchanges, at that point sure, you're in an ideal situation utilizing banks. At this moment Bitcoin can't contend with banks in all things, yet it has its own specialty.
October 07, 2020, 06:30:31 AM
Bitcoin Network is slow but secure. Sometimes you could send your assets in other coin and other network, but the other day i had the situation that i had to use btc network. The transaction hash shows success status after 2 confirmations. The money had been transferred whithin another hour.
October 06, 2020, 05:24:55 PM
For Transaktion use DASH: save as Bitcoin thanks to Chainlocks, send within secounds and fees are really really low.
But of course you need to exchange BTC to DASH and back because these days you have the risk BTC to fiat and DASH to BTC. For that I have no solution then flipping DASH and BTC
But of course you need to exchange BTC to DASH and back because these days you have the risk BTC to fiat and DASH to BTC. For that I have no solution then flipping DASH and BTC
October 06, 2020, 04:14:58 AM
BTC has the benefit over fiat of having unreversible and uncensorable transactions, but if you're looking for less fees you could try BCH or XRP.
Thats it,i don't know what is the problem in transaction fee when they can even choose other currencies with low fees?i use XRP in case i needed to transact in this kind of situation.this is also the reason why BTC transaction is lowering these days because people had already learn their lesson.
to not cry when the fee is high instead find other way to make it cheaper.
October 06, 2020, 03:58:27 AM
BTC has the benefit over fiat of having unreversible and uncensorable transactions, but if you're looking for less fees you could try BCH or XRP.
October 05, 2020, 07:30:07 PM
i am not a guy with technical stuff but from what i can see the segwit solution untill this day it did not work out . Am i wrong?
Actually, segwit was never the solution to lower the fee. Through segwit, we can only have more tx in a block as it computed the size as weight instead of byte. There's no significant fee changes.If the everyone started to use BTC, the fee will be significantly crazy for all the time and it's true that it's always a resistance for adoption in mass level. But through LN, it's possible to decrease the tx fee as it will be off chain, problem is many people never heard about what LN is, same in case of segwit even.
October 05, 2020, 05:49:05 PM
This problem has been debated for a long period of time already and I didn't see any good response yet that will likely to solve the current problems of bitcoin like it's transaction fees and it's transaction time. I don't know if we can see in the future the solution to this problem but as of right now, I believe that it will take a decade before it can be solve or there is a big chance that it will remain the same as the creator of bitcoin is still unknown.
Does bitcoin itself need an evolution very soon?I guess things need to change more than just a proposal like segwit or something, i am not a guy with technical stuff but from what i can see the segwit solution untill this day it did not work out . Am i wrong?
The situation makes bitcoin usage as a payment processor decreased as people start to moving on to altcoins that have more cheaper and faster. It is indeed bitcoin remain popular , but will it last forever with altcoin evolution have made a big impact to the wide community?
October 05, 2020, 05:04:12 PM
I think the fees are ok usually but during congestion can be a bit much. Remember when you hardly paid anything for fees? Now that bitcoin has increase in value that little bit that was once dust is now a few $$
Which doesn't seem like much but can add up when making lots of transactions especially on top of trading fees. Eth was the next option but now it has become even more expensive to use than bitcoin.
Then again look at what paypal and the like charge. Probably still more then crypto.
Which doesn't seem like much but can add up when making lots of transactions especially on top of trading fees. Eth was the next option but now it has become even more expensive to use than bitcoin.
Then again look at what paypal and the like charge. Probably still more then crypto.
September 29, 2020, 03:21:07 PM
Same thing as you, I make use of bank online whenever I’m sending money within my country. But trust me, when it comes to international transactions, bank is no where near to Bitcoin when it comes to fees, because banks are charging way more for transactions that are international and the most annoying part of it is that some of the methods you have available in banks take days, and the process that follows are usually stressing and annoying.
When you make use of Bitcoin for international transactions it’s much better. I have worked with people who are in other countries and I tell them to pay me with Bitcoin and the process is always fast; just my address and I get the money that same minute and then exchange it with a local exchanger that pays the amount into my bank account in few minutes.
When you make use of Bitcoin for international transactions it’s much better. I have worked with people who are in other countries and I tell them to pay me with Bitcoin and the process is always fast; just my address and I get the money that same minute and then exchange it with a local exchanger that pays the amount into my bank account in few minutes.
September 28, 2020, 09:01:09 AM
The bank is not good if you want large sums of money, very large fees, and can be investigated by that amount. You can transfer large amounts of money to another country via bitcoin at a rate several dollars faster than a bank.
Bitcoin grows slowly, but it could improve in other ways in the future. We have lightning networks, we wrap Bitcoin, and they help move bitcoins faster.
The miners involved in bitcoin mining help Bitcoin share power and be monitored and fraud-proof.
Bitcoin grows slowly, but it could improve in other ways in the future. We have lightning networks, we wrap Bitcoin, and they help move bitcoins faster.
The miners involved in bitcoin mining help Bitcoin share power and be monitored and fraud-proof.
September 27, 2020, 11:42:24 PM
So what ware you doing here on the crypto bitcoin forum when you think fiat is better than bitcoin. Tell me you need to send money form one country to another, how much you pay the fee ? Do you think Western union and other services work free of cost ? 
Bitcoin is still the cheapest way to move the fund quickly and cheaply.
Bitcoin is still the cheapest way to move the fund quickly and cheaply.
He didn't said that fiat is better than Bitcoin. He was just saying that in fiat, we don't need to pay this much as transaction fee. 99% of the users don't need to send money from one country to the other. So there is no point in saying that Bitcoin is cheaper for cross-border transactions. Bitcoin is not the cheapest way to move funds quickly and cheaply. 99% of the transactions involve moving of medium-sized amounts from one wallet to the other and for that purpose Bitcoin is not very suitable.
September 27, 2020, 09:30:27 PM
This problem has been debated for a long period of time already and I didn't see any good response yet that will likely to solve the current problems of bitcoin like it's transaction fees and it's transaction time. I don't know if we can see in the future the solution to this problem but as of right now, I believe that it will take a decade before it can be solve or there is a big chance that it will remain the same as the creator of bitcoin is still unknown.
Afaik, even if Satoshi did come back, he can't really touch the code due to how he designed it to be like that. Even if he decided to ask the community to ask something, it'd have to be something sensible and not for selfish gains, so I highly doubt even with his return, something would change. As for the issues of BTC, it's not like everyone is forced to use it, so I really see no need to even debate about it. Fees issues? Find a period of time where not many transactions are being made, or you can wait quite some time for it in exchange for lower fees. Time issues? Then spend more on fees. You want both? Then wait for a period where not much transactions are being made. 
September 27, 2020, 06:23:18 PM
This problem has been debated for a long period of time already and I didn't see any good response yet that will likely to solve the current problems of bitcoin like it's transaction fees and it's transaction time. I don't know if we can see in the future the solution to this problem but as of right now, I believe that it will take a decade before it can be solve or there is a big chance that it will remain the same as the creator of bitcoin is still unknown.
right now, what you can do to lessen your fees is to check the activity of mempool before sending your btc to another address. the other day i only used few satoshis for my tx to go thru as the network is not so busy at that time. so timing is important not to incur huge tx fees. for now, i think that's one way of avoiding those expensive fees
September 27, 2020, 04:06:40 PM
This problem has been debated for a long period of time already and I didn't see any good response yet that will likely to solve the current problems of bitcoin like it's transaction fees and it's transaction time. I don't know if we can see in the future the solution to this problem but as of right now, I believe that it will take a decade before it can be solve or there is a big chance that it will remain the same as the creator of bitcoin is still unknown.
September 26, 2020, 04:34:47 AM
Now I see reasons why it seems slow. I never understood this. I thought it takes just one confirmation. Never thought it takes 6 confirmations. But although I know it's risk Free. Thanks sir for this information
One confirmation is only to mark that Bitcoin is being transferred to your account, but if you want to use the transferred bitcoins, make 6 confirmations so that the funds are fully yours. September 25, 2020, 03:35:31 PM
What about transacting huge amount using wire transfer to different country's bank account? It may take few days and also fee is really high.
Yeah, if I would choose between transferring using banks or bitcoin I'd simply say bitcoin, coz why not? I don't have to pay such fees because you guys are signing a paper, I want the fee to pay those miners. But to be honest, btc fees is killing me and so the eth fees, I guess that would be the only problem having these crypto. And more important you are transacting your funds without help of anyone.
Transacting anonymously without any intermediaries, but sometimes you need banks if you want to be sure where your money goes.Why we need to know where the money goes? We are sending the money and we can get the confirmation status then our job is done.
September 25, 2020, 01:42:03 PM
What about transacting huge amount using wire transfer to different country's bank account? It may take few days and also fee is really high.
Yeah, if I would choose between transferring using banks or bitcoin I'd simply say bitcoin, coz why not? I don't have to pay such fees because you guys are signing a paper, I want the fee to pay those miners. But to be honest, btc fees is killing me and so the eth fees, I guess that would be the only problem having these crypto. And more important you are transacting your funds without help of anyone.
Transacting anonymously without any intermediaries, but sometimes you need banks if you want to be sure where your money goes. September 25, 2020, 01:20:23 PM
ethereum is expensive too but at least eth transactions are much more faster so you get what you pay for at least but bitcoin it need to improve much more
Bitcoin transactions are also way more secure and the network more protected from malicious attacksThat's what makes bitcoin more popular and most trusted cryptocurrency to invest with.
If you think that bitcoin transactions are slow, just try to become more patient and try to look for greater exchange or software that is also secured.
Malicious attacks are always there that's why you are the one who is responsible with your account and wallet so that viruses will not enter your platform. Also in terms of transactions fees, bitcoin will really have higher transaction fees compared to other coins because the bitcoin community is really huge than other altcoins.
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