btc transaction fee is way too much and btc transactions are way too slow - page 2.

Killrbit

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Quote from: cryptoboss2020 on September 24, 2020, 02:19:06 PM

Quote from: Upgrade00 on September 24, 2020, 02:12:37 PM

Quote from: cryptoboss2020 on September 24, 2020, 02:04:45 PM

so who and when will solve that problem?

There have been Bitcoin improvement proposals over the years aimed at improving the cost of transaction, such as segwit. Some are in the process of being implemented currently - Schnorr and Taproot.

There are personal measures you can take to reduce the fee you spend on transaction;
• Consolidate your small inputs of reduce the size of future transactions
• Use segwit addresses
• Time your transactions so you spend low fees during times when the mempool is clear.

lol:Di dont care and i dont have time to learn all of this i rather use just cheaper and faster transaction coin lol:D

or just use my bank account stress free and zero transactions cost segwit and all that things not for people who are old school people all the new shiet there is out there if we start to learn all about all this new innovatavie bs...........then our time will go waste.

sorry to be rude little but im serious person with very serious mind set i just cant tolerate any bs of anything everything should work efficenly and good and most important is quality the btc is not cheap to use and if something like this is so expensive to use it it got to be perfect !

Well the problem with using other altcoins as u say is that they wont hold your value. Not saying that Btc isn't volatile but its less so then alts. Also with alts there is always the risk of exit scams and such and such. Btc is the only crypto currency that really has any form of stability relatively speaking of course. The Only thing that comes relatively close to BTC is ether and fees there aren't cheap anymore as well

You can use Lightning network transactions for cheaper fees on BTC.

Quote from: cryptoboss2020 on September 24, 2020, 02:19:06 PM

or just use my bank account stress free and zero transactions cost segwit and all that things not for people who are old school people all the new shiet there is out there if we start to learn all about all this new innovatavie bs...........then our time will go waste.

You are always free to use your bank account no one is suggesting you not use it. there are advantages and disadvantages to both. Also as with any innovation you have to be willing to take the time to learn about it or simply get left behind, Or do you still use a typewriter.

gentlemand

legendary

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Welt Am Draht

As ever, the actually important and useful thing is the decentralisation and permissionlessness. That's why we have all that boring stuff like fees and waiting for confirmations. It comes at a cost.

Anyone can come up with something free and instant by discarding that. At some point it's going to fail or bite.

Since you're a ' big fan of fiat money and banks' (is there such a thing? Do you go on banking enthusiast days out with others?) then you are exceptionally well served. Nice one.

semobo

full member

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Merit: 146

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.

And more important you are transacting your funds without help of anyone.

Haunebu

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www.Crypto.Games: Multiple coins, multiple games

These are common issues related to BTC and everyone have gotten used to them. Why do they still use BTC despite these glaring issues? Because of the anonymity aspect obviously. They don't want any government interference.

Also, there are many alternate cryptocurrencies which have faster TX times and low TX fees like LTC etc. If you don't like any cryptocurrency, stick to FIAT since you seem to prefer them heavily op.

adzino

copper member

Activity: 2968

Merit: 575

www.Crypto.Games: Multiple coins, multiple games

Quote from: cryptoboss2020 on September 24, 2020, 02:19:06 PM

Quote from: Upgrade00 on September 24, 2020, 02:12:37 PM

Quote from: cryptoboss2020 on September 24, 2020, 02:04:45 PM

so who and when will solve that problem?

There have been Bitcoin improvement proposals over the years aimed at improving the cost of transaction, such as segwit. Some are in the process of being implemented currently - Schnorr and Taproot.

There are personal measures you can take to reduce the fee you spend on transaction;
• Consolidate your small inputs of reduce the size of future transactions
• Use segwit addresses
• Time your transactions so you spend low fees during times when the mempool is clear.

lol:Di dont care and i dont have time to learn all of this i rather use just cheaper and faster transaction coin lol:D

or just use my bank account stress free and zero transactions cost segwit and all that things not for people who are old school people all the new shiet there is out there if we start to learn all about all this new innovatavie bs...........then our time will go waste.

sorry to be rude little but im serious person with very serious mind set i just cant tolerate any bs of anything everything should work efficenly and good and most important is quality the btc is not cheap to use and if something like this is so expensive to use it it got to be perfect !

If you don't care then why even ask? Instead of running around crying and saying that bitcoin is not fast and expensive to use, how about you give solutions or ideas on how the protocol can be improved. Maybe you might actually come up with some solution, who knows.
No one is forcing you to use bitcoin. Like you said, you should rather be using your "cheaper" and "faster" transaction coin. That guy gave you legit suggestions and you just didn't bother looking at those.

joniboini

legendary

Activity: 2170

Merit: 1789

Quote from: Jstandhope on September 25, 2020, 11:18:14 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

I suggest you to learn from credible sources instead of reading from random comments on the internet. If someone said you need 20 confirmations would you also believe it then? Those 'required confirmations' are not hard-coded and most of the time it's the merchant, business, receiver choice to consider which number they consider good enough for their business.

Mastering Bitcoin is a good place to learn, so you'll know why and how things happens. If you don't want to do it and just want to whine about fees, maybe use altcoins instead. Oh, and stop double posting please.

Jstandhope

newbie

Activity: 98

Merit: 0

Quote from: int03h on September 25, 2020, 04:22:07 AM

Bitcoin's high and slow cost is something we've seen for many years. That cannot be doubted because the technical structure of bitcoin has not changed over the years, requires 6 confirmations, and each block is generated according to the difficulty of Bitcoin, so it takes an average of 1 hour for bitcoin to convert to public. Bitcoin transactions are costly and slow but transacting millions of dollars with Bitcoin is easier and better than other forms of payment because they have high liquidity and lower costs.
In the future when costs will be higher, we do not necessarily need to use Bitcoin in our transactions. We can Wrap Bitcoin on other Blockchain platforms in the future to reduce costs.

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

Jstandhope

newbie

Activity: 98

Merit: 0

Quote from: proTECH77 on September 25, 2020, 04:17:10 AM

Bitcoin has its own nich.
The most important thing in a transaction is safe delivering.
I don't think BTC is slow in transaction making compare to others like BNB,and LTC. What everybody is in interested with in a transaction, is successful delivering which that is what bitcoin stand for, and it hard to transact with wrong people or less you fail to follow the rules of their transaction.
You can reduce your fees by using lighting network and Segwit to pay your fee and have it done.

Wow this is amazing, never knew such system of bitcoin transaction at a cheap rate exist. Many thanks

Jstandhope

newbie

Activity: 98

Merit: 0

Quote from: kryptqnick on September 25, 2020, 11:01:48 AM

Quote from: cryptoboss2020 on September 24, 2020, 02:04:45 PM

so who and when will solve that problem?
btc transaction fees are way too high!
btc transactions are way too slow!
as im the big fan of fiat money and banks and reason for that becouse i make my transaction with online bank much faster to same bank and with much less fees then i do it with cryptocurrency.

the cost of something what is so hovest should be cheap as possible is way too high and 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

Ways to reduce the fees were already mentioned, and I also want to point out that you should put the fees into perspective. If you compare a Bitcoin transaction with PayPass, then it's taking too long and is costly. But compared with international banking transfers, it's faster and cheaper. The transaction fee is also quite different in different periods of time, ranging regularly from dozens of cents to a few dollars. Moreover, the sum also matters. If you're spending 200 dollars or more, the transaction fee for BTC can be quite small in comparison, whereas it would be too high for a cup of coffee. Finally, you're right that the price and the speed compose a huge problem of Bitcoin that has to be dealt with.

Concerning what you said you are correct. I think it will be better to be used while doing international transfer and it's safer too and cheaper. Because I could remember going to one the banks and I saw the amount for transaction charges for someone who wants to send money abroad. It's a whole lot of money. For me instead of such amount I will wait for the amount of time Bitcoin will take to arrive.

Jstandhope

newbie

Activity: 98

Merit: 0

For transactions I will prefer using online banking system because their transaction charges are fixed and cheap too compared to Bitcoin. Bitcoin transaction charges is high and not that fast too. You have to wait for several minutes before it gets to the receiver. But for savings I prefer saving in Bitcoin wallets at least my coins will grow with time.

kryptqnick

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Join the world-leading crypto sportsbook NOW!

Quote from: cryptoboss2020 on September 24, 2020, 02:04:45 PM

so who and when will solve that problem?
btc transaction fees are way too high!
btc transactions are way too slow!
as im the big fan of fiat money and banks and reason for that becouse i make my transaction with online bank much faster to same bank and with much less fees then i do it with cryptocurrency.

the cost of something what is so hovest should be cheap as possible is way too high and 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

Ways to reduce the fees were already mentioned, and I also want to point out that you should put the fees into perspective. If you compare a Bitcoin transaction with PayPass, then it's taking too long and is costly. But compared with international banking transfers, it's faster and cheaper. The transaction fee is also quite different in different periods of time, ranging regularly from dozens of cents to a few dollars. Moreover, the sum also matters. If you're spending 200 dollars or more, the transaction fee for BTC can be quite small in comparison, whereas it would be too high for a cup of coffee. Finally, you're right that the price and the speed compose a huge problem of Bitcoin that has to be dealt with.

Jstandhope

newbie

Activity: 98

Merit: 0

Quote from: cryptoboss2020 on September 24, 2020, 02:04:45 PM

so who and when will solve that problem?
btc transaction fees are way too high!
btc transactions are way too slow!
as im the big fan of fiat money and banks and reason for that becouse i make my transaction with online bank much faster to same bank and with much less fees then i do it with cryptocurrency.

the cost of something what is so hovest should be cheap as possible is way too high and 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

It's true my Sir, sometimes the banks system is better all things been equal, as soon as you make your transfer it goes in seconds and also at a fix and cheap rate.

Jstandhope

newbie

Activity: 98

Merit: 0

My take on the matter is that; yes Bitcoin transaction fee is on the side and the system is not fast. Bitcoin transfer takes time even if there is enough network. Also concerning the fee, most times it's almost half the amount you are sending. Please I will like the agencies to look into it for improvement

int03h

full member

Activity: 532

Merit: 104

Bitcoin's high and slow cost is something we've seen for many years. That cannot be doubted because the technical structure of bitcoin has not changed over the years, requires 6 confirmations, and each block is generated according to the difficulty of Bitcoin, so it takes an average of 1 hour for bitcoin to convert to public. Bitcoin transactions are costly and slow but transacting millions of dollars with Bitcoin is easier and better than other forms of payment because they have high liquidity and lower costs.
In the future when costs will be higher, we do not necessarily need to use Bitcoin in our transactions. We can Wrap Bitcoin on other Blockchain platforms in the future to reduce costs.

proTECH77

member

Activity: 1120

Merit: 30

Bisq Market Day - March 20th 2023

Bitcoin has its own nich.
The most important thing in a transaction is safe delivering.
I don't think BTC is slow in transaction making compare to others like BNB,and LTC. What everybody is in interested with in a transaction, is successful delivering which that is what bitcoin stand for, and it hard to transact with wrong people or less you fail to follow the rules of their transaction.
You can reduce your fees by using lighting network and Segwit to pay your fee and have it done.

Pito001

sr. member

Activity: 301

Merit: 250

Right now fees are normal but yeah, you still can wait for 3 conformations more than a 50 minutes. That's why in my opinion bitcoin is working best as store of value but not the best option for payments

maxreish

sr. member

Activity: 1330

Merit: 326

Transaction speed were always depends on the fees you wanted to execute. I don't see that much as an issue. Come to think of it, despite of those were the said problems above were present, bitcoin is still the most popular and most invested cryptocurrency.

And, lightining network is the solution to that problem. Of course, we wanted an instant transactions with lower fees. But given that bitcoin is still working on it, investos already know and accepted that fact thus not giving much an issue about it.

ChiBitCTy

legendary

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You have to keep in mind that the bitcoin blockchain is by far the most active and "congested" blockchain of any cryptocurrency. Sure it's easy for Bitcoin Cash and others to transact quicker and cheaper because they've got way less transactions to process. I agree however that bitcoin is too slow and too expensive. I think things will eventually get worked out though, and if we can ever get the Lightning Network up and running I'll be really excited about whats to come.

cryptoboss2020

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Quote from: dothebeats on September 24, 2020, 06:44:30 PM

Quote from: cryptoboss2020 on September 24, 2020, 02:41:56 PM

to exchnge btc to fiat is still expensive and doing transactions with btc is expenive also .

to exchnage btc into fiat is allready very expensive and transactions also expensive.... to use fiat curreny its cheaper right now lets look the facts.

Then perhaps only use bitcoin when you really needed to instead of ranting on its 'perceived slowness' that most of us don't feel? No one is forcing anyone to use bitcoin on the daily for transfers of funds and currencies, as it's always a decision that one has to choose depending on a given situation. You can easily transfer millions of dollars worth in BTC without having to go through rigorous checks and insane fees unlike fiat that you are glorifying. Perhaps in small sum transfers, fiat is king, but on high-value transfers? Think again.

you are wrong ....my friend long time ago all most forced me to use btc coz i had to pay him and i asked how can i pay to you``?
he said...men dont you know how??? its bitcoin i asked wtff?? what is the btc ? he said use btc its best and from then i started using btc.
i said can i pay by bank...? he no only bitcoin then i opened my first wallet....and wow it was great thing
lol:D

cryptoboss2020

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Activity: 322

Merit: 14

ok then btc is great but not good way to send sometimes small ammounts.)

Topic: btc transaction fee is way too much and btc transactions are way too slow - page 2. (Read 536 times)