Can bitcoin Improve? - page 2. | Bitcointalksearch.org

isabella01

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Quote from: shamzblueworld on June 14, 2017, 03:56:38 AM

So to my understanding, bitcoin has two big problems and one actually corresponds to other. That is increasing high fees or else late transactions.
So the question is, can bitcoin solve these issues? I mean with increasing value of bitcoin, won't fees always keep on increasing? Is there a solution to that?
And I think that solution will also solve the timing of transactions problem.
What do you say?

Bitcoin has to improve if it wants to remain at the top. The whole point of people having an interest in digital currency in the first place is for long costs and no middlemen so it would be defeating the purpose if the costs are high.

Gaff

hero member

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That's for sure. Bitcoin can improve not this time but soon. And, if that soon happens many people will be satisfied of their transaction using bitcoin. It would be easier for them to purchase something, pay the bills online or offline, and the like. On the other hand, bitcoin hasn't approved yet from the government. Maybe if that comes bitcoin will be known for a long time and be trusted by everyone with the similar trust that they've given to the banks.

ktabb

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Quote from: shamzblueworld on June 14, 2017, 03:56:38 AM

So to my understanding, bitcoin has two big problems and one actually corresponds to other. That is increasing high fees or else late transactions.
So the question is, can bitcoin solve these issues? I mean with increasing value of bitcoin, won't fees always keep on increasing? Is there a solution to that?
And I think that solution will also solve the timing of transactions problem.
What do you say?

Increasing value should not cause fees to increase. Look at apple... their market cap is like $800 billion and yet I can buy their stock through Fidelity for $4.95. The problem bitcoin has is related to the fact that all of the wallet services and exchanges (I'm looking at you, coinbase) are really bad and charge unnecessarily high, percentage-based fees. They should be charging flat fees.

That being said, I think bitcoin's biggest problem is volatility. Both of these problems have a solution, but I actually think the volatility one is harder to solve and will take a very long time.

Eternu

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Quote from: shamzblueworld on June 14, 2017, 03:56:38 AM

So to my understanding, bitcoin has two big problems and one actually corresponds to other. That is increasing high fees or else late transactions.
So the question is, can bitcoin solve these issues? I mean with increasing value of bitcoin, won't fees always keep on increasing? Is there a solution to that?
And I think that solution will also solve the timing of transactions problem.
What do you say?

Well i am not sure who decide how much will fee be, but i think there could be done somethings so that transaction fees would be lower. I know that for the miners higher transaction fees are good thing, but i do not want to pay 10 dollars for payout of 50 dollars, so that my transaction is done in acceptable time. I think they will deal with this problem, and i hope they will deal with it soon.

steampunkz

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I hope they will improve bitcoin in the future by resolving the problems in higher transactions fees.

Vaskiy

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This has been a long back issue. Everytime when a price increase takes place, the transaction fee issue accompanies as the blocks are full. To eliminate this the development team is much focused towards it and hope a perfect outcome can be expected as the competence from the altcoins is increasing.

talkbitcoin

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Quote from: shamzblueworld on June 14, 2017, 03:56:38 AM

So to my understanding, bitcoin has two big problems and one actually corresponds to other. That is increasing high fees or else late transactions.

umm, it is not exactly two it is one and that is higher fees because blocks are full.

Quote

So the question is, can bitcoin solve these issues?

this has been the argument aka debate over block size and how we can reach an scaling solution.
can it happen? i believe it can. but things are slow.

Quote

I mean with increasing value of bitcoin, won't fees always keep on increasing? Is there a solution to that?

not fees don't go up with price. in past fees were high if you can find a transaction which occurred in early days of price being less than $100 you can see high fees in BTC and it was lowered before price reached $1000.
the same thing should have happened now but since blocks are full it can not.

Thekool1s

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Quote from: shamzblueworld on June 14, 2017, 03:56:38 AM

So to my understanding, bitcoin has two big problems and one actually corresponds to other. That is increasing high fees or else late transactions.
So the question is, can bitcoin solve these issues? I mean with increasing value of bitcoin, won't fees always keep on increasing? Is there a solution to that?
And I think that solution will also solve the timing of transactions problem.
What do you say?

Well the solutions do exist. E.g.you use coinbase or xapo for dust transactions, the transactions are free between the users. You can always keep the spending amount in these wallets.

As for other solutions there is lightning network (long term) , Bip148 should temporary solve the high few rate, but eventually we will move toward lightning network. If bitcoin wants to become a day 2 day used currency.

Gaaara

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Its the same with this world, there is no such things as perfect. The transaction value and delays are not the real problem for us bitcoin users, the real threat for us is that if they don't consider having a high transaction payments a problem, if ever this continue others will try to find another coin as identical with bitcoin, which means bitcoin will have a less demand power, but for now that won't happen as there is no such coin exist yet.

stiffbud

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Surely there is always a solution to any problem. I am hoping that this problem you said here gets a solution soon because it's becoming a bother to wait for ate confirmations and high fee. For the high fee, I think at the moment it is over than what it should be. I don't mind paying 30k satoshi with a value of 1$ as fee but I hope it no longer rise more than that.

shamzblueworld

hero member

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So to my understanding, bitcoin has two big problems and one actually corresponds to other. That is increasing high fees or else late transactions.
So the question is, can bitcoin solve these issues? I mean with increasing value of bitcoin, won't fees always keep on increasing? Is there a solution to that?
And I think that solution will also solve the timing of transactions problem.
What do you say?

Topic: Can bitcoin Improve? - page 2. (Read 885 times)