Topic: Fees are killing/have killed Bitcoin.... it is sad but true. (Read 736 times)
What's the relation of btcs with fees? If they are falling that's because people are still afraid of btcs and their volatility
The main reason to maintain Bitcoin is its fame and popularity. Due to this, most of the altcoins exists. Moving forward through Bitcoin and its advertising. Many people know about Bitcoin, but ask them about the Ethereum and they will fall into stun.
I really didn't get what your point is. I think you are asking why btcs are falling right?
Why are they switching to Ethereum? That has its own fee and chain freezing problem too. As soon as something is used en masse then this will happen. If everyone switched to LTC it would happen eventually too, though it does indeed have more capacity.
That's why we've sat waiting to see if layer 2 stuff works. No conventional blockchain will ever, ever scale enough to satisfy everyone's daily spending.
That's why we've sat waiting to see if layer 2 stuff works. No conventional blockchain will ever, ever scale enough to satisfy everyone's daily spending.
Exactly this. They'd all have their own problems if they had the volume Bitcoin does. Let's not forget how crypto kitties destroyed the ethereum blockchain! Having said that, Bitcoin certainly needs to figure out a solution one way or another.
I dont think that the fees is killing bitcoin. The fees are truly high but bitcoin still lives and continues to exist. Bitcoin is unstoppable right now and even those who challenge to bitcoin are no match for bitcoin. Truly bitcoin is the king of cryptocurrency and all other altcoins are just copy cat that are trying hard to overcome bitcoin.
Now the sluggishness of bitcoin and the high cost of its transactions should be a thing of the past, since a new version of Bitcoin 0.16.0, which fully supports SegWit, has recently been released, and therefore it must quickly eliminate its shortcomings. If at least part of the lightning network is introduced into the bitcoin, it will soon be possible to buy a cup of coffee with bitcoin, and the cost of transactions will be almost zero.
Sure, that's the hope. In the meanwhile, transaction fees have at least come down to a more manageable $2 USD or so. Not low enough to enable "buying a cup of coffee", but certainly better than the $30 - $50 fees of a couple months ago.
And that's why I don't wanna trade. I just am holding btcs to sell when they are in their topmost price
Now the sluggishness of bitcoin and the high cost of its transactions should be a thing of the past, since a new version of Bitcoin 0.16.0, which fully supports SegWit, has recently been released, and therefore it must quickly eliminate its shortcomings. If at least part of the lightning network is introduced into the bitcoin, it will soon be possible to buy a cup of coffee with bitcoin, and the cost of transactions will be almost zero.
LoL now is the time of Ethereum!
Buy them more and more, the future of crypto currency is it!
Buy them more and more, the future of crypto currency is it!
Its because of the govt financial policies that are discouraging the society to boycott btcs.
The high fee is also a reason for the bitcoin price crash in recent days because it is almost unusable when the price is high but now the people are changing to segwit it already mad a good effect on the number of unconfirmed transactions bland soon LN will be implemented after that bitcoin will be free to use even for the small transactions.
If you are a beginner and do not know where to start, then I recommend investing
Only a few years ago we had a growing number of shops here in berlin that you were able to buy food and/or drinks from for bitcoin. Right now there are no more of these stores left. And most of the sellers I used to buy things from on the big marketplaces now refuse to trade bitcoin too and changed to etherium. I know for those people that think that bitcoin is the new gold it is not that bad but bitcoin was "released" to be something completely different. Right now bitcoin is no real crypto currency at all. Buy a coffee for 2,5 bucks and pay 25 bucks fee.... sure.......... In my opinion bitcoin completely failed because of these fees and I sold every last satoshi and invested in other crypto currencies. Is there a single reason to stick to bitcoin? If yes, please feel free to tell me!
I used to work with bitcoinfees.21.co to determine the lowest possible fees. Of course commissions are still on the high level but at least I choose the cheapest way of making transactions. Use it. Maybe it will be in handy to you.
Why are they switching to Ethereum? That has its own fee and chain freezing problem too. As soon as something is used en masse then this will happen. If everyone switched to LTC it would happen eventually too, though it does indeed have more capacity.
That's why we've sat waiting to see if layer 2 stuff works. No conventional blockchain will ever, ever scale enough to satisfy everyone's daily spending.
That's why we've sat waiting to see if layer 2 stuff works. No conventional blockchain will ever, ever scale enough to satisfy everyone's daily spending.
Exactly this. They'd all have their own problems if they had the volume Bitcoin does. Let's not forget how crypto kitties destroyed the ethereum blockchain! Having said that, Bitcoin certainly needs to figure out a solution one way or another.
Why are they switching to Ethereum? That has its own fee and chain freezing problem too. As soon as something is used en masse then this will happen. If everyone switched to LTC it would happen eventually too, though it does indeed have more capacity.
That's why we've sat waiting to see if layer 2 stuff works. No conventional blockchain will ever, ever scale enough to satisfy everyone's daily spending.
That's why we've sat waiting to see if layer 2 stuff works. No conventional blockchain will ever, ever scale enough to satisfy everyone's daily spending.
Exactly this. They'd all have their own problems if they had the volume Bitcoin does. Let's not forget how crypto kitties destroyed the ethereum blockchain! Having said that, Bitcoin certainly needs to figure out a solution one way or another.
People only pay more for their transactions but I see some transactions confirmed with a cost of 100 so not much. Most of the exchanges and web purses can not allow you to use special fees. There is no room for small transactions in bitcoin lately so that's why we need a power grid to make micro transactions possible. 
All cryptos evolve and are under constant development, to think this is going to be a long term issue is a bit pessimistic
The lightning network will solve these issues, they could also increase the block size but the big issue is we need miners, larger block size = less reward for miners.
In sayinig that, my view is the lightning network will probably hurt miners more than a larger block size, we will see what comes I guess.
The lightning network will solve these issues, they could also increase the block size but the big issue is we need miners, larger block size = less reward for miners.
In sayinig that, my view is the lightning network will probably hurt miners more than a larger block size, we will see what comes I guess.
Scalability and fee spikes are a substantial problem. Even more problematic is the battle of solutions and the ability of a small minority to force forks instead of having a unified update. It may be the 'fair' way to handle things in a decentralized system, but it ultimately weakens BTC.
All cryptos evolve and are under constant development, to think this is going to be a long term issue is a bit pessimistic
The lightning network will solve these issues, they could also increase the block size but the big issue is we need miners, larger block size = less reward for miners.
In sayinig that, my view is the lightning network will probably hurt miners more than a larger block size, we will see what comes I guess.
The lightning network will solve these issues, they could also increase the block size but the big issue is we need miners, larger block size = less reward for miners.
In sayinig that, my view is the lightning network will probably hurt miners more than a larger block size, we will see what comes I guess.
I agree that the fees are much, but we need to understand that bitcoin(blockchain) is a decentralized ecosystem that's functioning because all stake holders have something to benefit, thats what the fees cater for- like the miners. but since we all agree that the fees are high, though it seems to be going down. Maybe is time to discuss how we can have sustainable fees.
It was last 2 months, but now fees comes down, and surely it will comes down more. Once bitcoin fees is under $0.25 cents, more and more people will use it instead of Ether or lite coin. For example, last 2 months, i never bought bitcoin due to high fees, my first pick was ether then lite coin, i guess many people did that same.
Yes, it's true. High fees (as well as long confirmation time) make Bitcoin not viable for daily purchases
Now nobody is using the network and no merchants take it any more. The traffic is very low. Bitcoin is dying slow death. Jump to: