Fees are killing/have killed Bitcoin.... it is sad but true. - page 2.

Niya

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Quote from: Schmolke on January 23, 2018, 02:59:39 PM

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!

Yes, it's true. High fees (as well as long confirmation time) make Bitcoin not viable for daily purchases, especially in physical stores.
In my opinion another reason it's not uses as a payment method is that people consider BTC more a speculative tool/long-term asset rather than a way to make payments.

alyssa85

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Quote from: gambitcoin53 on January 23, 2018, 08:34:28 PM

who would you buy a coffee using bitcoin? dont you have cash, lol but i see your point, your example are too simply not to be ridiculed at, sorry. As for the fees are concern, true, it does make bitcoin fall (partly) though it is not the main reason for this fall on bitcoin, you have to consider the trend which newbies follow. the fees are already there and given, that is how trading goes when you deal with exchanges. maybe the stores in your place only tested bitcoin's capabilities to compete with fiats. they are also experiencing hassles in their own exchange sites, so they stop and the other stores follow. what matters is what you believe, believe in bitcoin and make other investors to rely on bitcoin too. do not post negative stuff like this, the only way for bitcoin to go up again is to keep it for a while and make room for law of demand.

Well part of the reason the banks got bailed out in 2008/9 was because they controlled the payment network for everyday commerce.

Bitcoin was exciting in the beginning because it promised to be an alternative payment network, one that would allow govts to allow banks to fail because they were not the sole payment option.

We're going backwards when you say, why not use fiat. It means we haven't moved forward in the last 9 years.

V-t.Ester

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You know, it's really sore subject. But I hope this problem will be finally solved. I've already seen some promising ICO-projects that work at creating payment applications or Apps that will enable quick and low fee transactions of fiat money into the most popular cryptocurrencies. If even one of those ICO-projects is not a scam then high fees and slow transactions won't be a problem anymore.

freightjoe

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Quote from: Schmolke on January 23, 2018, 02:59:39 PM

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!

yes it is true

Karavadinos

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Quote from: Schmolke on January 23, 2018, 02:59:39 PM

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!

The fees have a big part in the failure of the price lately, actually people are getting to know bitcoin more worldwide and the community is getting bigger and difficulties as well, which caused the increasement of the transactions.
With a crowded system, and 250k unconfirmed trasanctions the dealers started to pay more to confirm their transactions in less time that's why for a certain moment the fees went as far as 80$ in the last 3 to 6 weeks thus its price decreased, but their attempt on ending bitcoin isn't positive since I believe it will rise again as the fees are around 0.5$, Bitcoin will top the world of crypto once again.

JL421

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Quote from: Schmolke on January 23, 2018, 02:59:39 PM

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!

Bitcoin is still the most important cryptocurrency in the market, it shaped the cryptocurrency world which influenced the creation of altcoins. The fees is a major issue but believe and hold it the fees will definitely lessen over the period of time.

Taki

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Nobody actually push you to use bitcoin, you simply can move on fast and cheap, let's say, Etherum and make all operations in this crypto currency. But you are right, transaction speed and the level of fees are just killing. I suppose exactly due to that the use of bitcoin will go lower and the price of it together with that.

lucas.zimmer

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Quote from: crytomusica on January 24, 2018, 01:22:06 PM

Quote from: gambitcoin53 on January 23, 2018, 08:34:28 PM

Quote from: Schmolke on January 23, 2018, 02:59:39 PM

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!

who would you buy a coffee using bitcoin? dont you have cash, lol but i see your point, your example are too simply not to be ridiculed at, sorry. As for the fees are concern, true, it does make bitcoin fall (partly) though it is not the main reason for this fall on bitcoin, you have to consider the trend which newbies follow. the fees are already there and given, that is how trading goes when you deal with exchanges. maybe the stores in your place only tested bitcoin's capabilities to compete with fiats. they are also experiencing hassles in their own exchange sites, so they stop and the other stores follow. what matters is what you believe, believe in bitcoin and make other investors to rely on bitcoin too. do not post negative stuff like this, the only way for bitcoin to go up again is to keep it for a while and make room for law of demand.

Yes, that is not the main reason for bitcoin's current fall but anyway those high transaction fees are one of the major obstacle that btc was struggling with. His example is actually right. When the blockchains are integrated to our life completely and even if you buy very cheap things you'll have to pay way more.

Totally agreed. Those amount of transaction fees and transaction times became ridiculous. I know recent drop is not related with these problems but anyway it effects bitcoin's future directly, especially scale-ability issues.

crytomusica

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Quote from: gambitcoin53 on January 23, 2018, 08:34:28 PM

Quote from: Schmolke on January 23, 2018, 02:59:39 PM

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!

who would you buy a coffee using bitcoin? dont you have cash, lol but i see your point, your example are too simply not to be ridiculed at, sorry. As for the fees are concern, true, it does make bitcoin fall (partly) though it is not the main reason for this fall on bitcoin, you have to consider the trend which newbies follow. the fees are already there and given, that is how trading goes when you deal with exchanges. maybe the stores in your place only tested bitcoin's capabilities to compete with fiats. they are also experiencing hassles in their own exchange sites, so they stop and the other stores follow. what matters is what you believe, believe in bitcoin and make other investors to rely on bitcoin too. do not post negative stuff like this, the only way for bitcoin to go up again is to keep it for a while and make room for law of demand.

Yes, that is not the main reason for bitcoin's current fall but anyway those high transaction fees are one of the major obstacle that btc was struggling with. His example is actually right. When the blockchains are integrated to our life completely and even if you buy very cheap things you'll have to pay way more.

bobq

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Quote from: farhaan on January 23, 2018, 06:38:03 PM

Quote from: gentlemand on January 23, 2018, 03:05:23 PM

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.

Absolutely even other coins too would face such a problem if used in huge volume.Its totally surprising for me to hear that they have switched to ethereum.

Actually there is now a much improved version of Bitcoin, which is called Bitcore (BTX), which supposedly would not face the same problems of scalability of Bitcoin and would never get to having such high fees. Check its features on https://bitcore.cc/ . The major problem of course is that it doesn't enjoy the same levels of user adoption like Bitcoin. It's surreal that user adoption is a more effective reason of success than an actually functioning coin.

Carmen01

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In some ways yes it's happen but we can avoid to lose in high fees if we do not make any transaction in that time i'm sure it can back after a few weeks or after they solve the problem so i say there's no issue about fees at all if you do wise move because transaction fees are already given here so no need to say negative in that situation even it's high or low i think if you have problem then don't do transaction here.

9jaflick

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Quote from: Schmolke on January 23, 2018, 02:59:39 PM

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 don't expect much than this, if you are those shop owners wouldn't you have done the same? Every reasonable business man would do the same.
Just imagine you wanted to buy a stuff from the supermarket worth $5 and you are been charged a transaction fee worth $7, will you still go on with the transaction?
Vendors that do accept BTC as a payment method are no longer making money so they have to switch to other alternative which is ETH. This is a wise decision which any business man will take.

bisnisali16

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We know that one of the weaknesses of bitcoin is its high price sensitivity, but the sensitive price I think is an advantage too, because if the bitcoin price is sensitive we can easily influence it so that the bitcoin price is easy to rise, one of the facts I've seen is when many people buy bitcoin because they want to invest, then bitcoin prices will jump up (that's a fact every year). So I think that's one of the reasons we have to stick to bitcoins.

gambitcoin53

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Quote from: Schmolke on January 23, 2018, 02:59:39 PM

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!

who would you buy a coffee using bitcoin? dont you have cash, lol but i see your point, your example are too simply not to be ridiculed at, sorry. As for the fees are concern, true, it does make bitcoin fall (partly) though it is not the main reason for this fall on bitcoin, you have to consider the trend which newbies follow. the fees are already there and given, that is how trading goes when you deal with exchanges. maybe the stores in your place only tested bitcoin's capabilities to compete with fiats. they are also experiencing hassles in their own exchange sites, so they stop and the other stores follow. what matters is what you believe, believe in bitcoin and make other investors to rely on bitcoin too. do not post negative stuff like this, the only way for bitcoin to go up again is to keep it for a while and make room for law of demand.

Tramle091296

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Bitcoin has a high transaction fee when the price goes up. that's why you cant say that always the transaction fee in bitcoin is to hurts in our wallet. and also switching on different currencies is like in bitcoin to. if there's a high demand to them the price of transaction fee will get high too.

We can wait for the price goes down then try to buy as long as you want when that time comes.

BountyX

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Yes, you are right, fees are making BTC unusable for anything which is not trading. It is totally ridiculous to keep this situation like this. Bitcoin is now just an asset, not a currency. Hopefully the introduction of the Lightening Network will improve the situation, but I've read that it may take time.

farhaan

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Quote from: gentlemand on January 23, 2018, 03:05:23 PM

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.

Absolutely even other coins too would face such a problem if used in huge volume.Its totally surprising for me to hear that they have switched to ethereum.

Anti-Cen

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High fees = low BTC price

Quote from: trobin on January 23, 2018, 05:07:39 PM

The fees have severely harmed bitcoin but they have definitely not killed it, there are still solutions in the pipeline and people have belief for the future. If it persists for a long time then it can really damage bitcoin but it won't come to that.

The name you were looking for was "Lightning Network" but I am sorry to say but I have investigated it, read the white paper
and the hubs are banker, Bob turned into Alan Greenspan, Alice ran off with the milkman but please don't let me stop you from reading it.
https://lightning.network/lightning-network-paper.pdf

Hang in if you can afford to loose or get out whilst you still can

Pab

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If will be less transactions miners will move to other coins
But to be honest what is a usage of other cryptos almost any
Now there is some chaos with mining becouse chanise miners are moving away from China
Some chinise illegal small chinise farms have been shuted down
Generally there is low lquidity

mayidid

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This is a problem for Bitcoin that they need to get fixed. The network gets bogged down the more transactions there are. Bitcoin will most likely be a coin for storing value in the future because of the high fees and slower transaction times unless they can come up with a fix for it.

Topic: Fees are killing/have killed Bitcoin.... it is sad but true. - page 2. (Read 736 times)