Finally Bitcoin is becoming normal - page 7.

pooya87

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Quote from: Kakmakr on January 23, 2018, 01:44:03 AM

We have people on the one side saying this is because the price has gone down and less people are using Bitcoin at the moment and on the other side we have people saying that SegWit adoption has increased and it is showing a reduction in transactions because of that.

There are even some people using the Lightning Network, but that impact should have no impact now, because it is still negligible. ^hmmmmm^

No matter what the reason is, we are seeing 2MB Blocks and a reduction in the MemPool, which is good. ^smile^

when price is dropping it means people are selling their coins, then the panic beings and more people sell their coins. a large part of these sellers will be making transactions to move their coins to exchanges to sell. there are also a larger number of people buying because it is a dip and a considerable number of them withdraw => more and more transactions on chain.
in other words people who are saying less usage because price dropped are either misinformed or are spreading FUD.

regarding LN, the impact is not negligible, it is non-existent because there are practically no place that is accepting bitcoin through LN. any place major with any significant effect... it is more like a testing phase.
there are currently 134 LN nodes though and the network has been growing with a very nice speed.

regarding blocks, we have had 20 blocks bigger than 1.5 MB, 5 of which have been >=2

it is funny i made this Milestone topic 2 days ago and nobody was interested in it Tongue

https://bitcointalksearch.org/topic/2018-bitcoin-milestones-22-mb-block-and-81-ln-nodes-171-channels-2796578

Lun4t1c

newbie

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Price of bitcoin will never be stable, this is why everyone calls risk when someone put money on bitcoin. Accept the reality and go with flow.

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

We have people on the one side saying this is because the price has gone down and less people are using Bitcoin at the moment and on the other side we have people saying that SegWit adoption has increased and it is showing a reduction in transactions because of that.

There are even some people using the Lightning Network, but that impact should have no impact now, because it is still negligible. ^hmmmmm^

No matter what the reason is, we are seeing 2MB Blocks and a reduction in the MemPool, which is good. ^smile^

jpespa

member

Activity: 294

Merit: 17

It feels like the bitcoin became balanced for now. Transactions became faster and cheap but we will never know if this will stay long because bitcoin is unpredictable. For the mean time buy more bitcoins while the transactions are easy and the price is low.

Jorosss

full member

Activity: 404

Merit: 105

Quote from: Get-Paid.com on January 23, 2018, 12:30:35 AM

Lower fees, transactions are approved within minutes or hours and not within DAYS!

Can this please keep itself like this permanently?

Nothing is permanent in this world, if many people again involve in bitcoin and the demand will increase, for sure transaction fee will increase again. Good thing to know that transaction fee and confirmation are going back to normal now despite of the recent bitcoin value dump.

zenrol28

copper member

Activity: 882

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Yes it is very nice especially if you want to fund your trading account. But if you want to withdraw from your trading platform, this is not good because many platforms have fix withdrawal fees. So it is like being hold. I hope these platforms update their fees as soon as possible.

binhvo1505

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https://streamies.io/

yes i am very happy for this. Last time I was very upset about the transaction very slowly. Even the transaction fee is quite high and I feel that it will make the bitcoin become discredited.
At present, it has been upgraded and back to its original state.
I think this will not be maintained forever, everything in the electronics market is hard to guess. This is a very interesting and wonderful market.

oddwh

hero member

Activity: 854

Merit: 1002

Indeed, transactions fees are becoming cheaper again

I always check this website to see the network saturation : https://bitcoinfees.earn.com/

That's fine for people who failed and sent a transaction with low fees some days/weeks ago. That might mean the market will begin to stabilze too, as panic seller already sold and the hype is starting to calm.

Kingofbitcoin12345

full member

Activity: 462

Merit: 102

It’s pretty normal to have delays and higher transaction fees for many months before this dip happen.. I’m good with it in some point and annoyed sometimes but this silence makes my ear shaking as it might not be a good sign or maybe segwit wallets has a good effect to the numbers of competition.. The price is low and I hope the fee won’t change after a bullish increase..

Dapper

sr. member

Activity: 560

Merit: 260

No hung up transactions here. I had one that was stuck for 3 weeks but has cleared now. All good baby.

jseverson

hero member

Activity: 1834

Merit: 759

Yeah, I'm glad things have been settling down, and I only wish it were simple to keep things this way.

As someone has said, the sharp drop in transaction volume kind of implies that there are parties which were spamming the network with high fee transactions. This costs money, so we can only assume that they have something to gain by doing this, and I can only think of a few parties that will benefit from Bitcoin's demise. Assuming that were true, the problem is they could do the same thing again, considering the fact that this has already happened twice (Segwit2x original cancellation being the first time).

The only way to truly keep this from happening is by implementing scalability solutions, which these malicious actors are exploiting. We could do our part by adopting Segwit and by urging our exchanges to do the same, but that would only make it harder, not impossible, to spam the network.

xuv500

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Activity: 406

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Quote from: khiholangkang on January 23, 2018, 01:01:48 AM

Quote from: Get-Paid.com on January 23, 2018, 12:30:35 AM

Lower fees, transactions are approved within minutes or hours and not within DAYS!

Can this please keep itself like this permanently?

currently bitcoin price ia going down on and I think only few people are sending bitcoin which resulted in every transaction having low cost and quickly confirmed, but if bitcoin price goes up and many people sending bitcoin, transaction fee will go up and get confirmation have to wait longer

Correct. This is the time to buy and not to sell since bitcoin price is very low compared to last month, due to this few people sell bitcoin and that may be due to some emergency or they fear bitcoin may go down further which resulted in transactions cleared within hours. There is nothing to worry about this low time or high time of transaction.

supermine

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Activity: 826

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Quote from: vv181 on January 23, 2018, 12:43:55 AM

Quote from: Get-Paid.com on January 23, 2018, 12:38:35 AM

Quote from: Juggy777 on January 23, 2018, 12:36:47 AM

Normal is not always nice this confirms worst fears that people are staying away from bitcoins and that is very bad for people who're dealing in it. It means that transactions are not happening, and this could spell doom for bitcoins, I'm happy with high transaction time till more people are actively involved in it. This keeps the momentum going up.

Totally the opposite here, we want fast transactions & lower fees.

Truth is Bitcoin can't sustain that when there is a peak usage of Bitcoin. We know Bitcoin has done many network congestion, and I believe it will keep going like that, until everybody using the segwit wallet or wait for the lightning network to be implemented to the Bitcoin network.

Agree with this,bitcoin can't hold on when everyone using it.Now people are moving away from bitcoin due to worst transaction experience so the blockchain is getting clearer but not due to faster transaction this is happening due to out of customers.And still some wallets has high fees which is around 0.0006BTC maybe it is low fee in terms of USD.Use of segwit will make the transactions more faster than legacy address then it will make the memepool much clearer.So all wallet providers need to upgrade to the segwit address or more people will move away from bitcoins.
Implementation of lightning network will be the ultimate solution for the transaction issues then transactions will be confirmed in seconds.I hope it will be implemented by the end of 2018.

khiholangkang

hero member

Activity: 2142

Merit: 594

Quote from: Get-Paid.com on January 23, 2018, 12:30:35 AM

Lower fees, transactions are approved within minutes or hours and not within DAYS!

Can this please keep itself like this permanently?

currently bitcoin price ia going down on and I think only few people are sending bitcoin which resulted in every transaction having low cost and quickly confirmed, but if bitcoin price goes up and many people sending bitcoin, transaction fee will go up and get confirmation have to wait longer

mrtryonebiggums

full member

Activity: 322

Merit: 111

Revolutionized Rotating Savings & Borrowings

This is the beginning of being normal I would like to believe because if normal is 200k+ transactions unconfirmed and above $20 to send bitcoins then that won't work moving forward. LN can potentially alleviate some of the issues we are having but there needs to be confidence going into LN not loss of confidence!

SONG GEET

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CryptoTalk.Org - Get Paid for every Post!

Quote from: pooya87 on January 23, 2018, 12:44:04 AM

nothing about current bitcoin state regarding fees is normal, it is as abnormal as before.
we have 82000+ unconfirmed transactions which is nearly 220 MB in size and low fee transactions are being confirmed fast and fee has gone down drastically!

this is NOT normal. it only proves that someone has been spamming the mempool with high fee transactions to keep the fees up and now it has stopped! normal users are paying lower logical fees that they are willing to pay and also since the spam has stopped the number of unconfirmed transactions are coming down from nearly 200k to 82k and dropping more.

Yeah like many have stated before all those unconfirmed transactions were done by big block supporters to spread fud about Bitcoin and 1mb blocks. Now they have stopped spamming so even tx with 80sat/byte fee is being confirmed in next block. However those spam attacks on Bitcoin network might return when Bitcoin price will start to pump again.

pooya87

legendary

Activity: 3472

Merit: 10611

nothing about current bitcoin state regarding fees is normal, it is as abnormal as before.
we have 82000+ unconfirmed transactions which is nearly 220 MB in size and low fee transactions are being confirmed fast and fee has gone down drastically!

this is NOT normal. it only proves that someone has been spamming the mempool with high fee transactions to keep the fees up and now it has stopped! normal users are paying lower logical fees that they are willing to pay and also since the spam has stopped the number of unconfirmed transactions are coming down from nearly 200k to 82k and dropping more.

vv181

legendary

Activity: 1932

Merit: 1273

Quote from: Get-Paid.com on January 23, 2018, 12:38:35 AM

Quote from: Juggy777 on January 23, 2018, 12:36:47 AM

Normal is not always nice this confirms worst fears that people are staying away from bitcoins and that is very bad for people who're dealing in it. It means that transactions are not happening, and this could spell doom for bitcoins, I'm happy with high transaction time till more people are actively involved in it. This keeps the momentum going up.

Totally the opposite here, we want fast transactions & lower fees.

Truth is Bitcoin can't sustain that when there is a peak usage of Bitcoin. We know Bitcoin has done many network congestion, and I believe it will keep going like that, until everybody using the segwit wallet or wait for the lightning network to be implemented to the Bitcoin network.

Get-Paid.com

sr. member

Activity: 1842

Merit: 389

Quote from: Juggy777 on January 23, 2018, 12:36:47 AM

Normal is not always nice this confirms worst fears that people are staying away from bitcoins and that is very bad for people who're dealing in it. It means that transactions are not happening, and this could spell doom for bitcoins, I'm happy with high transaction time till more people are actively involved in it. This keeps the momentum going up.

Totally the opposite here, we want fast transactions & lower fees.

Juggy777

hero member

Activity: 2646

Merit: 686

Normal is not always nice this confirms worst fears that people are staying away from bitcoins and that is very bad for people who're dealing in it. It means that transactions are not happening, and this could spell doom for bitcoins, I'm happy with high transaction time till more people are actively involved in it. This keeps the momentum going up.

Topic: Finally Bitcoin is becoming normal - page 7. (Read 1245 times)