How can the blockchain keep up with the growing number of bitcoin users?

whisee

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Quote from: angrybirdy on December 02, 2017, 08:55:22 PM

I just made an estimate total of how much I have paid for transaction fees, exchange fees, conversion-to-cash fees etc., and I did not feel very good about these extra fees just for me to be able to spend my bitcoin.

I am just curious if anybody here has any idea on how blockchain is planning to keep up with the fast growth of users. You see, my dream with bitcoin is that you can use it for everyday expenses like taxi fare, buying a movie ticket or any random stuff you encounter everyday just like our normal paper bills. But I think this will stay as a dream unless instant confirmations will be attainable.

it’s possible but demand effect in price.

you must wait more and bitcoin will back into stable soon 20/12

angrybirdy

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Quote from: player514 on December 02, 2017, 09:12:05 PM

Quote from: angrybirdy on December 02, 2017, 08:55:22 PM

I just made an estimate total of how much I have paid for transaction fees, exchange fees, conversion-to-cash fees etc., and I did not feel very good about these extra fees just for me to be able to spend my bitcoin.

I am just curious if anybody here has any idea on how blockchain is planning to keep up with the fast growth of users. You see, my dream with bitcoin is that you can use it for everyday expenses like taxi fare, buying a movie ticket or any random stuff you encounter everyday just like our normal paper bills. But I think this will stay as a dream unless instant confirmations will be attainable.

The thing is that these fees are often changing, especially depending on how the transactions are doing based on confirms and whatnot. However, I see what you're saying. It's very odd to end up paying a percentage when you're just trying to purchase something. I don't think it's too big of an issue myself, but it may end up adding up which could really mess with the system. There will likely be some solutions for this coming up soon.

Yes, the fees may often change, although with the bitcoin price steadily going up. One that is not so much before, becomes some amount you don't wanna be paying for such small transactions like purchasing something off the internet. Hopefully, a solution comes sooner than later.

moooonu

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Size of bitcoin users is growing day by day as we all know each block getting mined have a limited size which limiting the number of transactions in each block and hence increase in the rates of transaction fee. I have seen more than 300k transactions unconfirmed and less was around 3k as far as i can remember. Also number of miners are increasing day by day so blockchain is doing pretty fine with its technology and users.

pawanjain

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Nothing lasts forever

The problem is not instantaneous transactions but the transaction fee. Just imagine you are buying a ticket for a movie and the ticket costs $5 . Would you like to spend $1.5 extra just to make the transaction ? The transaction fee for smaller transactions seems huge and hence it will be an issue for making small payments. The confirmation is another problem but that too can be solved with the help of lightning network and instant confirmations.
Using Bitcoin as a payment will surely create too many problems for regular users and time will tell us whether it is feasible or not.

pootutus

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In the current situation, the encrypted currency is still in the early stages of growth. I don't think it will take too long. Maybe in ten years, maybe within a few years, we can more freely use the encrypted currency to buy movie tickets, coffee, pay salaries, etc.

junoreactor

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Quote from: angrybirdy on December 02, 2017, 08:55:22 PM

I just made an estimate total of how much I have paid for transaction fees, exchange fees, conversion-to-cash fees etc., and I did not feel very good about these extra fees just for me to be able to spend my bitcoin.

I am just curious if anybody here has any idea on how blockchain is planning to keep up with the fast growth of users. You see, my dream with bitcoin is that you can use it for everyday expenses like taxi fare, buying a movie ticket or any random stuff you encounter everyday just like our normal paper bills. But I think this will stay as a dream unless instant confirmations will be attainable.

The answer is: the size of the block. Bitcoin's block size is indeed a bit worrying at the moment, it is small and with the demand increasing we will need an improvement, Segwit2x may happen soon? Early 2018 probably.

player514

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Quote from: angrybirdy on December 02, 2017, 08:55:22 PM

I just made an estimate total of how much I have paid for transaction fees, exchange fees, conversion-to-cash fees etc., and I did not feel very good about these extra fees just for me to be able to spend my bitcoin.

I am just curious if anybody here has any idea on how blockchain is planning to keep up with the fast growth of users. You see, my dream with bitcoin is that you can use it for everyday expenses like taxi fare, buying a movie ticket or any random stuff you encounter everyday just like our normal paper bills. But I think this will stay as a dream unless instant confirmations will be attainable.

The thing is that these fees are often changing, especially depending on how the transactions are doing based on confirms and whatnot. However, I see what you're saying. It's very odd to end up paying a percentage when you're just trying to purchase something. I don't think it's too big of an issue myself, but it may end up adding up which could really mess with the system. There will likely be some solutions for this coming up soon.

dale1075

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Being a big and becoming a mainstream technology, I think the developers have already anticipated it.

I have read this article from Forbes regarding the scalability issue of Bitcoins and I think this has been solved using soft-fork so as not to distract blockchain processes.

"Previously, it was thought that an increase to the block size limit would require a hard fork, but Bitcoin Core contributor Luke Dashjr found a way to implement such an increase via a soft fork by way of SegWit. A soft fork is a backwards-compatible change to the network, while a hard fork effectively requires every user to switch over to a new cryptocurrency network. For this reason, the contributors to Bitcoin Core tend to prefer soft forks whenever possible."

angrybirdy

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I just made an estimate total of how much I have paid for transaction fees, exchange fees, conversion-to-cash fees etc., and I did not feel very good about these extra fees just for me to be able to spend my bitcoin.

I am just curious if anybody here has any idea on how blockchain is planning to keep up with the fast growth of users. You see, my dream with bitcoin is that you can use it for everyday expenses like taxi fare, buying a movie ticket or any random stuff you encounter everyday just like our normal paper bills. But I think this will stay as a dream unless instant confirmations will be attainable.

Topic: How can the blockchain keep up with the growing number of bitcoin users? (Read 252 times)