i think bitcoin will not be common for small transcitions

ethereumhunter

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Quote from: tittensor on June 08, 2017, 11:38:37 PM

Yes, this is one of issue Bitcoin need fix soon, when the price of Bitcoin raised up, I very happy but in now, I need spend 2.5$ for a transaction if I want confirm normal, not low or fast. I hope Bitcoin can fix this issue soon, wait Segwit success!

i think its not problem if we should pay the fee for one transaction because with bitcoin price now, spending $2.5 its still small amount depend on how much we want to send. i think what we want to send is more than just $10 and if the fee is $2.5, then i think many people will agree and not thinking that is a big fee. i hope that the issue of blockchain will fix soon so we can make transaction without worried for waiting too long.

hardtime

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At this point in time, or any time where the TX fees are too high like this-- Bitcoin will be completely unusable for people that are going to want to do simple thing with it such as Buying a Coffee, buying a small toy, anything cheap and inexpensive is going to be a waste to buy with Bitcoin when you have to pay another $3.00 on top of an item where that is going to leave a huge dent in the percentage of the item.

Kinda sad that this is what we've gotten too with Bitcoin, but hopefully the miners are able to come to some sort of scaling solution and we're able to get these TX fees down with. I think it's a bit much to have a $1-3 fee on pretty much any tx which is the issue we have right now.

EXtremeAEX

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Transaction fees are a nightmare for me... Sad

Since I do not have a lot of Bitcoin, the total fees that I paid is a significant amount that I have. Last time, there used to be this tipping service called ChangeTip that I LOVED to use. Simply just create a ChangeTip account, deposit some Bitcoin, give away free Bits (100 satoshi) to other accounts without any fees, and I believed that helped alot to promote Bitcoin back then. But sadly they discontinued and now back to my nightmares...

There might be a time where suddenly the fees shoot up and people who only store a bit of Bitcoins would have a hard time. I don't see how SegWit can solve all these problems, honestly. There are just too many transactions. Sad

Maybe create some 2nd dimension blockchain.. ahahahah

tittensor

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Yes, this is one of issue Bitcoin need fix soon, when the price of Bitcoin raised up, I very happy but in now, I need spend 2.5$ for a transaction if I want confirm normal, not low or fast. I hope Bitcoin can fix this issue soon, wait Segwit success!

mantra

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Yes, indeed for a big transaction fee problem is a big problem and there is no solution, I think if it becomes a problem if some online wallet lower their transaction fee, the fee is very much if we compare with other altcoin, for example dogecoin, transaction fee only some Satoshi.

nasipadang

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Quote from: therealfalcon on June 05, 2017, 01:51:08 PM

What you think ?

as prices of bitcoin raises up, the ability to do minimum fees transaction also goes up

what you think, how could it be solved?

I THINk people will use other currencies for small transitions, and bitcoin for main balance

There are already many who switch from bitcoin to altcoin like eth and doge for transactions, also for large transactions many that use eth because bitcoin fee is quite expensive, and despite using the expensive fee of transaction a confirmation also sometimes takes a long time

noictib

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Quote from: therealfalcon on June 05, 2017, 01:51:08 PM

What you think ?

as prices of bitcoin raises up, the ability to do minimum fees transaction also goes up

what you think, how could it be solved?

I THINk people will use other currencies for small transitions, and bitcoin for main balance

Agree with you , I am doing the same thing from one month , because my day trading earnings changed into transaction fee Sad

.
So when I need to pay the Bitcoin to anyone then I made charge for the transaction from his balance due to this reason my many clients gone .
So here I get a solution of transfer Bitcoin from one exchange to another ( only for exchange) usually I bought the active altcoin and then send to the receiver address and then he sell his altcoin to get Bitcoin , this is so cool idea for me for the transfer of Bitcoin from one exchange to another .
But still P2P transaction are costly , so In my opinion the blockchain needed to improve his network and also they need to extend the size of one block , so that we can confirm our transaction with low fee .

groko271

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its the slow transaction speeds that is kill'n me not the fee's.... I remember when minutes used to feel like ages grrrrr

iamTom123

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As designed and envisioned by the great man named Satoshi Nakamoto, Bitcoin would accommodate all types of transactions from small to big. Now, what is happening right now is that Bitcoin has a scaling problem and there is a continuing discussions on how to solve this backlog. Because of many vested interests surrounding the issue, it is taking time for the solutions to arrive on our door.

However, by the time there can be an apt solutions then we can be sure that Bitcoin can be able to handle all transactions with flying colors. It is all because Bitcoin should be the answer to transfer problems when we use the banking system. Bitcoin is inclusive.

mademerich

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Quote from: cpfreeplz on June 08, 2017, 09:54:54 PM

It's not going up because of the price rise. It's going up because blocks are full. If they aren't full you could pay a tiny fee and a miner would pick it up. That's why bitcoins were great. Right now we're kind of stuck until UASF comes into play.

But what are the chances of UASF actually working because as far as I know its pretty much a useless effort unless the major exchanges adopt it and they won't risk their business over bitcoin politics.

cpfreeplz

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It's not going up because of the price rise. It's going up because blocks are full. If they aren't full you could pay a tiny fee and a miner would pick it up. That's why bitcoins were great. Right now we're kind of stuck until UASF comes into play.

fathur.aza

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Bitcoin is the gold of the internet and as we know, we can not do small transactions, micro transactions with gold. What if we can not this little transition that makes us all to get bigger in order to get big deals

Xester

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It is and can still be used for common transactions. I can still topup my phone using bitcoin and even pay somw of my utilities through it. But yes it is like giving your bitcoin away. Considering that its price can still goes uo and have higher value.

HashieNewb

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Quote from: Celsiuss on June 07, 2017, 06:16:49 PM

I fully agree with this. The fees will only continue to grow. As for now, the fees are around 2$-3$. I would not perform a transaction less than 30$ with this ridiculous fee. I can only see that in the future, only large transactions will be done with bitcoins due to huge fees.

The price of Bitcoin could get to around $30.00 a Bitcoin since the price of Bitcoin is going up. Unless there is a person that builds a better Bitcoin client that allows people to send transactions at a fixed rate in USD or any other currency then the price of Bitcoin will be pretty expensive for those people that send transaction without a manual fee setting in their client.

gabbie2010

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I think the present challenges being witness in transaction of small bitcoin with a high fee will be overcome. I am very sure that the authorities consigned will find a lasting solutions i.e adoption of Lightning network solution to it otherwise People find will other alternative in there transactions which may reduce the acceptability of using bitcoin globally.

lady Royal

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Quote from: Heartilly on June 07, 2017, 04:58:43 PM

Quote from: ?? on ??

what is segwit could you please explain to me ?

Google can helped you that. I will give you one of the result from it.

https://www.cryptocompare.com/coins/guides/what-is-segwit/

Quote from: Superzpay on June 07, 2017, 04:37:11 PM

Yesterday I found an exchange which accept smaller fees of 0.0002 so I think that will help for people who want to do smaller transactions.

What exchange is that? May I know so that I can check? Anyway 20.000 satoshis as a transaction fees will get their transaction unconfirmed forever (Sarcastic). Just do transactions whenever it need to save transaction fees.

This is actually insane.
Please share the link of the exchange. Maybe they are thinking something. After sending Bitcoin transaction with 0.0002 fee will take forever to confirm so it's useless to use that exchange instead you can pay 0.007+ to trade your coins immediately instead of sending your money with low fee and in the meantime you may loss your money as the price always increases or decreases.

L00n3y

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Fees are high today in microtransactions and waiting time is so slow but I think that's because only few companies are just creating wallets and if Bitcoin will be used worldwide many companies will offer a new wallet with no fees when in terms of microtransactions or I think government will take part of this and will issue some law regarding in the big and small transactions in cryptocurrencies.

hurain

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Quote from: Celsiuss on June 07, 2017, 06:16:49 PM

I fully agree with this. The fees will only continue to grow. As for now, the fees are around 2$-3$. I would not perform a transaction less than 30$ with this ridiculous fee. I can only see that in the future, only large transactions will be done with bitcoins due to huge fees.

i think it is not good in long future because in future we are expecting that we will be able in future for use bitcoin for purchasing small items of daily use, but if the transaction fee will continue to increase then we may not be in position to use bitcoin for purchasing small items.

xskl0

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Bitcoin will triumph, soon Megaupload 2.0 and Bitcache will atract millions of new bitcoin users to make microtransactions.

hisuka

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Bitcoin has been rapidly growing and the transactions has been increase in collecting fees. I dont know if they will solve this issues that most common complaint with the higher fees and for the small transactions is also gone.

Topic: i think bitcoin will not be common for small transcitions (Read 2510 times)