i think bitcoin will not be common for small transcitions - page 3.

spngebob

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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

Unfortunately, but that is reality. Fee's are just damn too high to send small transaction.
We can send transaction with small fee and use free accelerators - but that is definitely not solution.
Bigger block size is solution for us - but not for miners, they like high fees. IMO that is only problem.

socks435

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I'm looking for free spin.

I think for now bitcoin transaction fee still small and cheap so its still be worth since bitcoin price also increasing..
Hoping that it will not be the same as paypal asking for high fee to transact and they should solve the issue of increasing miners fee everytime the price of bitcoin is increase..

szpalata

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Quote from: Sarah08 on June 05, 2017, 06:30:35 PM

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

For me i guess it is just one of there strategy to take advantage to all people and get a lot of fees because they know that bitcoin price is increasing rapidly in the market so they have a reason to take advantage and go for a higher fees in the transaction so i guess we can do anything about it.

Bitcoin's transaction fees are meant to go up if the prices of Bitcoin goes up, it's just about how it was created to function. The prices are directly proportional to the transactions fees so as one increases the other must also increase and that's why I agree with the OP that with time it wouldn't be usable for small transactions.

Yakamoto

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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

It all depends on what ends up happening with the network in the near future. While I share the idea that Bitcoin is more of a storage of wealth and less of a daily currency to use (which makes sense given the context that Bitcoin was created in, something a ton of people seem to forget), bigger blocks and potentially faster block time might make it into something more viable for everyday use.

Sarah08

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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

For me i guess it is just one of there strategy to take advantage to all people and get a lot of fees because they know that bitcoin price is increasing rapidly in the market so they have a reason to take advantage and go for a higher fees in the transaction so i guess we can do anything about it.

kelseydustin

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From my perspective, bitcoin is an internet gold and as we know, we can not make small transactions, micro transactions with gold. Therefore, it is time for other cryptos to rise and become a good online payment for micro transactions

moviebuff777

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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

Yes I agree that because of higher fees for bitcoin, it will probably be used only for large transactions and investing. Several other altcoins could be used for smaller transactions.

haroldtee

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Bitcoin is now like a top notch and definitely no longer for micro transactions. The values are high and everything about bitcoin is so high now that micro transactions are getting close to impossible if not impossible already.

Quote from: Velkro on June 05, 2017, 04:49:59 PM

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

what you think, how could it be solved?

Only 2 solutions:

2. Leave it alone, treat bitcoin as digital GOLD

Love the 2nd solution most. Apparently a lot of people who didn't start early will end up falling into this category. If you can't afford it, find an alternative. Thank God for some altcoins.

HaXX0R1337

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Quote from: Superzpay on June 05, 2017, 02:52:27 PM

Suppose if a person will transact about $1 then for that transaction he will not be willing to pay more than 2 dollars of fees so for that type of transactions I am sure that no one will use bitcoin. But if in the future they reduced the fees for smaller transactions then they will use bitcoin even for that.

Hope you know the reason why you are forced to give higher fees,it is simply because someone is happy to give a competitive price to get his or hers transaction as fast as possible and if you think that bitcoin is too much to handle then you can very well step away from it.

it cannot be used for micro transactions for several months now and i do not think that we will see a change for some time now unless we see some sort of scaling solution.

Velkro

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

what you think, how could it be solved?

Only 2 solutions:
1. Scaling offchain
2. Leave it alone, treat bitcoin as digital GOLD

jonald_fyookball

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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

The high price of Bitcoin has nothing to do with the high fee.

The high fee is because the block space is limited.

bigger blocks = lower fee.

freakin simple. read my letter to the miners.

people: stop drinking the koolaid propaganda -- Bitcoin can be used for all size purchases , down to a few pennies..it worked that way just fine until blocks became full.

Tyrantt

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Need some spare btc for a new PC

I'll have to agree with the OP, to be completely honest, I don't see bitcoin as something to be used for buying something like bubble gum or a single can of soda, it's probably going to be used for something bigger like cars, bills or anything that would cost a little bit more than a few dollars.

megynacuna

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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

No challenge at all even if bitcoins are used for bigger transactions because we are yet to develop the usage of the satoshis and if that is eventually ensured I think Bitcoin will become eligible for all levels of transactions.

PacePay

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I am sure that this problem will be solved very sooner and then we will be able to send the smaller amount of money in transaction of bitcoin without any high fees. I am sure that it is only a limited time issue and sooner the developers will work for it to solve this.

Himanshu111

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Yes, i think you are correct because now the transaction fees of Bitcoins is really high for small transactions so small transactions should be avoided. Bitcoin should not be seen as money but investment option like gold and silver.

lizardbtc

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You might see it as a problem now, lets wait and see what will happen after 1st of August when some nodes go to USAF, if bitcoin activates SegWit well bitcoin could be used for a tiny transactions - with low fee.

Anyway bitcoin is not the currency you can pay a cup of coffe now sadly, lets hope and stay positive that this will be solved. Looking forward to see it fixed this year!

erpbridge

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I don't think that is where it is headed for. People are now looking at bitcoin only as a gold replacement to invest their money in. They know the fees is way too much, and it won't be used for transactions. But they can trust it as a source of investment since it is decentralized.

Superzpay

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Suppose if a person will transact about $1 then for that transaction he will not be willing to pay more than 2 dollars of fees so for that type of transactions I am sure that no one will use bitcoin. But if in the future they reduced the fees for smaller transactions then they will use bitcoin even for that.

susila_bai

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What you are saying is true and that is why happening right now with bitcoin users who are now keeping bitcoin as reserve coin like gold and balance other alt coin which are good are kept for small transaction

lite

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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

Activation of SegWit and lightning network implementation will resolve the issue. we'll be able to send small tx with very little fees once LN is available.

Quote from: ktabb on June 05, 2017, 02:06:52 PM

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

Maybe I misunderstood your point but this doesn't seem like an issue to me. You can use indefinitely small fractions of bitcoins for transactions so it doesn't seem like a problem.

i think he's talking about the fees. atm fees is high to create a small tx with high priority.

Topic: i think bitcoin will not be common for small transcitions - page 3. (Read 2510 times)