Increasing transaction fee.Any solution?

gabmen

hero member

Activity: 1246

Merit: 529

CryptoTalk.Org - Get Paid for every Post!

Quote from: OmegaStarScream on November 18, 2017, 06:55:47 AM

Quote from: Mistafreeze on November 18, 2017, 06:17:07 AM

Btc transaction fee is escalating. If it keeps rising,btc will no longer be prefered for payments. Is there any solution to keep fee below some level?

That's the whole point from making SegWit. At the moment, only 10% of the current transactions use SegWit. If more wallets and services start using accepting (Bitfinex next week, Blockchain.info in 2018 Q1) we will start noticing a huge price decrease. Besides, the current fees are high IMO because of a current spam attack made by BCH supporters.

Right. That's why many were quite disappointed when the november segwit didn't push through because many are seeing that as a solution. Transactions are getting stuck in mempools and to have a faster transaction, you have to pay an even higher fee.

EXtremeAEX

hero member

Activity: 798

Merit: 503

While this forum revolves about Bitcoin, if majority of Bitcoin users accept other altcoins as a form of payment, transactions could become way more smooth, with way lower transaction fees.

Just remember:

Just switch to Ethereum, LTC, Doge or something.

HeRetiK

legendary

Activity: 3122

Merit: 2178

Playgram - The Telegram Casino

Quote from: Mistafreeze on November 18, 2017, 06:17:07 AM

Btc transaction fee is escalating. If it keeps rising,btc will no longer be prefered for payments. Is there any solution to keep fee below some level?

Non-linear scaling via additional protocol levels on top of Bitcoin as settlement layer.

There's lightning network for one (currently being tested on testnet):
https://bitcoinmagazine.com/articles/understanding-the-lightning-network-part-building-a-bidirectional-payment-channel-1464710791/

...and then further down the road, possibly this:
https://www.tik.ee.ethz.ch/file/a20a865ce40d40c8f942cf206a7cba96/Scalable_Funding_Of_Blockchain_Micropayment_Networks%20(1).pdf

Samarkand

sr. member

Activity: 658

Merit: 282

Quote from: Mistafreeze on November 18, 2017, 06:17:07 AM

... If it keeps rising,btc will no longer be prefered for payments. Is there any solution to keep fee below some level?

Have you considered the possibility that Bitcoin´s best use case is being a store of value due to the propositions
that make it a sound form of money? It may have originally been intended to facilitate payments as well, but the world
needs sound money more than it needs another payment method (paying for your coffee doesn´t need to be broadcasted
to all nodes over the world, a credit card works fine for that).

Less usage due to high transaction fees therefore may actually be a good thing as people realize that they better hoard their Bitcoins
instead of spending them.

Indesses

newbie

Activity: 12

Merit: 0

if you check chart of fee it is increase little and can’t be so high (because price increase fast )

check https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

OmegaStarScream

staff

Activity: 3500

Merit: 6152

Quote from: Mistafreeze on November 18, 2017, 06:17:07 AM

Btc transaction fee is escalating. If it keeps rising,btc will no longer be prefered for payments. Is there any solution to keep fee below some level?

That's the whole point from making SegWit. At the moment, only 10% of the current transactions use SegWit. If more wallets and services start using accepting (Bitfinex next week, Blockchain.info in 2018 Q1) we will start noticing a huge price decrease. Besides, the current fees are high IMO because of a current spam attack made by BCH supporters.

Mistafreeze

sr. member

Activity: 897

Merit: 284

Btc transaction fee is escalating. If it keeps rising,btc will no longer be prefered for payments. Is there any solution to keep fee below some level?

Topic: Increasing transaction fee.Any solution? (Read 225 times)