Topic: Is bitcoin broken? (Read 485 times)
A lot of users now are having trouble with the rise of bitcoin transaction fees. There are also many theories about why this has risen as much.
This is not impossible.
Bitcoin react like a Dam wall under pressure. The water is the users in this scenario, because the more users you have, the higher the pressure on the wall. The Dam engineers know how much pressure the Dam wall can handle, so they are building side channels to relieve the pressure.
Other Alt coins are building smaller dams without side channels.
Other Alt coins are building smaller dams without side channels.
Dam thats a good explanation. I can see what your saying and am very impressed with building smaller dams without the need for side channels.
Go Alt.coins!
actually a decrease in transaction costs is indeed necessary, it is true that the current high cost because it is influenced by high bitcoin prices, and for small capital owners the current cost may be very burdensome, hopefully there is a future solution later
Bitcoin react like a Dam wall under pressure. The water is the users in this scenario, because the more users you have, the higher the pressure on the wall. The Dam engineers know how much pressure the Dam wall can handle, so they are building side channels to relieve the pressure.
Other Alt coins are building smaller dams without side channels.
Other Alt coins are building smaller dams without side channels.
Bitcoin is not broken but still the high price of bitcoin is going to break good market before people used to invest more in bitcoin but because of the high price of bitcoin people are start thinking to invest in bitcoin , this is the major reason I can say bitcoin is going to brake its good market.
on the one hand BITCOIN is a hack, and has been broken since birth
on the other hand, its working exactly as planned,
bitcoin is a crypto-bank, its not a lottery, or a place to get rich quick,
so all these pathetic day traders are getting taxed to shit for their transactions and they're bitching,
who cares, they're making big money getting rich they say, so what if they pay 10% to back to the miners for fees? so what?
if the transaction level backs off and the day-traders find another way to churn bitcoin buy/sell transactions then that will off-load the tx's now, and the price will drop
the pathetic day traders brought this situation upon to themselves
they want it all, they want to make 100% a day, with no fee's, ... go back to the bank boys, or clone your own coin
What a thought! You are right since bitcoin is not regulated by anyone especially government so it was a mere broken. It is us users and investors who binds it and if we will not take care of this one we will truly broke this kind of opportunity and will missed out the future. on the other hand, its working exactly as planned,
bitcoin is a crypto-bank, its not a lottery, or a place to get rich quick,
so all these pathetic day traders are getting taxed to shit for their transactions and they're bitching,
who cares, they're making big money getting rich they say, so what if they pay 10% to back to the miners for fees? so what?
if the transaction level backs off and the day-traders find another way to churn bitcoin buy/sell transactions then that will off-load the tx's now, and the price will drop
the pathetic day traders brought this situation upon to themselves
they want it all, they want to make 100% a day, with no fee's, ... go back to the bank boys, or clone your own coin
on the one hand BITCOIN is a hack, and has been broken since birth
on the other hand, its working exactly as planned,
bitcoin is a crypto-bank, its not a lottery, or a place to get rich quick,
so all these pathetic day traders are getting taxed to shit for their transactions and they're bitching,
who cares, they're making big money getting rich they say, so what if they pay 10% to back to the miners for fees? so what?
if the transaction level backs off and the day-traders find another way to churn bitcoin buy/sell transactions then that will off-load the tx's now, and the price will drop
the pathetic day traders brought this situation upon to themselves
they want it all, they want to make 100% a day, with no fee's, ... go back to the bank boys, or clone your own coin
on the other hand, its working exactly as planned,
bitcoin is a crypto-bank, its not a lottery, or a place to get rich quick,
so all these pathetic day traders are getting taxed to shit for their transactions and they're bitching,
who cares, they're making big money getting rich they say, so what if they pay 10% to back to the miners for fees? so what?
if the transaction level backs off and the day-traders find another way to churn bitcoin buy/sell transactions then that will off-load the tx's now, and the price will drop
the pathetic day traders brought this situation upon to themselves
they want it all, they want to make 100% a day, with no fee's, ... go back to the bank boys, or clone your own coin
No,I donot think that Bitcoin is broken.It is one of the best coins in the world.It's value is to much and so high.It is widely used all over the country.Many people who are involve in it.So it is very powerful coie.
as regards the high fees at present, I thought the idea of bitcoin was to use in place of dollar(whatever).
How can I buy something for 10 dollars and pay more than the value of the transaction in costs, people will not stand for it.
Something has to alter, and very fast, people once bitten will shy away.
In another thread people are saying wait, the fees will come down, do they really think so?
Once miners get used to high fees they will not give them up willingly.
The argument that the bitcoin value has gone up, so fees must go up is wrong, sending 10 dollars worth of bitcoin is sending 10 dollars worth of bitcoin, whether the value of 1 bitcoin is 200 or 20000.
The lightning network could completely change this problem, and if the lightning network can completely solve the problem of overcharge, the price of BTC will go up further. How can I buy something for 10 dollars and pay more than the value of the transaction in costs, people will not stand for it.
Something has to alter, and very fast, people once bitten will shy away.
In another thread people are saying wait, the fees will come down, do they really think so?
Once miners get used to high fees they will not give them up willingly.
The argument that the bitcoin value has gone up, so fees must go up is wrong, sending 10 dollars worth of bitcoin is sending 10 dollars worth of bitcoin, whether the value of 1 bitcoin is 200 or 20000.
as regards the high fees at present, I thought the idea of bitcoin was to use in place of dollar(whatever).
How can I buy something for 10 dollars and pay more than the value of the transaction in costs, people will not stand for it.
Something has to alter, and very fast, people once bitten will shy away.
In another thread people are saying wait, the fees will come down, do they really think so?
Once miners get used to high fees they will not give them up willingly.
The argument that the bitcoin value has gone up, so fees must go up is wrong, sending 10 dollars worth of bitcoin is sending 10 dollars worth of bitcoin, whether the value of 1 bitcoin is 200 or 20000.
How can I buy something for 10 dollars and pay more than the value of the transaction in costs, people will not stand for it.
Something has to alter, and very fast, people once bitten will shy away.
In another thread people are saying wait, the fees will come down, do they really think so?
Once miners get used to high fees they will not give them up willingly.
The argument that the bitcoin value has gone up, so fees must go up is wrong, sending 10 dollars worth of bitcoin is sending 10 dollars worth of bitcoin, whether the value of 1 bitcoin is 200 or 20000.
Bitcoin transaction time and fee is one of the issues for bitcoin today. I have had a bitcoin transaction previously in one of major exchanges but was so unhappy of how the transaction goes since it took 5 days just to confirm my 120$ BTC. Only then i started to realize that the transaction fee has already changed into a bit expensive one. I was really thinking if BTCs blockchain was broken that time or the major exchange itself.
like any other system, bitcoin also has flaws but none of them make it "broken". you are too dramatic to call it so.
at the same time nobody is sitting around! there has always been work being done in order to fix the issues/flaws. but you can not simply change things recklessly to put a band-aid on the problem and push it for the future to fix it and put them in a bigger ditch they can not dig out of.
we need to be careful, change things in a way that it doesn't change fundamental characteristics of bitcoin such as the most important one: decentralization.
at the same time nobody is sitting around! there has always been work being done in order to fix the issues/flaws. but you can not simply change things recklessly to put a band-aid on the problem and push it for the future to fix it and put them in a bigger ditch they can not dig out of.
we need to be careful, change things in a way that it doesn't change fundamental characteristics of bitcoin such as the most important one: decentralization.
Yes, everyone would have the same problem in terms of time and fee of Bitcoin transactions.But this is why Altcoins exist.
No, I dont think that Bitcoin is broken, not because ohts price is getting low, it means it is broken. Also , people taking bitcoins have their full responsibility to secure their accounts in holding bitcoins.So, i think there would be no chances for bitcoin to be broken.
as regards the high fees at present, I thought the idea of bitcoin was to use in place of dollar(whatever).
How can I buy something for 10 dollars and pay more than the value of the transaction in costs, people will not stand for it.
Something has to alter, and very fast, people once bitten will shy away.
In another thread people are saying wait, the fees will come down, do they really think so?
Once miners get used to high fees they will not give them up willingly.
The argument that the bitcoin value has gone up, so fees must go up is wrong, sending 10 dollars worth of bitcoin is sending 10 dollars worth of bitcoin, whether the value of 1 bitcoin is 200 or 20000.
How can I buy something for 10 dollars and pay more than the value of the transaction in costs, people will not stand for it.
Something has to alter, and very fast, people once bitten will shy away.
In another thread people are saying wait, the fees will come down, do they really think so?
Once miners get used to high fees they will not give them up willingly.
The argument that the bitcoin value has gone up, so fees must go up is wrong, sending 10 dollars worth of bitcoin is sending 10 dollars worth of bitcoin, whether the value of 1 bitcoin is 200 or 20000.
This is why Altcoins exist. Ethereum or other alts offer a much better transaction/currency application.
BTC is currently like the old clunky computers back in the 70s that used to take up entire rooms, but in retrospect had the processing power of a 1998 nintendo gameboy.
I don’t care about bitcoin replacing dollars as the main currency because in the first place it won’t be happening in my lifetime for sure and the government won’t allow such. Those argument like transaction fees is high because the bitcoin price is relevant on the matter of difficulties and demand but only on the certain level and I won’t tolerate such abuse by greedy miners. But as long as it processed even for a much higher price and much delays I won’t leave bitcoin in those reasons.
Well at the moment the transactions fees is coming down little by little, but what baffle me mos is the fact that each time bitcoin increase in price transactions fees will go high why is it like that. Transactions fees will eat up all the gain you make and at times I use to feel that we are working for the miner's and block chain's because they are the people gaining in the price rise in bitcoin using system to collect back the money but I thank God for the lightening network that will be lunch soon I pray and hope it will in eventually solve the problem of high transactions fees.
This isn't always the case. There is some truth to it, because fees are inevitably going to get higher as satoshis rise in value, but a few cents multiplied by Bitcoin's growth should still be a few cents. It becomes a problem once the fees rise into the dollars, as they do now. You can't blame that on the increase in Bitcoin's value.
What usually happens when Bitcoin's value rises, though, is increased market movement. This leads to a congested network where people try to outbid each other to be able to confirm their transactions sooner. That's why there's a perceived correlation between Bitcoin price rallies and fees skyrocketing.
Also, Bitcoin isn't broken. It has always had a scaling problem, which is just manifesting itself now.
Well at the moment the transactions fees is coming down little by little, but what baffle me mos is the fact that each time bitcoin increase in price transactions fees will go high why is it like that. Transactions fees will eat up all the gain you make and at times I use to feel that we are working for the miner's and block chain's because they are the people gaining in the price rise in bitcoin using system to collect back the money but I thank God for the lightening network that will be lunch soon I pray and hope it will in eventually solve the problem of high transactions fees.
no, as long as there are still many people who use and take advantage of bitcoin, then bitcoin will always be good. and will be able to deal with all the problems.
Bitcoin is not broken.Bitcoin was one of the best coins in the world and is widely used all over the country.It's value is so high.Bitcoin is the king of currency.
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