Topic: Is bitcoin broken? - page 2. (Read 458 times)
Yep def the transaction fees are way over the top. Makes me not want to trade Bitcoin anymore.
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.
also don't be destroyed immediately this job because this is very important with us and for all who need so impossible i will break 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.
So, yesterday i sent 200 dollars and paid 5dollars fee using blockchain.info - not so bad how it could be.
The fees have decreased significantly in the last days, which might explain your situation a bit. Even Coinbase lowered its fees significantly, but it's not manually customizable like blockchain.info unfortunately. However, it has not decreased to such a level, that the fees are now ~0.00035 BTC. It's either blockchain.info selected a relatively low transaction fee itself, or you manually set a lower fee. That honestly isn't really the most interesting part here, what matters here is how long did your transaction need to get its first confirmation with such a low fee?
Bitcoin will have that function once that the lightning network gets released, that is probably the only thing that we are waiting for.
Just think about this; when it gets released, we are going to be able to send money for less than $0,50 worth of fees, it is amazing.
This will really make bitcoin a real currency that can be used at any time, you can not buy a coffe with bitcoin anymore because of the fees, but with the LN activated, it would be possible.
Just think about this; when it gets released, we are going to be able to send money for less than $0,50 worth of fees, it is amazing.
This will really make bitcoin a real currency that can be used at any time, you can not buy a coffe with bitcoin anymore because of the fees, but with the LN activated, it would be possible.
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
How can I buy something for 10 dollars and pay more than the value of the transaction in costs
hm, we all waiting when this happening. because the situation is really sad now, the only advise for people who wants to send 10 dollars in BTC value - don't do that, wait till better times. So, yesterday i sent 200 dollars and paid 5dollars fee using blockchain.info - not so bad how it could be.
Yes it's broken in terms of scaling and fees too but they are using a carrot of the lightning network (LN)
to fix it and keep people gambling/investing but LN uses hubs and they charge fees on top of you having
to pay fees to miners when you close a channel to a hub
See https://bitcointalk.org/index.php?topic=2680315.new#new
They say "Low fees" not capped to $0.10 or anything so where have I heard that old
chestnut of a lie before.
Sure if you use LN to buy a coffee a day for a year from a local coffee shop you
might save but in the real world you are about to get stuffed as I understand it
to fix it and keep people gambling/investing but LN uses hubs and they charge fees on top of you having
to pay fees to miners when you close a channel to a hub
See https://bitcointalk.org/index.php?topic=2680315.new#new
They say "Low fees" not capped to $0.10 or anything so where have I heard that old
chestnut of a lie before.
Sure if you use LN to buy a coffee a day for a year from a local coffee shop you
might save but in the real world you are about to get stuffed as I understand it
Bitcoin will have that function once that the lightning network gets released, that is probably the only thing that we are waiting for and also better for the perception of bitcoin. It isn't broken so much as it needs a slight tweaking a little repair if you will.
Probably that is why the segwit2x was cancelled, I heard it was thr to lower the fee. but the miners pressured the devs and they cancelled it. Not sure if its really true or just a fud.
Transaction fees are a big problem just now as many have said it defeats the purpose if it can't be use for simple transactions. It could even get to the point where the cost of transaction outweighs the value of transaction itself.
Any other way people know of to trade low amounts without this ridiculous fees 10-12 dollar.
If by broken, you mean split up into chunks, then yes. It is broken into fragments that can be individually sent and received.
Oh that hurts. Thats the only catch, bitcoin is not good to use as payment for very low amounts. May be you can use DOGE. It uses a very low transaction fee.
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 will have that function once that the lightning network gets released, that is probably the only thing that we are waiting for.
Just think about this; when it gets released, we are going to be able to send money for less than $0,50 worth of fees, it is amazing.
This will really make bitcoin a real currency that can be used at any time, you can not buy a coffe with bitcoin anymore because of the fees, but with the LN activated, it would be possible.
What she's saying is exactly, with the current fee, bitcoin does not have any chance to put it into practice. Therefore, the lighting network is really essential. It is a prerequisite for bitcoin to continue to be used, or any similar remedy that can make the bitcoin fee less than $ 0.5. Just think about this; when it gets released, we are going to be able to send money for less than $0,50 worth of fees, it is amazing.
This will really make bitcoin a real currency that can be used at any time, you can not buy a coffe with bitcoin anymore because of the fees, but with the LN activated, it would be possible.
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
How can I buy something for 10 dollars and pay more than the value of the transaction in costs
If it is not for those who have made transactions that are too low then it wont get to this.
Spam transactions that is unknown what their real purpose is. Is it to destroy bitcoin or not.
Because of this there is load of pending transactions, with that they would have to increase the fees just so to stop them and regulate the traffic again.
Spam transactions that is unknown what their real purpose is. Is it to destroy bitcoin or not.
Because of this there is load of pending transactions, with that they would have to increase the fees just so to stop them and regulate the traffic again.
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 payment for the low cost is really high so this would be a really bad idea, I do not think using bitcoin replaces real money. 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 won't broken so easily...
perhaps that lightning swap will solve fee problems
perhaps that lightning swap will solve fee problems
Bitcoin is not broken.it's have massive adoption now.it's popularity so high .it's value so much.Bitcoin.is so much strong.
But why would anyone want to spend their valuable gold buying coffee or cookies? At present there are already a lot of altcoins that can widely satisfy the needs of people who want to pay their daily expenses with cryptos, for which we should reserve bitcoin for what in practice is already: only and exclusively a store of value.
How can it be broken? I don't think it is broken. Do you experience errors when transacting with bitcoin? Please enlighten me.
Not broken, no, but at at pretty major crossroads in the long term IMO. It's important that these things get ironed out, otherwise the future won't be as bright as some of those forecasts.
Bitcoin is not broken, exchanges are. Because most of Bitcoin's transactions are transactions to or out of exchanges, they are the ones who responsible for current fees, because the current congestion is caused by Bitcoin's parabolic price increase. Exchanges refuse to use SegWit, which makes transactions almost two times smaller and they refuse to batch withdrawal transactions which would result in 90% reduction in costs for users - if the biggest exchanges used those things, we wouldn't have $17 fees today.
I totally agree with you...it will take time but I think Lightning adoption will improve things a lot.
At the moment BTC is a store of value and not cash money that you can spend in everyday life, especially for
micropayments.
I am not even sure, from an investor point of view, we want BTC to become cash money cause it is already
the de-facto ONLY NEW store of value, it is already better than gold and usually there is only one store of value universally
adopted and accepted at a time. Gold was the previous one and you couldn't buy a coffee with gold.
So probably it would be better to adopt a different crypto to be used as cash money
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