Problem Bitcoin volatile Nature | Bitcointalksearch.org

kidoseagle0312

hero member

Activity: 1092

Merit: 500

Quote from: bits19 on May 11, 2017, 11:04:31 PM

As one of the best part or advantage of this cryptocurrency is we can transfer the money from one place to another place within a minute or in some seconds.

My question is, as bitcoin has highly volatile nature, after sending the money to my friend if it suddenly goes down then its a big problem in this case my does not get the money that he needed, and I have to send bitcoin again.

how to save yourself with this kind of situation.

Bitcoin volatility is one of the good features about it. because we cannot when will it drop or increase and that can be happen at any moment it can be a minutes or an hour, depending on the demand of the bitcoin users in the entire world. And in my experience in transfering bitcoin to another wallet or using it as payment it takes a minutes before it confirm or sometimes it takes an hour.

just_Alice

hero member

Activity: 1274

Merit: 622

Quote from: bits19 on May 11, 2017, 11:04:31 PM

As one of the best part or advantage of this cryptocurrency is we can transfer the money from one place to another place within a minute or in some seconds.

My question is, as bitcoin has highly volatile nature, after sending the money to my friend if it suddenly goes down then its a big problem in this case my does not get the money that he needed, and I have to send bitcoin again.

how to save yourself with this kind of situation.

I wish transactions would take minutes, but it is far away from reality, especially lately. I see two solutions here. The first one is that you can pay a huge transaction fee, so your money will be transfered very quickly. Another way, you can find some alternative cryptocurrency, which is stable at the moment and use it to transfer the money, but in this case, the other person would have to create the wallet for it. It might seem a bit complicated, but in return, you wouldn't have to spend extra money and wait too long.

skorupi17

sr. member

Activity: 490

Merit: 256

Quote from: mackenzied on May 12, 2017, 06:26:19 AM

Quote from: skorupi17 on May 12, 2017, 03:29:21 AM

Quote from: digaran on May 11, 2017, 11:36:13 PM

Quote from: bits19 on May 11, 2017, 11:04:31 PM

~snip~

Who told you that you could send Bitcoin in seconds? they were trolling you, however if by chance you broadcast a transaction 1 minute before a miner finds a block and if they include your tx yes you could call that fast but average time is between 10 up to 30 minutes depending on fee can get much longer.

If you could explain more about going down it'd be great, what do you think will suddenly go down?

I can.

Well that depends on what type of wallet are you using. As for me, I am using a web wallet which some say that it is a wallet from someone's wallet. I have experienced sending btc to another wallet (having the same type of wallet) and the transfer was instant. I never dealt with confirmation delays ang even transaction fees. I would say that my type of wallet is praktical for everyday use. For the record, my wallet is coins.ph.

Transactions are handled immediately when the recipient uses the same type of wallet, and that causes many restrictions. If you use a web wallet, the amount sent to your address is immediately sent to their wallet. So, when you want to make a deposit, the time will be longer, you have to wait for them to make a payment from their purse. Very inconvenient.

I do not have any defense for that since I never deposited any amount into my wallet. But for the sake of the discussion, I'll take an educated guess as my counter. I think that the transaction you speak of (deposit/cash in) will not take long as you anticipated. Coins.ph might have Bitcoin reserves in their possession since any user of the wallet can easily withdraw/cash out. The btc a user has will be sold to coins.ph as soon as they withdraw their btc to fiat. So basically, depositing an amount into the wallet is not that slow, as long as the depositing is confirmed (via 3rd party), the deposit will be a success.

Quote from: Slark on May 12, 2017, 08:26:57 AM

Quote from: skorupi17 on May 12, 2017, 03:29:21 AM

I can.

Well that depends on what type of wallet are you using. As for me, I am using a web wallet which some say that it is a wallet from someone's wallet. I have experienced sending btc to another wallet (having the same type of wallet) and the transfer was instant. I never dealt with confirmation delays ang even transaction fees. I would say that my type of wallet is praktical for everyday use. For the record, my wallet is coins.ph.

That is because coins.ph online wallet you are talking about is using off-chain transaction functionality when sending coins to someone using the same wallet.
No bitcoin is moved on the blockchain. Status of your coins is only registered by internal wallet network, that is why transaction is instantaneous.
As far as I know many services use the same technology to transfer bitcoins e.g. Coinbase and Xapo

As a matter of fact, yes. The servers of coins.ph will do all the hard work and all processes are done within its network. So the transaction is quite instant.

Slark

legendary

Activity: 1862

Merit: 1004

Quote from: skorupi17 on May 12, 2017, 03:29:21 AM

I can.

Well that depends on what type of wallet are you using. As for me, I am using a web wallet which some say that it is a wallet from someone's wallet. I have experienced sending btc to another wallet (having the same type of wallet) and the transfer was instant. I never dealt with confirmation delays ang even transaction fees. I would say that my type of wallet is praktical for everyday use. For the record, my wallet is coins.ph.

That is because coins.ph online wallet you are talking about is using off-chain transaction functionality when sending coins to someone using the same wallet.
No bitcoin is moved on the blockchain. Status of your coins is only registered by internal wallet network, that is why transaction is instantaneous.
As far as I know many services use the same technology to transfer bitcoins e.g. Coinbase and Xapo

Emoclaw

sr. member

Activity: 420

Merit: 251

Quote from: bits19 on May 11, 2017, 11:04:31 PM

As one of the best part or advantage of this cryptocurrency is we can transfer the money from one place to another place within a minute or in some seconds.

My question is, as bitcoin has highly volatile nature, after sending the money to my friend if it suddenly goes down then its a big problem in this case my does not get the money that he needed, and I have to send bitcoin again.

how to save yourself with this kind of situation.

This does not happen. It has never happened. The Bitcoin network isn't capable of transactions of such speed.

Bitcoin's price will keep increasing, always. Even if it dips short-term, it will go back up more than it was before.

audaciousbeing

hero member

Activity: 1330

Merit: 569

Having read the arguments for both and against volatility, it seems there is no end to this discussion but my point of view is that if there is need for the massive break-in bitcoin is waiting for, then there is need for a fairly stability in price. How do we want a big retail store like Amazon, Alibaba, Ebay to cost their goods where today a 25$ commodity could be say 0.015btc and tomorrow that same commodity could now 0.025btc with the complex infrastructure they run then its definitely going to be an herculean task.

SoulBargain

full member

Activity: 234

Merit: 100

Quote from: foxbat on May 12, 2017, 06:17:25 AM

Quote from: bitbunnny on May 12, 2017, 06:08:31 AM

For some Bitcoin volatility is disadvantage and for others huge advantage, depends what you are doing with your coins. The traders live from it. But the fact is that volatility is the one of the issues that stoped Bitcoin to be more accepted at official financial market and more equal to fiat as a currency.

The value of a coin never stands still, it fluctuates constantly and never stops. It is the impact of the market, and it is also a way for traders to make a profit, but it is not easy, it requires them to be extremely accurate.

The advantage of the price volatility is proportional also to its disadvantages. It may rise so high and it may fall so low. This might be the reason as to why cryptocurrencies also Bitcoon is hard to be accepted to some countries and the danger of it to lose its price anytime though in Bitcoin's case, since a lot of countries have accepted it also, users have less worries for Bitcoon just to lose its value when they wake up or gone down to like $4.

mackenzied

sr. member

Activity: 434

Merit: 250

Quote from: skorupi17 on May 12, 2017, 03:29:21 AM

Quote from: digaran on May 11, 2017, 11:36:13 PM

Quote from: bits19 on May 11, 2017, 11:04:31 PM

As one of the best part or advantage of this cryptocurrency is we can transfer the money from one place to another place within a minute or in some seconds.

My question is, as bitcoin has highly volatile nature, after sending the money to my friend if it suddenly goes down then its a big problem in this case my does not get the money that he needed, and I have to send bitcoin again.

how to save yourself with this kind of situation.

Who told you that you could send Bitcoin in seconds? they were trolling you, however if by chance you broadcast a transaction 1 minute before a miner finds a block and if they include your tx yes you could call that fast but average time is between 10 up to 30 minutes depending on fee can get much longer.

If you could explain more about going down it'd be great, what do you think will suddenly go down?

I can.

Well that depends on what type of wallet are you using. As for me, I am using a web wallet which some say that it is a wallet from someone's wallet. I have experienced sending btc to another wallet (having the same type of wallet) and the transfer was instant. I never dealt with confirmation delays ang even transaction fees. I would say that my type of wallet is praktical for everyday use. For the record, my wallet is coins.ph.

Transactions are handled immediately when the recipient uses the same type of wallet, and that causes many restrictions. If you use a web wallet, the amount sent to your address is immediately sent to their wallet. So, when you want to make a deposit, the time will be longer, you have to wait for them to make a payment from their purse. Very inconvenient.

foxbat

sr. member

Activity: 484

Merit: 250

Quote from: bitbunnny on May 12, 2017, 06:08:31 AM

For some Bitcoin volatility is disadvantage and for others huge advantage, depends what you are doing with your coins. The traders live from it. But the fact is that volatility is the one of the issues that stoped Bitcoin to be more accepted at official financial market and more equal to fiat as a currency.

The value of a coin never stands still, it fluctuates constantly and never stops. It is the impact of the market, and it is also a way for traders to make a profit, but it is not easy, it requires them to be extremely accurate.

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

For some Bitcoin volatility is disadvantage and for others huge advantage, depends what you are doing with your coins. The traders live from it. But the fact is that volatility is the one of the issues that stoped Bitcoin to be more accepted at official financial market and more equal to fiat as a currency.

pearlmen

sr. member

Activity: 322

Merit: 250

In as much as the volatility nature of bitcoin is discouraging some large entrants into the space, I still feel its one and another thing that is still attracting a lot of people into the space as well for people who prefer to use it as a commodity rather than a medium of exchange. Also, we need to know that bitcoin is till at a penetration stage where entrants are equally distorting the market structure of demand and supply which I hope the moment the entrants is being regulated or gotten to the point where the ratio is the same as those leaving then we can have stability until then nothing is happening on the contrary.

megynacuna

sr. member

Activity: 756

Merit: 253

Quote from: iamTom123 on May 12, 2017, 04:12:05 AM

Quote from: bits19 on May 11, 2017, 11:04:31 PM

As one of the best part or advantage of this cryptocurrency is we can transfer the money from one place to another place within a minute or in some seconds. My question is, as bitcoin has highly volatile nature, after sending the money to my friend if it suddenly goes down then its a big problem in this case my does not get the money that he needed, and I have to send bitcoin again. How to save yourself with this kind of situation?

This situation happened to many Bitcoin senders many times before and it can happen again. Maybe what you can do is make a little allowance for volatility and make sure that the receiver is aware by the time you are sending the money so he/she can immediately confirm the transaction and can decide what to do with the digital currency.

I am hoping that soon there would be a company or program that can protect us from volatility by insuring what we are sending at a certain rate...this can be in a form of hedging.

Good idea but that also brings about the centralization we are all trying to avoid. To get a company to hedge our bitcoins i doubt is the best idea even though we all want to stop the volatility. A better solution in my opinion should come.

iamTom123

hero member

Activity: 490

Merit: 501

Quote from: bits19 on May 11, 2017, 11:04:31 PM

As one of the best part or advantage of this cryptocurrency is we can transfer the money from one place to another place within a minute or in some seconds. My question is, as bitcoin has highly volatile nature, after sending the money to my friend if it suddenly goes down then its a big problem in this case my does not get the money that he needed, and I have to send bitcoin again. How to save yourself with this kind of situation?

This situation happened to many Bitcoin senders many times before and it can happen again. Maybe what you can do is make a little allowance for volatility and make sure that the receiver is aware by the time you are sending the money so he/she can immediately confirm the transaction and can decide what to do with the digital currency.

I am hoping that soon there would be a company or program that can protect us from volatility by insuring what we are sending at a certain rate...this can be in a form of hedging.

skorupi17

sr. member

Activity: 490

Merit: 256

Quote from: digaran on May 11, 2017, 11:36:13 PM

Quote from: bits19 on May 11, 2017, 11:04:31 PM

As one of the best part or advantage of this cryptocurrency is we can transfer the money from one place to another place within a minute or in some seconds.

My question is, as bitcoin has highly volatile nature, after sending the money to my friend if it suddenly goes down then its a big problem in this case my does not get the money that he needed, and I have to send bitcoin again.

how to save yourself with this kind of situation.

Who told you that you could send Bitcoin in seconds? they were trolling you, however if by chance you broadcast a transaction 1 minute before a miner finds a block and if they include your tx yes you could call that fast but average time is between 10 up to 30 minutes depending on fee can get much longer.

If you could explain more about going down it'd be great, what do you think will suddenly go down?

I can.

Well that depends on what type of wallet are you using. As for me, I am using a web wallet which some say that it is a wallet from someone's wallet. I have experienced sending btc to another wallet (having the same type of wallet) and the transfer was instant. I never dealt with confirmation delays ang even transaction fees. I would say that my type of wallet is praktical for everyday use. For the record, my wallet is coins.ph.

Przemax

hero member

Activity: 574

Merit: 500

A little correction happening and such a topics coming out. It does not bother people when the volatility is upward it seems.

Volatility in my opinion does as much harm as the good towards the number of users. There are people that like the volatility which is a speculative money people. The people that does not like it are the those who are risk averse.

The balance in bitcoin users numbers are constant wheter its volatile or stable in price imho. Its usage is just different.

Pzest1

member

Activity: 89

Merit: 10

I dont think there is a coin that isnt volatile at the moment. The Ripple thread is a good laugh https://bitcointalk.org/index.php?topic=1381669.1140 These guys are adamit its going to the moon because banks are going to buy all of it, because we all know banks to buy crypto and buy a volatile coin such as ripple lol Banks are buying into the ripple protocol not the coin.

FIAT to a degree is fairly stable, coins are not at this stage. Bitcoin was heading to $2k but then a major dip Sad

Dudeperfect

hero member

Activity: 1190

Merit: 534

Yes, that's the main issue for the governments to recognise it. Raghuram Rajan, former governor of central bank of India has mentioned that we will have such currencies in the future but the price volatility is what makes it less effective when it comes to the storage of value.

There are some advantages and disadvantages of the bitcoin but I find it better than current fiat system in terms of a transaction of the value.

Schuyler

hero member

Activity: 518

Merit: 500

Bitcoin in itself is not volatile, its the fiat equivalent that changes everytime. If you sent, let us say .05 bitcoin to your friend, he will receive it as it is. It is when your friend converts that bitcoin to fiat that makes the difference whether the price has increased or decreased over that period of time.

DoublerHunter

hero member

Activity: 2590

Merit: 644

Quote from: bits19 on May 11, 2017, 11:04:31 PM

As one of the best part or advantage of this cryptocurrency is we can transfer the money from one place to another place within a minute or in some seconds.

My question is, as bitcoin has highly volatile nature, after sending the money to my friend if it suddenly goes down then its a big problem in this case my does not get the money that he needed, and I have to send bitcoin again.

how to save yourself with this kind of situation.

To solve that problem i think you should talk and get an agreement that if you will send some bitcoin then your rates will be on bitcoin and not based on fiat because if you will always depend on the fiat rates then it will be a loss for you but if you will stick to bitcoin rate then you can save time and money at the same time.

AGD

legendary

Activity: 2070

Merit: 1164

Keeper of the Private Key

Quote from: bits19 on May 11, 2017, 11:04:31 PM

As one of the best part or advantage of this cryptocurrency is we can transfer the money from one place to another place within a minute or in some seconds.

My question is, as bitcoin has highly volatile nature, after sending the money to my friend if it suddenly goes down then its a big problem in this case my does not get the money that he needed, and I have to send bitcoin again.

how to save yourself with this kind of situation.

Will he pay you back when Bitcoin rises, while he is hodling them?

Topic: Problem Bitcoin volatile Nature (Read 1557 times)