Questionable features of Bitcoin - page 2.

SilverCryptoBullet

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Quote from: Zaguru12 on December 30, 2023, 12:05:11 AM

First of all it is actually the transaction fees of the bitcoin network that is increase or let me at is high due to the congestion of the mempool but not the transaction time that has increased.

Transaction time includes the waiting time to get a first confirmation from Bitcoin miners, is increasing.

Average block time does not change and still is around 10 minutes
https://bitinfocharts.com/comparison/bitcoin-confirmationtime.html

Quote

Although the default time to mine a transaction is 10 minutes there is no definite time as to when a block is been mined.

Transactions are not mined but are confirmed by Bitcoin miners.

Bitcoin miners mine Bitcoin blocks and confirm Bitcoin transactions.

Zaguru12

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Quote from: Eldestyoung on December 29, 2023, 09:59:19 PM

As bitcoin spread and gained more popularity, Bitcoin also is becoming cumbersome, slow, and expensive to use.

Transaction now take about 20 minutes to validate using the cryptocurrency and the transaction fee is increasing drastically and at a median of about $25 this year.

First of all it is actually the transaction fees of the bitcoin network that is increase or let me at is high due to the congestion of the mempool but not the transaction time that has increased. Although the default time to mine a transaction is 10 minutes there is no definite time as to when a block is been mined. Even as we get this congestion of mempool the blocks are mined within 1 minutes or less. So there is no actual time but to get your transaction into the next block you will need to pay a higher fee at the moment to compete others.

Not withstanding the current fee saga has actually projected something like a challenge to the bitcoin network and the need to look for a viable solution to this growing congestion which to me doesn’t look good to use bitcoin as a means of payment. But just like satoshi said it is an alternative payment method so at critical times like this it is not bad to use other means convenient and secure to you, hopeful the devs will do something about this problem.

Eldestyoung

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As bitcoin spread and gained more popularity, Bitcoin also is becoming cumbersome, slow, and expensive to use.

Transaction now take about 20 minutes to validate using the cryptocurrency and the transaction fee is increasing drastically and at a median of about $25 this year.

I'm beginning to wonder what is really going on in the crypto space.
I think if this continues it will make bitcoin unviable medium of exchange.

What do we think??

Topic: Questionable features of Bitcoin - page 2. (Read 239 times)