Topic: Slow payments and fees solution??? - page 2. (Read 2489 times)

The fee required for instant confirmation is rising, due to the increase in the number of transactions. Even the implementation of Segwit is not going to help in the long term. We need a permanent solution.

There is really no forcing people to keep using Bitcoin you know? there is a limit for every thing and the limit for people willing to pay fees is around $2 Personally I wouldn't use Bitcoin if I see that I can't afford it, I agree about all the decentralized and government free currency but will you pay more than what you are paying using traditional payment processors?
Everyone will eventually do some calculations and when they see there is already a service processing your transactions in less than a minute without any delays starting from 30 minutes and going as long as 48 hours, they will get cold feet, and then miners will remain with their useless and cheap stashes of coins.

Payment processors exist only to process your transactions unlike Bitcoin miners, they can chose to ignore your transactions, meaning there is no obligation for anyone to actually process your Bitcoin's transactions.

Miner fee is compulsory.if you don't give minimum fees the transaction will take long time to confirmation. Use blockchain wallet for low fee or zero fee, . You can set your own fee, but if you don't give them appropriate fee its take long time to confirm the transaction.

All the online wallet transaction has been consuming 0.0004 btc for a single transaction. Are you sure that xapo is consuming less fees for transaction as a network fee as the mentioned amount is lower.
I noticed in blockchain, As every transaction has been completed there is some bits always remaining in the wallet. May I know, What's the reason for that.

I've used them before mainly because of the faucets but I eventually stopped after I found this forum.Afaik xapo should only charge you fees if you made a bitcoin transaction with a non xapo account. I don't think this is a good solution to save miners fee because you can't back up your bitcoin wallet on xapo, there's a chance your bitcoin could be stuck/lost once the site goes down. For group transactions I use blockchain/electrum to save fees.

Yeah i just do this for a fast transaction pretty good you have a choice for your transactions if you wanted a fast transaction you can just pay high fees that pretty much fair for me and also a good feature for manu bitcoin wallets.

If I want to really want to save miner fees, I will have to make xapo which is an online wallet my wallet  which is a NO cause I'm not fond of it .  The current online wallet I use now is for just converting my bitcoins into my local currency .

Solving the issue about confirmation time and fees will really take a long debate because the system now has also an advatage for special situations where you want to prioritize your transaction as well as for the miners to have more income . Although what others have said in this forum about first come first serve is nice, we just have to set a minimum fee, I just doubt that miners will accept it .

At the moment, if you want no-fee transactions, you will have to stick to Coinbase-to-Coinbase transactions. It should be free and instant. Otherwise, I can't think of other methods.

The solution is not in the wallet but should be in the blockchain itself. We cannot give up our control over our bitcoin just to have a faster transaction. We cannot ignore the scaling problem forever.

I been using Xapo before, but since xapo have new terms about receive and send money have a fee, So there i move.
Fee for each transaction by xapo's 50k satoshi. That's so expensive. Seem you better have personal wallet. were you can setting fee for transaction.
Just count should to be fast take a block, sometimes 30k satoshi's enough.

I haven't tried Xapo yet as I am not doing frequent transactions in these days but yes whenever I do, I try to put higher fees and use tools like viaBTC transaction accelerator to boost the confirmation. If I am not wrong then sites like localbitcoins does the same (combining multiple transactions) and thus the transaction gets faster confirmation then rest of the methods other than higher fee transactions.

The dramatic increase in total number of transactions has caused congestion and that has caused a ripple effect on the transaction fees. Before, fees are held to very minimal levels, some even free of charge, because of the manageable number of transactions being processed. Now that some are making money with higher transaction fees, these exchanges didn't want to be left behind by the miners who have been benefitting on all of these.

I guess that was pretty fair for everyone who wanted a fast transaction and if you dont want to pay high fee just be patient waiting for your transaction to confirm that was a great idea in other bitcoin wallets but not fair for other bitcoin who was just started using bitcoin as a currency.

I also have the same experience with one of my wallets which is CoinPayments. I can easily send my Bitcoin to a wallet belonging to someone who have it also in CoinPayments but they are already charging for a transaction along this nature. I am glad that Xapo is still not collecting fees but I am sure that soon they will think twice on this policy as they also need more revenuers to be able to survive in this very competitive market.

What we really need is a long-tern solution for this problem. We are hoping that soon a consensus can be reach on what can be the best solution for this problem.

I read the replies and found out most of you are saying that xapo is online wallet so it takes away your privacy. First if you are not doing anything wrong then why do you want any sort of privacy when you store your coins in an online wallet.
Second for now xapo doesn't charge any fees and i have a feeling they won't do that in future also because as i mentioned they send transactions together so it's fast for us also and cheaper for them. And also to get the speed at which xapo sends using a electrum wallet or anything else you will need to set fees as 0.0015.

I do not use XAPO and I agree that xapo is not a solution, you will find it in the near future that xapo will be charging their clients due to high fees in bitcoin transaction.  The solution for this is an upgrade in bitcoin scaling.  May it be a blocksize, segwit then ln, will probably solve this slow confirmation and fees problem.

Xapo isn't a solution. First of all, it's centralized wallet where users don't have full control of their coins and this is absolutely against bitcoin philosophy.
And I think it's only question of time when they will start to charge transaction fees. They already don't allow to send small transactions. Coinbase also had free transactions for long years, but finallly they started to charges fees, because they wasn't able to cover transactions fees anymore.

I tried Xapo once, sending bitcoin to the xapo wallet and then send it back, I wanted to check about their confusing fees. I don't like the UI, I usually like simple things but Xapo doesn't catch my attention. BTW, the reset password process is like a nightmare..
This say, Xapo can't be used as a solution for the fees problem. Go to tell to a pure Bitcoin/crypto guy that he needs to use a web wallet 

now imagine your funds are locked into a LN channel with Xapo..
they got shut down.
you broadcast your 'initial channel setup' transaction. (losing xapo income)
so the Xapo administrators broadcast their CSV revoke to claw back the funds and then make you have to be part of the same bankruptcy administration process.

hope this makes you see that LN may not be the end solution either

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imagine we are at $1 tx fee due to blockstreams tearing apart of the fee control mechanisms, then offer 75% discount if their 2merkle soft cludge gets activated. people move their funds over to segwit keys hoping for a 75% discount.
46million outputs hit the mempool over months-year to get everyone into new keytypes) bringing the native tx costs up to $4 and resulting in the segwit tx cost getting to $1 (check how fast we went from $0.25-$1 in the last year to show how easy it is to do)
...all for a 'hope' of 2mb utility out of the 4mb buffer(2merkle:block inside a block)
people then complain the mempool is still bloated and tx's are delayed. so now demand that its now made 'hard' by removing the soft 2merkle cludge to make it a real 4mb 1merkle (single block).
the 'fee discount' is removed and now the fee become over $4 to use..

this second scenario is what dvs want to play out first to then hope people prssure themselves into using LN but i thought id make it clear that LN is not an end solution first just to get people to realise the problem/trap they are setting themselves by the whole
'go soft, then LN then hard' roadmap

The only solution to slow payments which is as a result of backlogs and the unforgiving  high fees we are forced to pay would only be solved by moving on to altcoins just to echo a message of a desperate solution to the scaling which is the source of our current problems.