Topic: The Backlog in the Blockchain - page 2. (Read 1662 times)

But increasing the blocksize is not that easy as you might have seen over the last 2 years.
This whole topic becoming really frustrating.
On both sides are people with personal agendas that's for sure, even if they try to tell us that this is not the case.

There is no significance what ever wallet you use in sending bitcoin. What matters is your fee per bytes. It will get thru whether you use electrum, blockchain or whatever wallet as long as you put large enough fees for miners to prioritize your transactions.

Would you say transactions to and from Blockchain.info are faster than using electrum wallet. I know electrum is safer as it is not an online wallet but I would be interested in peoples views on this.

I don't know the technicalities but it seem that they're taking their time on fixing the problem. Understandable since miners benefit from larger transaction fees, but for how long? Us that already have bitcoins have no choice but to pay anyway to have our transactions to get through but what would others think? For a long time we have been touting bitcoin as a very fast and cheap way of sending remittance - it's quickly becoming apparent that that's no longer the case.

Backlog is undoubtedly causing a delay in transactions around the world which might give investors second thoughts on getting onto the bitcoin boat  but increasing the block size should fix and see more people using bitcoins with no worries.

Here take a look at the current transaction backlog.


https://blockchain.info/charts/mempool-count


And to speed up your transaction, you need to raise your transaction fee
so that miners will pick it up. The increase in transaction fee will hurt the bitcoin
community. And the growing mining fee will not be fit for doing micro-transaction
globally.

agreed

I agree on most what you have said.
Banks and other payment systems are not that expensive anymore. There are exception, but if you look, you can find cheap ways. There are also cheaper ways as Bitcoin. With climbing fees and longer confirmation time Bitcoin is hurting itself. Just paying a higher fee to be quicker confirmed is not a solution, because other services also have these option and people will most of the time go with the cheaper option and then complain. Bitcoin want to be an currency, but if i buy a coffee and have to pay 10% just to use Bitcoin and still wait quite some time for a confirmation, then this whole Bitcoin for everything will just not happen. An altcoin will just come along do the job and Bitcoin will not stand a chance, like MySpace. As it is know i see Bitcoin just as store of Value and not as currency or potential currency. I am worried and sad, because this could turn out as an opportunity missed for Bitcoin.
 

If you want a smaller fees in bitcoin stay overnight before your bitcoin goes inside your wallet. Anyway it's cheaper to send btc using blockchain.info wallets this is according to my experience. That site also has a lightning fast transaction compared to other sites. So when you are doing business ask your client to use blockchain.info wallets so you can receive their payments very fast.

One guy said he could move 210 USD or 0.21 BTC for a fee of only $ .65

Here is why he is a fool,
Comparison of moving $210 worth of LTC verses his $210 worth of BTC  

With LTC @$4.07,  I can move 210 US$ /  51.59 LTC and my transaction fee will be 0.00010000 LTC
which = $ .000407  

With LTC , you are paying less than one tenth of a penny and with BTC you are Paying OVER 1597X .

Sorry that just borders on Stupidity to waste that much on BTC transfers fees.  

If the blocksize is not increased soon to lower BTC fees, then we are all watching BTC's death spiral.

 


FYI:$0.65 USD
is
Indonesian Rupiah= 8655.14    
Hungarian Forint   =   187.00305
Indian Rupee       =     43.59199
Russian Rouble     =    38.26427
Thai Baht             =    22.72849

BTC lost the micropayment utility last year,
with the latest fees increase it will start losing the foreign markets.

Over the past few days I've had to wait in excess of 6+ hours for transactions to clear, for me this spells huge trouble for Bitcoin.

Hear me out here, I know many will be saying hey just pay a larger mining fee and that's all good and well, but the core principles that had me passionate about BTC, investing in it are:

1) Low cost fees that beat banks and other payment processors
2) Money without borders
3) Low international fees and the speed of transactions throughout the world

I mean there's tons of other benefits and principles BTC was built-upon but those 3 there are right now at a huge threat.

If Bitcoin doesn't/can't scale upwards and the bitcoin community can't overcome there differences then I see this as a major threat for Bitcoin and something that could see another alt coin overtake it.

I know people will think I'm stupid saying that but look at MySpace and how un-defeatable it thought it was before FaceBook came along.

From my understanding (correct me if I'm wrong) the only people that are stopping lightning network and other fixes to the congestion issue are the miners, but if the miners don't budge on solving this then they're going to lose out in fees anyway when people begin to jump ship.

There's no way in it's current format that BTC can ever become mainstream and something everyday businesses use (grocery shopping etc) with these congestion issues.

Thoughts? Anyone else worried?