Topic: The Whole Concept of Bitcoin is Failing! - page 3. (Read 568 times)

the devs are working on it. but each dev i think also has something in mind. BTC developers are divided in favor of big blocksize and small. i have no updates on what they are doing but they will need consensus on whatever is to be decided including the miners.

it's true though. BTC is designed to be a currency but when the transaction fee is this high, you would rather be using a stablecoin of a network with low tx fees.
one reason why we insist on using BTC is that BTC is best to have as an investment which we prefer to make a profit.

For now, transaction fees are still quite high and that's an undeniable fact but I think for transaction fees it starts because there are some situations that make them soar rapidly which results in fees becoming more crazy but on the other hand when a trend or an event starts to disappear then indirectly transaction fees also weaken. This means that in this case transaction fees will only appear in some specific periods and not for the whole transaction fees to jump.
Ordi can be one of the causes of that but I think for this it can still be minimized in the end even though now I have to think a few times to move or issue bitcoin that I have but I am still quite sure everything will definitely return to normal.

This increase in network activity makes anyone have to wait long enough to see a transaction complete because the fee to see a fast transaction is very expensive compared to the assets to be sent.
This is all due to the ordinal BRC20 network, which has a very large transaction rate.
I don't know what changes must be made to overcome this transaction bottleneck that always occurs.
BRC20 has to have its own trajectory, and they have to separate from Bitcoin so that there is not always congestion, but is it possible that it can happen?


Positive changes are certainly eagerly awaited, but whether they address network congestion as it currently stands.
Whether to utilize and continue to develop the Bitcoin Network is still an unanswered question.
Bitcoin really needs to escape the congestion that often occurs these days.

Look at how the large increase in the number of transactions in BRC20,
this is always a spike that makes the network always congested.

Source: https://dune.com/cryptokoryo/brc20

The increase in Bitcoin transactions has also increased

Source: https://ycharts.com/indicators/bitcoin_transactions_per_day

100% aligned with this as I have same complaint as well because Bitcoin was not created as an investment medium but rather as an cheapest and faster way to make P2P transfers without involvement of third parties and I am taken aback looking at the way people are justify these charges stating these higher fees. These fees are unacceptable but some people are least bothered because they have been using Bitcoin as an investment medium wherein they hodl it in centralized exchanges as an investment and convert it to some other coins like USDT or other alts with lower transfer fees incase if they want to transfer. I think people will soon forget the concept why Bitcoin was created.

The Bitcoin is dealing with some headaches right now.  There's high fees to send payments, congestion on the blockchain, and people are arguing about how to make Bitcoin scalable.  Yeah, it's getting some Bitcoiners worried and pissed off.   

These issues Bitcoins running into are no joke, but there's ideas out there that could maybe help.  The community's gotta team up to fix this stuff and keep Bitcoin working smooth and  it can be useful tech still but only if the core problems get sorted.

Bitcoin shouldn't have to be the cheapest system ever, but right now the fees are just too dang high.  If you ask me, Bitcoin payments oughta cost about the same as using your credit card or bank account.  That seems fair to me.

Only when the price gets to that point will Bitcoin payments really make sense for most folks.

Do you have any proposals for a solution, most of the proposals i have seen is pro censorship, and the network is censorship resistant, so it is against its 'concept' to implement solutions that are pro censorship. It is not as easy as saying developers should simply solve this, but how do they go about it, without setting a precendent of censorship in the network.
Did you read the op, or did you use any bot to make this post. You are well off-topic

Change is the only constant in this world. So it's not surprising to see bitcoin concept not the same anymore. However, I believe what you have mentioned are the changes in bitcoin that only last temporarily. Transaction fees are high because there are already seen increased network activity which leads the market to be more congested. So we just have to wait for the regular fees to come back and make huge transactions again.

However, in order for bitcoin to improved and become more developed, certain changes may apply. But those will be positive changes that everyone will agree, and not something like this that everyone gets more confused.

Totally before Ordinals had been created, everything is really that smooth and having these network congestions doesnt really happen often on which it might happen but only once a in a bluemoon on which it is really that something considerable but now that it did really make these things becomes to often on which it is really just that a hassle. Fees are really just that becoming on standard on playing in between $8-38 as far as i had noticed which it do really remove the general or main essence of its existence to be sticking into that utility about p2p transactions. How we would really be able to do such thing if the fees were on the rooftop?

Did make out some search on what would be their plans and comments on this then i have seen on this one.

Bitcoin Dev Claims Ordinals and BRC-20 Only Possible Because of a ‘Vulnerability’
and said this  one too Dashjr confirmed this and said ordinals and BRC-20 would no longer exist.
Source: https://cryptopotato.com/bug-fix-expected-to-halt-btc-ordinals-and-brc-20-tokens-says-bitcoin-dev/

Hope they would be able to resolve this shit condition!

Isn't it that the whole concept of Bitcoin is decentralization Or giving the capacity to the unbanked to banked type of thing, right? It has done its job very well and it has been continuing. It's just that the network is so congested that it makes the transactions skyrocket which makes it hard for the users to use it. It's definitely expensive now.

Do you guys think that Bitcoin can create that financial crisis for us? Like too many transaction fees to do anything and it cannot be saved from what it should have saved you from? (Since it was created with the financial crisis in mind)

the problem of the network being constantly congested seems to be something that bitcoin devs need to solve as soon as possible, considering that the adoption of bitcoin is increasing, and once the sec accepts the bitcoin ETF it will bring more and more retail investors into the ecosystem and that could make the network even more congested.

because just imagine if the bitcoin developers didn't solve this problem, at one time people would spend more money just for 1 transaction worth a few dollars, and this is quite funny considering that bitcoin offers a revolutionary payment concept but in terms of a network that is just congested they reluctant to solve the problem.

This has nothing to do with governments, it has all to do with "GREED"!

The developers of this technology (Ordinals) to the people invested in this to the miners mining this.... all are motivated by greed. The thing is this, it is a NORMAL part of how this should evolve, we should allow for technologies to use the Blockchain and developers should find solutions to solve the congested Blockchain. 

There should be FREEDOM to use the technology and the experiment should adapt with it.... because all other tokens would face the same challenges and they should also adapt to it. 

I am assuming that you have read the whitepaper! Then answer my simple question, why and what was the reason Bitcoin was created? Please quote me the page number from the whitepaper, if you reply to my question. Otherwise you would become another troll replying for the sake of quota.

It was never about cheap fee, it was about fees that were below those that the government charged as at that time Bitcoin was the only payment entity that could get funds from one country to other in a few hours in the cheapest of fee.

The high fee of bitcoin transaction needs to be look into, it is dissapointing to be facing a challenge like this which has been hindrance for investors to carry out transactions. This can be a reason for new investors not to have interest to invest in bitcoin because of how the fee  is getting terrible.  I know their are things that could be cause of this challenge,  I think it needs to be look in to. It will be too if this continues like this for a while, it can be an excuse to people to give it is the reason why they could not invest in bitcoin for the bull market.

In the past we have had similar challenge like this but in different degree,  I know this is something that can be resolved for everything to come back Normal.

Bitcoin is hampered by factors such as environmental impact and regulatory uncertainty, the original vision of a currency outside the control of centralized financial institutions. The original idea of Bitcoin was to introduce a decentralized digital currency account. It is facing increasing scrutiny and challenges to its effectiveness which raises concerns among the public. Doubts have been raised about Bitcoin's effectiveness as a store of value, mainly due to extreme volatility in its price. But addressing these shortcomings and stressing the need for Bitcoin through alternative means will ensure its use as a widely accepted digital currency.

first of all to say that bitcoin’s whole concept is being the cheapest payment system may not be the most accurate bitcoin was made purposefully to be used as digital payment but without any third party

now getting that away it is truly worrisome that there seems to be no way around these high fees if bitcoin was used as intended like being used in daily transactions then it will be more congested it seems like the only way right now is to either pay high or do your transactions in times where the blockchain is not busy hopefully developers can soon implement a system where it will allow for faster transactions

All about the anonymity, BTC needing to be purchased to get and increase the price, Maybe yes and the government is still a threat to Bitcoin.


Yes. In this range it tends to be unstable. Fees will always vary where fees are high and always go down when there is a traffic jam where many people complain about withdrawals and If this doesn't do it quickly, it will be a different story. I think this also leads to what you said where miners want to expand block sizes, so they can make more money.

There is definitely a problem but it is not the fees. The problem is developers that have refused to provide the option in full node implementations such as bitcoin core for users to reject these spam transactions that are exploiting the protocol.

The "concept" was never about being cheapest payment system. The main thing was to be a decentralized censorship resistant payment system that is secure (immutable blockchain).
We strive to keep the capacity in a level that prevents prolonged congestion. We can't do anything about spam attacks except patching exploits and rely on the fee market to make the attack expensive for the attackers.

It's not the time to get into who's behind the attack, it's time to find a solution to remove this exploit in the protocol and prevent the spam. For the time being, I'd say the community should start letting the dev teams know what they demand of them. We'll discuss other options if they continue refusing to fix the exploit or at least give users the option to not-relay these spam transactions.

High transaction fee is indeed a problem in the Bitcoin ecosystem and it has been seen as a strong attack on the system. Just recently the National Institute of Standards and Technology (NIST), a U.S. government agency that manages cybersecurity risks labeled Bitcoin Ordinals’ Inscriptions a Code Exploit. Now Bitcoin Ordinal Inscriptions has been added to the National Vulnerability Database of the United States.
https://unchainedcrypto.com/us-government-labels-bitcoin-ordinals-inscriptions-a-code-exploit/

The cheap transaction fee was a good quality of Bitcoin. It was one of my strongest advantages when I introduced people to Bitcoin. I know several businesses in my area that use Bitcoin for international payments because of the cheap transaction fees. Some people don't care about privacy or decentralisation, all they want is cheap transaction fees.

A lot of people live in the delusion that the security of Bitcoin on-chain transactions is something that can be compared to the security of transactions of most altcoins. When you get 1 confirmation with BTC, it's a pretty safe thing - how many confirmations do you need to be safe with some of the most popular altcoins?

As far as I can see, the price of the priority transaction fee is around $12 and it has been like that for the past few hours, but I will just say that as far as ordinals and similar nonsense are concerned, we couldn't expect anything better from ordinary idiots who just want to make a lot of money even if with that they do certain damage to everyone who are using BTC for transaction on a daily basis.

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You are too pessimistic considering that in the past there were also big challenges when it comes to spamming the blockchain and when the fees were more than twice as high as the highest recently. The Bitcoin community, to which the people from this forum and everyone else belong, can't do anything about it, and if you follow what prominent members of this community write, then you probably noticed that they mostly do not support any form of censorship that would go in the direction of banning what is currently happening.

We don't have many options, there is LN as an alternative, or maybe some altcoin until the situation stabilizes - although in the long term we all have to know that in less than 10 years 99% of BTC will be mined, and that even before that, miners will increasingly depend on fees that will no longer be as cheap as we are used to.

I dont give a shit to these ORDI and relevant shit projects, TBH on the Bitcoin network i dont make too often transection so the network fees never bother me much, But form the view of the community member and considering the mission of Btcoin in count as well this is alarming. What can be a possible solution for the Bitcoin L2? I dont know Removing ordinals? some of the trend followers may not support it or even may be some of the people with the perspective of freedom on the network will oppose .

This topic is already discussed many times, I even cant count but even after scanning many of the pages on those topics I've never found a perfect solution-based discussion, everyone just gives the openion as i do which put me in considartion that there's not possible solution for this casue.