This is the the reason why Bitcoin price will go down and not up long term - page 2.

PilotofBTC

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Quote from: Get-Paid.com on June 20, 2019, 08:18:07 AM

You sent a transaction 45 minutes ago with a fee of 103 Sat/B which according to bitcoinfees.earn.com - this should take no more than 25 minutes to confirm, and nonetheless despite you paid a large fee and more than the recommended fee amount - it's still unconfirmed:

https://www.blockchain.com/btc/tx/850eddd1551126e2af94c82c57890c75f4c7377a901863b56d071ba7c5bd09d7

Bitcoin will never be instant, and that's why people won't use it long term. In our dynamic world things need to be fast and instant.

It's faster than Visa.

maldini

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I don't think that's a good reason to say that bitcoin doesn't go up in the long run. Bitcoin prices are clearly influenced by supply and demand and this is definitely the right reason because bitcoin is a decentralized currency.
Actually bitcoin rises in the long run, you try to compare bitcoin 2014 and bitcoin 2019, doesn't it mean that for 4 years bitcoin was able to stay above the price in 2014. Remember crypto volatility should not be confused with fiat currencies.

bitbunnny

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I don't think that Bitcoin transactions were ever meant to be instant. Besides, are bank transactions instant? No, they are not unless you send money within the same bank. I understand that people like everything fast and want they money and payment as fast as possible but that is not the reason why people would abandon Bitcoin and stop using it. Yes, Bitcoin has some disadvantages but speed of transactions is not the biggest one.

tsaroz

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And the more the price of bitcoin increase longer would be these waiting times and higher would be the fees. Bitcoin is not a viable transaction to make for any amount below $100.
It has lost it's nature as a currency and has turned itself into a speculative asset. But with new competitions in the market, Bitcoin won't be able to hold it's throne for long unless it keeps improving and does something to solve this problem of high cost/low speed transactions.

Get-Paid.com

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Quote from: stompix on June 20, 2019, 08:42:19 AM

Quote from: Get-Paid.com on June 20, 2019, 08:18:07 AM

You sent a transaction 45 minutes ago ~ it's still unconfirmed:

https://www.blockchain.com/btc/tx/850eddd1551126e2af94c82c57890c75f4c7377a901863b56d071ba7c5bd09d7

Quote

Received Time 2019-06-20 12:46:42
Included In Blocks 581595 ( 2019-06-20 13:26:43 + 40 minutes )

You were saying.....

Do you have a plan with opening this kind of topics?
Any idea how long will it take for this transaction to confirm?
Any idea why this transaction wasn't confirmed yet?

Yes, that's just proving the point. Not the opposite.

mk4

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Security and decentralization should be prioritized on the main chain anyway(the settlement layer), not transaction fees/speed. Though they're not ready yet, second layer technologies(like LN, and more in the future most likely) are a thing for people have faster and cheaper transactions for merchant transactions, as we really don't need Bitcoin's main chain security and decentralization when we're only spending a few dollars to buy a cup of coffee anyway.

stompix

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Quote from: Get-Paid.com on June 20, 2019, 08:18:07 AM

You sent a transaction 45 minutes ago ~ it's still unconfirmed:

https://www.blockchain.com/btc/tx/850eddd1551126e2af94c82c57890c75f4c7377a901863b56d071ba7c5bd09d7

Quote

Received Time 2019-06-20 12:46:42
Included In Blocks 581595 ( 2019-06-20 13:26:43 + 40 minutes )

You were saying.....

Do you have a plan with opening this kind of topics?
Any idea how long will it take for this transaction to confirm?
Any idea why this transaction wasn't confirmed yet?

xWolfx

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While Bitcoin's price continues to be unstable then fees prices will be unstable as well. It is annoying for everyone, i personally got one to delay a lot more hours than it should have for that same reason but since you know that is a possibility you should be prepared accordingly.

Of course it will be used a lot more long term, in fact that is where the "magic" of Bitcoin will be stronger. As price stabilize a lot of problems will be solved.

BrewMaster

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Quote from: Get-Paid.com on June 20, 2019, 08:18:07 AM

Bitcoin will never be instant, and that's why people won't use it long term. In our dynamic world things need to be fast and instant.

bitcoin was never meant to be "instant-confirmation" and people have been using it fine so far knowing it is not like that.

although bitcoin fees these days are not a problem as you think but i agree that having such high fees and having them shoot up like what it did over the past 30 minutes is bad for bitcoin adoption as a currency.

as for price, investors have shown that they don't care at all about price and so far they continue buying. in fact these spikes is exactly because they are buying bitcoin! and in the long run bitcoin scalability is improving so you can't really say it won't go up in long term.

Get-Paid.com

sr. member

Activity: 1877

Merit: 389

You sent a transaction 45 minutes ago with a fee of 103 Sat/B which according to bitcoinfees.earn.com - this should take no more than 25 minutes to confirm, and nonetheless despite you paid a large fee and more than the recommended fee amount - it's still unconfirmed:

https://www.blockchain.com/btc/tx/850eddd1551126e2af94c82c57890c75f4c7377a901863b56d071ba7c5bd09d7

Bitcoin will never be instant, and that's why people won't use it long term. In our dynamic world things need to be fast and instant.

Topic: This is the the reason why Bitcoin price will go down and not up long term - page 2. (Read 396 times)