what is the solution to traffic congestion on the bitcoin network? - page 2.

hatshepsut93

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Quote from: Artemis3 on May 17, 2023, 12:42:37 PM

I didn't care about it since it was optional, but now the pro spammers are telling everyone that's the "solution", basically discriminating bitcoin users.

Like it or not, there's no other way. Big blocks/faster block times would instantly turn Bitcoin into a digital bank owned by a few entities who would be able to censor transactions, because only large entities with datacenters would be able to afford to run full nodes that require terabytes of data per day. It's really just simple math - to have the same scalability as Visa you need the same infrastructure as Visa. Lightning is the only clever workaround around that.

Z-tight

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Quote from: TravelMug on May 17, 2023, 02:05:57 PM

Sooner or later though, bitcoin holders are going to sell and make some profit, and if you are willing to pay high fees, then this spammer has won.

If you are going to use BTC for a very long time, into the period when the block reward decreases so well, even then you will have to pay high TX fees for your transaction to be confirmed fast, because miners are going to start receiving the most of their incentives from TX fees, because of the decreaing block rewards.

Quote from: TravelMug on May 17, 2023, 02:05:57 PM

So it's either miners not picking up their ordinals who are spamming the network or clogging it, or we might have to do a soft fork, or fix the bug that this so called BRC-20 are exploiting on taproot.

Miners cannot censor transactions, BTC network is censorship resistant, and the congestion in the mempool has well cooled off now.

Quote from: entebah on May 17, 2023, 02:15:35 PM

maybe bigger blocks can help us but i think it still takes time for the Bitcoin developer to upgrade the block size.

Bigger block size will make mining centralized, bigger miners will be able to mine more blocks because a successfully mined block will be propagated much slower, and it will give the pools with the highest hashrate the opportunity to mine the next block while the previously mined block is still being propagated to the rest of the network for validation.

Zaguru12

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Quote from: entebah on May 17, 2023, 02:15:35 PM

maybe bigger blocks can help us but i think it still takes time for the Bitcoin developer to upgrade the block size.

Developers have actually tried to fork the blockchain by increasing the block size. Some of these forks has lead to the creation of bitcoin XT and bitcoin cash with the former no longer in use and the latter still overshadow by bitcoin. The reason for lack of consensus on the increase of block size is the fact that there wouldn’t be much decentralization in terms of mining. As the block size increases then there will be need for more specialized mining tools which we know is expensive. With mining equipment relatively expensive then it would be hard have single node owners but rather group nodes which will lead to centralization of the network. Right now the solution is the SEGWIT solution

entebah

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Quote from: floridaman86 on May 17, 2023, 08:28:30 AM

Recently fees skyrocketed on the bitcoin network. If we ever want to have bitcoin be more than a meme investment, and to be an actual currency, fees need to be low, and transaction times need to be faster.

the bitcoin fees right now seem pretty low around 52 sat/vB which is 10x lower than last week's transaction fees of around 520 sat/vB

Quote from: floridaman86 on May 17, 2023, 08:28:30 AM

What is the solution? More people need to mine? Bigger blocks? Blocks generated more often?

maybe bigger blocks can help us but i think it still takes time for the Bitcoin developer to upgrade the block size.

TravelMug

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Quote from: Aikidoka on May 17, 2023, 01:35:15 PM

Quote from: floridaman86 on May 17, 2023, 08:28:30 AM

Recently fees skyrocketed on the bitcoin network. If we ever want to have bitcoin be more than a meme investment, and to be an actual currency, fees need to be low, and transaction times need to be faster.

What is the solution? More people need to mine? Bigger blocks? Blocks generated more often?

As far as I know Lightning Network is currently considered a potential solution to address high fees on the Bitcoin network. It allows for instant transactions between parties but it relies on trust in the participants involved. Users may choose to open their own Lightning channel but this requires funds and I don't think it's easy to set up. In other ways, one can wait for network congestion to subside or till the transactions become with lower fees. The decision depends on timing and urgency.

Personally, I don't worry too much about it unless I'm in an urgent situation and need to send Bitcoin quickly in which case I may opt for higher fees due to limited alternatives.

Sooner or later though, bitcoin holders are going to sell and make some profit, and if you are willing to pay high fees, then this spammer has won.

So it's either miners not picking up their ordinals who are spamming the network or clogging it, or we might have to do a soft fork, or fix the bug that this so called BRC-20 are exploiting on taproot.

Aikidoka

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Quote from: floridaman86 on May 17, 2023, 08:28:30 AM

Recently fees skyrocketed on the bitcoin network. If we ever want to have bitcoin be more than a meme investment, and to be an actual currency, fees need to be low, and transaction times need to be faster.

What is the solution? More people need to mine? Bigger blocks? Blocks generated more often?

As far as I know Lightning Network is currently considered a potential solution to address high fees on the Bitcoin network. It allows for instant transactions between parties but it relies on trust in the participants involved. Users may choose to open their own Lightning channel but this requires funds and I don't think it's easy to set up. In other ways, one can wait for network congestion to subside or till the transactions become with lower fees. The decision depends on timing and urgency.

Personally, I don't worry too much about it unless I'm in an urgent situation and need to send Bitcoin quickly in which case I may opt for higher fees due to limited alternatives.

avikz

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Quote from: floridaman86 on May 17, 2023, 08:28:30 AM

Recently fees skyrocketed on the bitcoin network. If we ever want to have bitcoin be more than a meme investment, and to be an actual currency, fees need to be low, and transaction times need to be faster.

What is the solution? More people need to mine? Bigger blocks? Blocks generated more often?

There are two solutions to this madness -

1. Moving to lightening network. It is already helping people to get their bitcoins transferred in relatively cheaper cost
2. Kick out of Ordinals/BRC-20 tokens from the network completely.

The second option may not be feasible for now. So it's a great time to adopt lightening network if you haven't done already.

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Quote from: floridaman86 on May 17, 2023, 08:28:30 AM

Recently fees skyrocketed on the bitcoin network. If we ever want to have bitcoin be more than a meme investment, and to be an actual currency, fees need to be low, and transaction times need to be faster.

What is the solution? Do more people need to mine? Bigger blocks? Blocks generated more often?

This is not the first time such network congestion will happen and each time all that is needed is patience and the ability to carry out transactions at the appropriate time when the Bitcoin network is less congested, and if it gets to the point that Bitcoin networks become so congested bitcoin user will probably switch to the lightning network which is a layer 2 bitcoin networks.

But even at that bitcoin transactions congestion happens once in a while and I don't think, that is something that we need to worry so much about unless in the case of an emergency.
And if that be am afraid one will need to migrate to the layer2 network that offers the best alternative solutions.

Artemis3

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Lightning means: TRUST somebody else. Seriously, we are going back to banking or worse here.

Or else, open your own channel. Simple? No, you need to put funds upfront, and that limits what can be transferred from/to you. Of course to open a channel you need to make a normal bitcoin transaction, good luck winning over the spammers, that get their trash subsidized by some pools that cooperate with them...

Somebody wanted to send me a tip but couldn't because the channel l painstakingly opened did not have enough funds. Seriously, people, use that abomination so you can properly understand how NOT Bitcoin that is.

I didn't care about it since it was optional, but now the pro spammers are telling everyone that's the "solution", basically discriminating bitcoin users.

Ucy

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Quote from: floridaman86 on May 17, 2023, 08:28:30 AM

Recently fees skyrocketed on the bitcoin network. If we ever want to have bitcoin be more than a meme investment, and to be an actual currency, fees need to be low, and transaction times need to be faster.

What is the solution? More people need to mine? Bigger blocks? Blocks generated more often?

We need some kind of fully decentralized Side-chains or Multi-Chain auxiliary Network with token/coin that mimics Bitcoin price. The Network has to be compatible/interoperable with the Bitcoin System and built according to Bitcoin ideals... Building according to Bitcoin ideals would be like building in a rock, this should keep things as secure as the Bitcoin Network itself. People could then move their heavy transactions to the Multi-chain Network, lock their bitcioins in multisig accounts or smart-contracts to access equivalent amount of tokens to do all kinds of possible transactions with one another. Once they are done, their final Bitcoin balances (probably calculated by the smart-contracts that contain their locked bitcoins) are sent to their Bitcoin addresses

BIT-BENDER

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Some people used lightening network to solve the difficult they faced during that time of high transaction fees also some faced the situation and endured the fee, while other like me relaxed and tried to avoid making any transaction this period of high fees.
Its over now and there is no need looking for solution now that the transaction is back to normal, this won't be the first time we would be seeing the transaction fees go up, transaction traffic congestion are amongst the difficult we face from time to time in the ecosystem.

Doan9269

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Quote from: floridaman86 on May 17, 2023, 08:28:30 AM

Recently fees skyrocketed on the bitcoin network. If we ever want to have bitcoin be more than a meme investment, and to be an actual currency, fees need to be low, and transaction times need to be faster.

What is the solution? More people need to mine? Bigger blocks? Blocks generated more often?

We need to exercise more patient till we receive an outcome on this, but not until then, ordinals is likely to continue to be in existence with the bitcoin network on the blockchain, there's also some possible suggestions that ordinals be removed completely, now the bitcoin community, developers and others involved are delibrating on a lasting solution is yet to be concluded or communicated across, you can always track the mobile when less congested before making your transactions, weekend transactions are always fast in confirmation.

Woodie

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In the past we have had suggestions of bigger blocks, using Lightning Network, using SegWit wallet addresses etc and solutions to the clog already exists but I think the problem of the congestion experienced the other week is because of selfish developers trying to cash in big while these ordinals (BTC nfts) look lucrative... but let's take a second to think here, of all blockchains why not migrate to other blockchains with much lower block times than a 10 minutes wait, and fees get much cheaper on other blockchains like tron, solona,Binance smart chain and a whole lot of other blockchains...surely this is all selfishness!!

tbct_mt2

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Quote from: floridaman86 on May 17, 2023, 08:28:30 AM

Recently fees skyrocketed on the bitcoin network.

You are too late. The network and mempool are better than the last week. Fee does not skyrocket recently but in the last week.
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),1w,weight

Quote from: d5000 on May 07, 2023, 11:27:54 PM

What is the solution? More people need to mine? Bigger blocks? Blocks generated more often?

Let's wait for developer proposals and community consensus. It won't happen soon and personally, there is no single solution like increase block size will solve it or reduce block time will solve it.

Ethereum has shorter block time but fails to solve its expensive transaction fee.

In the meantime, education would be helpful to teach people about transaction fee, mempool, how to look at mempool and broadcast their transaction with good fee rate. When they are more educated, they will less join fee race unnecessary.

Apocollapse

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Recently? you're already late dude, the high fee problem was happen on the last week, actually the mempool was empty yesterday night [1] 1 sat/byte transaction would be confirmed at that time, now the fee is back to normal.

The solution is using other network e.g. lightning network, there was a developer proposed a soft work to cancel BRC-20 token transactions, but until now the proposal hasn't been accepted by the other developers.

[1] https://jochen-hoenicke.de/queue/#BTC,24h,weight

Onset

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For now, Lightning Network helps tremendously. What needs to be done is that more people use SwgWit addresses and LN whenever possible. More people mining wouldn’t help. It just decreases block time for a while until the difficulty is readjusted. Bigger blocks? Ask BCH how that’s going for them. Bitcoin’s currently in the best form.

floridaman86

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Recently fees skyrocketed on the bitcoin network. If we ever want to have bitcoin be more than a meme investment, and to be an actual currency, fees need to be low, and transaction times need to be faster.

What is the solution? More people need to mine? Bigger blocks? Blocks generated more often?

Topic: what is the solution to traffic congestion on the bitcoin network? - page 2. (Read 284 times)