Topic: Whats the future of bitcoin with these high fees? (Read 493 times)
Now they write a lot for the network of lightning, which can handle millions of transactions per second and in just a few dozen Satosh. It seems to me that if the tests are completed successfully, the lightning network will be a very good solution to bitcoin problems. It seems to me that bitcoin intentionally does not want to introduce a network of lightning. There is some kind of global game for a temporary depreciation of bitcoins. Some forces are very profitable. However, if this is the case, then these same forces will, after some time, launch a mechanism for increasing the cost of bitcoin, otherwise this would not make sense. So soon bitcoin should again please us with its price and popularity.
The future of bitcoin will be greatly affected by the high cost because I notice that people change other wallets, most People with a small amount of bitcoin can not withdraw money at this high cost.
Just use Bitcoin Cash. It is averaging 20 cent fees and has been processing tons of volume. A strong argument can be made that Bitcoin Cash is the real Bitcoin chain. Why pay $20 in fees when you can pay $.20 and use the same deep trusted riskless blockchain?
Well looking at how high fees are applied for our transaction it is really impractical or not wise on our side to make payments with Bitcoin now. The ridiculous price of network fees make Bitcoin not look like a currency if the future anymore. Plus the bad thing about it is the sender or the buyer is the one who is shouldering the burden of the network fees, for me I don't like how I will incur additional cost just to send/pay on something using Bitcoin as it is unwise and more expensive to do so. It will look more of like a investment vehicle rather than a currency in the future.
SegWit is considered an optimization technology that can help Bitcoin scale up. Even though the transaction cost of SegWit technology is half that of a normal transaction, only 12% of Bitcoin transactions take advantage of the technology.
If the transaction fees will continue and even grow higher in the next couple of years, then i don't think people will always get interested of it. Only those big time miners and investors are not affected with "high fees". And with high fees, it would likely result to a bloody market since noone wants to invest anymore.
seeing how high the fees are applied to our transactions, it is impractical or unwise on our part to make payments with Bitcoin now. The unreasonable price of network charges makes Bitcoin look like a currency if its future anymore. Plus the bad thing about it is the sender or buyer is the one who bears the burden of network costs, for me I do not like how I would incur additional costs just to send or pay something using Bitcoin as this is unwise.
Bitcoin geeks were already addressing the issue however there's a lot of fork going on instead of really solving the issue. Also, altcoins were created here and there to somehow diversify the cryptoworld yet Bitcoin remains the king despite all the issues. I could still remember the time when a USD 20 was just minutes to transact with only less than half cent. But I still believe Bitcoin is here to stay regardless of the high fees.
I can't say like what your mentioned. Btc transaction fee will depend on the price of Bitcoin low price means low fee high price means high fee.
The real problem is that you have $20 fee for also for a $2 payment! I had this problem weeks ago when I have purchased a VPN with Bitcoins. Fees were not so high back then, but they already were 30% of what I was spending for the actual product. With current fees it would be impossible. I guess Bitcoin has no future as a currency, given these fees.
$20 fee for a $120 payment!
These fees make using bitcoin unpractical. When people stops using it, Bitcoin should start losing its value... Some believes bitcoin will gain value because it is considered as virtual gold and a kind of investment even if it loses its "Money" feature.
Is bitcoin going to get fixed and make itself an easy and cheap payment method again?
These fees make using bitcoin unpractical. When people stops using it, Bitcoin should start losing its value... Some believes bitcoin will gain value because it is considered as virtual gold and a kind of investment even if it loses its "Money" feature.
Is bitcoin going to get fixed and make itself an easy and cheap payment method again?
Bitcoin won't lose value when people stop using it, it'll lose value when people are not willing to buy Bitcoin anymore. To justify this, let's take a look at gold. Does anyone uses gold as payment? yes but in a very minimal scale (close to no). But does it lose value? No. This is because people are saying and believing that it has a value and people are still willing to buy gold. The same way for Bitcoin since it's value is driven by the community.
If this problem continue to arise, Bitcoin will just be treated as an asset and not as a currency.
Segwit and lightning network were supposed to cope with these issues. However, it seems that these were not enough.
More forks in the future to let the fees come down,if not it would be hard for HOLDERS with partial BTCs.
Hopiing for a change soon !
Hopiing for a change soon !
I see this high fees as a debacle to the growth of bitcoin because it is going to give some altcoins the opportunity to rise. Investors would seriously start searching for alternative coin to transact with and they are already doing that with litecoin and ethereum.
it really makes it difficult to work with bitcoin and reduces enthusiasm...but this is completely not noticed on the general masses of peopleIf high fees is continue rising maybe the people who using transaction is be lessen in the future that's what I see in bitcoin fees. And maybe some of them use another cryptocurrency to do transaction but I think it will not be notice of higher fees because the value of bitcoin is increasing or they use another crypto.
bitcoin fee is too high now that makes all investors frustrated, so rightnow more investors are looking for another coin better than bitcoin, faster with cheaper fee, so they are leaving bitcoin, and perhaps bitcoin future wont last for long if it keep charging us high fees like this.
With the price increase in bitcoins even the transaction fees have increased and for bigger transactions it becomes very expensive
the prices are increasing so there and the demand for bitcoins is high so the fees will also be more
but this might lead to the downfall of bitcoins as other cryptocurrencies have less transactions fees compared to bitcoins
the prices are increasing so there and the demand for bitcoins is high so the fees will also be more
but this might lead to the downfall of bitcoins as other cryptocurrencies have less transactions fees compared to bitcoins
Yes the fall would affect not just the Bitcoin but the whole Cryptos.But this wont stop the BTC to rise but there definitely would be an alternate solution which wil come up but matter of time ! PAtience is the key !
Infact it should really be looked into in no time because it doesn't encourage one to make transactions with ease
It's very difficult to say.
Right now, bitcoin is entry point for many new people in the crypto world.
They first hear about bitcoin, invest some money here but later move to other alt coins.
If high fees remain in btc transactions, and confirmation time continue to prolong, some users will give up from bitcoin completely.
If such trend continue for a long time, it can seriously affect bitcoin domination now.
We will see what happens.
Right now, bitcoin is entry point for many new people in the crypto world.
They first hear about bitcoin, invest some money here but later move to other alt coins.
If high fees remain in btc transactions, and confirmation time continue to prolong, some users will give up from bitcoin completely.
If such trend continue for a long time, it can seriously affect bitcoin domination now.
We will see what happens.
I agree. This can really result in not just the fall of bitcoin but the fall of the whole crypto world. Because if people who just heard of bitcoin try to invest and use bitcoin, they will surely lose interest which may lead to them turning a 180 degrees away from the whole crypto world. But some may also move to alts if they have studied a bit more about crypto. Bitcoin falling and being replaced by another crypto currency. That is, if this trend continues.
Good thing lightning network is working to fix the major problems of bitcoins which can turn the tables around and make the bitcoin secure its position on top and remain the king of the cryptos for a very long time.
That is what i think.
well eventually fees will come down. there is no denying that.
because people will either stop using bitcoin and move on which means less transactions and less fees.
or they start using the scaling solutions that were proposed like using SegWit instead of old addresses and with Lightning Network they reduce the transactions on chain. and also hopefully we get a block size increase too so we can have another additional scaling solution. and with all that bitcoin will improve and fees will come down.
because people will either stop using bitcoin and move on which means less transactions and less fees.
or they start using the scaling solutions that were proposed like using SegWit instead of old addresses and with Lightning Network they reduce the transactions on chain. and also hopefully we get a block size increase too so we can have another additional scaling solution. and with all that bitcoin will improve and fees will come down.
Bitcoin is not for small payments. Other coins are better in that.
I see bitcoin more as value storage like gold.
Exactly bitcoin is for large transactions or you can overcome this problem if you do invest for a long time period because if you are doing a short term investment then it will not be able to give you more profit as compared to long term investment. I see bitcoin more as value storage like gold.
In my opinion, you should invest your more money in bitcoin in order to get more profit because I am sure bitcoin will return your money with huge profit and less transaction fees.
$20 fee for a $120 payment!
These fees make using bitcoin unpractical. When people stops using it, Bitcoin should start losing its value... Some believes bitcoin will gain value because it is considered as virtual gold and a kind of investment even if it loses its "Money" feature.
Is bitcoin going to get fixed and make itself an easy and cheap payment method again?
These fees make using bitcoin unpractical. When people stops using it, Bitcoin should start losing its value... Some believes bitcoin will gain value because it is considered as virtual gold and a kind of investment even if it loses its "Money" feature.
Is bitcoin going to get fixed and make itself an easy and cheap payment method again?
you will pay same and little when send 10,000$ with 100$ bitcoin is so bad for small prices and so good for big one.
start using 2x address it have low fees
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