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.
Topic: Whats the future of bitcoin with these high fees? - page 2. (Read 493 times)
The fees are incredible and outrageous. I believe there will be more forks in near future to create more space and also reduce time for confirmation and eventually reduce the 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?
We may see a slight correction in the coming days or months about this outrageous transaction fees. But you might want to take note of these exchanges that charge a hell of an amount for transaction fees because of the technology and security behind it.
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 peopleIs bitcoin going to get fixed and make itself an easy and cheap payment method again?
it's not broken and the miners are loving these high fees
2/3 of the code in BTC Core has to do with mining and the LN network
is introducing hubs that is really just another name for banks so we can
now be ripped off in ways we have not even thought about.
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.
The thing that is being overlooked is that the fees are based on block sizes mined, not on the quantity of coins generated within those blocks used for the transactions. I don't think this will be fixed and in the future it might cause the circulation of BTC to reduce because people will only make transactions for big quantities so that the fees will not be felt.
everyone has this problem of paying high rates, I was angry myself these days because I paid 0.002 btc of fee and as if that was not a big loss I had to pay a 1% fee and I had to pay another $25 of the rate, I transfer $1000 for my country and I pay $200 of fee... it would be very good if they solved this question of high fee to minimize my situation
if you transfer money to your visa card, you pay a very large fee. $350 and they charge a fee of $30
one day these problems will be corrected
We are facing this problem of high charges for long time now and honestly it has not affected bitcoin in anyway. As far as the price of Bitcoin is rising and investors are earning huge profit out of it, there is no way that Bitcoin is going to die. $20 fee for a $120 payment!
These fees make using bitcoin unpractical.
These fees make using bitcoin unpractical.
if you transfer money to your visa card, you pay a very large fee. $350 and they charge a fee of $30
Is bitcoin going to get fixed and make itself an easy and cheap payment method again?
one day these problems will be corrected
Keeping this thing in mind that there are high fee and timing issues, people still want to have Bitcoin in their wallets and as you said this problem will be solved one day.
The way bitcoin is moving forwards I think it has great impact on lifestyle of the users if the way demands are higher then I think future of bitcoin seems more brighter then what people are expecting
We all know that the cost of bitcoin needs to be corrected. We hope to have a solution in the coming 2018, or it will hurt the development of the bitcoin itself.
Bitcoin price will be correct in 2018 because huge increase of price happen last month ago. Maybe the development of bitcoin have solution to change our future in the world of crytocurrencies.
Future is not a bright that's for sure, Bitcoin will last as it is for not long till another coin will beat it.
$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?
There is a big future of bitcoin to this high fees now, that bitcoin will be a famous currency to all the world. As bitcoin now is very expensive people are curious now to bitcoin that maybe the world will go to a cashless society because people will look for the value of bitcoin that is worth it. The future of bitcoin is based on its price, that bitcoin now is very expensive and interesting and so many are attracted to bitcoin now. Everyone is about to focus now to have bitcoin. That for only 1bitcoin is equivalent to 1million.
With such high value of bitcoin now a days will bring great fortune to the users and will bring great benefit for the users. If it reach to 20k it will become more popular among people and demand of it will be more higher
It is even same with VISA cards, they charge quite a good amount of dollars as transaction fees. So blaming bitcoin alone is kinda pointless. Anyways bitcoins high fees can be quite troublesome sometimes but like for smaller transactions that kind of fees is quite high compared to when the transaction is of a big amount.Due to Bitcoins high fees people have started moving towards altcoins as well. Maybe the fees will go down in the future.
$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?
The future of bitcoin with this high fees is bitcoin will be powerful to all nations intire the whole world because the price of bitcoin gives income to all people who embrace bitcoin. Bitcoin is getting popular because the higher income that can give to every bitcoiner especially the traders and investors feels comfortable to bitcoin.
Commissions for Bitcoin transactions are now really very high, and many people criticize him for it right now. However, the network of lightning has already been successfully tested, which somewhere from New Year the developers are going to introduce into bitcoin and so soon such shortage of bitcoin should be lost. At the same time, bitcoin will become very fast, since it will no longer be necessary to wait for confirmation of the transaction and it will be possible to transfer small amounts at which transactions will use commission less than one dollar. Therefore, this problem must soon be resolved.
... I do think there is still some level of attack going on the network causing the slow down we are experiencing today.
I suspect some miners are gaming the system by making spam transactions that fill the lower
fee tiers (e.g. sub 50 satoshi/byte). By doing this they bloat the mempool, which causes badly programmed
wallets to provide really high fee recommendations.
Many people have no clue that they can use a custom fee and therefore are often
paying way higher fees than necessary.
These spam attacks aren´t even that expensive, because the miners collect a large share
of the transaction fees that a spam attack costs anyway.
As of right now, it seems that Bitcoin’s biggest benefit is as a store of value because of the fees and transaction times. The fees have gotten so high that I think people are reluctant to use Bitcoin as a method of payment. My understanding is that there are some improvements in the works that will address the issue of high fees and slow transactions for Bitcoin. But for now, it seems that the name recognition of Bitcoin is enough to keep it as a valuable commodity to hold as a store of value
Bitcoin is not for small payments. Other coins are better in that.
I see bitcoin more as value storage like gold.
I see bitcoin more as value storage like gold.
Higher fees tends to constant increase in bitcoins price and its trendiness. We all know that bitcoin is growing significantly right now and we cant deny that almost every person is greed to earn bitcoin and so the fees are so high. I think the fees we paid for is what the miner gets.
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