Why Bitcoins is now same as paypal(and worst)

hajimasan

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Quote from: miningdude on March 07, 2017, 11:34:16 AM

Well, we have now to send transactions with a fee $1-$10 otherwise the transaction will never get confirmed

Just telling you, don't waste your time posting a thread on tech problems section

Even now transactions with less than 0.01 BTC will never get confirmed(or it will take longer)

You delvs didn't trough this could happend if the bitcoins went up the market?

Yeah, but good thing that I cashed out my bitcoins earlier haha.

With the reason of paying high transaction fee , we can't say bitcoin Became like the PayPal ( worst ) .
Beside of PayPal advantage in bitcoin is more far than what we have in the PayPal .
Here just a matter of thing that you can't make worldwide deals with the surity that payment will not get reversed in PayPal .
But the same thing you can do in the bitcoin , bitcoin here just not only a way of payment or anything way of worldwide business , it is a part of internet that now can't be full internet world without bitcoin .
in my opinion the 30-40% of the internet market is only due to the bitcoin and the bitcoiners network .

Labumi

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Quote from: audaciousbeing on April 07, 2017, 03:14:33 PM

Quote from: miningdude on March 07, 2017, 11:34:16 AM

Well, we have now to send transactions with a fee $1-$10 otherwise the transaction will never get confirmed

Just telling you, don't waste your time posting a thread on tech problems section

Even now transactions with less than 0.01 BTC will never get confirmed(or it will take longer)

You delvs didn't trough this could happend if the bitcoins went up the market?

Yeah, but good thing that I cashed out my bitcoins earlier haha.

I can't but laugh but the issue of bitcoin is now worse than PayPal but in all sincerity, that will be a false conclusion arrived at from a faulty position. although bitcoin is having some deficiencies concerning the fees but I still dont see it as comparable to what PayPal is charging couple with the limited or no service PayPal is offering in various countries among other convenience that bitcoin offers to users.

Very true. Even though right now it has a problem, but the bitcoin if compared to the profits obtained in the bitcoin. PayPal is much worse than it is now, because the bitcoin their long-storing bitcoin when buying in price $400, have got a very big advantage. So, even though there are problems but still can give you an advantage bitcoin. In contrast to paypal, if we find a problem to just repair that we get and we just get what belongs to us. So, Wise in search of profits

The Sceptical Chymist

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Quote from: miningdude on March 07, 2017, 11:34:16 AM

Even now transactions with less than 0.01 BTC will never get confirmed(or it will take longer)

Well this right here isn't true at all. I think the last time I sent bitcoin, it was with a fee of like 50k satoshi, and it went through just fine.

Bitcoin is great for storing value, and for that it doesn't really matter if the transaction fees are high. It's already a horrible currency, but that doesn't mean it's dead by any means. PayPal isn't a store of value. They're two related things, but they're quite different.

szpalata

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Quote from: audaciousbeing on April 07, 2017, 03:14:33 PM

Quote from: miningdude on March 07, 2017, 11:34:16 AM

Well, we have now to send transactions with a fee $1-$10 otherwise the transaction will never get confirmed

Just telling you, don't waste your time posting a thread on tech problems section

Even now transactions with less than 0.01 BTC will never get confirmed(or it will take longer)

You delvs didn't trough this could happend if the bitcoins went up the market?

Yeah, but good thing that I cashed out my bitcoins earlier haha.

I can't but laugh but the issue of bitcoin is now worse than PayPal but in all sincerity, that will be a false conclusion arrived at from a faulty position. although bitcoin is having some deficiencies concerning the fees but I still dont see it as comparable to what PayPal is charging couple with the limited or no service PayPal is offering in various countries among other convenience that bitcoin offers to users.

Exactly, there's a great distinction between Bitcoin and PayPal, I don't see why a Bitcoin user might switch to PayPal for a better service but the opposite always happens and that should tell us that no matter how bad people portray Bitcoin it's still miles ahead of PayPal and other fiat payment processors. I know Bitcoin has its challenges but they're not that bad.

audaciousbeing

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Quote from: miningdude on March 07, 2017, 11:34:16 AM

Well, we have now to send transactions with a fee $1-$10 otherwise the transaction will never get confirmed

Just telling you, don't waste your time posting a thread on tech problems section

Even now transactions with less than 0.01 BTC will never get confirmed(or it will take longer)

You delvs didn't trough this could happend if the bitcoins went up the market?

Yeah, but good thing that I cashed out my bitcoins earlier haha.

I can't but laugh but the issue of bitcoin is now worse than PayPal but in all sincerity, that will be a false conclusion arrived at from a faulty position. although bitcoin is having some deficiencies concerning the fees but I still dont see it as comparable to what PayPal is charging couple with the limited or no service PayPal is offering in various countries among other convenience that bitcoin offers to users.

Rinder

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Since i never had a big ammount of bitcoin i dont know, but bitcoin still being a good solution, i do let my earnings into blockchain usually, but since i do pay a lot into the fees i let my bitcoin accumulate till some ammount and i moove those coins into poloniex that takes 10000 satoshis as fee, and i can transfer unlimited ammount for those fee. Soo i do use poloniex to make the most of my transactions being small or medium size, if you paying more then those is because you dont trust poloniex or dont wanna take the risk.

I do understand the concern of the op, but well there are few places to make business cheaper and keep with the magic of bitcoin with low fees.

jovs

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Quote from: LittleBitFunny on March 07, 2017, 12:11:47 PM

Quote from: nemgun on March 07, 2017, 11:57:49 AM

Quote from: miningdude on March 07, 2017, 11:34:16 AM

Well, we have now to send transactions with a fee $1-$10 otherwise the transaction will never get confirmed

Just telling you, don't waste your time posting a thread on tech problems section

Even now transactions with less than 0.01 BTC will never get confirmed(or it will take longer)

You delvs didn't trough this could happend if the bitcoins went up the market?

Yeah, but good thing that I cashed out my bitcoins earlier haha.

I don't agree with you, transactions are processed normally, i is normal to give priority to the highest fee payers, otherwise they wouldn't pay, and miners are happy because they earn more from these high fee TXs.
You are considering the situation from USD point, Bitcoin's price is over 1200$ for now.
I always pay 50K Satoshi for all my TXs, if i am in a hurry or i have move a large amount, then i pay around 100k Satoshi, sometimes more, it depends on the size of the TX.

What i want to say is that it is useless to complain about the fee, you decide of your fee, if it is forgoten by the nodes, then rebroadcast it, if you are in hurry, ask ViaBTC to push your TX.

Consider the situation in a BTC point, and you will see that the actual fees are marginal.

Of course it's normal to give priority to those who pay the highest fees but that's just not the point. The cost of transactions has risen to ridiculous levels - you can pay a few hundred thousand satoshi and (in my case) it has still taken days to confirm. This is not okay for normal transactions. People just don't pay $10 for something and expect nearly half of it to be taken away from them for it to actually work, and transaction accelerators will never make it okay because all they do is cram a few transactions into the next block - the block is still pretty damn small.

I will keep using Bitcoin because I believe that this is a temporary problem and that it can be solved, but I don't appreciate attempts to ignore the severity of the problem. Bitcoin needs to be convenient if it's going to appeal to more people and spread as a currency.

I just hope that enough miners will implement SegWit soon because Bitcoin is on the verge of a whole new level and as soon as SegWit is approved we'll know that we're ready to make that step.

Fees is a thing that may serve as a common denominator between paypal and bitcoin. Bitcoin is an internet base as well as paypal that do transaction with fees. But the fees is for what? Fees will serve as an oil which can help developers of bitcoin to improve bitcoin transaction as well its value. Paypal is just an outlet on transaction while bitcoin is a currency itself. So bitcoin is not compliment on paypal or further related because the two have a different function on its own.

pinkpanther03

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Quote from: Sniper44 on March 07, 2017, 12:13:21 PM

even with higher fees, bitcoin is still much better than Paypal. bitcoin is still decentralized and i can use it anywhere i like to without any third party interference. and also there is no charge back scam if i am the receiver.

but the problems with fee are getting more serious and this will cause us not to be willing to use bitcoin anymore. and just hold it in cold storage for future to dump and use the fiat we gain!

Its been miles a way why bitcoin is greater than Paypal, though Paypal was the first one being established in the market in the entire world of internet. But still bitcoin much more has an edge to it in terms of the volatility, Cheesy

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Quote from: Rude Boy on March 18, 2017, 07:20:35 AM

I like paypal for it's currency conversion, it has no fees for transaction to family and friends world wide. The buyer and seller protections it offers and no waiting time for a block to validate. Crypto can't compete with that.

Speaking on that there are features of paypal on which bitcoin dont have but considering on the fee, paypal does have high fee compared to bitcoin and we do all know that and that cashback feature might be helpful but anytime could be use on scam. They are different matter but the accurateness of each transfer worldwide i would really go for bitcoin.

Rude Boy

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I like paypal for it's currency conversion, it has no fees for transaction to family and friends world wide. The buyer and seller protections it offers and no waiting time for a block to validate. Crypto can't compete with that.

DoublerHunter

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Quote from: bravehearth0319 on March 17, 2017, 06:40:22 AM

Quote from: miningdude on March 07, 2017, 11:34:16 AM

Well, we have now to send transactions with a fee $1-$10 otherwise the transaction will never get confirmed

Just telling you, don't waste your time posting a thread on tech problems section

Even now transactions with less than 0.01 BTC will never get confirmed(or it will take longer)

You delvs didn't trough this could happend if the bitcoins went up the market?

Yeah, but good thing that I cashed out my bitcoins earlier haha.

Bitcoin can't be like Paypal, because of the volatility of bitcoin has while Paypal is not. SO in that matter they are not the same, and Paypal can't be trade unlike bitcoin was yes.

Yes bitcoin is a currency that can be both; currency and also investment and asset. But the more focused topic here is about the fees which is kinda agree because bitcoin is getting bigger and also it getting huge amount of users and it affected the fees which is now almost the same as paypal.

bravehearth0319

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Quote from: miningdude on March 07, 2017, 11:34:16 AM

Well, we have now to send transactions with a fee $1-$10 otherwise the transaction will never get confirmed

Just telling you, don't waste your time posting a thread on tech problems section

Even now transactions with less than 0.01 BTC will never get confirmed(or it will take longer)

You delvs didn't trough this could happend if the bitcoins went up the market?

Yeah, but good thing that I cashed out my bitcoins earlier haha.

Bitcoin can't be like Paypal, because of the volatility of bitcoin has while Paypal is not. SO in that matter they are not the same, and Paypal can't be trade unlike bitcoin was yes.

Omega Weapon

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Quote from: Amph on March 11, 2017, 01:59:12 AM

think about this, if people are willing to pay for the harmful fee that come with paypal, western union etc... then they can certainly go above the current fee for bitcoin

they are still very far away from being called crazy fee, even with big transaction you are looking to pay $1, this is hardly expensive, paypal will charge you more on average

You are correct but at the same time we are used to have very cheap fees in th not so distant past so I think we all want to have the price of those fees back but it seems that is not going to be the case, since it does not seem like the miners want to activate segwit.

HaXX0R1337

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Quote from: defconone on March 07, 2017, 02:00:03 PM

The OP has a point. Bitcoin transactions are close to the fee of PayPal.

I send 1.5 btc whit a fee of 2 euro, and It got stuck in the chain, had to use this service to get it confirmed.

That is the problem you are seeing here because you are using a higher fees to get a faster transaction and still complaining that the fees is high. Grin

How about the transaction fees of converting your fiat into paypal and what is the conversion rate they will be taking for each transaction and if you take everything into account the fees are not same.

ReLieD

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Quote from: miningdude on March 07, 2017, 11:34:16 AM

Well, we have now to send transactions with a fee $1-$10 otherwise the transaction will never get confirmed

Just telling you, don't waste your time posting a thread on tech problems section

Even now transactions with less than 0.01 BTC will never get confirmed(or it will take longer)

You delvs didn't trough this could happend if the bitcoins went up the market?

Yeah, but good thing that I cashed out my bitcoins earlier haha.

I also have a question in my mind. You just had a title ' bitcoin is now same as PayPal'.
And the description given by you has no relation to your title. Like i can only see the frustration that you are showing towards the high fees and transaction confirmation.
Either there is a possibility that you are relating the fees of bitcoin and PayPal as saying that the fees is comparatively less when transactions are made in PayPal.
But in some countries to make a PayPal account is a big head ache. Certain files are required for that.
Whereas bitcoin wallet account are much easier to make as well as it is much easier to use bitcoin.

chixka000

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Were the miners abusing this one? Or were it was the developers who does? I am really seeing this thing as a major problem epecially if you are a small time earner and transaction needs to be done right away

pinkflower

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Quote from: ASHLIUSZ on March 11, 2017, 04:35:07 AM

Bitcoin can never be compared with PayPal. Bitcoin and PayPal are different forms of payment source with different features. Possibly I believe PayPal will serve good for business people and for other needs bitcoin seems to be the best. Cannot describe PayPal and bitcoin to be the worst.

You have the idea but the reason you gave is very shallow. Paypal is a website for processing payments online. Bitcoin is the first decentralized payment network that cant be taken down by any governing body. Even then, comparing Paypal to BTC is condescending to the latter. Its better not to compare them.

TheGodFather

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Quote from: miningdude on March 07, 2017, 11:34:16 AM

Well, we have now to send transactions with a fee $1-$10 otherwise the transaction will never get confirmed

Just telling you, don't waste your time posting a thread on tech problems section

Even now transactions with less than 0.01 BTC will never get confirmed(or it will take longer)

You delvs didn't trough this could happend if the bitcoins went up the market?

Yeah, but good thing that I cashed out my bitcoins earlier haha.

Well, no one knows.. If bitcoin will be the same as paypal, that would be bad. Because can only receive and send Dollars into different paypal accounts while bitcoin can have as much as all currencies in different places. For example, Dollar to Euro, You can easily transfer them using bitcoin currency in transferring or receiving money.

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Quote from: ASHLIUSZ on March 11, 2017, 04:35:07 AM

Bitcoin can never be compared with PayPal. Bitcoin and PayPal are different forms of payment source with different features. Possibly I believe PayPal will serve good for business people and for other needs bitcoin seems to be the best. Cannot describe PayPal and bitcoin to be the worst.

Any bitcoin lover will never prefer to compare bitcoin system to PayPal still OP is trying to emphasize the current scenarios of high network fees being paid. There were trends people did transact hundreds of dollars worth of bitcoins with less than 10 cent fee but now we need around $1 to get quick confirmations. But I am not ready to agree that bitcoin is same as PayPal just due to this.

The current higher network fee will lead to more profits to miner which might make people to enter into mining business. When more miners into business, we can expect raising of block size may happen. So, in between time we need to bear higher fees.

ASHLIUSZ

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Bitcoin can never be compared with PayPal. Bitcoin and PayPal are different forms of payment source with different features. Possibly I believe PayPal will serve good for business people and for other needs bitcoin seems to be the best. Cannot describe PayPal and bitcoin to be the worst.

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