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Topic: Why is bitcoin becoming so god damn slow? - page 2. (Read 5231 times)

legendary
Activity: 1834
Merit: 1094
Learning the troll avoidance button :)
Great, this is what the scaling stalemate has created... Roll Eyes Frustrated newbie users and tired experts/regular users. Good to see a post like this around here, maybe it will make some think differently.

It's a trend unfortunately but newbies are frustrated at the time it takes for a transaction to process while experts enjoy the price appreciation and have the patience to wait for transactions or pay the increased txt fees. It doesn't help though with the new use cases if they can never get the bitcoin in a timely matter but it does cause some nice price appreciation.
hero member
Activity: 574
Merit: 500
Greedy Chinese miners

/thread
sr. member
Activity: 462
Merit: 250
Hilarious and predictable. A new bitcoin user comes to the community and expresses dissatisfaction. Then the community calls him stupid.

You know, you guys wonder why Bitcoin is falling in dominance and this is it right here. You guys aren't ready for mainstream adoption. Now sit back and let better crypto currencies come to the front.
As the dominance level as well the price has started to decline we can't say that bitcoin is damn slow and some other digital currency will take the lead making path for mainstream adoption. Lot cryptocurrency were giving hard competence, but those coins gain attention from users for a short during the time of price pumping.
in fact the price can take a little correction but i think still we cannot for the price to fell down so much i think the price of bitcoin s still expected to increase more and more and there are very little chances that the price of bitcoin will come down otherwise people are expecting that the price of bitcoin are going to cross 3000 USD level very soon. and that is the reason that i am thinking that we should not waste the time and invest in bitcoin right now.
full member
Activity: 228
Merit: 100
There are attacks guys, so this is normal. The groups who doesn't want bitcoin are creating tons of fake or small transactions so that they make the network cannot work anymore. They're making blockchain busy for nothing.
hero member
Activity: 588
Merit: 500
I really miss those old days when a confirmation took just 10 minutes and you didn't need to think about fees.

In the old days bitcoin was still very low in value and the mining difficulty was very low and thus a very fast transaction was the trend. But those fast transactions were full of double spend transactions and was very problematic. Thus confirmation were placed so that double spending will be resolved. But later on confirmation was very slow due to the huge traffic in the blockchain network as well as the increased difficulty in mining. Thus the initiative to place a higher fee was now the trend to get a high priority and fast confirmation.
I don’t think that the process is slow now a day due to the confirmations and to stop double spending. I don’t think that it can be a valid reason for the transactions to be slow. Even after charging the higher fees is not the guarantee of the faster transactions. Many people have faced the same problem even after paying the extra charges.
sr. member
Activity: 300
Merit: 250
it is very easy to answer. The more people use bitcoin, the slower the blockchain will be. It is certain that bitcoin is no longer suitable for the micro transaction. Bitcoin will rise and become digital gold. People will use it for much bigger transaction size
hero member
Activity: 798
Merit: 500
You don't know how to use Bitcoin obviously. All my transactions confirm in the next block.

Bitcoin isn't suited for micro-transactions. If you are using Bitcoin to send a dollar, you are going to have a bad time.

Yes, maybe you didn't know how to use it well. Transaction right now is very fast. Also try to check your internet connection. Bitcoin is nothing getting slow you should need to find what is wrong why its slow in you.
sr. member
Activity: 406
Merit: 250
bitcoin don't die ... we respawn  Grin

Not a necessary answer. Bitcoin strong because it does not die Smiley so fun Smiley on this issue, we need to mention a lot of things, values, favors, abilities, .. all make the king of the coins Virtual, and I'm sure it is the only acceptable currency in the world.
hero member
Activity: 714
Merit: 500
Hilarious and predictable. A new bitcoin user comes to the community and expresses dissatisfaction. Then the community calls him stupid.

You know, you guys wonder why Bitcoin is falling in dominance and this is it right here. You guys aren't ready for mainstream adoption. Now sit back and let better crypto currencies come to the front.
As the dominance level as well the price has started to decline we can't say that bitcoin is damn slow and some other digital currency will take the lead making path for mainstream adoption. Lot cryptocurrency were giving hard competence, but those coins gain attention from users for a short during the time of price pumping.

Indeed, essentially when a little weakened bitcoin will certainly be exploited by the other cryptocurrency to be able to get the attention and hearts of all users to be able to change using bitcoin cyrptocurrency them. This is an old trick used by the majority of marketing in all places. Indeed it is a good way, but I think the thing to bitcoin will not be useful. For now this is all people are already getting the benefits
 
sr. member
Activity: 322
Merit: 253
Property1of1OU
bitcoin don't die ... we respawn  Grin
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
Bitcoin Transactions Queue is Over its Capacity Limits
~110458 Unconfirmed Transactions at the time of this posting
https://blockchain.info/unconfirmed-transactions

Option 1:  Pay like $5 in fees to get a faster bitcoin transaction
or
Option 2: Use Litecoin where only 1 penny is needed per transaction to get it there in less than 20 minutes

Either way will work.


╥AztekPhoenix

2?Huh
And use LTC for what? For ....buying bitcoins?
Honestly I don't know any other use for litecoin.

And don't even think about saying transferring litecoin and then using an exchange and then cash cause in that case the fees will be afar greater than 1$.
legendary
Activity: 2240
Merit: 1069
This kind of post will continue to pop up as long as scaling problems continues. Newbies who are not well versed in adopting fees for faster confirmation will get tired of using bitcoin. The same will happen to regular users who get tired of bloating fees every time spam attacks happen. The only ones enjoying this are the miners.
Ucy
sr. member
Activity: 2730
Merit: 403
Compare rates on different exchanges & swap.
You don't know how to use Bitcoin obviously. All my transactions confirm in the next block.

Bitcoin isn't suited for micro-transactions. If you are using Bitcoin to send a dollar, you are going to have a bad time.

This seems to be a very recent development? . Bitcoin has always been suitable for micro transactions until miners raised their fees. The charges charges for small transactions is totally not worth it. Even well regulated Payment firm like PayPal don't charge that much. There should be a way around this else Bitcoin may lose its dominance to other CryptoCurrency.
member
Activity: 87
Merit: 10
Bitcoin transaction is becoming so slow because there are many transaction. I think that's like a traffic in our highways if there are many bus, cars and other vehicles the traffic is so slow moving. But if you know another route your transaction become faster.

Before someone makes any conclusion on my post, let me tell you, that I love BitCoin and see it as a game changer as far as the world economy is concerned. I have nothing to oppose BTC.

Now coming back to the quote above, have you ever heard a bank delaying your transfer on account of having many transactions? People have invested fortune in mining hardware and are continuously doing so, they certainly want more transactions to process.

That being said, if higher transactions would have such a bad impact on confirmations, we really need to look ways to resolve it.

A normal user has nothing to do with technical aspects of confirmations, for him, it's just a simple case of funds transfer, the way he deals with fiat currencies.

A lot of people suggest not using bitcoin for small transactions but that is counterproductive because there is no reason it shouldn't be able to handle a suitable transaction load, I mean otherwise where is the limit if the price goes up 10x are we expected to eventually pay 1000$ in fees per transaction? The short answer is no, bitcoin has been touted as a technology that will make transactions cheap and destroy the dominance of centralized financial institutions that currently do these for fees that are soon be smaller than it costs to use bitcoin.

As for the the ways to resolve it, both Bitcoin unlimited and segwit have proposed solutions to solve it, the problem is the bitcoin community is huge and there are financial incentives to certain parties to promote their own solution so the network is finding it near impossible to agree on which scaling solution to use.
sr. member
Activity: 882
Merit: 258
★Bitvest.io★ Play Plinko or Invest!
You don't know how to use Bitcoin obviously. All my transactions confirm in the next block.

Bitcoin isn't suited for micro-transactions. If you are using Bitcoin to send a dollar, you are going to have a bad time.

I agree, and you just nailed it.  If a person knows how to send transaction properly, he does not need to post this kind of stuff (OP's whining)  Bitcoin confirmation does not change, it is the transaction fee and rate that does change.  So in order to have a fast transaction we need to follow the transaction fee rule.
Yes, bitcoin is not slow maybe you dont know how to use it properly. A while ago i sent and i recieve bitcoin so fast. in just a couple of minute the transaction is success. Just do it correctly and follow the instruction so that it will not be slow.
sr. member
Activity: 392
Merit: 250
So a person wanting to use the currency must more or less be some kind of wallsreet trading expert and follow the market fees daily to use this to pay every now and again, gotcha.

paid 1$ for a 130$ transaction, seems fair enough, banks take less and its instant

absolute horrorshow.

It's not made for that.
The transactions shouldn't be small ones for inside the country.
It's made for huge amounts and international ^^
sr. member
Activity: 1162
Merit: 450
If you are talking about the slow confirmation time of bitcoin then i think it is about the volume of transactions that made by users and there is a lot of new users and that is why they are causing some traffic for the network of bitcoin so if they want a faster confirmation time then they needed to put higher fees.

I think that is the reason, there are many users already and it takes time to confirm. Also there are solutions already I think but there are still a debate about it. For the mean time some are using transaction accelerator or viabtc.com. I am hoping  that this problem could be resolve soon, for the ease of transaction.
hero member
Activity: 2590
Merit: 644
If you are talking about the slow confirmation time of bitcoin then i think it is about the volume of transactions that made by users and there is a lot of new users and that is why they are causing some traffic for the network of bitcoin so if they want a faster confirmation time then they needed to put higher fees.
legendary
Activity: 3248
Merit: 1070
So a person wanting to use the currency must more or less be some kind of wallsreet trading expert and follow the market fees daily to use this to pay every now and again, gotcha.

paid 1$ for a 130$ transaction, seems fair enough, banks take less and its instant

absolute horrorshow.

the same bank that ask you to pay $25 or $50 in some case to send money to your friend abroad when he need only $25 or less? bank aren't better than bitcoin in terms of fee

also with bank you are trusting a third party, and there are many horror story about bankrupcy and people losing everything, i would never hold anythign in a bank nowadays

besides..bitcoin have its advantage, the only disadvantage is micro transaction for now and it's not the thing preventing bitcoin from getting bigger
hero member
Activity: 1078
Merit: 504
I really miss those old days when a confirmation took just 10 minutes and you didn't need to think about fees.
Well, days are not so old as I remember the situation is like that only for the last month and half. People here are saying about the value of transactions, but in my case I had to wait the same long with transferring 1 BTC and 0,05 BTC. While I was waiting the price for bitcoin changed and I had some costs. This is just not fair.

It may not be fair if you compare with the value of the transaction, but Bitcoin transaction fees are varied on the size of bytes you are transferring not the value. The population of Bitcoin and altcoin users has increased very much and because of that, the total number of transactions has increased. If you pay the proper fees then the transaction will be smooth.
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